Exhibit 99.1

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in Canadian dollars)

(Unaudited – Prepared by Management)

Notice to Reader

These condensed interim financial statements of FE Battery Metals Corp. have been prepared by management and approved by the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed interim financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis.

2 | P a g e

FE BATTERY METALS CORP.

Condensed Interim Statements of Financial Position

(Unaudited - expressed in Canadian dollars)

			September 30,			March 31,
	Note		2024			2024
ASSETS
Current Assets
Cash		$	1,730,199		$	1,704,908
Amounts receivable and prepaid expenses	4		74,615			436,788
Market securities	5		218,159			187,425
Total Current Assets			2,022,973			2,329,121
Non-current Assets
Reclamation deposits			11,000			11,000
Equipment			1,579			1,822
Exploration and evaluation assets	6		6,955,451			6,955,451
Total Non-current Assets			6,968,030			6,968,273
Total Assets		$	8,991,003		$	9,297,394
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	7	$	296,290		$	236,583
Due to related parties, net	8		197,943			254,869
Flow-through share premium liability	9		246,537			159,579
Total Liabilities		$	740,770		$	651,031
SHAREHOLDERS’ EQUITY
Share capital	9		59,391,152			59,102,110
Warrants reserve			2,834,521			2,834,521
Share-based payments reserve	9		3,129,757			2,889,068
Deficit			(57,105,197	)		(56,179,336	)
Total Shareholders’ Equity			8,250,233			8,646,363
Total Liabilities and Shareholders’ Equity		$	8,991,003		$	9,297,394

Going concern	1
Subsequent event	13

Approved and authorized for issue on behalf of the board of directors on November 27, 2024 by:

/s/ Gurminder Sangha		/s/ Jurgen Wolf
Director		Director

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

3 | P a g e

FE BATTERY METALS CORP.

Condensed Interim Statements of Loss and Comprehensive Loss

(Unaudited - expressed in Canadian dollars)

		Three months ended September 30,						Six months ended September 30,
	Note	2024			2023			2024			2023
Expenses
Consulting fees	8	$	2,400		$	59,500		$	15,600		$	67,500
Exploration and evaluation costs	6		139,314			706,594			139,314			1,124,780
General and administrative			3,665			4,331			7,856			8,855
Investor relations			52,466			229,008			328,492			598,811
Professional fees			27,094			22,323			42,094			43,964
Salaries, fees and benefits	8		71,550			50,000			136,950			100,000
Shareholder communications			24,485			56,052			45,925			75,336
Share-based payments			-			411,249			240,689			1,841,033
Loss Before Other Income			(320,974	)		(1,539,057	)		(956,920	)		(3,860,279	)
Other items
Interst and Other income			212			168			325			168
Gain (loss) on marketable securities			(52,774	)		(492,195	)		30,734			(236,889	)
Flow-through recovery			-			165,044			-			225,324
Total Other items			(52,562	)		(326,983	)		31,059			(11,397	)
Net Loss and Comprehensive Loss for the Period		$	(373,536	)	$	(1,866,040	)	$	(925,861	)	$	(3,871,676	)
Loss per Common Share, Basic and Diluted			(0.01	)	$	(0.04	)	$	(0.02	)	$	(0.08	)
Weighted Average Number of Shares Outstanding – Basic and Diluted			52,585,285			47,356,906			52,414,224			46,378,486

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

4 | P a g e

FE BATTERY METALS CORP.

Condensed Interim Statements of Changes in Equity

(Unaudited - expressed in Canadian dollars)

	Common Shares Without Par Value					Warrants		Share		Share-based Payments
	Shares		Amount			Reserve		subscription		Reserve		Deficit			Total Equity
Balance, March 31, 2023		41,920,038	$	54,484,848		$	2,705,754	$	19,134	$	1,833,998	$	(49,544,263	)	$	9,499,471
Shares issued for exploration and evaluation assets		3,058,333		1,995,416			-		-		-		-			1,995,416
Private placements		1,912,231		1,070,849			-		-		-		-			1,070,849
Share based payments - stock options		-		-			-		-		1,105,283		-			1,105,283
Share based payments - RSU’s		1,425,000		735,750			-		-		-		-			735,750
Share issue costs		-		(73,200	)		-		-		-		-			(73,200	)
Net loss for the period		-		-			-		-		-		(3,871,676	)		(3,871,676	)
Balance, September 30, 2023		48,315,602		58,213,663			2,705,754		19,134		2,939,281		(53,415,939	)		10,461,893

Balance, March 31, 2024		50,846,156	$	59,102,110		$	2,834,521	$	-	$	2,889,068	$	(56,179,336	)	$	8,646,363
Private placements		1,739,130		313,042			-		-		-		-			313,042
Share issue costs		-		(24,000	)		-		-		-		-			(24,000	)
Share based payments - stock options		-		-			-		-		131,314		-			131,314
Share based payments - RSU’s		-		-			-		-		109,375		-			109,375
Net loss for the period		-		-			-		-		-		(925,861	)		(925,861	)
Balance, September 30, 2024		52,585,286	$	59,391,152		$	2,834,521	$	-	$	3,129,757	$	(57,105,197	)	$	8,250,233

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

5 | P a g e

FE BATTERY METALS CORP.

Condensed Interim Statements of Cash Flows

(Unaudited - expressed in Canadian dollars)

	Six months ended September 30,
	2024			2023
Cash provided from (used for):
Operating activities
Net loss for the period	$	(925,861	)	$	(3,871,676	)
Items not involving cash:
Amortization		243			122
Share-based payments		240,689			1,841,033
Unrealized (gain) loss on marketable securities		(30,734	)		236,889
Flow-through recovery		-			(225,324	)
Changes in non-cash working capital balances:
Amounts receivable and prepaid expenses		362,173			254,720
Accounts payable and accrued liabilities		59,707			(405,905	)
Due to related parties		(56,926	)		(257,476	)
Net cash used in operating activities		(350,709	)		(2,427,617	)
Investing activities
Exploration and evaluation assets		-			(52,500	)
Cash used in investing activities		-			(52,500	)
Financing activities
Proceeds from financing (net of share issue costs)		376,000			1,146,799
Net cash from in financing activities		376,000			1,146,799
Net decrease in cash during the period		25,291			(1,333,318	)
Cash, beginning of the period		1,704,908			3,664,578
Cash, end of the period	$	1,730,199		$	2,331,260
Supplemental information
Shares issued for exploration and evaluation assets	$	-		$	1,995,416

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

6 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Nature of Operations and Going Concern

FE Battery Metals Corp. (“FE Battery” or the “Company”), formerly known as First Energy Metals Limited, was incorporated on October 12, 1966 in the Province of British Columbia under the Business Corporations Act of British Columbia, and its principal business activity is the exploration of mineral properties in Canada.

The Company’s head office and principal address is Suite 2421 – 1055 West Georgia Street, Vancouver, B.C., Canada, V6E 3P3. The Company’s registered and records office is 25th Floor-700 West Georgia Street, Vancouver, B.C., Canada, V7Y 1B3.

These condensed interim financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. If the going concern assumption is not appropriate for these financial statements, then adjustments would be necessary to the carrying amount of assets and liabilities, the reported revenue and expenses and the balance sheet classifications used.

During the period ended September 30, 2024, the Company experienced operating losses and negative operating cash flows with the operations of the Company having been primarily funded by the issuance of share capital. The Company expects to incur further losses in the development of its business, and these matters are indicative of the existence of material uncertainty that casts significant doubt as to the Company’s ability to continue as a going concern.

The Company will need to raise sufficient funds as the Company’s current assets are not sufficient to finance its operations and administrative expenses. The Company is evaluating financing options including, but not limited to, the issuance of additional equity and debt. The Company has no assurance that such financing will be available or be available on favourable terms. Factors that could affect the availability of financing include the Company’s performance (as measured by numerous factors including the progress and results of its projects), the state of international debt and equity markets, investor perceptions and expectations and the global financial and metals markets. In addition to evaluating financing options, the Company has also implemented cost savings measures.

Significant Accounting Policies

(a)

Statement of Compliance

These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these financial statements are based on International Financial Reporting Standards (“IFRS”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”) issued and outstanding as at November 27, 2024, the date the board of directors approved these unaudited condensed interim financial statements for issue.

(b)

Basis of preparation

These unaudited condensed interim financial statements, prepared in conformity with IAS 34, follow the same accounting policies and methods of computation as the most recent audited annual financial statements.

Since these unaudited condensed interim financial statements do not include all disclosures required by the International Financial Reporting Standards (“IFRS”) for annual financial statements, they should be read in conjunction with the Company’s annual financial statements for the year ended March 31, 2024.

(c)

Basis of Measurement and Presentation

These unaudited condensed interim financial statements have been prepared using the historical cost convention using the accrual basis of accounting except for some financial instruments, which have been measured at fair value. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.

7 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Significant Accounting Policies (continued)

(d)

Comparative figures

Certain comparative figures have been reclassified to conform to the current period’s presentation

Critical Accounting Judgments and Estimates

The preparation of financial statements requires management to make judgments and estimates that affect the amounts reported in the financial statements and notes. By their nature, these judgments and estimates are subject to change and the effect on the financial statements of changes in such judgments and estimates in future periods could be material. These judgments and estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these judgments and estimates. The more significant areas are as follows:

(a)

Share-based Payment Transactions

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 8.

(b)

Going Concern

The assessment of the Company’s ability to raise sufficient funds to finance its exploration and administrative expenses involves judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(c)

Intangible Exploration and Evaluation Assets

Management is required to assess impairment in respect of intangible exploration and evaluation assets. Note 6 discloses the carrying value of such assets. The triggering events for the potential impairment of exploration and evaluation assets are defined in IFRS 6 Exploration for and Evaluation of Mineral Properties and are as follows:

·	the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;

·	substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;

·	exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and

·	sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

In making the assessment, management is required to make judgments as to the status of each project and its future plans towards finding commercial reserves. The nature of exploration and evaluation activity is such that only a proportion of projects are ultimately successful and accordingly some assets are likely to become impaired in future periods.

(d)

Deferred Tax Assets

Deferred income tax asset carrying amounts depend on estimates of future taxable income and the likelihood of reversal of timing differences. Where reversals are expected, estimates of future tax rates will be used in the calculation of deferred tax asset carrying amounts. Potential tax assets were considered not to be recoverable at the current year end.

8 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Amounts Receivable and Prepaid Expenses

		September 30, 2024		March 31, 2024
GST/HST		32,234		126,549
Prepayments and other receivables		42,381		310,239
Total	$	74,615	$	436,788

Marketable Securities

As at September 30, 2024, the fair values of the marketable securities are as follows:

Available -for-sale Securities			Number of shares				Cost				Accumulated unrealized holding loss				Fair Value
Shares in Battery Age Minerals Ltd. (Note 6)			2,125,000			$	804,270			$	(586,111	)			218,159

As at March 31, 2024, the fair values of the marketable securities are as follows:

	Number of				Accumulated unrealized
Available -for-sale Securities	shares		Cost		holding loss		Fair Value
Shares in Battery Age Minerals Ltd. (Note 6)	2,125,000	$	804,270	$	(616,845	)	187,425

Exploration and Evaluation Assets

Exploration and evaluation assets deferred to the statements of financial position at September 30, 2024 and March 31, 2024 are as follows:

		March 31, 2024		Additions		Write-off		September 30, 2024
Abitibi Lithium	$	1,767,000		-		-	$	1,767,000
Augustus Lithium		593,290		-		-		593,290
Canadian Lithium		228,881		-		-		228,881
Cosgrave Lithium		104,750		-				104,750
Electron Lithium		650,405		-		-		650,405
Kokanee Creek		932,125		-		-		932,125
McNeely		820,000		-		-		820,000
Rose West Lithium		884,000		-		-		884,000
Rose East Lithium		975,000		-		-		975,000
	$	6,955,451	$	-	$	-	$	6,955,451

(a)

Abitibi Lithium Property

On March 12, 2021, the Company entered into a purchase agreement to acquire a 100% interest in the Abitibi Lithium property (the “Abitibi Agreement”). The Abitibi Lithium property is comprised of 235 mineral claims covering approximately 12,500 hectares located in the Abitibi area of western Quebec.

Under the terms of the Abitibi Agreement, the Company acquired a 100% interest in the Abitibi Lithium property by issuing 1,078,947 common shares of the Company and by paying $250,000 on April 20, 2021. The Abitibi Lithium Property is subject to a 3% Net Smelter Returns (“NSR”) royalty, which the Company will have the option to reduce the NSR by 1.0% to 2.0% by paying $1,000,000.

9 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(b)

Augustus Lithium Property

On January 18, 2021, the Company entered into an option agreement to acquire a 100% interest in the Augustus Lithium property (the “Augustus Agreement”). The Augustus Lithium property is comprised of 21 mineral claims covering approximately 900 hectares located in the Abitibi area of western Quebec.

On October 29, 2022, the Company entered into amended option agreement allowing the Company to accelerate its option to acquire a 100% interest in the Augustus Lithium property. As consideration for the amendment, the Company issued an additional 350,000 common shares. As of November 7, 2022, the Company completed the required option payments, common share issuances and exploration expenditures to acquire 100% interest of the Augustus Lithium property.

The Augustus Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000.

(c)

Canadian Lithium Property

On February 3, 2021, the Company entered into an option agreement to acquire a 100% interest in the Canadian Lithium property (the “Canadian Lithium Agreement”). The Canadian Lithium property is comprised of 12 mineral claims covering approximately 700 hectares located in the Landrienne Township area of Quebec.

On February 3, 2023, the Company had completed the required option payments of $60,000 and issuance of 230,263 common shares to acquire a 100% interest of the Canadian Lithium Property.

The Canadian Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000.

(d)

Cosgrave Lithium Property

On August 24, 2023, the Company entered into a purchase agreement to acquire a 100% interest in the Cosgrave Lithium property (the “Cosgrave Agreement”). The Cosgrave Lithium property is comprised of 198 mineral claims covering approximately 3,700 hectares located in the Ear Falls, Ontario.

Pursuant to the terms of the Cosgrave Agreement, the Company acquired a 100% interest in the Cosgrave Lithium property by issuing 175,000 common shares of the Company and by making the option payment of $22,500 during the year ended March 31, 2024.

The Cosgrave Lithium Property is subject to a 1.5% NSR royalty, which the Company will have the option to reduce the NSR by 0.75% to 0.75% by paying $500,000.

(e)

Electron Lithium Property

On March 2, 2022, the Company entered into a purchase agreement to acquire a 100% interest in the Electron Lithium property (the “Electron Agreement”). The Electron Lithium property is comprised of 438 mineral claims covering approximately 30,000 hectares of prospective land around the Augustus Lithium Property in western Quebec.

On November 8, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Electron Lithium property.

The Electron Lithium property is subject to a 3% Gross Metal Royalty (“GMR”), which the Company will have the option to reduce the GMR by 1.0% to 2.0% by paying $1,000,000.

On November 14, 2022, the Company entered into a joint venture agreement (the “Infini Joint Venture Agreement”) with Infini Resources Pty Ltd. (“Infini Resources”) whereby Infini Resources may earn a 100% interest in 230 of the 438 mineral claims comprising the Electron Lithium Property.

10 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(e)

Electron Lithium Property (continued)

Pursuant to the Infini Joint Venture Agreement, Infini Resources earned an initial 50% interest by making initial cash payments of AUD$600,000 (CAD$530,925). Upon exercising the option, a joint venture will also be formed between FE Battery and Infini Resources to further advance the project. Infini Resources has the option to acquire an additional 25% by making a further AUD$150,000 payment and issuing shares of Infini Resources in the value of AUD$150,000 within 18 months of earning its initial 50% interest. Infini Resources may then acquire the remaining 25% interest, for a 100% beneficial interest by making a further payment AUD$300,000 and issuing shares of Infini Resources in the value of AUD$300,000 within 12 months of earning its 75% interest. To date, Infini Resources has not exercised its option to acquire an additional 25% interest.

The Infini Joint Venture Agreement may be terminated in certain circumstances, including by FE Battery if certain milestones are not met in accordance with the agreement.

(f)

Falcon Lake Property

On January 3, 2022, the Company entered into an option agreement to acquire a 100% interest in the Falcon Lake property (the “Falcon Lake Agreement”). The Falcon Lake property is comprised of 48 mineral claims covering approximately 1,000 hectares located in the Thunder Bay Mining Division, Ontario.

On September 30, 2022, the Company entered into an amended option agreement which amended certain cash payments, share issuances and exploration expenditures due dates and requirements of the Option Agreement.

On October 21, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Falcon Lake property.

On January 27, 2023, the Company executed a joint venture agreement (the “Battery Age Minerals Joint Venture Agreement”) with Battery Age Minerals Limited (“Battery Age Minerals”) whereby Battery Age Minerals may earn a 100% interest in the Falcon Lake Property.

Pursuant to the Battery Age Minerals Joint Venture Agreement, Battery Age Minerals earned an initial 65% interest by making the initial option payments of AUD$150,000 (CAD$139,358) and issuing to the Company 1,375,000 of Battery Age Mineral shares valued at $513,975. Battery Age Minerals earned a further 25% interest, for an aggregate 90% interest, by issuing a further 750,000 shares of Battery Age Minerals valued at $290,295 and by making a cash payment of AUD$50,000 (CAD$46,175). Battery Age Minerals may acquire the remaining 10% interest, for a 100% beneficial interest by making a further payment equal to the lower of the price determined by independent valuation or AUD$2 million. Upon Battery Age Minerals earning its 90% interest, a joint venture was deemed to have been formed between FE Battery and Battery Age Minerals to further advance the project.

The option agreement may be terminated in certain circumstances, including by FE Battery if certain milestones are not met in accordance with the agreement.

(g)

Jubilee Lithium Property

On December 1, 2022, the Company entered into an option agreement to acquire a 100% interest in the Jubilee Lithium Property. The property consists of 10 mining claims covering approximately 3,300 hectares area located in Ear Falls, Ontario.

11 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(g)

Jubilee Lithium Property (continued)

Under the terms of the Jubilee Lithium Agreement, the Company acquired a 100% interest in the property by completing the required option payments.

During the year ended March 31, 2024, the Company decided it would not be pursuing any further exploration work on the Jubilee Lithium Property and the claims were allowed to lapse and the Company wrote-off all deferred costs incurred to date.

(h)

Kokanee Creek Gold and Independence Gold Properties

On March 17, 2020, the Company entered in an option agreement to acquire a 100% interest in the Kokanee Creek and Independence Gold Properties (the “Properties”). The Properties are located in British Columbia and consist of 5 claims covering 2,690 hectares.

On February 28, 2021 and again on August 13, 2021, the Company entered into amended option agreements which amended the due dates for certain cash payments, share issuances and exploration expenditure requirements of the option agreement.

As of March 31, 2022, under the terms of the Properties amended option agreement, the Company had acquired a 100% interest in the Kokanee Creek Property by completing the required option payments, common share issuances and exploration expenditures.

The Properties are subject to a 2.0% NSR royalty of which the Company will have the option to reduce the NSR by 1.0% by paying $1,000,000.

During the year ended March 31, 2021, the Company decided it would not be pursuing any further exploration work on the Independence Gold property and wrote-off all deferred costs incurred to date.

(i)

Lac Marion Uranium Property

On June 10, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Marion Uranium Property. The property consists of 47 mining claims covering approximately 2,760 hectares area in two claim blocks on land located about 40 kilometres northeast of Mont Laurier in Quebec.

Under the terms of the Lac Marion Agreement, the Company has the option to acquire a 100% interest in the property by completing the following option payments:

Due Dates	Issuance of FE Battery common shares	Exploration Expenditures $
On signing	250,000	Nil
June 10, 2025	750,000	100,000
June 10, 2026	-	900,000

The Lac Marion property has a 1% GMR payable to the optionor of which the Company will have the option to buy-out of 0.5% by paying $1,000,000.

12 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(i)

McNeely Lithium Property

Pursuant to the McNeely Lithium Property purchase agreement entered on June 7, 2021, the Company acquired a 100% interest in the McNeely Lithium Property, by issuing 526,316 common shares and paying $250,000. The McNeely Lithium Property is located in Quebec and consists of 66 claims covering approximately 2,400 hectares. The McNeely Lithium Property is subject to a 3.0% GMR. Certain of the claims are subject to a pre-existing 1.0% NSR. The Company will have the option to purchase the NSR by paying $200,000 to the NSR holder.

(j)

North Spirit Property

On June 13, 2022, the Company entered into an option agreement to acquire a 100% interest in the North Spirit Property. The property consists of 124 mining claims covering approximately 2,500 hectares area in two claim blocks on crown land in northwestern Ontario and is located about 175 kilometres to the north of Red Lake, Ontario.

On October 26, 2022, the Company entered into an amended option agreement which amended the certain cash payments, share issuances and exploration requirements of the option agreement.

Under the terms of the amended North Spirit option agreement, the Company acquired a 100% interest in the North Spirit Property by completing the share issuance of 1,105,262 common shares.

The North Spirit property has a 1% GMR payable to the optionor.

During the year ended March 31, 2024, the Company decided it would not be pursuing any further exploration work on the North Spirit property and wrote-off all deferred costs incurred to date.

(k)

Pontax West Lithium Property

On October 13, 2023, the Company entered into an option agreement to acquire a 100% interest in the Pontax West Lithium Property (the “Pontax Lithium Agreement”). The property consists of 72 mining claims covering over 3,800 hectares in the James Bay lithium region of northern Quebec.

On September 13, 2024, the Company entered into an amended option agreement which amended the certain share issuances and exploration requirements of the option agreement.

Under the terms of the amended Pontax West Lithium agreement, the Company has the option to acquire a 100% interest in the property by issuing 2,500,000 common shares.

The Pontax West Lithium property has a 1.5% GMR payable to the optionor.

(l)

Rose West Lithium Property

On November 25, 2022, the Company entered into an option agreement to acquire a 100% interest in the Rose West Property. The Rose West Lithium property is located in the James Bay region of northern Quebec and consists of 32 mining claims covering approximately 1,700 hectares within townships.

On December 9, 2022, the Company entered into amended option agreement to which the Company could acquire a 100% interest in the property by issuing 1,300,000 shares and granted the Company a 1% GMR. On April 5, 2023, the Company issued the required shares to acquire a 100% interest in the Rose West Lithium property.

The Rose West Lithium property has a 1% GMR payable to the optionor upon the commencement of commercial production.

13 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Exploration and Evaluation Assets (continued)

(m)

Rose East Lithium Property

On March 4, 2023, the Company entered into an option agreement to acquire a 100% interest in the Rose East Lithium Property (“Rose East Lithium”). The Rose East Lithium Project consists of 59 mining claims covering approximately 3,100 hectares in northern Quebec.

Under the terms of the Rose East Lithium Agreement, the Company has the option to acquire a 100% interest in the property by completing the following option payments:

Due Dates	Issuance of FE Battery common shares
March 4, 2023 (issued)		1,500,000
March 4, 2024		1,500,000

The Rose East Lithium Property is subject to a 1.0% GMR, which the Company may repurchase by paying $1,000,000 for each 0.5%.

