Company: CMND
Filing Date: 2025-12-05
Form Type: F-1/A
Source: 0001213900-25-118772
Chunk: 274

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-05
Form: F-1/A
Chunk 274
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 |               |    61 |     |                | 315.00 |     |                | 226.36 |
|               |   156 |     |                  | 8.66 |     |                | 504.00 |     |                | 362.17 |     |               |   156 |     |                | 504.00 |     |                | 362.17 |
|               |    50 |     |                  | 8.68 |     |                |  32.56 |     |                |  23.40 |     |               |    25 |     |                |  32.56 |     |                |  23.40 |
|               | 5,521 |     |                  | 4.65 |     | C$             | 601.71 |     | $              | 432.38 |     |               | 5,351 |     | C$             | 603.50 |     | $              | 433.67 |

The fair value of stock options previously granted to certain consultants for ongoing services measured during the period have been estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

|                          |     | Year              
 ended October 31, |          2024 |   |     |     |          2023 |   |
|:-------------------------|:----|:------------------|--------------:|:--|:----|:----|--------------:|:--|
| Risk-free interest rate  |     |                   |          4.22 | % |     |     |          4.10 | % |
| Expected life (in years) |     |                   |          4.61 |   |     |     |          5.61 |   |
| Expected volatility      |     |                   | 125.77-133.62 | % |     |     | 140.41-160.81 | % |

Expected volatility was determined by calculating the historical volatility
of the comparison companies’ share price over the previous years. The expected life used in the model has been adjusted, based
on management’s best estimate, for the effects of no transferability, exercise restrictions, and behavioral considerations.

| d. | The portion of the total fair value of stock options expensed during the year ended October 31, 2024, was $79,005 (2023