Surge Battery Metals Inc. (TSX-V: NILI) (OTCQX: NILIF) (FSE: DJ5) is pleased to announce that further to its press release dated June 3, 2026, it has closed its previously announced upsized non-brokered private placement for aggregate gross proceeds of $36,000,000 through the issuance of 60,000,000 units at a price of $0.60 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.90 for a period of three years from the closing date of the Offering.

Graham Harris, Chairman of Surge, commented, “The successful closing of our strategic financing, combined with the substantial proceeds received from warrant exercises that expired in June, has strengthened Surge’s balance sheet to approximately $75 million in cash. This funding places the Company in a very strong position and is expected to fully fund the advancement of our Nevada North Lithium Project through to a construction decision. We welcome the addition of Brian Page Braga and Michael Hess as strategic advisors whose breadth and depth of industry and government experience will greatly aid the advancement of our premier US lithium asset.”

In connection with the Offering, the Company paid aggregate cash finder’s fees of $2,039,033.20 to one finder.

The net proceeds from the Offering will be used for the advancement of the Nevada North Lithium Project, as well as for general working capital and corporate purposes.

All securities issued or issuable in connection with the Offering are subject to a four-month and one day hold period from the closing date of the Offering, in accordance with Canadian securities laws and the policies of the TSX Venture Exchange, as applicable. The Offering remains subject to the final acceptance of the TSXV.

Certain directors and officers of the Company participated in the Offering by acquiring an aggregate of 1,480,000 Units, for gross proceeds of $888,000. Such participation is considered to be a related-party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Such related-party participation in the Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report at least 21 days prior to the closing of the Offering as the details of the insider participation were not settled until shortly prior to the closing of the Offering. No new control person(s) were created as a result of the Offering.

The securities to be issued under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons, absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Qualified Person as Defined Under National Instrument 43-101

Alan J. Morris, MSc, CPG of Spring Creek, Nevada, Geological Advisor to the Company, and a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical aspects of this news release.

About Surge Battery Metals Inc.

Surge Battery Metals Inc. is a Canadian-based mineral exploration company focused on the discovery and development of battery metals required for the growing electric vehicle and energy storage sectors. The Company’s flagship Nevada North Lithium Project is located in Elko County, Nevada, and is strategically positioned within one of North America’s most prospective lithium districts.

About Nevada North Lithium, LLC

Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (70.54%) and Evolution Mining Limited (29.46%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km 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 meters and a known width of greater than 2,000 meters. 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 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 regarding the PEA), the Nevada North Lithium Project reported an after-tax NPV8% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and an OPEX of US $5,243/t LCE. The Project now has a pit-constrained Measured & Indicated Resource containing an estimated 10.51 Mt of Lithium Carbonate Equivalent grading 3007 ppm Li at a 1,250-ppm cutoff.

On behalf of the Board of Directors

“Greg Reimer”

Greg Reimer,
Director, President & CEO