Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 57

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 57
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 inclusions
as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to
certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such
U.S. Holder is not a corporation, any such interest paid will be treated as “personal interest,” which is not deductible.

A U.S. Holder that makes a timely and effective QEF
Election with respect to us generally (a) may receive a tax-free distribution from us to the extent that such distribution represents
our “earnings and profits” that were previously included in income by the U.S. Holder because of such QEF Election and (b)
will adjust such U.S. Holder’s tax basis in the common shares or Pre-Funded Warrants to reflect the amount included in income or
allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize
capital gain or loss on the sale or other taxable disposition of common shares or Pre-Funded Warrants.

The procedure for making a QEF Election, and the
U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will
be treated as “timely” for purposes of avoiding the default PFIC rules discussed above if such QEF Election is made for the
first year in the U.S. Holder’s holding period for the common shares or Pre-Funded Warrants in which we are a PFIC. A U.S. Holder
may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income
tax return for such year.

A QEF Election will apply to the tax year for which
such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents
to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF
Election will remain in effect (although it will not be applicable) during those tax years in which we are not a PFIC. Accordingly, if
we become a PFIC in another subsequent tax year,