Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES 2026 DRILL PROGRAM TO ACCELERATE NEVADA NORTH BANKABLE FEASIBILITY STUDY

Nevada North Lithium LLC (NNL), the joint venture formed by Surge Battery Metals Inc. and Evolution Mining Ltd., has finalized its 2026 drilling program at the Nevada North lithium project (NNLP or the project). NNL has made the necessary submission to the Bureau of Land Management under its 2025 exploration plan of operations permit. A request for proposals has been issued to drilling contractors, and mobilization is targeted for September, 2026, with execution expected this fall and continuing into the 2027 drill season.

In addition to continuing to define and upgrade the project's mineral resource, the 2026 drill program will provide necessary information and data for the next stage of development, the bankable feasibility study (BFS). The drill program is designed to deliver condemnation drilling, pit definition, mine plan optimization, water supply and hydrogeological data, and geotechnical data. Representative bulk tonnage material for metallurgical testwork and flowsheet optimization will also be collected ahead of a planned pilot program to precede the BFS.

Evolution mining completes funding

NNL has received an additional $3.2-million advance from Evolution pursuant to the terms of NNL's amended and restated operating agreement. Under the agreement, Surge and Evolution formed NNL to advance the NNLP with Surge initially holding a 77-per-cent interest and Evolution holding a 23-per-cent interest. Evolution committed to finance up to $10-million toward the project's preliminary feasibility study in exchange for an additional 9.5-per-cent ownership interest in NNL. With funding now complete Surge holds 67.5 per cent of NNL, with Evolution holding 32.5 per cent.

Greg Reimer, president, chief executive officer and director of Surge, commented: "The PFS is on schedule and on budget to be delivered in Q4 of 2026. The recent federal government announcements and the strategic investment by Mike Hess and Brian Paes-Braga allow us to accelerate the BFS timeline. Having defined a resource that now stands as one of the largest and highest-grade lithium clay deposits in the United States, and with our preliminary economic assessment confirming compelling project economics, our focus in 2026 and 2027 shifts to the engineering, metallurgical and infrastructure work required to advance NNLP toward a construction decision."

Qualified person as defined under National Instrument 43-101

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 Inc. 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 Mt. 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 (67.5 per cent) and Evolution Mining (32.5 per cent), owns the Nevada North lithium project southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county. The first four rounds of drilling at the project identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 4,700 metres and a known width of greater than 2,000 metres. The project's updated mineral resource estimate, filed June 30, 2026, reports a pit-constrained measured and indicated resource containing an estimated 10.51 Mt (million tonnes) of lithium carbonate equivalent (LCE) grading 3,007 ppm (parts per million) Li at a 1,250 ppm cut-off. As disclosed in the company's preliminary economic assessment dated May 19, 2025 (PEA), which is preliminary in nature and includes inferred resources considered too speculative geologically to have economic considerations applied that would enable them to be categorized as mineral reserves, the Nevada North lithium project reported an after-tax NPV 8 per cent (net present value, 8-per-cent discount rate) $9.17-billion (U.S.) and after-tax IRR (internal rate of return) of 22.8 per cent at $24,000/t LCE (lithium carbonate equivalent) and an opex (operating expenditure) of $5,243 (U.S.)/t LCE (see the company's news release dated July 24, 2025, for further information regarding the PEA).

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