Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 49

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 49
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unded Warrant Units, common shares, Pre-Funded Warrants, Common Share Purchase Warrants and Warrant Shares.

U.S. Federal Income Tax Consequences of the Acquisition of Common Share Units or Pre-Funded Warrant Units

For U.S. federal income tax purposes, the acquisition
by a U.S. Holder of a Common Share Unit will be treated as the acquisition of one common share and one Common Share Purchase Warrant.
The purchase price for each Common Share Unit will be allocated between these two components in proportion to their relative fair market
values at the time the Common Share Unit is purchased by the U.S. Holder. This allocation of the purchase price for each Common Share
Unit will establish a U.S. Holder's initial tax basis for U.S. federal income tax purposes in the common share and one Common Share Purchase
Warrant that comprise each Common Share Unit.

For this purpose, we will allocate US$ of the purchase
price for the Common Share Unit to the common share and US$ of the purchase price for each Common Share Unit to the Common Share Purchase
Warrant. However, the IRS will not be bound by such allocation of the purchase price for the Common Share Units, and therefore, the IRS
or a U.S. court may not respect the allocation set forth above. Each U.S. Holder should consult its own tax advisor regarding the allocation
of the purchase price for the Common Share Units.

For U.S. federal income tax purposes, the acquisition
by a U.S. Holder of a Pre-Funded Warrant Unit will be treated as the acquisition of one Pre-Funded Warrant and one Common Share Purchase
Warrant. The purchase price for each Pre-Funded Warrant Unit will be allocated between these two components in proportion to their relative
fair market values at the time the Pre-Funded Warrant Unit is purchased by the U.S. Holder. This allocation of the purchase price for
each Pre-Funded Warrant Unit will establish a U.S. Holder's initial tax basis for U.S. federal income tax purposes in the Pre-Funded Warrant
and one Common Share Purchase Warrant that comprise each Pre-Funded Warrant Unit.

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For this purpose, we will allocate US$4.98 of the
purchase price for the Pre-Funded Warrant Unit to the Pre-Funded Warrant and US$0.01 of the purchase price for each Pre-Funded Warrant
Unit to the Common Share Purchase Warrant. However,