At September 30, 2024, the Company and the Optionor are in discussions to amend and extend the option terms of the March 3, 2023 option agreement.

Exploration and evaluation expenditures recorded in the statements of loss and comprehensive loss for the six months ended September 30, 2024 and 2023 are as follows:

									Geological
									and		Total
Six months ended	Assay and		Drilling and		Field		Geological		Technical		September 30,
September 30, 2024	sampling		mobilization		expenditures		Consulting		Services		2024
Quebec
Augustus, Abitibi, Canadian and McNeely Lithium	$	-	$	36,600	$	-	$	-	$	4,500	$	41,100
Lac Marion Uranium		-		-		60,865		33,500		-		94,365
General Exploration		-		-		-		-		3,849		3,849
Total	$	-	$	36,600	$	60,865	$	33,500	$	8,349	$	139,314

									Geological
									and		Total
Six months ended	Assay and		Drilling and		Field		Geological		Technical		September 30,
September 30, 2023	sampling		mobilization		expenditures		Consulting		Services		2023
Quebec
Trix Lithium		-		-		45,000		54,000		-		99,000
Augustus, Abitibi, Canadian and McNeely Lithium		60,342		305,635		171,604		167,958		305,841		1,011,380
General Exploration		-		-		-		-		14,400		14,400
Total	$	60,342	$	305,635	$	216,604	$	221,958	$	320,241	$	1,124,780

14 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

7.	Accounts Payable and Accrued Liabilities

		September 30, 2024		March 31, 2024
Trade and other payables	$	266,290	$	206,583
Accrued liabilities		30,000		30,000
Total	$	296,290	$	236,583

Related Party Transactions and Balances

Remuneration of directors and key management personnel of the Company for the six months ended September 30, 2024 and 2023 were as follows:

	For the three months ended September 30,				For the six months ended September 30,
	2024		2023		2024		2023
Consulting fees charged by directors of the Company	$	2,400	$	10,000	$	5,600	$	10,000
Exploration consulting fees charged by directors		-		4,500		-		9,500
Salaries, fees and benefits		71,550		50,000		136,950		100,000
Share-based payments		-		246,750		177,788		1,368,843

Related party balances as at September 30, 2024 and March 31, 2024 were as follows:

		September 30, 2024		March 31, 2024
Amounts due to directors and officers of the Company	$	101,243	$	171,294
Amounts due to companies controlled by directors and officers		96,700		83,575
	$	197,943	$	254,869

The directors’ and officers’ balances also include fees and expenses owing to directors and officers incurred in the normal course of business.

Share Capital

(a)

Authorized - Unlimited number of common shares without par value.

(b)

Issued share capital

The Company had 52,585,286 common shares issued and outstanding as at September 30, 2024 and 50,846,146 common shares issued and outstanding as at March 31, 2024.

Fiscal 2025

During the six months ended September 30, 2024:

On April 18, 2024, the Company closed a non-brokered private placement for 1,739,130 Quebec flow-through shares (“QFT share”) priced at $0.23 per QFT share for gross proceeds of $400,000. The Company recognized a liability for flow-through shares of $86,957 and Company also paid finder’s fees of $24,000.

15 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Share Capital (continued)

(b)

Issued share capital (continued)

Fiscal 2024

During the six months ended September 30, 2023:

On April 3, 2023, the Company issued 1,500,000 common shares value at $975,000, pursuant the Senay Lithium

property option agreement and 83,333 common shares valued at $54,166, pursuant the Trix Lithium property option agreement;

ii)

On April 5, 2023, the Company issued 1,300,000 common shares valued at $884,000, pursuant the Rose West Lithium property option agreement to acquire a 100% interest in the property;

iii)

On May 26, 2023, the Company issued 550,000 Restricted Share Units valued $324,500 to director, officers, and consultants of the Company;

iv)

On June 9, 2023, the Company closed a non-brokered private placement consisting of 1,338,461 Quebec flow-through shares (“QFT share”) priced at $0.65 per QFT share and 573,770 National flow through shares (“NFT share”) priced at $0.61 per NFT share for aggregate gross proceeds of $1,220,000. The Company recognized a liability for flow-through shares of $149,150. The Company also paid finder’s fees of $73,200; and

On September 22, 2023, the Company issued 175,000 common shares value at $82,250, pursuant the Cosgrave Lithium property option agreement as well as issued 875,000 Restricted Share Units valued $411,250 to director, officers, and consultants of the Company.

c)	Stock Options

The Company has a shareholder approved “rolling” stock option plan (the “Plan”) in compliance with the CSE’s policies. Under the Plan, the maximum number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting. The exercise price of each stock option shall not be less than the discounted market price of the Company’s stock at the date of grant. Such options will be exercisable for a period of up to 10 years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not, within a twelve-month period, exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all technical consultants will not exceed, within a twelve-month period, two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company or 30 days following cessation of an optionee conducting investor relations activities’ position.

The continuity for stock options for the six months ended September 30, 2024 is as follows:

	Number of Shares		Weighted Average Exercise Price
Balance, fully vested and exercisable at March 31, 2024		3,560,526	$	0.79
Granted		1,200,000	$	0.18
Balance, fully vested and exercisable at September 30, 2024		4,760,526	$	0.63

16 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Share Capital (continued)

c)	Stock Options (continued)

As at September 30, 2024, the following stock options were outstanding:

Expiry Date	Number Outstanding and Exercisable		Weighted average exercise price		Average Remaining Contractual Life
February 9, 2026		694,737	$	0.80		1.37
February 11, 2026		342,105	$	1.33		1.37
April 26, 2026		1,200,000	$	0.18		1.57
May 14, 2026		223,684	$	1.33		1.62
July 13, 2026		236,842	$	0.95		1.79
January 6, 2027		63,158	$	1.33		2.27
May 25, 2028		2,000,000	$	0.59		3.68
		4,760,526	$	0.63		2.44

d)	Share Purchase Warrants

The continuity for share purchase warrants for the six months ended September 30, 2024 is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, March 31, 2024	1,381,537		$	1.11
Expired	(453,759	)	$	1.71
Balance, September 30, 2024	927,778		$	0.65

As at September 30, 2024, the following share purchase warrants issued in connection with private placements were outstanding:

Expiry Date		Exercise Price	Number Outstanding and Exercisable		Average Remaining Contractual Life
November 9, 2025	$	0.65		888,889		1.11
November 20, 2025	$	0.65		38,889		1.14
				927,778		1.11

e)	Restricted share units

The Company has a shareholder approved “10% rolling” restricted share unit plan (the “RSU Plan”) in compliance with the CSE’s policies. Under the RSU Plan, the maximum number of RSU’s reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting.

A summary of the Company’s restricted share units as at September 30, 2024 is as follows:

	RSU’s outstanding
Balance, March 31, 2024		-
Granted		2,000,000
Balance, September 30, 2024		2,000,000

17 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

Share Capital (continued)

e)	Restricted share units (continued)

As at September 30, 2024, the following restricted share units were outstanding:

	Issued		Exercised		Outstanding		Exercisable
Granted - April 22, 2024		2,000,000		-		2,000,000		1,000,000
Balance, September 30, 2024		2,000,000		-		2,000,000		1,000,000

Fiscal 2025

On April 23, 2024, the Company granted 2,000,000 restricted share units to officers, directors and consultants of the Company. The restricted share units vest 50% vest in four months and 50% vest in eight months. The Company recorded $109,375 of share-based payments on the granted RSU’s during the six months ended September 30, 2024.

f)	Share-Based Payments Reserve

The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments. This reserve also includes the value attributed to warrants on unit private placements. At the time that the stock options or warrants are exercised, the corresponding amount will be transferred to share capital.

The fair value of each option granted to employees, officers, and directors was estimated on the date of grant using the Black-Scholes option-pricing model.

Fiscal 2025

On April 23, 2024, the Company granted 2,000,000 restricted share units to officers, directors and consultants of the Company. The restricted share units vest 50% vest in four months and 50% vest in eight months. The fair value of the RSU’s was $109,375 and calculated by multiplying the Company’s share price at grant date by the number of RSU’s granted. The fair value will be recognized as the RSU’s vest.

On April 26, 2024, the Company granted 1,200,000 incentive stock options to consultants and all of which vested at the date of grant. The options are exercisable at $0.18 per share, expiring on April 25, 2026. The fair value of these options was $131,314 and was calculated using the Black-Scholes pricing model, based on the following assumptions: weighted average risk-free interest rate of 4.33%, volatility factor of 129.06% and an expected life of two years.

The Company recorded $240,689 of share-based payments on the granted RSU’s and stock options during the six months ended September 30, 2024.

Fiscal 2024

On May 26, 2023, the Company granted 550,000 RSU’s to directors, officers, and consultants and all vested and were issued on the grant date. The fair value of the RSU’s was $324,500 and calculated by multiplying the Company’s share price at grant date by the number of RSU’s granted.

On May 26, 2023, the Company granted 2,000,000 incentive stock options to consultants and all of which vested at the date of grant. The options are exercisable at $0.59 per share, expiring on May 25, 2026. The fair value of these options was $1,105,283 and was calculated using the Black-Scholes pricing model, based on the following assumptions: weighted average risk-free interest rate of 3.57%, volatility factor of 162.51% and an expected life of five years.

