Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 59

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 59
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 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 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
rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the common shares.

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Any Mark-to-Market Election made by a U.S. Holder
for the common shares will also apply to such U.S. Holder's Warrant Shares. As a result, if a Mark-to-Market Election has been made by
a U.S. Holder with respect to common shares, any Warrant Shares received will automatically be marked-to-market in the year of exercise.
Because, under the proposed Treasury Regulations, a U.S. Holder's holding period for Warrant Shares includes the period during which such
U.S. Holder held the Common Share Purchase Warrants, a U.S. Holder will be treated as making a Mark-to-Market Election with respect to
its Warrant Shares after the beginning of such U.S. Holder's holding period for the Warrant Shares unless the Warrant Shares are acquired
in the same tax year as the year in which the U.S. Holder acquired its Common Share Units or Pre-Funded Warrant Units, as applicable.
Consequently, the default rules under Section 1291 described above generally will apply to the mark-to-market gain realized in the tax
year in which Warrant Shares are received upon the exercise of the Common Share Purchase Warrants. However, the general mark-to-market
rules will apply to subsequent tax years.

Any Mark-to-Market Election made by