International Battery Metals Ltd.

Condensed Consolidated Interim Financial Statements Three and Nine Months Ended October 31, 2021 and 2020 (Expressed in Canadian dollars)

(Unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL

STATEMENTS

The accompanying unaudited condensed consolidated interim financial statements for International Battery Metals Ltd. (the "Company") have been prepared by management in accordance with International Financing Reporting Standards ("IFRS"). These condensed consolidated interim financial statements, which are the responsibility of management, are unaudited and have not been reviewed by the Company's auditors. The Company's Audit Committee and Board of Directors have reviewed and approved these consolidated interim financial statements. In accordance with the disclosure requirements of National Instrument 51-102 released by the Canadian Securities Administrators, the Company's independent auditors have not performed a review of these condensed consolidated interim financial statements.

International Battery Metals Ltd.

Condensed Consolidated Interim Statements of Financial Position As at October 31, 2021 and January 31, 2021

(Expressed in Canadian dollars)

October 31,

January 31,

Note

2021

2021

(unaudited)

(audited)

ASSETS

Current assets

Cash

20

$

85,034

$

212,213

Amounts receivable

5

7,118

5,830

Prepaid expenses

6

62,969

106,594

Total current assets

155,121

324,637

Equipment

7

7,569,906

4,161,248

Intangible assets

8, 9

4,330,418

4,831,008

Deferred acquisition costs

11

-

229,967

$

12,055,445

$

9,546,860

LIABILITIES

Current liabilities

Trade payables and other liabilities

12, 15, 20

$

2,861,344

$

589,619

Derivative liability

13, 14, 20

3,623,146

4,239,699

Total current liabilities

6,484,490

4,829,318

Shareholders' equity

Share capital

13

26,169,596

23,560,826

Obligation to issue shares

8, 13

543,451

895,470

Reserves

14

5,279,161

5,210,671

Deficit

(26,520,818)

(24,993,136)

Accumulated other comprehensive income

99,565

43,711

5,570,955

4,717,542

$

12,055,445

$

9,546,860

Nature and Continuance of Operations (Note 1)

Subsequent Event (Note 22)

Approved and Authorized by the Board on December 22, 2021:

"John Burba"

Director

"Logan Anderson"

Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

International Battery Metals Ltd.

Condensed Consolidated Interim Statements of Income and Comprehensive Income For the three and nine months ended October 31, 2021 and 2020

(Expressed in Canadian dollars) (Unaudited)

Three months ended October

Nine months ended October

31,

31,

Note

2021

2020

2021

2020

Expenses

Amortization of intangible asset

9

$

169,317

$

169,318

$

500,590

$

504,272

General and administrative

15,16

690,795

373,392

1,643,645

829,777

Operating loss

(860,112)

(542,710)

(2,144,235)

(1,334,049)

Gain on derecognition of

derivative liability

13,14

-

-

3,962,612

-

Change in fair value of derivative

liability

13,14

762,027

(185,054)

(3,346,059)

406,337

Other income

10

-

-

-

2,700

Finance costs

10

-

-

-

(46)

Loss on settlement of debt

13

-

(490,271)

-

(490,271)

Loss for the period

$

(98,085)

$

(1,218,035)

$

(1,527,682)

$

(1,415,329)

Other comprehensive income

(loss)

Foreign currency translation

adjustments

73,261

(36,680)

55,854

(20,809)

Loss and comprehensive loss for

the period

(24,824)

(1,254,715)

(1,471,828)

(1,436,138)

Earnings (Loss) per share, basic

and diluted

$

(0.00)

$

(0.02)

$

(0.01)

$

(0.02)

Weighted average number of

common shares outstanding

126,401,332

63,971,166

124,683,129

63,620,801

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

International Battery Metals Ltd.

Condensed Consolidated Interim Statements of Cash Flows For the nine months ended October 31, 2021 and 2020 (Expressed in Canadian dollars)

(Unaudited)

Cash provided by (used in)

2021

2020

Cash flows from operating activities

Income (loss) for the period

$

(1,527,682)

$

(1,415,329)

Non-cash transactions:

Unrealized foreign exchange

(15,171)

(1,679)

Depreciation expense

363

5,303

Amortization of intangible asset

500,590

504,272

Loss of settlement of debt

-

490,271

Gain on derecognition of derivative liability

(3,962,612)

-

Change in fair value of derivative liability

3,346,059

(406,337)

Share-based compensation

203,395

-

Changes in operating assets and liabilities:

Amounts receivable

(1,288)

4,202

Prepaid expenses

43,625

(127,757)

Trade payables and other liabilities

1,042,986

2,103,679

Net cash provided by (used in) operating activities

(369,735)

1,156,625

Cash flows from investing activities

Purchase of equipment

(1,228,798)

(1,384,014)

Deferred acquisition costs

-

(657,388)

Net cash used in investing activities

(1,228,798)

(2,041,402)

Cash flows from financing activities

Proceeds from private placements

711,307

830,177

Proceeds from warrants exercised

581,358

-

Proceeds from options exercised

117,875

-

Share issuance costs

-

(12,678)

Principal payments on lease liability

-

(5,572)

Net cash provided by financing activities

1,410,540

811,927

Decrease in cash

(187,993)

(72,850)

Effect of foreign exchange rate changes on cash

60,814

(20,809)

Cash, beginning of period

212,213

393,224

Cash, end of period

$

85,034

$

299,565

Supplemental Disclosures with Respect to Cash Flows (Note 17)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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International Battery Metals Ltd. published this content on 27 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2021 03:36:08 UTC.