Mr. Greg Reimer reports

SURGE CLOSES INITIAL 50% ACQUISITION OF LANDS IN AREA OF NORTHERN NEVADA LITHIUM PROJECT

Surge Battery Metals Inc. has received regulatory approval for its option agreement, as amended, between M3 Metals Corp. (M3M) and Surge concerning claims (the M3M lands) in the area of its Nevada North lithium project (NNLP).

Surge has acquired an initial 50-per-cent interest in the M3M lands by way of payment of $500,000 to M3M and issuance of a total of two million of Surge's common shares to M3M.

The option agreement provides that Surge can earn an additional 20-per-cent interest in the M3M lands by making a cash payment to M3M of $250,000, issuing to M3M an additional two million common shares and making $250,000 in exploration expenditures. Surge can earn an additional 10-per-cent interest in the M3M lands by making a cash payment to M3M of $500,000 and issuing to M3M a total of one million additional common shares. Should Surge earn a full 80-per-cent interest in the M3M lands, Surge and M3M are required to enter into a joint venture agreement.

Surge will act as the operator of the M3M lands for the term of the option agreement, unless otherwise agreed by the parties.

Further details of the option agreement are contained in Surge's news releases of July 26, 2023, and Sept. 21, 2023.

No finder's fees are payable in connection with the option agreement and M3M and the company were not related parties for the purposes of Multilateral Instrument 61-101, or otherwise subject to it at the time of the entering into of the option agreement.

The surge shares are subject to an exchange hold period expiring on Feb. 23, 2024.

About Surge Battery Metals Inc.

The company is a Canadian-based mineral exploration company active in the exploration for lithium in Nevada whose primary listing is on the TSX Venture Exchange. The company maintains a focus on exploration for high-value battery metals required for the electric vehicle (EV) market.

About the Nevada North lithium project

The company owns the Nevada North lithium project located in the Granite Range southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county, Nevada. The first round of drilling, completed in October, 2022, identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of almost 1,620 metres. Widths of the mineralized horizons are at least 400 metres, supported by highly anomalous soil values indicating potential for the clay horizons to be much greater in extent. The potential for a significant lithium deposit can be illustrated by the average lithium content within all near surface clay zones intersected in 2022 drilling, applying a 1,000 parts per million cut-off, was 3,254 ppm (see news release dated March 29, 2023).

The 2023 drill program is under way and is designed to expand the known lithium-rich clay from the current 1,620-metre strike length to more than 3,500 metres and the known width of the mineralization to 950 metres from the previously drill-indicated 400 metres. Initial assay results from the first hole of the 2023 season had a high of 8,070 ppm lithium with an average of 4,067 ppm lithium at a 1,000 ppm cut-off.

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