Company: CMND
Filing Date: 2025-12-05
Form Type: F-1/A
Source: 0001213900-25-118772
Chunk: 293

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-05
Form: F-1/A
Chunk 293
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63 |     |             | 5,509 |     | C$             | 602.94 |     | $              | 435.53 |

The fair value for 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:

|                          |     |     |    Nine months 
          ended 
       July 31, 
           2025 |   |     |     |    Nine months 
          ended 
       July 31, 
           2024 |   |
|:-------------------------|:----|:----|---------------:|:--|:----|:----|---------------:|:--|
| Risk-free interest rate  |     |     |           4.46 | % |     |     |           4.05 | % |
| Expected life (in years) |     |     |           3.86 |   |     |     |           4.86 |   |
| Expected volatility      |     |     | 112.20%-134.44 | % |     |     | 121.10%-133.14 | % |

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 three and nine months ended July 31, 2025, was $Nil and $3,264, respectively (2024 - $14,879 and $71,793, respectively) which was recorded in share-based compensation expense. |

F-53 CLEARMIND MEDICINE INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended July 31, 2025 and 2024 (Expressed in United States Dollars) (Unaudited)

| 9. | Restricted Share Units |

| a. | The Company is able to grant RSUs pursuant to the Omnibus Plan to its directors, officers, employees, and consultants. Each RSU is equivalent in value to a common share and upon vesting, results in the holder thereof being issued, at the discretion of the Board, either (i) a common share, or