Mr. Graham Harris reports

SURGE ENTERS INTO AGREEMENTS TO BECOME STRATEGIC STAKEHOLDER IN PRIVATE LANDS WITHIN ITS BORDERS

Surge Battery Metals Inc. has entered into two mineral property purchase agreements to purchase a total of 25 per cent of the mineral rights to private lands, comprising four parcels, totalling 880 acres (the private lands) situated in Surge's existing North Nevada lithium project (the NNLP).

The first of the two mineral property purchase agreements, dated effective Sept. 14, 2023 (the Wilkins family agreement), calls for Surge to purchase a 21.25-per-cent interest in the mineral rights underlying the private lands in exchange for: (i) a deposit of $50,000 (U.S.) payable pro rata to the three vendors (the Wilkins vendors) under the Wilkins family agreement; (ii) upon receipt of regulatory (TSX Venture Exchange) approval of the Wilkins family agreement, issuance pro rata to the Wilkins vendors a total of 1.25 million shares of Surge's common stock; and (iii) upon Surge entering into an agreement to purchase the surface rights to the private lands, should such an agreement be entered into, $150,000 (U.S.) will be paid pro rata to the Wilkins vendors. The Wilkins family agreement contains provision for payment of a 3-per-cent royalty on production from percentage of the Mineral rights on the private lands purchased from the Wilkins vendors (the Wilkins royalty). The Wilkins royalty is not payable until such time as the Surface agreement is entered into with the owners of the surface rights to the private lands. Surge has the right for five years to purchase one-half of the Wilkins royalty (reducing the royalty to 1.5 per cent) by paying to the Wilkins vendors $750,000 (U.S.).

The second of the two mineral property purchase agreements, dated effective Sept. 15, 2023 (the Y3-II agreement), calls for Surge to purchase a 3.75-per-cent interest in the mineral rights underlying the private lands in exchange for: (i) a deposit of $8,250 (U.S.) payable pro rate to the two vendors (the Y3-II vendors) under the Y3-II agreement; (ii) upon receipt of regulatory (TSX Venture Exchange) approval of the Y3-II agreement, issuance pro rata to the Y3-II vendors of a total of 300,000 shares of Surge's common stock; and (iii) upon Surge entering into the surface agreement, should such an agreement be entered into, $24,750 (U.S.) will be paid pro rata to the Y3-II vendors. The Y3-II agreement contains provision for payment of a 3-per-cent royalty on production from percentage of the mineral rights on the private lands purchased from Y3-II. The Y3-II royalty is not payable until such time as the surface agreement is entered into with the owners of the surface rights to the private lands. Surge has the right for five years to purchase one-half of the Y3-II royalty (reducing the royalty to 1.5 per cent) by paying to the Y3-II vendors $225,000 (U.S.). Transfer of the interest of the Y3-II vendors is conditional upon entering into the final agreement for the royalty prior to the transfer.

Both the Wilkins family and Y3-II are at arm's length to the company.

Graham Harris, chair and director, commented: "The private lands are comprised of separate surface (grazing) rights and subsurface (mineral) rights. Acquiring an interest in the mineral rights ensures our place as a stakeholder in the parcels of land we surround. We would like to thank the above parties for their cooperation. We will continue to work with the remaining parties so we can include this area in future exploration and development plans."

Land and mineral rights to the private lands are divided into surface rights and subsurface or "mineral estate" rights each of which confer upon the holder certain rights at law in the state of Nevada.

Both the Wilkins agreement and the Y3-II agreement are subject to their approval by the TSX Venture Exchange.

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.

We seek Safe Harbor.