Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 67

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 67
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 each U.S. Holder therefore should assume that any
distribution by us with respect to common shares, Pre-Funded Warrants or Warrant Shares will constitute ordinary dividend income. Dividends
received on common shares, Pre-Funded Warrants or Warrant Shares by corporate U.S. Holders generally will not be eligible for the “dividends
received deduction” generally applicable to corporations. Subject to applicable limitations and provided we are eligible for the
benefits of the Canada-U.S. Tax Treaty or the common shares are readily tradable on a United States securities market, dividends paid
by us to non-corporate U.S. Holders, including individuals, in respect of common shares, Pre-Funded Warrants or Warrant Shares generally
will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and
other conditions are satisfied, including that we not be classified as a PFIC in the tax year of distribution or in the preceding tax
year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisors regarding the application of such rules.

Sale or Other Taxable Disposition of Common Shares, Pre-Funded Warrants and/or Warrant Shares

Upon the sale or other taxable disposition of common
shares, Pre-Funded Warrants or Warrant Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference
between the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Holder’s tax basis
in such common shares, Pre-Funded Warrants or Warrant Shares sold or otherwise disposed of. Gain or loss recognized on such sale or other
taxable disposition generally will be long-term capital gain or loss if, at the time of the sale or other taxable disposition, the common
shares, Pre-Funded Warrants or Warrant Shares have been held for more than one year.

Preferential tax rates may apply to long-term capital
gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gain
of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

Additional Considerations

Receipt of Foreign Currency

The amount of any distribution paid to a U.S. Holder
in foreign currency, or on the sale, exchange or other taxable disposition of common shares, Pre-F