Foremost Lithium Files 20-F, Details Financials

Ticker: FMSTW · Form: 20-F · Filed: Jul 1, 2024 · CIK: 1935418

Foremost Lithium Resource & Technology LTD. 20-F Filing Summary
FieldDetail
CompanyForemost Lithium Resource & Technology LTD. (FMSTW)
Form Type20-F
Filed DateJul 1, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$, $1.3574, $1.00, $998,262, $736,725
Sentimentneutral

Sentiment: neutral

Topics: 20-F, lithium, resources, financials

TL;DR

Foremost Lithium's 20-F is in, showing key financial numbers and long-term dates. Check it out.

AI Summary

Foremost Lithium Resource & Technology Ltd. filed its 20-F for the period ending March 31, 2024. The company, focused on miscellaneous metal ores, reported financial figures including 17,869,111 in one category and 2,117,473 in another. Key dates mentioned include December 31, 2045, and December 31, 2048, likely related to long-term agreements or resource estimates.

Why It Matters

This filing provides investors with an updated look at Foremost Lithium's financial health and operational status, crucial for understanding its position in the resource sector.

Risk Assessment

Risk Level: medium — As a resource company, Foremost Lithium is subject to inherent market volatility and operational risks associated with mineral exploration and development.

Key Numbers

Key Players & Entities

FAQ

What specific assets or operations do the financial figures of 17,869,111 and 2,117,473 relate to for Foremost Lithium?

The filing does not specify the exact nature of these figures, but they are presented as financial data for the period ending March 31, 2024.

What is the significance of the December 31, 2045 and December 31, 2048 dates mentioned in the filing?

These dates are presented in the context of long-term periods, potentially related to resource estimates, agreements, or debt maturities, though specific details are not elaborated in the provided excerpt.

What is Foremost Lithium's primary business sector according to the SIC code?

Foremost Lithium's primary business sector is 'MISCELLANEOUS METAL ORES' with SIC code 1090.

When was Foremost Lithium Resource & Technology Ltd. formerly known by another name?

The company was formerly known as Foremost Lithium Resources & Technology Ltd. and the name change occurred on June 27, 2022.

What is the fiscal year-end for Foremost Lithium?

The fiscal year-end for Foremost Lithium is March 31.

Filing Stats: 4,530 words · 18 min read · ~15 pages · Grade level 11.5 · Accepted 2024-07-01 06:58:08

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Annual Report on Form 20-F Year Ended March 31, 2024 TABLE OF CONTENTS Page PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1 3.A. [Reserved] 1 3.B. Capitalization and Indebtedness 1 3.C. Reasons for the Offer and Use of Proceeds 1 3.D. Risk Factors 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 16 4.A. History and Development of the Company 16 4.B. Business Overview 19

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 63

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 63 5.A. Operating Results 63

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 101 6.A. Directors and Senior Management 101 6.B. Compensation of Board Members and Executives 102 6.C. Board Practices 108 6.D. Employees 111 6.E. Share Ownership 111 6.F. Disclosure of a registrant's action to recover erroneously awarded compensation 112

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 112 7.A. Major shareholders 112 7.B. Related Party Transactions 112 7.C. Interests of Experts and Counsel 115

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 115 8.A. Consolidated Statements and Other Financial Information. 115 8.B. Significant Changes 115

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 115 9.A. Offer and Listing Details 115 9.B. Plan of Distribution 115 9.C. Markets 116 9.D. Selling Shareholders 116 9.E. Dilution 116 9.F. Expenses of the Issue 116

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 116 10.A. Share Capital 116 10.B. Memorandum and Articles of association 116 10.C. Material Contracts 116 10.D. Exchange controls 116 10.E. Taxation 116 10.F. Dividends and paying agents 124 10.G. Statement by experts 124 10.H. Documents on display 124 10.I. Subsidiary Information 125 i

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 125

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 125 12.A. Debt Securities 125 12.B. Warrants and Rights 125 12.C. Other Securities 125 12.D. American Depositary Shares 125 PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 125

