CLEARMIND MEDICINE INC. Condensed Interim Consolidated Financial Statements For The Three and Nine Months Ended

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Financial Statements

For The Three and Nine Months Ended July 31, 2023

(Expressed in United States Dollars)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in United States Dollars)

Approved and authorized for issuance on behalf of the Board of Directors

on September 13, 2023:

(The accompanying notes are an integral part of

these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Operations and Comprehensive

(Expressed in United States Dollars)

(The accompanying notes are an integral part of

these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Statements of Changes in Shareholders' Equity

(Expressed in United States Dollars)

(The accompanying notes are an integral part of

these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

On November 14, 2022, the Company completed

a public offering for aggregate gross proceeds of US$7.5 million and up listing to the Nasdaq Capital Market ("Nasdaq"), see

note 6c (i). The Company trades under the symbol CMND on both the Nasdaq and the Canadian Securities Exchange ("CSE") in Toronto.

On April 6, 2023, the Company completed

an underwritten public offering for aggregate gross proceeds of US$3.5 million. Net proceeds of US$2.9 million. See note 6c (iii).

These condensed interim consolidated

financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets

and discharge its liabilities in the normal course of business. For the nine months ended July 31, 2023, the Company has not generated

any revenues and has negative cash flow from operations of $5,548,304. As of July 31, 2023, the Company has an accumulated deficit of

$14,698,264. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing

through debt or equity. As of the date of approval of these condensed interim consolidated financial statements, the Company anticipates that its cash and cash

equivalents will provide sufficient liquidity for at least twelve months. The actual amount of cash that the Company will need to operate

is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials. The Company is dependent

upon significant future financing to provide the cash necessary to execute its current and future operations, including the commercialization

of any of its drug candidates. These factors may cast substantial doubt on the Company's ability to continue

as a going concern. These condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if

the Company is unable to continue as a going concern.

On September 30, 2022, the Company's Board of Directors (the

"Board") approved a 1-for-30 reverse split of its issued and outstanding ordinary shares, effective as of September 30,

2022, pursuant to which holders of the Company's ordinary shares received 0.0333 of a common share for every one ordinary share.

All issued and outstanding common shares

or instruments convertible into common shares contained in these financial statements prior to the reverse share split have been retroactively

adjusted to reflect the reverse share split for all periods presented, unless explicitly stated otherwise.

The financial statements of each company

within the consolidated group are measured using their functional currency which is the currency of the primary economic environment in

which an entity operates. The Company changed its functional currency from the Canadian dollar (C$) to the United States dollar (US$)

as of November 1, 2022. The change in presentation currency is a voluntary change which is accounted for retrospectively. For comparative

reporting purposes, historical financial information has been translated to United States dollars using the exchange rate as of November

1, 2022, which is the date of the change in the functional and presentation currency.

These consolidated financial statements are presented in United States

dollars. As of November 1, 2022, the Company's functional currency is the Unites States dollar (as described above). The functional

currency of Clearmindmed Ltd. is the United States dollar.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

The accompanying condensed interim consolidated financial statements

have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International

Accounting Standards Board on a going concern basis.

These condensed interim consolidated

financial statements include the accounts of the Company and its wholly owned subsidiaries, Clearmindmed Ltd. and Clearmind Labs Corp.

(inactive). All inter-company balances and transactions have been eliminated on consolidation.

These condensed interim consolidated financial statements have been

prepared on a historical cost basis, except for financial assets and liabilities (including derivatives) which are presented at fair value

through profit or loss, and are presented in United States dollars, which is the Company's functional currency.

Certain information and footnote disclosures

normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted

by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the audited financial

statements as of and for the year ended October 31, 2022 and the notes thereto (the "2022 Annual Report").

The unaudited condensed financial statements have been prepared on

the same basis as the audited financial statements, except for the change in functional and presentational currency (Note 1d). In the

opinion of the Company's management, the accompanying unaudited condensed financial statements contain all adjustments that are

necessary to present fairly the Company's financial position and results of operations for the interim periods presented. The results

for the nine months ended July 31, 2023 are not necessarily indicative of the results for the year ending October 31, 2023, or for any

As of July 31, 2023, there have been no material changes in the Company's

significant accounting policies from those that were disclosed in the 2022 Annual Report, except for the change in functional and presentational

The preparation of consolidated financial

statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies

and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience

and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the

judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ

from these estimates.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

Significant Estimates

Share-based Compensation

Fair values are determined using the

Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity