Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 80

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 80
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 shares.

This summary is based upon the current provisions
of the Tax Act in force as of the date hereof, all specific proposals, to amend the Tax Act that have been publicly and officially announced
by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “Proposed Amendments”) and counsels’
understanding of the current administrative policies and practices of the Canada Revenue Agency (the “CRA”), published
in writing by it prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed. However,
no assurance can be given that the Proposed Amendments will be enacted in their current form, or at all. Except for the Proposed Amendments,
this summary does not take into account or anticipate any changes in the law or any changes in the CRA’s administrative policies
or practices, whether by legislative, governmental or judicial action or decision, nor does it take into account or anticipate any other
federal or any provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein. Holders
are urged to consult their tax advisors about the specific tax consequences to them of acquiring, holding and disposing of the common
shares.

This summary is of a general nature only, is not exhaustive
of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice
to any prospective purchaser or holder of the common shares, and no representations with respect to the income tax consequences to any
prospective purchaser or holder are made. Consequently, prospective purchasers or holders of the common shares should consult their tax
advisors with respect to their particular circumstances.

#### Currency Conversion
Generally, for purposes of the Tax Act, all amounts
relating to the acquisition, holding or disposition of the common shares (including dividends, adjusted cost base and proceeds of disposition)
must be expressed in Canadian dollars. Amounts denominated in any other currency must be converted into Canadian dollars generally based
on the exchange rate quoted by the Bank of Canada on the date such amounts arise and in accordance with the detailed rules in the Tax
Act.

#### Residents of Canada
The following discussion applies to Holders who, at
all relevant times, are or are deemed to be residents of Canada for the purposes of the Tax Act (“Canadian Holders”).

This summary does not address the deductibility of
interest by a purchaser who has borrowed money or otherwise incurred debt to acquire the common shares. Certain Canadian