Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 79

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 79
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FOR SECURITIES ACT LIABILITIES

Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling or business pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable.

### CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
The following is, as of the date of this Prospectus
Supplement, a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act
(Canada) and the regulations promulgated thereunder (the “Tax Act”) to a holder who acquires, as beneficial owner,
common shares in any offering under this Prospectus Supplement, and who, for purposes of the Tax Act and at all relevant times beneficially
holds the common shares as capital property and deals at arm’s length with, and is not affiliated with us or the underwriters (a
“Holder”).

| S-11 |

Generally, the common shares will be considered to
be capital property to a Holder provided the Holder does not hold the common shares in the course of carrying on a business of trading
or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature
of trade.

This summary is not applicable to a Holder: (a) that
is a “financial institution”, as defined in the Tax Act for the purposes of the mark-to-market rules; (b) that is a “specified
financial institution”, as defined in the Tax Act; (c) an interest in which is a “tax shelter investment”, as defined
in the Tax Act; (d) that reports its “Canadian tax results”, as defined the Tax Act in a currency other than Canadian
currency; (e) who has entered into or will enter into, in respect of the common shares a “derivative forward agreement”,
or a “synthetic disposition arrangement”, as defined in the Tax Act; (f) that receives dividends on common shares under
or as part of a “dividend rental arrangement”, as defined in the Tax Act; (g) that is exempt from tax under Part I of
the Tax Act; or (h) that is a corporation resident in Canada, and is, or becomes, or does not deal at arm’s length with a corporation
resident in Canada that is or becomes, as part