Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES $25M NON-BROKERED FINANCING, COMPOSED OF INCREASED FULLY-SUBSCRIBED NON-BROKERED LIFE OFFERING OF UNITS TO $20M AND CONCURRENT NON-BROKERED PRIVATE PLACEMENT OF UP TO $5M

Surge Battery Metals Inc., due to investor demand, is increasing its previously announced non-brokered private placement of units at a price of 90 cents per offered unit pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106 and Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The increased LIFE offering, which is expected to be fully subscribed, will now consist of the issuance of 22,222,000 offered units for gross proceeds of $19,999,800 (increased from gross proceeds of $15-million). The company will also conduct a concurrent non-brokered private placement of up to 5,555,780 offered units at a price of 90 cents per offered unit for gross proceeds up to $5,000,202. In aggregate, under the offerings the company will raise gross proceeds of up to $25,000,002 through the issuance of up to 27,777,780 offered units.

Each offered unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $1.35 at any time following 60 days after the date of issuance until the date that is three years from the date of issuance. The company intends to use the proceeds of the offerings for additional costs related to its preliminary feasibility study for its Nevada North lithium project, costs for a definitive feasibility study for the project and general working capital. 3L Capital Inc. is acting as financial adviser for the offerings. The offerings are expected to close on or about Feb. 3, 2026, or such other date as the company may determine.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the LIFE offering is being made to purchasers resident in each of the provinces of Canada other than Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 and the blanket order. Securities issued under the LIFE offering will not be subject to a statutory hold period under applicable Canadian securities laws, in accordance with the listed issuer financing exemption under Part 5A of NI 45-106 and the blanket order. Securities issued under the concurrent offering will be subject to a four-month statutory hold period pursuant to applicable Canadian securities laws. There is an amended offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors in the LIFE offering should read this offering document before making an investment decision.

Graham Harris, chairman of Surge Battery Metals, commented: "The increase of our financing to $25-million reflects exceptionally strong investor demand and growing confidence in the quality and scale of the Nevada North lithium project. This financing significantly strengthens our balance sheet and provides the capital required to aggressively advance both our preliminary and definitive feasibility work. We believe Surge is entering a pivotal phase of development and this funding positions the company to continue executing on its strategy of building a leading domestic lithium platform in Nevada."

The company may pay finders' fees in connection with the offerings, as permitted by applicable securities laws and the rules of the TSX Venture Exchange. The finders' fees will consist of cash commissions equal to up to 6 per cent of the gross proceeds raised from purchasers introduced to the company by eligible finders and finders' warrants equal to up to 6 per cent of the aggregate number of offered units sold to purchasers introduced to the company by eligible finders (excluding any units that may be purchased by the eligibles finders). Each finder's warrant will be exercisable for one common share at an exercise price of $1.35 per common share for 36 months following the date of issuance.

The closing of the offerings is subject to receipt of the approval of the TSX Venture Exchange.

About Surge Battery Metals Inc.

Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North lithium project. The project focuses on exploring for clean, high-grade lithium energy metals in Nevada, a crucial element for powering electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the United States, Surge Battery Metals is strategically positioned as a key player in advancing lithium exploration.

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