Surge Battery Metals closes $36 million upsized placement

West Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the " Company " or " Surge ") 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 (the " Offering ") for aggregate gross proceeds of $36,000,000 through the issuance of 60,000,000 units (the " 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 (a " 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 (the " TSXV "), 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 (" MI 61-101 "). 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, as amended (the " U.S. Securities Act "), 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.