Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 40

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 40
---
 satisfied concurrently: (i) (a) the Non-Resident Holder;
(b) persons with whom the Non-Resident Holder did not deal at arm’s length; (c) partnerships in which the Non-Resident
Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; or (d) any
combination of the persons and partnerships described in (a) through (c), owned 25% or more of the issued shares of any class or
series of our hares; and (ii) more than 50% of the fair market value of our shares was derived directly or indirectly from one or any
combination of: real or immovable property situated in Canada, “Canadian resource properties”, “timber resource properties”
(each as defined in the Tax Act), and options in respect of, or interests in or for civil law rights in, such properties. Notwithstanding
the foregoing, in certain circumstances set out in the Tax Act, the Common Shares could be deemed to be taxable Canadian property.

Even if the Common Shares are taxable Canadian property
to a Non-Resident Holder, such Non-Resident Holder may be exempt from tax under the Tax Act on the disposition of such Common Shares by
virtue of an applicable income tax treaty or convention. In cases where a Non-Resident Holder disposes, or is deemed to dispose, of a
Common Share that is taxable Canadian property under the Tax Act or pursuant to the terms of an applicable income tax treaty or convention,
the consequences under the heading “Certain Canadian Federal Income Tax Considerations – Residents of Canada – Dispositions
– Taxation of Capital Gains and Capital Losses” will generally be applicable to such disposition A Non-Resident Holder contemplating
a disposition of Common Shares that may constitute taxable Canadian property should consult a tax advisor prior to such disposition.

| 20 |

#### Receipt of Dividends
**Dividends received or deemed to be received by a Non-Resident
Holder on the Common Shares will be subject to Canadian withholding tax under the Tax Act. The general rate of withholding tax is 25%,
although such rate may be reduced under the provisions of an applicable income tax convention between Canada and the Non-Resident Holder’s
country of residence. For example, under the Canada-United States Income Tax Convention (1980), as amended (the “Treaty”),
the rate is generally reduced to 15% where the Non-Resident Holder