Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 52

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 52
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 such foreign exchange is
located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such
foreign exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market,
such stock generally will be “regularly traded” for any calendar year during which such stock is traded, other than in de
minimis quantities, on at least 15 days during each calendar quarter. Each U.S. Holder should consult its own tax advisor in this
matter.

A U.S. Holder that makes a Mark-to-Market Election
with respect to its Common Shares generally will not be subject to the default rules of Section 1291 of the Code discussed above
with respect to such Common Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year
of such U.S. Holder’s holding period for the Common Shares for which we are a PFIC and such U.S. Holder has not made a timely QEF
Election, the default rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions
on, Common Shares.

A U.S. Holder that makes a Mark-to-Market Election
will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (a) the fair
market value of Common Shares, as of the close of such tax year over (b) such U.S. Holder’s adjusted tax basis in such Common
Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (a) such
U.S. Holder’s adjusted tax basis in the Common Shares, over (b) the fair market value of such Common Shares (but only to the
extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election
generally also will adjust such U.S. Holder’s tax basis in the Common Shares to reflect the amount included in gross income or allowed
as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of Common Shares, a U.S.
Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (