Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 54

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 54
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 as may be provided in Treasury Regulations, be
treated as having made a taxable disposition of such Common Shares.

In addition, a U.S. Holder who acquires Common Shares
from a decedent will not receive a “step up” in tax basis of such Common Shares to fair market value unless such decedent
had a timely and effective QEF Election in place.

Special rules also apply to the amount of foreign
tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect
to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions
by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its own tax advisors
regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

Certain additional adverse rules may apply with respect
to a U.S. Holder if we are a PFIC, regardless of whether the U.S. Holder makes a QEF Election. These rules include special rules that
apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to these special rules,
foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. U.S.
Holders should consult their own tax advisors regarding the potential application of the PFIC rules to the ownership and disposition of
Common Shares, and the availability of certain U.S. tax elections under the PFIC rules.

The PFIC rules are complex, and each U.S. Holder should
consult its own tax advisors regarding the PFIC rules and how the PFIC rules may affect the U.S. federal income tax consequences of the
acquisition, ownership, and disposition of Common Shares.

Additional Considerations

The amount of any distribution paid to a U.S. Holder
in foreign currency, or payment received on the sale, exchange or other taxable disposition of Common Shares, generally will be equal
to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt or, if applicable, the
date of settlement if the Common Shares are traded on an established securities market (regardless of whether such foreign currency is
converted into U.S. dollars at that time). A U.S. Holder will have a tax basis in the foreign currency equal to its