Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 42

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 42
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 U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and
local, and non-U.S. tax consequences relating to the acquisition, ownership, and disposition of Common Shares.

No legal opinion from U.S. legal counsel or ruling
from the Internal Revenue Service (the “IRS”) has been requested, or will be obtained, regarding the U.S. federal income
tax consequences of the acquisition, ownership, and disposition of Common Shares. This summary is not binding on the IRS, and the IRS
is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because
the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with
one or more of the conclusions described in this summary. There can be no assurance that the IRS will not challenge one or more of the
tax considerations described in this summary.

This summary is based on the United States Internal
Revenue Code of 1986, as amended (the “Code”), Treasury Regulations (whether final, temporary, or proposed) promulgated
thereunder, published rulings of the IRS, published administrative positions of the IRS, the Treaty, and U.S. court decisions that are
applicable and, in each case, as in effect and available, as of the date of this Prospectus. Any of the authorities on which this summary
is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective
basis which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential
effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective
basis.

| 21 |

U.S. Holders

For purposes of this summary, the term “U.S. Holder” means a beneficial owner of Common Shares acquired pursuant to an offering under this Prospectus that is for U.S. federal
income tax purposes:

an individual who is a citizen or resident
of the U.S.;

a corporation (or other entity taxable
as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia;

an estate whose income is subject to U.S.
federal income taxation regardless of its source; or

a trust that (