Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 46

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 46
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 more of the
conclusions described in this summary.

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Scope of this Summary

Authorities

This summary is based on the Code, Treasury Regulations
(whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the current provisions
of the Canada-U.S. Tax Treaty, and U.S. court decisions that are applicable, and, in each case, as in effect and available, as of the
date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any
time, and any such change could be applied on a retroactive or prospective basis, which could affect the U.S. federal income tax considerations
described in this summary. Except as provided herein, this summary does not discuss the potential effects, whether adverse or beneficial,
of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

U.S. Holders

For purposes of this summary, the term “U.S.
Holder” means a beneficial owner of Common Share Units, Pre-Warrant Funded Units, common shares, Pre-Funded Warrants, Common Share
Purchase Warrants and Warrant Shares as acquired pursuant to this offering, that is for U.S. federal income tax purposes:

| • |     | An individual who is a citizen or resident of the United States; |

| • |     | a corporation (or other entity treated as a corporation for U.S. federal income                             
 tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia; |

| • |     | an estate whose income is subject to U.S. federal income taxation regardless 
 of its source; or                                                            |

| • |     | a trust that (1) is subject to the primary supervision of a court within the                                                          
 U.S. and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable 
 Treasury Regulations to be treated as a U.S. person.                                                                                  |

Non-U.S. Holders

For purposes of this summary, a “non-U.S. Holder”
is a beneficial owner of Common Share Units, Pre-Funded Warrant Units, common shares, Pre-Funded Warrants, Common Share Purchase Warrants
and Warrant Shares that is not a U.S. Holder or an entity classified as a partnership for U.S. federal income tax purposes.