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Yes, the camera is fully mechanical and will operate without batteries. The TTL stop-down meter system requires batteries and and while coupled to the camera, there is no exposure automation. You must manually set the aperture and shutter speed.
While the original mercury button cell batteries are no longer available, modern silver-cell equivalents are available and work well. I use them on my SP II with good success. The battery to look for is Energizer E387S or equivalent. The voltage is different than the original type, but the meter circuit is not affected under most light conditions.
BTW, You can download a copy of the camera manual from:
Pentax Manuals: M42 Cameras (PDF password is "Pentax")
There are two versions of the manual there. Download both and use the one that suits you best.
Steve