Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 19

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 19
---
.S. federal
income tax laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in
the future.

The U.S. Congress is currently considering numerous
items of legislation which may be enacted prospectively or with retroactive effect, which legislation could adversely impact the Company’s
financial performance and the value of the Securities. Additionally, states in which the Company operates or owns assets may impose new
or increased taxes. If enacted, most of the proposals would be effective for the current or later years. The proposed legislation remains
subject to change, and its impact on the Company and purchasers of the Securities is uncertain.

In addition, the Inflation Reduction Act of 2022
includes provisions that impact the U.S. federal income taxation of corporations. Among other items, this legislation includes provisions
that impose a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that
would be imposed on the corporation repurchasing such stock. It is unclear how this legislation will be implemented by the U.S. Department
of the Treasury and the Company cannot predict how this legislation or any future changes in tax laws might affect the Company or purchasers
of the Securities.

### MATERIAL CHANGES
Except as otherwise disclosed in this Prospectus
there have been no material changes to our operations that have occurred since March 31, 2025, and that have not been described in a report
on Form 6-K furnished under the Exchange Act and incorporated by reference into this Prospectus.

### CAPITALIZATION
AND INDEBTEDNESS

The following table sets
forth the consolidated capitalization and indebtedness of the Company as at March 31, 2025, the date of the Company’s most recently
filed audited consolidated financial statements. This table should be read in conjunction with the consolidated financial statements of
the Company and the related notes and management’s discussion and analysis of financial condition and results of operations in respect
of those statements that are incorporated by reference in this Prospectus.

| CAD$           |                As 
 of March 31, 2025 |
|:---------------|------------------:|
| Total          
 Liabilities    |         3,248,777 |
| Shareholders’  
 Equity:        |                   |
| Capital        
 stock          |        45,666,733 |
| Reserves       |         3,280,933 |
| Deficit        |       -24,455,