Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 44

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 44
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 or arrangement that is classified as
a partnership (or other “pass-through” entity) for U.S. federal income tax purposes holds Common Shares, the U.S. federal
income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the activities of the
entity and the status of such partners (or owners). This summary does not address the tax consequences to any such owner. Partners (or
other owners) of entities or arrangements that are classified as partnerships or as “pass-through” entities for U.S. federal
income tax purposes should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences
arising from and relating to the acquisition, ownership, and disposition of Common Shares.

Ownership and Disposition of Common Shares

The following discussion is subject in its entirety
to the rules described below under the heading “Passive Foreign Investment Company Rules”.

A U.S. Holder that receives a distribution, including
a constructive distribution, with respect to a Common Share will be required to include the amount of such distribution in gross income
as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of our current and accumulated
“earnings and profits”, as computed for U.S. federal income tax purposes. A dividend generally will be taxed to a U.S. Holder
at ordinary income tax rates if we are a PFIC for the tax year of such distribution or the preceding tax year. To the extent that a distribution
exceeds our current and accumulated “earnings and profits”, such distribution will be treated first as a tax-free return of
capital to the extent of a U.S. Holder’s adjusted tax basis in the Common Shares and thereafter as gain from the sale or exchange
of such Common Shares (see Sale or Other Taxable Disposition of Common Shares below). However, we may not maintain the calculations
of our earnings and profits in accordance with U.S. federal income tax principles,
and each U.S. Holder should therefore assume that any distribution by us with respect to the Common Shares will constitute ordinary dividend
income. Dividends received on Common Shares by corporate U.S. Holders generally will not be eligible for the “dividends received
deduction”. Subject to applicable limitations and provided we are eligible for the benefits of the Treaty or the Common Shares are
readily tradable on a United States securities market, dividends paid by us to non-corpor