Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 42

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 42
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,
which may differ from those discussed herein.

This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular circumstances.

Generally, for purposes of the Canadian Tax Act,
all amounts relating to the acquisition, holding or disposition of the common shares, Common Share Purchase Warrants and Pre-Funded Warrants
must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount
of any dividends, capital gains or capital losses realized by a Non-Canadian Holder may be affected by fluctuations in the Canadian-U.S.
dollar exchange rate.

Allocation of Cost

For Canadian federal income tax purposes, Non-Canadian
Holders will be required to allocate on a reasonable basis their cost of each Common Share Unit between the common share and the Common
Share Purchase Warrant in order to determine their respective adjusted cost bases for purposes of the Canadian Tax Act. For our purposes,
we intend to allocate US$4.99 to each common share and US$0.01 to each Common Share Purchase Warrant. Although we believe that our allocation
is reasonable, it is not binding on the Canadian tax authorities or a Non-Canadian Holder

The adjusted cost base to a Non-Canadian Holder of
each common share comprising a part of a Common Share Purchase Warrant acquired pursuant to this offering will be determined by averaging
the cost of such common share with the adjusted cost base to such Holder of all other common shares (if any) held by the Non-Canadian
Holder as capital property immediately prior to the acquisition. For Canadian federal income tax purposes, Non-Canadian Holders will be
required to allocate on a reasonable basis their cost of each Pre-Funded Warrant Unit between the Pre-Funded Warrant and the Common Share
Purchase Warrant in order to determine their respective adjusted cost bases for purposes of the Canadian Tax Act. For our purposes, we
intend to allocate US$4.98 to each Pre-Funded Warrant and US$0.01 to each Common Share Purchase Warrant. Although we believe that our
allocation is reasonable, it is not binding on the Canadian tax authorities or a Non-Canadian Holder.

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Exercise of Common Share Purchase W