Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 82

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 82
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 received by a Canadian Holder that is a corporation as proceeds of disposition or a capital
gain. Such Canadian Holders should consult their own tax advisors.

A Canadian Holder that is a “private corporation”
or a “subject corporation” (each as defined in the Tax Act) may be liable under Part IV of the Tax Act to pay an additional
tax (refundable in certain circumstances) on dividends received or deemed to be received on the common shares to the extent that such
dividends are deductible in computing the Resident Holder’s taxable income for the taxation year.

A Canadian Holder that is a “Canadian-controlled
private corporation” (as defined in the Tax Act) throughout the relevant taxation year, or a “substantive CCPC” at any
time in the year may be liable to pay an additional tax (refundable in certain circumstances) on certain investment income, including
dividends received or deemed to be received in respect of common shares, but not dividends or deemed dividends that are deductible in
computing the dividend recipient’s taxable income. Such Canadian Holders should consult their tax advisors regarding their particular
circumstances.

Dispositions — Taxation of Capital Gains and Capital
Losses

Upon a disposition or deemed disposition of the common
shares (except to the Corporation, unless purchased by the Corporation in the open market in the manner in which shares are normally purchased
by any member of the public in the open market), a capital gain (or capital loss) will generally be realized by a Canadian Holder to the
extent that the proceeds of disposition exceed (or are exceeded by) the aggregate of the adjusted cost base of the common shares to the
Holder immediately before the disposition or deemed disposition and any reasonable costs of disposition. The adjusted cost base of such
common shares to a Resident Holder will be determined by averaging the cost of such common shares acquired pursuant to this Prospectus
Supplement with the adjusted cost base of all other common shares of the Corporation held by the Resident Holder as capital property immediately
prior to such acquisition and by making certain other adjustments required under the Tax Act.

Generally, one-half of the amount of any capital gain,
(a “taxable capital gain”), realized by a Canadian Holder in a taxation year must be included in the Canadian Holder’s
income in the year. Subject to and in accordance with the provisions of the Tax Act, one-half of the amount of any capital loss, (an “allowable capital loss”), realized by a Canadian Holder in a taxation year must be deducted by