Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 93

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 93
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 the implementation of remedial measures.

Risks Related to our Location in Israel and our International Operations

Part of our operations are conducted in Israel. Conditions in Israel,
including the current security situation in Israel, may affect our operations.

Our operations are located in the State of Israel.
In addition, certain of our key employees and officers, including our chief executive officer, are residents of Israel. Accordingly, political,
economic and military conditions in the Middle East may affect our business directly. Since the establishment of the State of Israel in
1948, a number of armed conflicts have occurred between Israel and its neighboring countries and terrorist organizations active in the
region, including Hamas (an Islamist militia and political group in the Gaza Strip) and Hezbollah (an Islamist militia and political group
in Lebanon).

In particular, in October 2023, Hamas terrorists
infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas
also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza
Strip and in other areas within the State of Israel. These attacks resulted in thousands of deaths and injuries, and Hamas additionally
kidnapped many Israeli civilians and soldiers. As a result of the events of October 7, 2023, the Israeli government declared that the
country was at war and the Israeli military began to call-up reservists for active duty. As of January 21, 2025, none of our directors,
officers or employees are serving in active or reserve duty. Military service call ups that result in absences of personnel from us for
an extended period of time may materially and adversely affect our business, prospects, financial condition and results of operations.

Since the commencement of these events, there have
been continued hostilities along Israel’s northern border with with the Hezbollah terror organization), with the Houthis in Yemen
and on other fronts with various extremist groups in the region, such as various rebel militia groups in Syria and Iraq. In October 2024, Israel began limited ground operations against Hezbollah in Lebanon, and in November 2024, a ceasefire was brokered between
Israel and Hezbollah. It is possible that hostilities with Iran, Hezbollah, the Houthis and Syria
will escalate, and that other terrorist organizations, including Palestinian military organizations in the West Bank, will join the hostilities.
In addition, Iran recently launched direct attacks on Israel involving hundreds of drones and missiles, has threatened to continue to
attack Israel, and