Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 96

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 96
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IC. Accordingly, if
we become a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules
described above during any subsequent tax year in which we qualify as a PFIC.

| S-19 |

U.S. Holders should be aware that there can be no
assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U.S. Holders with information
that such U.S. Holders are required to report under the QEF rules, in the event that we are a PFIC. Thus, U.S. Holders may not be able
to make a QEF Election with respect to us. Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure
for making, a QEF Election.

A U.S. Holder makes a QEF Election by attaching a
completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return.
However, if we do not provide the required information with regard to ourselves or any Subsidiary PFICs, U.S. Holders will not be able
to make a QEF Election for such entity and will continue to be subject to the default rules of Section 1291 of the Code discussed
above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

Mark-to-Market Election

A U.S. Holder may make a Mark-to-Market Election only
if the Common Shares are marketable stock. The Common Shares generally will be “marketable stock” if the Common Shares are
regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established
pursuant to section 11A of the Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental
authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial
disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is
located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such
foreign exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or