Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 43

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 43
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arrants and Pre-Funded Warrants

No gain or loss will be realized by a Non-Canadian
Holder upon the exercise of a Common Share Purchase Warrant or Pre-Funded Warrant to acquire a common share. When a Common Share Purchase
Warrant or Pre-Funded Warrant is exercised, the Non-Canadian Holder’s cost of the common share acquired thereby will be the aggregate
of the Non-Canadian Holder’s adjusted cost base of such Common Share Purchase Warrant or Pre-Funded Warrant, as the case may be,
and the exercise price paid for the common share. The Non-Canadian Holder’s adjusted cost base of the common share so acquired will
be determined by averaging such cost with the adjusted cost base (determined immediately before the acquisition of that common share)
to the Non-Canadian Holder of all common shares owned by the Non-Canadian Holder as capital property immediately prior to such acquisition.

Expiry of Common Share Purchase Warrants

As discussed below in “Dispositions”,the expiry of an unexercised Common Share Purchase Warrant will result in a capital loss to a Non-Canadian Holder equal to the Non-Canadian
Holder’s adjusted cost base of such Common Share Purchase Warrant immediately prior to its expiry or termination if such expired
Common Share Purchase Warrants constitute taxable Canadian property for the purposes of the Canadian Tax Act to that Canadian Holder at
the time of expiry.

Dividends on Common Shares

Dividends paid or credited on the common shares or
deemed to be paid or credited on the common shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of
25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax
treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax
Treaty, where dividends on the common shares are considered to be paid to or derived by a Non-Canadian Holder that is the beneficial owner
of the dividends and a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate
of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning
at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend