{"url_path":"/sec/ibatf/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 Exhibits, Financial Statement Schedules.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-18","source_url":"https://www.sec.gov/Archives/edgar/data/1786318/0001193125-26-274679-index.html","accession_number":"0001193125-26-274679","cik":"0001786318","ticker":"IBATF","issuer_name":"INTERNATIONAL BATTERY METALS LTD.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1786318/0001193125-26-274679-index.html","primary_entity_key":"0001786318","primary_entity_name":"INTERNATIONAL BATTERY METALS LTD."},"word_count":1700,"has_tables":true,"body_markdown":"Item 15. Exhibits, Financial Statement Schedules.\n\n(a)\nFinancial Statements and Financial Statement Schedules are set forth under Part II, Item 8 of this report.\n\n(b)\nExhibits\n\n46\n\n[Table of Contents](#toc_page)\n\n \n\nExhibit Index\n\nExhibit Number\n\n \n\n \n\nReference\n\n \n\nFiled of Furnished\n\n \n\nDescription\n\nForm\n\n \n\nFiling Date\n\n \n\nHerewith\n\n3.1\n\n \n\n[Articles of Incorporation dated August 28, 2017](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex3-1.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n4.1\n\n \n\n[Form of April 2023 Warrants](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex4-1.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n4.2#\n\n \n\n[Notice and Consent to the Amendment of the April 2023 Warrant Terms](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex4-2.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n4.3\n\n \n\n[Form of February 2025 Warrants](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex4-3.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n4.4\n\n \n\n[Form of May 2024 Warrants](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex4-4.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n4.5\n\n \n\n[Form of June 2024 Warrants](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex4-5.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.1+\n\n \n\n[Executive Employment Agreement, dated June 26, 2018, by and between Dr. John L. Burba and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-1.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.5+*\n\n \n\n[Executive Employment Agreement, dated August 6, 2024, by and between Iris Jancik and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-5.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.6+\n\n \n\n[Offer Letter, dated October 8, 2024, by and between the Company and Norma Garcia](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-6.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.7\n\n \n\n[Rolling 10% Incentive Share Option Plan dated December 15, 2023](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-7.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.8+\n\n \n\n[Amended and Restated Restricted Share Unit Plan dated as of December 15, 2023](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-8.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.9\n\n \n\n[Registration Rights Agreement with EV Metals dated May 3, 2024](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-9.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.10#\n\n \n\n[Registration Rights Agreement with Encompass Funds dated May 3, 2024](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-10.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.11#\n\n \n\n[Investment Agreement with Encompass dated April 26, 2024](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-11.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.12+*\n\n \n\n[Severance and General Release Agreement dated March 3, 2025, by and between Douglas Smith and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-12.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.13+*\n\n \n\n[Severance and General Release Agreement dated April 11, 2025, by and between Iris Jancik and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-13.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.14\n\n \n\n[Letter Agreement, dated February 28, 2025, by and between the Company and EV Metals VII LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-14.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.15\n\n \n\n[Investor Rights Agreement, dated February 23, 2024, by and between the Company and EV Metals](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-15.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.16\n\n \n\n[Amendment to the Investor Rights Agreement dated March 31, 2025, between the Company and EV Metals VII LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-16.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.17#\n\n \n\n[Subscription Agreement, dated March 2, 2025, by and between the Company and EV Metals 7 LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-17.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.18#\n\n \n\n[Subscription Agreement, dated March 2, 2025, by and between the Company and EV Metals VI LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-18.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.19\n\n \n\n[Royalty Agreement, dated March 4, 2018, by and between the Company and North American Lithium, Inc.](https://www.sec.gov/Archives/edgar/data/1786318/000164117225005312/ex10-19.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.20+\n\n \n\n[Executive Employment Agreement, dated April 7, 2025, by and between Joseph Mills and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-20.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.21+\n\n \n\n[Executive Employment Agreement, dated June 2, 2025, by and between Michael Rutledge and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-21.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.22+\n\n \n\n[Restricted Share Unit Agreement, dated April 18, 2025, by and between Joseph Mills and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-22.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.23+\n\n \n\n[Restricted Share Unit Agreement, dated June 2, 2025, by and between Michael Rutledge and the Company](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-23.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.24+\n\n \n\n[Form of Indemnity Agreement, entered into by Company with each of its Directors and Executive Officers](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-24.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.26\n\n \n\n[Form of Subscription Agreement, date July 20, 2025, by and between the Company and each of the Encompass Funds](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-26.htm)\n\n(2)\n\n \n\n \n\n \n\n \n\n10.26(a)\n\n \n\n[Form of Warrant issued July 20, 2025](https://www.sec.gov/Archives/edgar/data/1786318/000149315226004804/ex10-26_a.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.27\n\n \n\n[Amended and Restated Registration Rights Agreement, dated July 20, 2025, by and between the Company EV Metals VI LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-29.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.28\n\n \n\n[Amended and Restated Registration Rights Agreement, dated July 20, 2025, by and between the Company and Encompass Capital Advisors LLC on behalf of certain fund entities](https://www.sec.gov/Archives/edgar/data/1786318/000149315226004804/ex10-28.htm)\n\n(2)\n\n \n\n \n\n \n\n \n\n10.31\n\n \n\n[Notice and Consent to the Amendments of Warrant Terms, dated July 20, 2025, by and between the Company and EV Metals VI LLC](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-31.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n47\n\n[Table of Contents](#toc_page)\n\n \n\n10.32\n\n \n\n[Notice and Consent to the Amendments of Warrant Terms, dated July 20, 2025, by and between the Company and Encompass Capital Advisors LLC on behalf of certain fund entities](https://www.sec.gov/Archives/edgar/data/1786318/000164117225021581/ex10-32.htm)\n\n(2)\n\n \n\n \n\n \n\n \n\n10.33+\n\n \n\n[First Amendment to Executive Employment Agreement, dated November 3, 2025, by and between the Company and Joseph Mills](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-33.htm)(1)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.34+\n\n \n\n[First Amendment to Executive Employment Agreement, dated November 3, 2025, by and between the Company and Michael Rutledge](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-34.htm)(1)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.35\n\n \n\n[Subscription Agreement, dated October 30, 2025 by and between the Company and EV Metals 7 LLC](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-35.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.36\n\n \n\n[Subscription Agreement, dated October 30, 2025 by and between the Company and EV Metals 8 LLC](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-36.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.37\n\n \n\n[Warrant Certificate, dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-37.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.38\n\n \n\n[Warrant Certificate, dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/1786318/000149315225024070/ex10-38.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.40++\n\n \n\n[2025 Omnibus Equity Plan](https://www.sec.gov/Archives/edgar/data/1786318/000149315225029464/ex10-39.htm)\n\n(1)\n\n \n\n \n\n \n\n \n\n10.41+\n\n \n\n[Form of 2025 Director Restricted Share Award Agreement](https://www.sec.gov/Archives/edgar/data/1786318/000119312526072081/ibatf-ex10_38.htm)\n\n10-Q\n\n \n\n02/26/2026\n\n \n\n \n\n10.42\n\n \n\n[Subscription Agreement for Units dated February 23, 2026 by and between the Company and EVMetals 9 LLC](https://www.sec.gov/Archives/edgar/data/1786318/000119312526064189/ibatf-ex10_1.htm)\n\n8-K\n\n \n\n02/23/2026\n\n \n\n \n\n \n\n \n\n[Warrant Certificate dated February 23, 2026](https://www.sec.gov/Archives/edgar/data/1786318/000119312526064189/ibatf-ex10_2.htm)\n\n8-K\n\n \n\n02/23/2026\n\n \n\n \n\n10.43\n\n \n\n[Subscription Agreement for Units dated April 29, 2026 by and between the Company and EV Metals 9 LLC](https://www.sec.gov/Archives/edgar/data/1786318/000119312526191655/ibatf-ex10_1.htm)\n\n8-K\n\n \n\n04/29/2026\n\n \n\n \n\n10.44\n\n \n\n[Warrant Certificate dated April 29, 2026](https://www.sec.gov/Archives/edgar/data/1786318/000119312526191655/ibatf-ex10_2.htm)\n\n8-K\n\n \n\n04/29/2026\n\n \n\n \n\n19.1\n\n \n\n[Insider Trading Policy](ibatf-ex19_1.htm)\n\n \n\n \n\n \n\n \n\nX\n\n23.1\n\n \n\n[Consent of CBIZ CPAs P.C. Independent Registered Public Accounting Firm](ibatf-ex23_1.htm)\n\n \n\n \n\n \n\n \n\nX\n\n31.1\n\n[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ibatf-ex31_1.htm)\n\n \n\n \n\n \n\n \n\nX\n\n31.2\n\n[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ibatf-ex31_2.htm)\n\n \n\n \n\n \n\n \n\nX\n\n32.1\n\n[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ibatf-ex32_1.htm)\n\n \n\n \n\n \n\n \n\nX\n\n32.2\n\n[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ibatf-ex32_2.htm)\n\n \n\n \n\n \n\n \n\nX\n\n101.INS\n\nInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.\n\n \n\n \n\n \n\n \n\nX\n\n101.SCH\n\n \n\nInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\n\n \n\n \n\n \n\n \n\nX\n\n104\n\n \n\nCover Page Interactive Data File (embedded within the Inline XBRL document)\n\n \n\n \n\n \n\n \n\nX\n\n \n\n+ Indicates management contract or compensatory plan.\n\n# Certain confidential portions (indicated by brackets and asterisks) of this exhibit have been omitted from this exhibit.\n\n(1) Incorporated by reference to the Company’s Form S-1 (No. 333-286616).\n\n(2) Incorporated by reference to the Company’s Form S-1 (No. 333-293149).\n\n48\n\n[Table of Contents](#toc_page)\n\n \n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.\n\nInternational Battery Metals Ltd.\n\nDate:\n\nBy:\n\n/s/ Joseph A. Mills\n\nJoseph A. Mills\n\nChief Executive Officer\n\nPursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.\n\nName\n\nTitle\n\nDate\n\n/s/ Joseph A. Mills\n\nChief Executive Officer, Director\n\nJune 17, 2026\n\nJoseph A. Mills\n\n(principal executive officer)\n\n/s/ Michael Rutledge\n\nChief Financial Officer\n\nJune 17, 2026\n\nMichael Rutledge\n\n (principal financial and accounting officer)\n\n/s/ Dr. John Burba\n\nChief Technology Officer and Director\n\nJune 17, 2026\n\nDr. John Burba\n\n/s/ James Schultz\n\nDirector\n\nJune 17, 2026\n\nJames Schultz\n\n/s/ Keith Solar\n\nDirector\n\nJune 17, 2026\n\nKeith Solar\n\n/s/ John Souther\n\n Director\n\nJune 17, 2026\n\nJohn Souther\n\n/s/ Jacob Warnock\n\n Director\n\nJune 17, 2026\n\nJacob Warnock\n\n \n\n49\n\n[Table of Contents](#toc_page)\n\n \n\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\n\n \n\n[Report of Independent Registered Public Accounting Firm](#auditreport) (PCAOB ID: 199)\n\nF-2\n\n[Consolidated Balance Sheets as of March 31, 2026 and 2025](#condensed_consolidated_balance_sheets)\n\nF-3\n\n[Consolidated Statements of Income (Loss) for the Years ended](#consolidated_statements_of_income)[March 31, 2026 and 2025](#condensed_consolidated_balance_sheets)\n\nF-4\n\n[Consolidated Statements of Cash Flows for the Years ended](#statements_of_cash_flows_unaudited_)[March 31, 2026 and 2025](#condensed_consolidated_balance_sheets)\n\nF-5\n\n[Consolidated Statements of Shareholders' Equity for the Years ended March 31, 2026 and 2025](#shareholders_equity_unaudited)\n\nF-6\n\n[Notes to Consolidated Financial Statements](#notes_to_the_condensed_consolidated)\n\nF-7\n\n \n\nF-1\n\n[Table of Contents](#toc_page)\n\n \n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and Board of Directors of\n\nInternational Battery Metals Ltd.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of International Battery Metals Ltd. (the “Company”) as of March 31, 2026 and 2025, the related consolidated statements of income (loss), cash flows, and changes in shareholders’ equity for the years ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for the years ended March 31, 2026 and 2025, in conformity with accounting principles generally accepted in the United States of America.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (\"PCAOB\") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n/s/ CBIZ CPAs P.C.\n\nWe have served as the Company’s auditor since 2024 (such date takes into account the acquisition of the attest business of Marcum llp by CBIZ CPAs P.C. effective November 1, 2024).\n\nHouston, Texas\n\nJune 17, 2026\n\nF-2\n\n[Table of Contents](#toc_page)\n\n \n\nPART I—FINANCIAL INFORMATION"}