Mr. Steve Hanson reports

SURFACE METALS INC. PROVIDES CORPORATE UPDATE: GOLD'S 2025 RALLY AMPLIFIES CIMARRON GOLD PROJECT POTENTIAL AND STRENGTHENS STRATEGIC POSITION

Surface Metals Inc. has provided a corporate update, as gold prices have reached all-time highs in 2025 and the company advances its portfolio of gold and lithium assets in North America.

"Gold is reaffirming its place as the ultimate store of value," stated Steve Hanson, president and chief executive officer of Surface Metals. "For Surface Metals, this environment represents a rare opportunity. The economics of every ounce we discover at our Cimarron gold project improve dramatically as gold continues to appreciate. With this historic strength in the gold market, we are advancing exploration at precisely the right time."

Cimarron gold project -- Nevada, United States

Located in Nye county, Nevada, the Cimarron gold project remains the company's primary near-term value driver. Surface Metals holds a 90-per-cent interest in 31 unpatented lode mining claims covering approximately 260 acres within the historic San Antonio/Tonopah mining district.

The Cimarron project hosts multiple high-grade gold intercepts, supported by more than 190 historical drill holes. Mineralization remains open in many directions, indicating strong potential for expansion. Historic non-National Instrument 43-101 estimates outlined roughly 50,000 ounces of contained gold, which the company intends to update and potentially expand through further exploration.

"Our technical team is reviewing drill targets and preparing a focused program designed to expand known mineralization and establish a compliant 43-101 resource," said Mr. Hanson. "Cimarron sits in the historic Walker Lane trend, at the intersection of strong geology, extensive mineralization, in one of the pre-eminent mining districts globally."

In April, 2025, Surface Metals completed the acquisition of its 90-per-cent interest in the project.

Clayton Valley lithium brine project -- building scale in Nevada

Surface Metals' Clayton Valley lithium brine project, located adjacent to Albemarle's Silver Peak mine -- the only producing lithium brine operation in the United States -- continues to advance toward its next phase of development.

Surface Metals' project currently hosts an inferred resource of approximately 302,900 tonnes of lithium carbonate equivalent across a 2,230-acre land package.

"The global transition to electric mobility and energy storage continues to drive long-term lithium demand," added Mr. Hanson. "Our Clayton Valley project benefits from its strategic location within a proven lithium district and close proximity to end-users."

Beyond Clayton Valley, Surface Metals maintains a diverse portfolio of lithium exploration projects across North America:

• Fish Lake Valley, Nevada: a 1,694-acre claystone and sedimentary lithium project prospective for near-surface lithium-bearing horizons, directly next to Ioneer's world-class lithium-boron mine expected to go into construction in 2026;
• Manitoba, Canada: through a joint venture with Snow Lake Energy, Surface Metals has exposure to over 17,000 acres of highly prospective pegmatite ground near the historic Tanco lithium-cesium-tantalum mine; these hardrock assets complement the company's brine and claystone lithium holdings, and provide additional growth optionality; Snow Lake is earning into the project by spending exploration dollars on the ground.

Surface Metals' lithium strategy provides shareholders with exposure to multiple deposit types across Tier 1 jurisdictions. This diversity positions Surface Metals to capture value across the evolving battery metal supply chain.

Surface Metals' focus remains disciplined with plans to advance Cimarron through resource definition drilling and expansion, advance and develop its lithium resource base, and position the company for future development or partnership opportunities.

About Surface Metals Inc.

Surface Metals is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in Nevada, United States, and Manitoba, Canada. The company's Cimarron gold project is located in Nye county, Nevada, in a historically productive gold district. Its Clayton Valley lithium brine project hosts an inferred resource of approximately 302,900 tonnes lithium carbonate equivalent adjacent to Albemarle's Silver Peak mine. Surface Metals also holds additional lithium assets in Fish Lake Valley, Nevada, and through a joint venture with Snow Lake Energy in southeastern Manitoba.

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