On September 22, 2023, the Company granted 875,000 restricted share units valued at $411,250 to officers, directors, and consultants of the Company. The restricted share units vest immediately and are subject to a four month hold period from the date of grant.

The Company recorded $1,841,033 of share-based payments on the granted RSU’s during the six months ended September 30, 2023.

18 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

10.

Segmented Information

The Company operates in one business segment being the acquisition and exploration of exploration and evaluation assets and operates in one geographic segment being Canada. The total assets relate to exploration and evaluation assets and have been disclosed in Note 6.

11.

Financial Instruments and Risk Management

Fair Value

IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The following provides the valuation method of the Company’s financial instruments as at September 30, 2024 and March 31, 2024:

		September 30, 2024		March 31, 2024
Cash	1	$	1,730,199	$	1,704,908
Reclamation deposits	1		11,000		11,000
Market securities	1		218,159		187,425
Financial Liabilities	1		494,233		491,452

Financial Risk Management

The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk and market risk.

Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining a sufficient cash balance. As at September 30, 2024, the Company had cash of $1,730,199 to settle current liabilities of $494,233. Further information relating to liquidity risk is disclosed in Note 1.

Interest Rate Risk

The Company has no significant exposure at September 30, 2024, to interest rate risk through its financial instruments.

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, short-term investment, reclamation bonds and amounts receivable. The carrying amount of financial assets recorded in the consolidated financial statements, net of any allowances for losses, represents the maximum exposure to credit risk.

The Company deposits its cash with a high credit quality major Canadian financial institution as determined by ratings agencies. The Company does not invest in asset-backed deposits or investments and does not expect any credit losses. To reduce credit risk, the Company regularly reviews the collectability of its amounts receivable and establishes an allowance.

19 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

11.

Financial Instruments and Risk Management (continued)

based on its best estimate of potentially uncollectible amounts. The Company historically has not had difficulty collecting its amounts receivable.

Currency Risk

The Company has no significant exposure at September 30, 2024, to currency risk through its financial instruments.

Financial assets and financial liabilities that bear interest at fixed rates are subject to fair value interest rate risk. In respect of financial assets, the Company’s policy is to invest cash at floating rates of interest in order to maintain liquidity while achieving a satisfactory return. Fluctuations in interest rates impact the amount of return the Company may realize but interest rate risk is not significant to the Company.

There were no transfers from levels or change in the fair value measurements of financial instruments for the period ended September 30, 2024 and year ended March 31, 2024.

12.

Management of Capital

The Company primarily considers shareholders’ equity in the management of its capital. The Company manages its capital structure and makes adjustments to it based on funds available to the Company, in order to support exploration and development of mineral properties. The Board of Directors has not established quantitative capital structure criteria management but will review on a regular basis the capital structure of the Company to ensure its appropriateness to the stage of development of the business.

The Company’s objectives when managing capital are:

● To maintain and safeguard its accumulated capital in order to provide an adequate return to shareholders by maintaining sufficient level of funds, to support continued evaluation and maintenance of the Company’s existing properties, and to acquire, explore and develop other precious metals, base metals, and industrial mineral deposits;

● To invest cash on hand in highly liquid and highly rated financial instruments with high credit quality issuers, thereby minimizing the risk and loss of principal; and

● To obtain the necessary financing if and when it is required.

The properties in which the Company currently holds an interest are in the exploration stage and the Company is dependent on external financing to explore and take the project to development. In order to carry out planned exploration and development and pay for administrative costs, the Company will spend its existing working capital and attempt to raise additional amounts as needed.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

In order to facilitate the management of capital and development of its mineral properties, the Company’s management informs the Board of Directors as to the quantum of expenditures for review and approval prior to commencement of work. In addition, the Company may issue new equity, incur additional debt, enter into joint venture agreements, or dispose of certain assets. When applicable, the Company’s investment policy is to hold cash in interest bearing accounts at high credit quality financial institutions to maximize liquidity. In order to maximize ongoing development efforts, the Company does not pay dividends. The Company expects to continue to raise funds, from time to time, to continue meeting its capital management objectives.

There were no changes in the Company’s approach to capital management during the period ended September 30, 2024, compared to the year ended to March 31, 2024. The Company is not subject to externally imposed capital requirements. Further information relating to management of capital is disclosed in Note 1.

20 | P a g e

FE BATTERY METALS CORP.

Notes to the Condensed Interim Financial Statements

For the six months ended September 30, 2024 and 2023

(Unaudited - expressed in Canadian dollars)

13.

Subsequent events

On October 17, 2024, the Company closed the first tranche of the non-brokered private placement and issued 8,750,000 flow-through common shares at a price of $0.08 cents per share for gross proceeds of $700,000 and will pay 6% in finders’ fees of $42,000.

21 | P a g e

FE Battery Metals Corp. 6-K