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 125 14.A.-D. Material Modifications to the Rights of Security Holders. 125 14.E. Use of Proceeds. 126

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 126

[RESERVED]

ITEM 16. [RESERVED] 127

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT. 127

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS. 127

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 127

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 128

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. 128

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 128

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE. 129

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE. 129

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 129

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES. 129

CYBERSECURITY

ITEM 16K. CYBERSECURITY. 130 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 130

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 130

EXHIBITS

ITEM 19. EXHIBITS 130 ii CERTAIN INFORMATION As used in this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated or the context otherwise requires, references to "we," "Foremost Lithium," "Foremost" "us," "our," "the Company," or "our company," are to Foremost Lithium Resource and Technology Ltd., including its subsidiaries; "common shares" are to our common shares, no par value; and "NASDAQ" are to the Nasdaq Capital Market. In this Annual Report on Form 20-F, references to "Canada" are to Canada and its provinces and territories. References to "U.S." or "United States" refers to the United States of America. References to "$," "USD," "dollars," "USD$" or "U.S. dollars" are to the legal currency of the United States and references to "C$," or "Canadian dollar" are to the legal currency of Canada. Solely for the convenience of the reader, this Annual Report on Form 20-F contains translations of certain Canadian dollar amounts into U.S. dollars at specified rates. Except as otherwise stated in this Annual Report on Form 20-F, all translations from Canadian dollar to U.S. dollars are based on the closing rate of C$1.3574 per $1.00 for cable transfers of Canadian dollars, as certified by Bank of Canada on March 31, 2024. The noon buying rate for Canadian dollar was $1.3574 per US$1.00. No representation is made that such Canadian dollar amounts referred to in this Annual Report on Form 20-F could have been or could be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding. The audited consolidated financial statements and notes thereto as of and for fiscal 2024, 2023 and 2022 included elsewhere in this Annual Report on Form 20-F have been prepared in accordance with International Financial Reporting Standards, or IFRS. Our fiscal year end is March 31. Share Consolidation ( " Reverse Split " ) On July 5, 2023, we filed a Certifi

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains many statements that are "forward-looking" and uses forward-looking terminology such as "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "may," "ought to," "plan," "possible," "potentially," "predicts," "project," "should," "will," "would," negatives of such terms or other similar statements. You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific. Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual Report include, without limitation, statements relating to: our goals and strategies; expectations regarding revenue, expenses and operations; our having sufficient working capital and be able to secure additional funding necessary for the continued exploration of our property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of our projects; expectations regarding exploration results at the Lithium Lane Properties (as defined herein); mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration permits and other third-party approvals; iii government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affected planned or future exploration and development programs; key personn

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.A. [Reserved] 3.B. Capitalization and Indebtedness Not applicable. 3.C. Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors You should carefully consider all of the information in this report, including various changing regulatory, competitive, economic, political and social risks and conditions described below, before making an investment in our common shares. One or more of a combination of these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of our common shares could decline, and you may lose all or part of your investment. Risks Related to Our Business and Industry We have a limited operating history and have not yet generated any revenues. Our limited operating history makes evaluating our business and prospects difficult and may increase the risk of your investment. We were formed in 2005 and we have not yet begun commercial mining of lithium. To date, we have no revenues. We are in the exploration stage of our development with the potential to establish commercial operations still unknown and we do not expect to start generating revenues until 2026, at the earliest. We intend to proceed with the development of the Lithium Lane Properties through economic and technical studies such as preliminary economic assessments ("PEAs") and preliminary feasibility studies ("PFSs") and, provided the results are positive, through to a Feasibility Study and mine development. We intend to derive substantial revenues from becoming a strategic supplier of SC6 to producers of battery-grade lithium hydroxide ("LiOH") that supply the growing electric vehicle ("EV") and battery storage markets. Our planned exploration and development of mineral resources, primarily lithium, will require significant investment prior to commercial introduction and may never be successfully developed or commercially successful. The demand for lithium is de

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