Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 18

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 18
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 year. No determination has been made by the Company with respect to its anticipated PFIC status for its current
tax year. If the Company is a PFIC for any year during a U.S. taxpayer’s holding period of Common Shares, then such U.S. taxpayer
generally will be required to treat any gain realized upon a disposition of its Common Shares, or any so-called ‘‘excess distribution’’
received on its Common Shares, as ordinary income, and to pay an interest charge on a portion of such gain or distribution. In certain
circumstances, the sum of the tax and the interest charge may exceed the total amount of proceeds realized on the disposition, or the
amount of excess distribution received, by the U.S. taxpayer. Subject to certain limitations, these tax consequences may be mitigated
if a U.S. taxpayer makes a timely and effective QEF Election (as defined below) or a Mark-to-Market Election (as defined below). U.S.
taxpayers should be aware that, for each tax year, if any, that the Company is a PFIC, the Company can provide no assurances that it will
satisfy the record-keeping requirements of a PFIC, or that it will make available to U.S. Holders the information such U.S. Holders require
to make a QEF Election with respect to the Company or any subsidiary that also is classified as a PFIC. Accordingly, prospective investors
should assume that a QEF Election will not be available. A U.S. taxpayer that makes the Mark-to-Market Election generally must include
as ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer’s basis therein. This paragraph
is qualified in its entirety by the discussion below under the heading “Certain U.S. Federal Income Tax Considerations — Passive Foreign Investment Company (“PFIC”) Rules.” Each potential investor who is a U.S. taxpayer should consult
its own tax advisor regarding the tax consequences of the PFIC rules and the acquisition, ownership, and disposition of the Common Shares.

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Proposed legislation in the U.S. Congress, including changes in U.S. tax law, and the Inflation Reduction Act of 2022 may adversely impact the Company and the value of the Securities

Changes to U.S. tax laws (which changes may have
retroactive application) could adversely affect the Company or holders of the Securities. In recent years, many changes to U