Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES $7,160,000 NON-BROKERED PRIVATE PLACEMENT INCLUDING A STRATEGIC EQUITY INVESTMENT FROM AMERICAN LITHIUM CORP.

Surge Battery Metals Inc. has arranged a non-brokered private placement of up to 17.9 million units at a price of 40 cents per unit. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will be exercisable for a period of three years from the date of issuance at a price of 55 cents per share. The private placement may close in tranches.

The private placement includes a strategic equity investment by American Lithium Corp. (Nasdaq: AMLI, TSX-V: LI), a lithium exploration and development company.

Upon completion of the private placement, American Lithium Corp. will own approximately 9.9 per cent of Surge's issued and outstanding common shares on a non-diluted basis. In conjunction with closing American Lithium's portion of the private placement, Ted O'Connor, executive vice-president of American Lithium, will be appointed to the board of directors of the company.

Greg Reimer, chief executive officer, and director, commented: "We are excited to have American Lithium Corp. take this position in our company. As a lithium exploration and development company they have considerable expertise in the lithium space, particularly in Nevada. With this investment, Surge continues to build its expertise as we advance our Nevada North lithium project."

The proceeds of the private placement will be used for advancement and development of the company's existing Nevada North lithium project and for general working capital purposes.

All securities issued in connection with the private placement are subject to a four-month-and-a-day hold period in accordance with applicable securities laws.

The private placement is subject to the approval of the TSX Venture Exchange.

About American Lithium Corp.

American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas. The company is currently focused on enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium claystone project in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects in southeastern Peru. All three projects, TLC, Falchani and Macusani, have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Prefeasibility work has now commenced at TLC and Falchani.

About Surge Battery Metals Inc.

The company is a Canadian-based mineral exploration company active in the exploration for lithium in Nevada and for nickel in British Columbia. 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 a 100-per-cent interest, without any royalties, in the Nevada North lithium project, consisting of 243 mineral claims located in the Granite range southeast of Jackpot, 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 from drill hole NN2205 in the north to drill hole NN2208 in the south. Widths of the mineralized horizons are not well determined since the holes are mostly on a north-south alignment, however, widths 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 results of drill hole NN2207, which intersected the thickest intervals of lithium-rich claystone encountered to date: a total of 120.4 metres (395 feet) averaging 3,943 parts per million (ppm) lithium in four zones. Additionally, drill hole NN2208 had the strongest downhole individual sample of 5,950 ppm lithium between 45 feet and 50 feet (13.72 metres and 15.24 metres). The average lithium content within all near-surface clay zones intersected in 2022 drilling, applying a 1,000 ppm cut-off, was 3,254 ppm (see the March 29, 2023, press release).

Qualified person as defined under National Instrument 43-101

Alan J. Morris, MSc, CPG of Spring Creek, Nev., a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.

We seek Safe Harbor.