CLEARMIND MEDICINE INC. Condensed Interim Consolidated Financial Statements For The Three And Six Months Ended

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Financial Statements

For The Three And Six Months Ended April 30, 2026

(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

(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)

(The accompanying notes are an integral part of

these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

The Company trades under the symbol

"CMND" on the Nasdaq Capital Market. The Company was listed on the Canadian Securities Exchange ("CSE") in Toronto

until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the CSE, but remains a reporting issuer

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 six months ended April 30, 2026, the Company had not generated

any revenues and had negative cash flows from operations of $3,853,029. As of April 30, 2026, the Company had an accumulated deficit of

$33,781,960. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing

through debt or equity. Management is of the opinion that sufficient working capital will be obtained from external financing sources

to meet the Company's liabilities and commitments as they become due, although there is a risk that additional financing will not

be available on a timely basis or on terms acceptable to the Company. These factors raise 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 December 15, 2025, the Company effected

a 1-for-40 reverse split of its issued and outstanding common shares and on May 21, 2026, the Company effected a further 1-for-10 reverse

split of its issued and outstanding common shares (collectively, the "Reverse Splits"). Following the Reverse Splits, holders

of the Company's common shares received 0.0025 of a common share for every- one common share held. All share amounts have been retroactively

restated for all periods presented.

All issued and outstanding common shares

or instruments convertible into common shares contained in these financial statements have been retroactively adjusted to reflect the

reverse share splits for all periods presented, unless explicitly stated otherwise.

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 ("IASB") on a going concern basis.

These condensed interim consolidated

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

Clearmind Buzz Inc, incorporated in Ontario, Canada on March 18, 2026, and currently 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 ("FVTPL").

These unaudited condensed interim consolidated financial statements have been prepared in accordance with the requirements of International

Accounting Standard IAS 34 "Interim Financial Reporting" as issued by the IASB. They do not include all the information required

in annual financial statements in accordance with IFRS accounting standards and should be read in conjunction with the annual financial

statements of the Company for the year ended October 31, 2025.

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 interim consolidated financial statements should be read in conjunction with

the audited financial statements as of and for the year ended October 31, 2025 and the notes thereto (the "2025 Annual Report").

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial

(Expressed in United States Dollars)

The condensed interim consolidated financial

statements have been prepared on the same basis as the 2025 Annual Report. In the opinion of the Company's management, these condensed

interim consolidated 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 six months ended April 30, 2026 are not necessarily indicative

of the results for the year ending October 31, 2026, or for any future period.

As of April 30, 2026, there have been

no material changes in the Company's significant accounting policies from those that were disclosed in the 2025 Annual Report.

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.

Significant Estimates

Derivative Warrant Liabilities and

The Company analyses warrants issued

to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities and assets are adjusted to

reflect their fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations.

The Company uses a fair valuation specialist to estimate the value of these instruments using the Black and Scholes and binomial pricing

The key assumptions used in the models

are the expected future volatility in the price of the Company's shares, the expected life of the warrants, the risk-free interest

rate and the probability of any future adjustment event.