Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 38

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 38
---
”), realized by a Canadian Holder in a taxation year must be deducted by such Canadian Holder against taxable capital
gains realized by such Canadian Holder in that year. Allowable capital losses in excess of taxable capital gains realized in a taxation
year may be carried back and deducted in any of the three preceding taxation years or in any subsequent year (against net taxable capital
gains realized in such years) to the extent and under the circumstances described in the Tax Act. If the Canadian Holder is a corporation,
the amount of any such capital loss realized on the sale of the Common Shares may, in certain circumstances, be reduced by the amount
of any dividends, including deemed dividends, which have been received on such Common Shares of the Corporation. Similar rules may apply
‎where a corporation is a member of a partnership or a beneficiary of a trust that owns shares, directly or indirectly, ‎through
a partnership or a trust. Canadian Holders to whom these rules may apply should consult their own tax ‎advisors.

A Canadian Holder that is an individual (other than
certain trusts) that realizes a capital gain on the disposition or deemed disposition of Common Shares may be liable for alternative minimum
tax under the Tax Act. Canadian Holders that are individuals should consult their own tax advisors in this regard.

A Canadian Holder that is a “Canadian-controlled
private corporation” (as defined in the Tax Act) throughout the relevant taxation year, or a “substantive CCPC” at any
time in the year may be liable to pay an additional tax (refundable in certain circumstances) on certain investment income, including
taxable capital gains. Such Canadian Holders should consult their tax advisors regarding their particular circumstances.**

| 19 |

#### Eligibility for Investment
Based on the current provisions of the Tax Act, if
issued on the date hereof and provided they are at all times listed on a “designated stock exchange” (as defined in the Tax
Act, which currently includes the CSE and Nasdaq) or that we qualify as a “public corporation” (as defined in the Tax Act),
the Common Shares should be qualified investments under the Tax Act for trusts governed by registered retirement savings plans, registered
retirement income funds, registered education savings plans, registered disability savings plans, first home savings account and tax-free
savings accounts, collectively, “Registered Plans”, and deferred profit sharing plans, each as defined in the Tax Act.

Notwithstanding that the Common Shares may be a qualified
investment for a