Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 59

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 59
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 rules to the Common Share Purchase Units,
Pre-Funded Warrant Units, common shares, Pre-Funded Warrants, Common Share Purchase Warrants, and Warrant Shares.

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 their common shares, Pre-Funded Warrants or Warrant Shares. Each U.S. Holder should consult its
own tax advisors regarding the availability of, and procedure for making, a QEF Election with respect to us and any Subsidiary PFIC.

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 us or any of our 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 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
with respect to common shares and Warrant Shares only if the common shares and Warrant Shares are marketable stock. The common shares
and Warrant Shares generally will be “marketable stock” if the common shares and Warrant 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