Hey, this is a late response, but if you want to give it another shot, I'll give you a hint! There's a specific item you need to use to beat the sorcerer, and it's not the potion.
Viewing post in The Hall of the Sorcerer King comments
Sure! SPOILER WARNING for anyone reading this -
The item you need is the amulet you get by casting polygot at the shrine (go deeper into the mountain, past the ogre.) That will protect you from the sorcerer's attack, meaning you can sacrifice health during the rest of the game and keep enough mana to fight him.