Persistent negative free cash flow, highlighted by a $1.7 million outflow in 2026Q3, confirms a reliance on external capital to fund aggressive exploration spending.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 |
|---|
| Cash from Operations | -5.96M | -3.78M | -3.79M | -2.48M | -1.4M | -802.92K | -414.57K | -1.25M | -1.95M | -469.69K | -33.65K | -62.73K | -178.78K | -255.71K | -228.71K | -40.59K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -6070.73% | 0.38% | -53.26% | -76.55% | -74.67% | -93.68% | 66.8% | 36.09% | -315.92% | -1295.89% | 46.36% | 64.91% | 30.08% | -11.81% | -463.51% | - |
| Net Income | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -182.53K | -149.85K | -581.54K | -191.69K | -364.68K | -73.09K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 3.77K | 0 | 85 | 0 | 0 | 0 | 240 | 0 | 0 | 0 |
| Stock-Based Compensation | 997.95K | 872.88K | 910.7K | 815.43K | 2.48M | 1.78M | 14.99K | 1.4M | 8.43M | 423.14K | 20.89K | 8.13K | 47.74K | 3.01K | 139.69K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 798.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.91M | -2.44M | 89.26K | -4.61M | 95.12K | 13.78K | 121.61K | 34.99K | 217.08K | 281.2K | 3K | 8.13K | 239.8K | -40K | 139.69K | 0 |
| Working Capital Changes | 1.34M | 1.4M | -322.55K | 363.73K | 128.18K | 12.76K | 916.99K | 40.75K | 51.88K | 89.1K | 124.99K | 78.98K | 115.21K | -27.04K | -3.71K | 32.5K |
| Change in Receivables | -238.73K | -85.65K | -13.69K | -46.62K | -42.98K | -26.42K | 58.8K | 62.46K | -100.78K | -35.78K | 232 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 278.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.88M | -2.67M | -2.34M | -797.82K | -891.41K | -313.96K | -340.84K | -2.08M | -974.85K | -574.32K | -16K | -83.75K | -82.66K | -201.24K | -5.5K | -10.5K |
| Capital Expenditures | -4.13M | -249.96K | -2.58M | -294.96K | -220.03K | -162.85K | -125K | -185.43K | -1.09M | -579.32K | -26K | -90K | -82.66K | -201.24K | -5.5K | -10.5K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | -656.45K | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.75M | -1.77M | 232.85K | -4M | -871.38K | -151.11K | -215.84K | -1.89M | 113.59K | 5K | 10K | 6.25K | 0 | 0 | 0 | 0 |
| Cash from Financing | 12.54M | 10.46M | 6.56M | 3.61M | 2.14M | 1.51M | 620.66K | 248.42K | 5.83M | 1.34M | 52.95K | 138.5K | 37K | 0 | 881.95K | 65K |
| Debt Issued (Net) | -509.93K | -600K | -240.61K | 914.12K | -71.63K | 46.21K | 124.66K | 0 | 0 | 0 | 16.5K | 13.5K | 37K | 0 | 0 | 0 |
| Equity Issued (Net) | 12.85M | 11.85M | 6.8M | 1.66M | 2.14M | 467.71K | 300K | 0 | 0 | 1.15M | 37.5K | 125K | 0 | 0 | 1.02M | 60K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -286.62K | -789.48K | -477.5K | 1.04M | -71.63K | 991.97K | 196K | 248.42K | 5.83M | 190.44K | -1.05K | 0 | 0 | 0 | -143.05K | 5K |
| Net Change in Cash | -2.3M | 4.01M | 423.67K | 339.13K | -156.76K | 389.01K | -134.75K | -3.08M | 2.9M | 297.94K | 3.3K | -7.99K | -224.45K | -456.95K | 647.75K | 13.91K |
| Free Cash Flow | -6.19M | -4.03M | -3.99M | -2.77M | -1.62M | -965.77K | -539.57K | -1.43M | -3.04M | -1.05M | -59.65K | -152.73K | -261.45K | -456.95K | -234.21K | -51.09K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 0.92% | -0.92% | -44.12% | -70.79% | -68% | -78.99% | 62.37% | 52.86% | -189.99% | -1658.66% | 60.95% | 41.58% | 42.78% | -95.11% | -358.45% | - |
| FCF per Share | -0.43 | -0.54 | -0.88 | -0.70 | -0.50 | -0.35 | -0.22 | -0.69 | -1.76 | -1.09 | -0.14 | -0.40 | -0.70 | -1.23 | -0.80 | -0.37 |
| FCF Conversion (FCF/Net Income) | 1.83x | 1.05x | 0.85x | -2.59x | 0.34x | 0.31x | 0.18x | 0.46x | 0.18x | 0.37x | 0.18x | 0.42x | 0.31x | 1.33x | 0.63x | 0.56x |
| Interest Paid | 49.45K | 113.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Dilution and Burn
According to the company's financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -3.97 in 2026Q1 to 1.83 in 2025Q1, indicating that reported earnings provide little insight into the actual cash-consuming nature of the business.
The extreme volatility in the OCF/NI ratio suggests that accounting adjustments, rather than operational performance, are driving the bottom line. Investors should interpret these figures as evidence that the company's earnings are not a reliable proxy for its underlying cash-generating capacity.
As reported in recent quarterly filings, FMSTW consistently records negative free cash flow, with a notable outflow of $1.7 million in 2026Q3, confirming that the company remains in a capital-intensive exploration phase without any internal mechanism to fund its ongoing operational requirements.
The persistent negative FCF trajectory highlights the company's total dependence on external financing to sustain its Manitoba-based exploration programs. This trend suggests that the firm's valuation is entirely speculative, as it lacks the operational cash flow necessary to support its current cost structure.
Based on the provided cash flow data, capital expenditures reached a peak of $3.9 million in 2026Q3, reflecting the aggressive deployment of funds toward drilling programs that are essential for resource definition but currently offer no immediate return on invested capital for shareholders.
The significant spike in capital spending relative to historical levels suggests an intensification of exploration efforts, which may be necessary for project advancement but simultaneously accelerates the depletion of the company's limited cash reserves. This capital intensity warrants close monitoring as it directly dictates the timing of future equity dilution.
As indicated by the quarterly cash flow statements, working capital changes have been highly inconsistent, including a $1.3 million inflow in 2025Q4, which appears to temporarily mask the underlying cash burn inherent in the company's exploration-focused business model.
These fluctuations in working capital suggest that the company's cash position is sensitive to timing differences in payables and receivables rather than core operational efficiency. Analysts should look past these transient movements to focus on the structural cash burn that remains the primary risk to the company's liquidity.
Based on the reported financial data, stock-based compensation reached $409.8K in 2026Q2, which, when combined with the capitalization of exploration costs, effectively obscures the true economic cost of maintaining the company's current administrative and technical overhead.
The reliance on non-cash compensation and the capitalization of exploration expenses may lead to an understatement of the company's true cash-burn rate. Investors should consider these factors as potential indicators of hidden costs that could further pressure the company's already strained liquidity position.
Quick answers to the most common questions about buying FMSTW stock.
Foremost Clean Energy Ltd. (FMSTW) generated $-3.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Foremost Clean Energy Ltd. (FMSTW) reported negative free cash flow of $4.0M in 2025, indicating capital requirements exceeded cash from operations.
Foremost Clean Energy Ltd. (FMSTW) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.