Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 44

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 44
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 and
remit it to the Canadian government for the Non-Canadian Holder’s account. Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.

Dispositions

A Non-Canadian Holder will not be subject to tax
under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a common share, Common Share Purchase
Warrant or Pre-Funded Warrant, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the common
shares, Common Share Purchase Warrants or Pre-Funded Warrants, as the case may be, are “taxable Canadian property” to the
Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled
to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the common shares, Common Share Purchase
Warrants and Pre-Funded Warrants will not constitute “taxable Canadian property” to a Non-Canadian Holder at a particular
time provided that the common shares are listed at that time on a “designated stock exchange” (as defined in the Canadian
Tax Act), which includes Nasdaq and the CSE unless at any particular time during the 60-month period that ends at that time:

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| • |     | at least 25% of the issued shares of any class or series of our capital stock                                                           
 was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal 
 at arm’s length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest         
 directly or indirectly through one or more partnerships, and                                                                            |

| • |     | more than 50% of the fair market value of the common shares was derived, directly                                                       
 or indirectly, from one or any combination of : (i) real or immoveable property situated in Canada, (ii) “Canadian resource properties” 
 (as that term is defined in the Canadian Tax Act), (iii) “timber resource properties” (as that term is defined in the Canadian          
 Tax Act) and (iv) options in respect of, or interests in, or for civil law rights in, property