Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 55

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 55
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 of receipt may have
a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or
loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method with respect to foreign currency
received upon the sale, exchange or other taxable disposition of the Common Shares. Each U.S. Holder should consult its own U.S. tax advisor
regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

Dividends paid on the Common Shares will be treated
as foreign-source income, and generally will be treated as “passive category income” or “general category income”
for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of Common Shares generally will be United
States source gain or loss. Certain U.S. Holders that are eligible for the benefits of the Treaty may elect to treat such gain or loss
as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of foreign
taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to foreign taxes paid or accrued
(the “Foreign Tax Credit Regulations”) impose additional requirements for Canadian withholding taxes to be eligible
for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released
guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

| 27 |

Subject to the PFIC rules and the Foreign Tax Credit
Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect
to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction
or a credit for such Canadian income tax. Generally, a credit will reduce a U.S. Holder’s U.S. federal income tax liability on a
dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder’s income that is subject to U.S. federal income tax. This
election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder
during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder’s particular