INTELLIGENT BIO SOLUTIONS INC.

To the Shareholders and Board of Directors of

Intelligent Bio Solutions Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Intelligent Bio Solutions Inc. (the “Company”) as of June 30, 2026 and 2025, the related consolidated statements of operations and other comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the two years in the period ended June 30, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2026, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company’s primary sources of liquidity have been through funding from financing activities. The Company has reported operating losses and negative cash flows from operations since inception. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated 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.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Liquidity and Going Concern

As described in the “Substantial Doubt About the Company’s Ability to Continue as a Going Concern” section above and in Note 2 to the consolidated financial statements, the Company has financed its operations primarily through proceeds from public offerings and private placements of equity securities, existing trade and shareholder financing arrangements, and the incurrence of debt. The Company incurred net losses of $12,430,975 and $10,568,733 (after losses attributable to non-controlling interest) for the years ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has shareholders’ equity of $5,290,826, working capital of $2,168,312, and an accumulated deficit of $74,964,040.

The Company anticipates operating losses for the foreseeable future. The Company does not expect to generate positive cash flows from operating activities and may continue to incur operating losses until it sufficiently delivers on its objectives which includes completion of the regulatory approval process in the United States of America (USA) and other markets where such approval may be required, expansion of its revenue base into target markets, and the continued development of its products. The ability to achieve these objectives is subject to inherent risks and uncertainties. These uncertainties cause substantial doubt to exist as to the Company’s ability to continue as a going concern for 12 months from the issuance of the consolidated financial statements.

We identified the evaluation of the Company’s ability to continue as a going concern and related disclosures as a critical audit matter. A high degree of subjective auditor judgment and increased audit effort were required to evaluate the Company’s going concern analysis and the adequacy of the financial statement disclosures related to the going concern assessment.

The following are the primary procedures we performed to address this critical audit matter. We obtained and evaluated management’s going concern assessment, including whether the identified conditions and events, management’s plans, and conclusions were consistent with applicable accounting guidance. We tested the mathematical accuracy of management’s cash flow forecast and evaluated the completeness and accuracy of significant underlying data. We compared management’s historical forecasts to actual results to assess management’s ability to accurately forecast. We evaluated the reasonableness of significant assumptions used in the cashflow forecast, including forecasted sales, gross margin, the availability, amount, and the timing of additional financing. Our procedures included comparing these assumptions to historical operating results, recent actual performance, supporting documentation, contractual obligations, and other audit evidence obtained during the audit. We inquired of management regarding factors that could affect the Company’s ability to continue as a going concern, including the need for additional financing in light of projected cash outflows. Finally, we evaluated the adequacy of the Company’s disclosures related to its going concern assessment.

/s/UHY LLP

We have served as the Company’s auditor since 2023.

Melville, New York

August 19, 2026