Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 84

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 84
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hibited investment” within the meaning of the Tax Act for
the Registered Plan, the annuitant, holder or subscriber thereof, as the case may be, will be subject to a penalty tax under the Tax Act.
The common shares generally will not be a “prohibited investment” for a Registered Plan provided the annuitant, holder or
subscriber thereof, as the case may be: (i) deals at arm’s length with the Corporation for the purposes of the Tax Act; and
(ii) does not have a “significant interest” (as defined in the Tax Act for purposes of the prohibited investment rules) in
the Corporation. In addition, the common shares will not be a prohibited investment if they are “excluded property” (as defined
in the Tax Act for purposes of the prohibited investment rules) for the Registered Plan.

Prospective purchasers who intend to hold the common
shares in a Registered Plan should consult their tax advisors regarding their particular circumstances.

#### Non-Residents of Canada
The following discussion applies to Holders who, for
the purposes of the Tax Act, and at all relevant times, are not, and are not deemed to be, resident in Canada and who do not use or hold
and will not be deemed to use or hold, the common shares in connection with, or in the course of carrying on, a business or part of a
business in Canada (a “Non-Resident Holder”). In addition, this discussion does not apply to an insurer that carries
on an insurance business in Canada and elsewhere or an “authorized foreign bank” (within the meaning of the Tax Act), and
such Non-Resident Holders should consult their tax advisors to determine the tax consequences to them of the acquisition, holding and
disposition of the common shares.

#### Disposition of Common Shares
A Non-Resident Holder will not generally be subject
to tax under the Tax Act on a disposition of a Common Share, unless the Common Share constitutes “taxable Canadian property”
(as defined in the Tax Act) of the Non-Resident Holder at the time of disposition and the Non-Resident Holder is not entitled to relief
under an applicable income tax treaty or convention.

Provided the common shares are listed on a “designated
stock exchange”, as defined in the Tax Act (which currently includes the CSE and Nasdaq) at the time of disposition, the common
shares will generally not constitute taxable Canadian property of a Non-Resident Holder at that time, unless