Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 41

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 41
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 describes, as of the date hereof,
the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, common
shares pursuant to this prospectus and who, at all relevant times, for the purposes of the application of the Income Tax Act(Canada)
and the Income Tax Regulations (which we collectively refer to as the Canadian Tax Act), (i) is not, and is not deemed to be, resident
in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (ii) deals at arm’s length with
us; (iii) is not affiliated with us; (iv) does not use or hold, and is not deemed to use or hold, common shares, Common Share Purchase
Warrants or Pre-Funded Warrants in a business or part of a business carried on in Canada; (v) has not entered into, with respect to the
common shares, Common Share Purchase Warrants, Pre-Funded Warrants, a “derivative forward agreement”, as that term is defined
in the Canadian Tax Act and (vi) holds the common shares, Common Share Purchase Warrants or Pre-Funded Warrants as capital property (which
we refer to as a Non-Canadian Holder). This summary does not apply to a Non-Canadian Holder that is an insurer carrying on an insurance
business in Canada and elsewhere or an “authorized foreign bank”, as that term is defined in the Canadian Tax Act. Such Non-Canadian
Holders should consult their tax advisors for advice having regards to their particular circumstances.

This summary is based on the current provisions of
the Canadian Tax Act and the Canada-United States Tax Convention, as amended or the Canada-U.S. Tax Treaty, and an understanding of the
current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. It takes into account all
specific proposals to amend the Canadian Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date
hereof (which we refer to as the Proposed Amendments) and assumes that all Proposed Amendments will be enacted in the form proposed. However,
no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into
account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative
or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction