Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 43

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 43
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ly owning
at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and
remit it to the Canadian government for the Non-Canadian Holder’s account. Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.

Dispositions

A Non-Canadian Holder will not be subject to tax
under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a common share, Common Share Purchase
Warrant or Pre-Funded Warrant, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the common
shares, Common Share Purchase Warrants or Pre-Funded Warrants, as the case may be, are “taxable Canadian property” to the
Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled
to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the common shares, Common Share Purchase
Warrants and Pre-Funded Warrants will not constitute “taxable Canadian property” to a Non-Canadian Holder at a particular
time provided that the common shares are listed at that time on a “designated stock exchange” (as defined in the Canadian
Tax Act), which includes Nasdaq and the CSE unless at any particular time during the 60-month period that ends at that time:

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| • |     | at least 25% of the issued shares of any class or series of our capital stock                                                           
 was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal 
 at arm’s length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest         
 directly or indirectly through one or more partnerships, and                                                                            |

| • |     | more than 50% of the fair market value of the common shares was derived, directly                                                       
 or indirectly, from one or any combination of : (i) real or immoveable property situated in Canada, (ii) “Canadian resource properties” 
 (as that term is defined in the Canadian Tax Act), (iii) “timber resource properties” (as that term is