GALLOWAY JAMES GARRETT 4

What Happened James Garrett Galloway, Senior Vice President of Corporate Development at International Battery Metals Ltd. (IBATF), converted 400,000 restricted share units (RSUs) into common shares on June 15, 2026 (transaction code M). The filing shows an acquisition of 400,000 shares at an exercise/conversion price of $0.00 and a simultaneous disposition of 400,000 shares also reported at $0.00. The Form 4 lists the transaction value as $0 because these were derivative conversions (RSUs/PBRSUs), not cash purchases or market sales.

Key Details

• Transaction date: June 15, 2026 (reported on Form 4 filed June 17, 2026 — appears timely).
• Reported actions: 400,000 shares acquired via conversion of derivatives (code M) at $0.00; 400,000 shares disposed via derivative entry at $0.00.
• Shares owned after transaction: Not specified in the provided filing extract.
• Relevant footnotes:
  • F1/F2: The RSUs represent contingent rights to one common share; F2 states these RSUs were granted June 2, 2025 and vested in full on June 15, 2026.
  • Other footnotes (F3–F7) describe various performance-based RSU grant conditions (deployment milestones, exchange listing, EBITDA or market-cap triggers) in the issuer’s RSU plan.
• Filing timeliness: Form 4 was filed two days after the reported transaction date (no late filing indicated).

Context

• “M” (exercise/conversion of derivative) here means previously granted RSUs/PBRSUs converted into common shares; the $0.00 price reflects conversion/vesting rather than a market purchase price.
• The filing records a simultaneous disposition of the same number of shares; the document does not specify the reason for the disposition (e.g., tax withholding or sale), so no inference about intent should be made.
• For retail investors: conversions of RSUs are common when awards vest; purchases/sales by insiders can be informative, but this filing primarily documents a vesting/conversion event rather than an open-market buy or sale.