Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 81

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 81
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 Holders whose
common shares might not otherwise constitute capital property may be entitled to make, in certain circumstances, an irrevocable election,
in accordance with subsection 39(4) of the Tax Act, to have their common shares and every other “Canadian security”, as defined
in subsection 39(6) of the Tax Act, held by them deemed to be capital property for the purposes of the Tax Act. Canadian Holders contemplating
such an election should first consult with their tax advisors.

| S-12 |

#### Taxation of Dividends
**In the case of a Canadian Holder who is an individual
(including certain trusts), dividends received or deemed to be received on the common shares will be included in computing the Canadian
Holder’s income and will be subject to the gross-up and dividend tax credit rules that generally apply to taxable dividends received
from taxable Canadian corporations. Provided we make the appropriate designations (which may include by way of a notice published on our
website), any such dividend will be treated as an “eligible dividend” for the purposes of the Tax Act and a Canadian Holder
who is an individual will be entitled to an enhanced dividend tax credit in respect of such dividend. There may be limitations to our
ability to designate dividends and deemed dividends as eligible dividends. Dividends received or deemed to be received by a Canadian Holder
who is an individual (including certain trusts) may result in such Resident Holder being liable for alternative minimum tax under the
Tax Act. Canadian Holders who are individuals should consult their tax advisors in this regard.

Dividends received or deemed to be received on the
common shares by a Canadian Holder that is a corporation will be required to be included in computing the corporation’s income for
the taxation year in which such dividends are received, but such dividends will generally be deductible in computing the corporation’s
taxable income, subject to all of the rules and restrictions under the Tax Act in that regard. In certain circumstances, subsection 55(2)
of the Tax Act will treat a taxable dividend received by a Canadian Holder that is a corporation as proceeds of disposition or a capital
gain. Such Canadian Holders should consult their own tax advisors.

A Canadian Holder that is a “private corporation”
or a “subject corporation” (each as defined in the Tax Act) may be liable under Part IV of the Tax Act to pay an additional
tax (refundable in certain circumstances) on dividends received or deemed to be received on the common shares to the extent that