Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 79

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 79
---
, as of the date of this Prospectus
Supplement, a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act
(Canada) and the regulations promulgated thereunder (the “Tax Act”) to a holder who acquires, as beneficial owner,
common shares in any offering under this Prospectus Supplement, and who, for purposes of the Tax Act and at all relevant times beneficially
holds the common shares as capital property and deals at arm’s length with, and is not affiliated with us or the underwriters (a
“Holder”).

| S-11 |

Generally, the common shares will be considered to
be capital property to a Holder provided the Holder does not hold the common shares in the course of carrying on a business of trading
or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature
of trade.

This summary is not applicable to a Holder: (a) that
is a “financial institution”, as defined in the Tax Act for the purposes of the mark-to-market rules; (b) that is a “specified
financial institution”, as defined in the Tax Act; (c) an interest in which is a “tax shelter investment”, as defined
in the Tax Act; (d) that reports its “Canadian tax results”, as defined the Tax Act in a currency other than Canadian
currency; (e) who has entered into or will enter into, in respect of the common shares a “derivative forward agreement”,
or a “synthetic disposition arrangement”, as defined in the Tax Act; (f) that receives dividends on common shares under
or as part of a “dividend rental arrangement”, as defined in the Tax Act; (g) that is exempt from tax under Part I of
the Tax Act; or (h) that is a corporation resident in Canada, and is, or becomes, or does not deal at arm’s length with a corporation
resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition
of the common shares, controlled by a non-resident person (or a group of such persons that do not deal at arm’s length) for the
purposes of the “foreign affiliate dumping” rules in section 212.3 of the Tax Act. Such Holders should consult their
tax advisors to determine the tax consequences to them of the acquisition, holding and disposition of the common