Mr. Greg Reimer reports

SURGE BATTERY CLOSES ACQUISITION WITH GRID BATTERY AND NOW OWNS 100% OF SURGE NICKEL PROJECT

Further to the news release dated April 3, 2023, Surge Battery Metals Inc. has closed the related-party transaction and has acquired a 100-per-cent interest in the Surge nickel project.

As disclosed in the Initial news release, the company entered into an option agreement with Grid Battery Metals Inc. (formerly Nickel Rock Resources Inc.) dated March 31, 2023, whereby it was granted the option to acquire the remaining 20-per-cent interest in the HN4 and N100 claims, located in Northern British Columbia. The company had previously earned an undivided 80-per-cent interest in the Surge nickel project. Three of the claims are subject to a 2-per-cent net smelter royalty, including the HN4 claim and the two southernmost claims of the N100 claim group.

The company has exercised the option by issuing one million of its common shares to Grid and owns a 100-per-cent interest in the Surge nickel project.

Upon exercise of the option, Grid transferred 100-per-cent ownership of the Surge nickel project to the company. The Grid shares are subject to a four-month-and-a-day hold period expiring on Oct. 15, 2023.

Pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), the agreement constitutes a related-party transaction due to the fact that the chief financial officer is also the chief financial officer of Grid. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.

National Instrument 43-101 technical report -- Surge nickel project -- HN4 and N100 nickel claims

In connection with the transaction, Surge has filed a technical report entitled "Technical Report for the HN4 & N100 Claim Groups of the Nickel Project, Omineca Mining Division, Takla Lake Area, British Columbia," dated June 7, 2023, prepared by Jeremy Hanson, PGeo. The report has been prepared in accordance with National Instrument 43-101 and is found under the company's profile on SEDAR. The report can also be obtained on the company's website.

Qualified person

Jeremy Hanson, PGeo, a qualified person as defined by NI 43-101, is responsible for the technical information contained in this release. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp. is not necessarily indicative of the mineralization on the property of interest.

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. Its 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 market.

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