Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 52

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 52
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.S. Internal Revenue Code of 1986, as amended (the “Code”) for our most recently completed taxable year and
based on the nature of our business, the projected composition of our gross income and the projected composition and estimated fair market
values of our assets, we expect to be a PFIC for our current taxable year and may be a PFIC in subsequent tax years. No opinion of legal
counsel or ruling from the IRS concerning our status as a PFIC has been obtained or is currently planned to be requested. The determination
of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income
tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends
on the assets and income of such corporation over the course of each such tax year and, as a result, cannot be predicted with certainty
as of the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any determination made by us (or
any of our non-U.S. subsidiaries) concerning our (or its) PFIC status. Each U.S. Holder should consult its own tax advisors regarding
our PFIC status of the PFIC status of each of our non-U.S. subsidiaries.

In any year in which we are classified as a PFIC,
a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other
IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the
time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing
such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

We generally will be a PFIC if, for a tax year, (a)
75% or more of our gross income in such tax year is passive income (the “PFIC income test”) or (b) 50% or more of the value
of our assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair
market value of such assets (the “PFIC asset test”). “Gross income” generally includes all sales revenues less
the cost of goods sold, plus income from investments and from incidental or outside operations or