The TSX Venture Exchange has accepted for filing documentation pertaining to a mineral property option and joint venture agreement dated July 26, 2023, and amended on Sept. 18, 2023, between Surge Battery Metals Inc. and M3M Metals Corp., together with its subsidiary, ML Nevada Corp. (collectively referred to as optionor). Pursuant to the terms of the agreement, the optionor has agreed to grant an option to the company to acquire up to an 80-per-cent interest in 253 claims in Elko county in Nevada.

As option payments for the acquisition of up to an 80-per-cent interest in the property, the company will pay $1.25-million in cash, issue up to five million shares of the company to the optionor and incur $250,000 in exploration expenditures. These option payments will be distributed over several stages within a five-year period, detailed as follows:

• To earn a 50-per-cent interest, $500,000 cash and two million shares;
• To earn an additional 20-per-cent interest, $250,000 cash, two million shares and $250,000 in exploration or work commitments;
• To earn an additional 10-per-cent interest, $500,000 cash and one million shares

Upon any of the following events: (i) the company exercising the option for an 80-per-cent interest; (ii) the company earning a minimum of 50-per-cent interest in the property and terminating the agreement; or (iii) the agreement terminating after a period of five years with the company having earned at least 50-per-cent interest in the property, both the company and the optionor will enter into a joint venture.

The transaction is arm's length in nature and no finder's fee is payable.

For further details, please refer to the company's news releases dated July 26, 2023, Sept. 21, 2023, and Oct. 24, 2023.