Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 91

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 91
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 rules, which are subject to differing interpretations. Consequently, there can be no assurance that we have never been and
will not become a PFIC for any tax year during which U.S. Holders hold Common Shares.

| S-17 |

In addition, in any year in which we are classified
as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or
other IRS guidance may require. A failure to satisfy such reporting requirements may result in an extension of the time period during
which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information
returns under these rules, including the requirement to file an IRS Form 8621 annually.

We generally will be a PFIC if, for a tax year, (a) 75%
or more of our gross income for such tax year is passive income (the “income test”) or (b) 50% or more of our
value assets either produce passive income or are held for the production of passive income (the “asset test”), based
on the quarterly average of the fair market value of such assets. “Gross income” generally includes all sales revenues less
the cost of goods sold, plus income from investments and incidental or outside operations or sources, and “passive income”
generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities,
and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from
passive income if substantially all of a foreign corporation’s commodities are stock in trade or inventory, depreciable property
used in a trade or business, or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other
requirements are satisfied.

For purposes of the PFIC income test and PFIC asset
test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation,
we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly
a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset test described
above, and assuming certain other requirements are met, “passive income” does not include certain interest, dividends, rents,
or