Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES ADDITIONAL CA$2.1 MILLION ADVANCE BY EVOLUTION MINING TO NEVADA NORTH LITHIUM LLC

Nevada North Lithium LLC (NNL), the joint venture formed by subsidiaries of Surge Battery Metals Inc. and Evolution Mining Ltd., has received an additional $2.1-million advance from Evolution pursuant to the terms of NNL's amended and restated operating agreement.

Evolution has previously advanced $4.7-million. This capital has financed the successful 2025 infill drill program, continuing mineral resource estimate, metallurgical testing, preliminary feasibility study (PFS) engineering and overall mine planning. The fully financed PFS remains on budget, and the $2.1-million advance will finance continued Q2 PFS activities.

Under the amended and restated operating agreement announced by Surge on Dec. 2, 2025, Surge and Evolution formed NNL to advance the Nevada North lithium project (NNLP) in Elko county, Nevada, with Surge initially holding a 77-per-cent interest and Evolution holding a 23-per-cent interest. Under that agreement, Evolution committed to finance up to $10-million toward the project's preliminary feasibility study in exchange for additional 9.5-per-cent ownership interest in NNL. With advances to date, Surge holds 70.54 per cent of NNL, with Evolution holding 29.46 per cent.

Greg Reimer, president and chief executive officer and a director of Surge, commented: "We are pleased to report this additional funding by Evolution Mining into Nevada North Lithium LLC. This advance further supports development of the NNLP and reflects the continued momentum of the joint venture as work progresses on the project's prefeasibility activities. This funding, together with the $30-million in the Surge treasury, leaves the company in a strong financial position to move the NNL project forward."

NNL was established to continue the development of the Nevada North lithium project, with the initial focus on facilitating completion of a preliminary feasibility study evaluating the project's development potential. Surge remains the manager of the project with responsibility for day-to-day management of the JV's operations in accordance with the JV agreement.

Qualified person

Alan J. Morris, MSc, CPG, of Spring Creek, Nev., geological adviser to the company and 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.

Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North lithium project. The project focuses on development of high-grade lithium energy metals in Nevada, United States, a crucial element for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and a listing on the OTCQX market in the United States, Surge Battery Metals is strategically positioned as a key player in advancing lithium exploration.

About Evolution Mining Ltd.

Evolution Mining is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly owned mines -- Cowal in New South Wales, Ernest Henry and Mount Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80-per-cent share in Northparkes in New South Wales.

About Nevada North Lithium LLC

Nevada North Lithium, jointly owned by Surge Battery Metals (70.54 per cent) and Evolution Mining (29.46 per cent), owns the Nevada North lithium project southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county. The first three rounds of drilling at the project identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of more than 4,300 metres and a known width of greater than 1,500 metres. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. As disclosed in the company's preliminary economic assessment (PEA) dated May 19, 2025, completed jointly by M3 Engineering & Technology Corp. and Independent Mining Consultants (see the company's news release dated July 24, 2025, for further information respecting the PEA), the Nevada North lithium project has a pit-constrained inferred resource containing an estimated 11.24 million tonnes of lithium carbonate equivalent (LCE) grading 3,010 parts per million lithium at a 1,250-part-per-million cut-off. The PEA reported an after-tax net present value (discounted at 8 per cent) of $9.17-billion (U.S.) and after-tax internal rate of return of 22.8 per cent at $24,000 per tonne LCE and an opex (operating expenditure) of $5,243 per tonne LCE.

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