PFS improves on 2025 PEA with lower Phase 1 capital, lower operating cost, higher recovery and a faster 4.2-year payback over a 42-year mine life

West Vancouver, British Columbia - Newsfile Corp. - October 2, 2026 - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) ("Surge" or the "Company") is pleased to announce the results of the Pre-Feasibility Study ("PFS") for the Nevada North Lithium Project ("NNLP", "Nevada North" or the "Project") located in Elko County, Nevada. The Project is held by Nevada North Lithium LLC ("NNL"), a joint venture owned 67.5% by Surge and 32.5% by Evolution Mining Limited ("EvolutionMining"). The PFS was prepared by Fluor Corporation ("Fluor") as lead engineer, with Independent Mining Consultants, Inc. ("IMC") responsible for the mine plan and Mineral Reserve estimate, RESPEC Company, LLC ("RESPEC") for the Mineral Resource estimate, and other independent consultants identified under "Qualified Persons" below. All figures are in United States dollars on a 100% Project basis unless otherwise stated. The PFS contemplates an open-pit mine and on-site processing facility producing battery-grade lithium carbonate from high-grade lithium claystone ore. The Project will be developed in two phases. Phase 1 establishes the mine, a process plant with design capacity of approximately 55,900 tonnes per year ("tpa") of battery-grade lithium carbonate, a sulfur-burning sulfuric acid plant with on-site power generation and supporting infrastructure. Phase 2 doubles processing capacity, with production peaking at approximately 111,400 tpa and averaging approximately 92,250 tpa lithium carbonate over the life of mine ("LOM"). PFS Highlights

• After-tax net present value (8% discount) of US$9.81 billion and after-tax internal rate of return of 23.6%; pre-tax NPV8% of US$11.55 billion and pre-tax IRR of 24.6%.
• After-tax payback of 4.2 years from the start of production.
• After-tax NPV8% remains positive across the full ±30% range of every variable tested, including approximately US$4.6 billion at a 30% lower lithium carbonate price (US$16,800/t).
• Phase 1 initial capital of US$2.77 billion, including US$442 million of contingency, based on an AACE Class 4 estimate (±25%) prepared by Fluor. Phase 2 expansion capital of US$2.35 billion.
• LOM average cash operating cost of US$4,719 per tonne lithium carbonate, approximately 10% below the US$5,243/t estimated in the 2025 PEA.
• Low mining cost of approximately US$380 per tonne lithium carbonate, only 8% of total cash operating cost, driven by a low waste-to-ore strip ratio of 0.88:1 and free-digging with no blasting planned in the main pit.
• Proven and Probable Mineral Reserve of 218.3 million tonnes at 3,928 ppm Li containing 4.56 million tonnes lithium carbonate equivalent ("LCE"), supporting a 42-year mine life, with no Inferred Mineral Resources in the PFS mine plan.
• LOM average production of approximately 92,250 tpa lithium carbonate, averaging approximately 105,000 tpa in Years 4 to 14 and peaking at approximately 111,400 tpa in Year 7.
• Overall process lithium recovery of 84.9%, up from 82.8% in the 2025 PEA, supported by metallurgical test work completed by Sepro Laboratories ("Sepro") and Kemetco Research Inc. ("Kemetco").
• Battery-grade product demonstrated: lithium carbonate assaying 99.0% Li₂CO₃, produced from Project claystone during PFS metallurgical test work, was refined by Chemshift Technologies Inc. ("Chemshift") to a product of 99.95% Li₂CO₃, demonstrating a complete flowsheet from run-of-mine claystone to battery-grade product.

Management Commentary Greg Reimer, President and Chief Executive Officer of Surge, stated: "This Pre-Feasibility Study is the product of a tremendous team effort, and it has been a pleasure working alongside the world-class engineers and scientists at Fluor, Kemetco, Sepro, Chemshift, IMC and RESPEC. Together, we have taken Nevada North from a promising claystone deposit to a project supported by a Mineral Reserve, Class 4 engineering and battery-grade lithium carbonate made from our own ore. The PFS demonstrates that the NNLP can become a competitive source of domestic lithium production for America's growing battery industry. Providing not only jobs but over $11b in federal and state taxes and royalties. We look forward to working with our JV partner Evolution mining as we advance to Feasibility and a final investment decision." Summary of Key PFS Results

Parameter	Unit	PFS (2026)
Lithium carbonate price	US$/t	24,000
Mine life	years	42
Strip ratio (waste:ore)	w:o	0.88
Ore processed (LOM)	Mt	218.3
Average Li grade processed	ppm Li	3,928
Contained LCE processed	Mt	4.56
Overall...