Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 96

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 96
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 we will supply U.S. Holders with information
that such U.S. Holders are required to report under the QEF rules, in the event that we are a PFIC. Thus, U.S. Holders may not be able
to make a QEF Election with respect to us. Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure
for making, a QEF Election.

A U.S. Holder makes a QEF Election by attaching a
completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return.
However, if we do not provide the required information with regard to ourselves or any Subsidiary PFICs, U.S. Holders will not be able
to make a QEF Election for such entity and will continue to be subject to the default rules of Section 1291 of the Code discussed
above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

Mark-to-Market Election

A U.S. Holder may make a Mark-to-Market Election only
if the Common Shares are marketable stock. The Common Shares generally will be “marketable stock” if the Common Shares are
regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established
pursuant to section 11A of the Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental
authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial
disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is
located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such
foreign exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market,
such stock generally will be “regularly traded” for any calendar year during which such stock is traded, other than in de
minimis quantities, on at least 15 days during each calendar quarter. Each U.S. Holder should consult its own tax advisor in this
matter.

A U.S. Holder that makes a Mark-to-Market Election
with respect to its Common Shares generally will not be subject to the default rules of Section 129