Mr. Greg Reimer reports

SURGE BATTERY METALS PROVIDES DRILLING UPDATE

Surge Battery Metals Inc. has received completed assays from the sonic drilling component of the 2023 drilling campaign at the Nevada North (NNLP) lithium clay deposit. The company is now awaiting results on a further seven diamond drill holes comprising the second component of the 2023 program.

In total, the current program consists of five sonic holes drilled at sites R, M, V, P and N, with seven diamond drill holes at sites I, Q, R, J, M and W. Assay results for the diamond drill holes are expected to be received and released over the next several weeks.

In 2023, the primary objective of drilling was to build upon the successful reverse circulation (RC) discovery holes of 2022. Specifically, the aim was to confirm the grades and thicknesses observed in 2022 RC drilling, expand the known mineralization area, explore below the 2022 drill holes for additional mineralization and obtain material for further metallurgical test work. Drill availability at the beginning of the season determined the number of sonic drill holes and diamond drill holes to be completed. The diamond drill rig was necessary to test geophysical anomalies and working geological interpretations at depth.

The 2022 and 2023 drill programs were both permitted under a notice of intent (NOI), which limited surface area disturbance to five acres. The company undertook surface remediation after the 2022 program and has continued remediation with the program in 2023. For 2024, the company will apply to the BLM (Bureau of Land Management) for disturbance credits which will allow for further drilling in Q2 of 2024. It is anticipated that drill targets will include sites within the company's remediated BLM five-acre disturbance, as well as locations on ground the company acquired an interest in from M3 Metals Corp. In the near future, the company plans to submit its exploration plan of operations (EPO) to the BLM, which is the first step in permitting a much larger drill program. As Surge Battery works toward its EPO, the company looks forward to planning the 2024 drilling season, which it expects to be fully financed by existing working capital.

The results of the 2023 sonic drilling confirm a lithium mineralized area that spans approximately three kilometres by 0.7 km, which is almost 100 per cent larger than the 1.6 by 0.5 km area that was identified in 2022. However, even with the larger mineralized area, it still does not cover the soil sampling anomalies and geophysics that suggest the total mineralized area may be larger. These results have been closely correlated with the May geophysical surveys, which have given the company more confidence in its targeting of drill holes that have the potential to identify additional lithium mineralization.

Highlights of the 2023 Sonic program include:

• Achieving the highest-grade lithium assays to date, with up to 8,070 parts per million (ppm) lithium (Li) in NN2301 (R).
• Expanding known mineralization to approximately three km, extending 1.5 km north.
• Identified the likely edge of another near-surface claystone horizon in hole NN2303 (V).
• Revealed the presence of coarse carbonate minerals that can likely be screened out from lithium mineralization and could help to improve overall metallurgical recoveries.

The Upper Claystone horizon (UCH) is usually the first zone encountered during drilling and has the highest grade of all the lithium zones. It spans over three km from hole NN2208 to hole NN2303 (V), and has an average thickness of 30 metres. In several drilling locations, the UCH starts at the surface, particularly where soil samples of high grade show the zone outcrops at surface. The shallow-dipping, near-surface, high-grade and free-dig nature of UCH mineralization are all highly favourable features when evaluating the potential for economic extraction.

The remaining seven diamond drill holes were planned to achieve the following:

• NN2306 (I): Stepout west of hole NN2208 to test and extend mineralization. Permitted site from 2022.
• NN2307/10 (Q): Test and extend mineralization west of the 2022 drilling and test a low-resistivity anomaly at depth. Understand grades and thickness of mineralization at depth where mineralization dips below low-grade overlying material. NN2310 was drilled at the same site and angled 50 degrees to the east as a 100 m to 150 m stepout.
• NN2308/9/11 (R, J and M): Test for mineralization below RC and sonic holes where geophysics and the company's interpretation suggest additional lithium mineralization. NN2309 twined RC hole NN2208 using a diamond rig.
• NN2312 (W): Test and extend for the limits of lithium mineralization to the north of NN2303 (V).

Lithium intercepts from the 2023 sonic holes, using a 1,000 ppm cut-off with no internal dilution, are shown in the following table.

Greg Reimer, chief executive officer and director, commented: "We are very happy with the 2023 drilling results to date. We have achieved high assay results, including up to 8,070 ppm Li within 25 m of surface, and almost doubled the mineralized footprint. Given the limitations of drilling under our NOI, the success is remarkable. We look forward to receiving the result of the diamond drill program in the near future. For 2024, testing some of the high-priority targets identified in the soil sampling and geophysics will be the focus for future exploration and drilling at Nevada North."

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.

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 in Canada and the OTCQX Market in the United States. 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.

The 2023 drill program is designed to expand the known lithium-rich clay from the current 1,620 m strike length to more than 3,500 m, and the known width of the mineralization to 950 m from the previously drill-indicated 400 m. The program is now completed, and Surge Battery is awaiting assay results. 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 (see news release of Sept. 12, 2023).

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