Mr. Greg Reimer reports

AGM HELD ON JULY 19, 2023

At Surge Battery Metals Inc.'s 2023 annual general meeting (AGM) held on July 19, 2023, Dr. Vijay Mehta, Greg Reimer, Graham Harris, Iain Scarr and Ted O'Connor were elected as directors of the company for the ensuing year. The election of Dr. Mehta came after the resignation of Robert Culbert from the board of directors, which resignation was announced by the company on July 13, 2023. Mr. Culbert's resignation occurred after the mailing of the company's management information circular for the AGM.

As well, at the AGM, shareholders approved the company's proposed new omnibus security-based compensation plan. The new plan provides for the grant of up to that number of incentive stock options, on a rolling basis, which is equal to 5 per cent of the issued and outstanding shares at the time of the grant. The new plan also provides for the issuance of up to 7,109,000 restricted share units (RSUs) and 7,109,000 performance share units (PSUs).

No PSUs or RSUs have been granted by the company. Those previously announced and still outstanding incentive stock options of the company granted under the company's previous security-based compensation plan are continued under the new plan. There are a total of 7.1 million incentive stock options of the company outstanding as of today.

The new plan, effective on July 19, 2023, replaced the company's previous stock option plan. The new plan is subject to the final approval of the exchange. A copy of the new plan was attached to the company's management information circular for the AGM and can be found by accessing the company's issuer profile on SEDAR and reviewing the company's June 22, 2023, filing of its management information circular.

About Surge Battery Metals Inc.

The company is a Canadian-based mineral exploration company active in the exploration for lithium in Nevada, the primary listing of which 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.

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