Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $36 MILLION

Further to its press release dated June 3, 2026, Surge Battery Metals Inc. has closed its previously announced upsized non-brokered private placement for aggregate gross proceeds of $36-million through the issuance of 60 million units at a price of 60 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 90 cents for a period of three years from the closing date of the offering.

Graham Harris, chairman of Surge, commented: "The successful closing of our strategic financing, combined with the substantial proceeds received from warrant exercises that expired in June, has strengthened Surge's balance sheet to approximately $75-million in cash. This funding places the company in a very strong position and is expected to fully fund the advancement of our Nevada North lithium project through to a construction decision. We welcome the addition of Brian Page Braga and Michael Hess as strategic advisers, whose breadth and depth of industry and government experience will greatly aid the advancement of our premier U.S. lithium asset."

In connection with the offering, the company paid an aggregate cash finder's fee of $2,039,033.20 to one finder.

The net proceeds from the offering will be used for the advancement of the Nevada North lithium project as well as for general working capital and corporate purposes.

All securities issued or issuable in connection with the offering are subject to a four-month-and-one-day hold period from the closing date of the offering, in accordance with Canadian securities laws and the policies of the TSX Venture Exchange, as applicable. The offering remains subject to the final acceptance of the TSX-V.

Certain directors and officers of the company participated in the offering by acquiring an aggregate of 1.48 million units for gross proceeds of $888,000. Such participation is considered to be a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such related party participation in the offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report at least 21 days prior to the closing of the offering as the details of the insider participation were not settled until shortly prior to the closing of the offering. No new control person(s) were created as a result of the offering.

Qualified person as defined under National Instrument 43-101

Alan J. Morris, MSc, CPG, of Spring Creek, Nev., geological adviser to the company and a qualified person as defined under NI 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical aspects of this news release.

About Surge Battery Metals Inc.

Surge Battery Metals is a Canadian-based mineral exploration company focused on the discovery and development of battery metals required for the growing electric vehicle and energy storage sectors. The company's flagship Nevada North lithium project is located in Elko county, Nevada, and is strategically positioned within one of North America's most prospective lithium districts.

About Nevada North Lithium LLC

Nevada North Lithium, jointly owned by Surge Battery Metals (70.54 per cent) and Evolution Mining Ltd. (29.46 per cent), owns the Nevada North lithium project southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county. The first four rounds of drilling at the project identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of more than 4,700 metres and a known width of greater than 2,000 metres. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. As disclosed in the company's preliminary economic assessment (PEA) dated May 19, 2025, completed jointly by M3 Engineering & Technology Corp. and Independent Mining Consultants (see the company's news release dated July 24, 2025, for further information regarding the PEA), the Nevada North lithium project reported an after-tax net present value (discounted at 8 per cent) of $9.17-billion (U.S.) and an after-tax internal rate of return of 22.8 per cent at $24,000 per tonne LCE (lithium carbonate equivalent) and an opex (operating expenditure) of $5,243 (U.S.) per tonne LCE. The project now has a pit-constrained measured and indicated resource containing an estimated 10.51 million tonnes of LCE grading 3,007 parts per million lithium at a 1,250-part-per-million cut-off.

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