Surge Battery Metals Inc. (TSX-V: NILI) (OTCQX: NILIF) (FSE: DJ5) is pleased to announce that it has closed its fully subscribed non-brokered private placement offering, issuing 20,000,000 units at a price of $0.25 per Offered Unit, raising aggregate gross proceeds of $5,000,000. Each Offered Unit comprises one common share of the Company and one Common Share purchase warrant. Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.40 until October 8, 2028. The LIFE Offering was completed pursuant to the listed issuer financing exemption available under under Part 5A of National Instrument 45-106 – Prospectus Exemptions, and accordingly the Common Shares, the Warrants and the Common Shares issuable on exercise of the Warrants are free trading. The Company filed an amended and restated offering document relating to the LIFE Offering (the “Amended Offering Document”) on October 7, 2025, which can be accessed under the Company’s profile at www.sedarplus.ca and at https://surgebatterymetals.com.

On closing, the Company paid aggregate finder’s fees of $264,650 and issued an aggregate of 1,058,600 finder’s warrants, with each Finder’s Warrant exercisable for one Common Share at a price of $0.25 until October 8, 2028. The Finder’s Warrants and the Common Shares issuable thereunder are subject to a four month hold period expiring February 9, 2026, in accordance with applicable Canadian securities laws.

As disclosed in the Amended Offering Document, the Company will use the net proceeds from the LIFE Offering for general working capital and to fund the Company’s exploration of the Nevada North Lithium Project through to the pre-feasibility study stage and into the bankable feasibility study stage.

The securities issued pursuant to the LIFE Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

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 exploring for clean, high-grade lithium energy metals in Nevada, USA, a crucial element for powering electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.