Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 50

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 50
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 Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the
sale or other taxable disposition of Common Shares.

The procedure for making a QEF Election, and the U.S.
federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated
as “timely” if such QEF Election is made for the first year in the U.S. Holder’s holding period for Common Shares in
which we are a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S.
Holder files a U.S. federal income tax return for such year. If a U.S. Holder does not make a timely and effective QEF Election for the
first year in the U.S. Holder’s holding period for Common Shares, the U.S. Holder may still be able to make a timely and effective
QEF Election in a subsequent year if such U.S. Holder meets certain requirements and makes a “purging” election to recognize
gain (which will be taxed under the default rules of Section 1291 of the Code discussed above) as if such Common Shares were sold
for their fair market value on the day the QEF Election is effective. If a U.S. Holder makes a QEF Election but does not make a “purging”
election to recognize gain as discussed in the preceding sentence, then such U.S. Holder shall be subject to the QEF Election rules on
a prospective basis and shall continue to be subject to tax under the default rules of Section 1291 of the Code discussed above with
respect to its Common Shares for taxable years prior to making a QEF Election. If a U.S. Holder owns PFIC stock indirectly through another
PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the
QEF rules to apply to both PFICs.

A QEF Election will apply to the tax year for which
such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents
to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF