West Vancouver, British Columbia - Newsfile Corp. - May 14, 2026 - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that Nevada North Lithium, LLC ("NNL"), the joint venture formed by Surge and Evolution Mining Limited ("Evolution"), has reported an updated Mineral Resource Estimate ("MRE") for the Nevada North Lithium Project ("NNLP") containing 10.5 Mt of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li Measured and Indicated which includes 6.7Mt LCE @ 3,820 ppm Li highlighting significant scalability potential from the Preliminary Economic Assessment (PEA) mine plan that consumes only 3.6Mt @ 4016 ppm Li. Following a targeted infill and step-out drilling campaign comprising nine drill holes, the updated MRE demonstrates an 87% conversion of the PEA mine pit into higher-confidence Measured and Indicated (M&I) resource categories. This ratio of boreholes to resource highlights the clear continuity of the deposit and firmly establishes NNLP as one of the leading lithium clay deposits in North America. Highlights of the Updated Mineral Resource Estimate:

• Initial High-Grade M&I Resource Established: The Project now hosts a Measured and Indicated Resource of 657.5 million tonnes grading 3,007 ppm Li, containing 10.5 million tonnes of Lithium Carbonate Equivalent (LCE).
• High Conversion: The recent drilling successfully converted approximately 87% of the original PEA mine pit into the M&I category, securing the foundation of the deposit.
• High-Grade Expansion: The drill program successfully defined significant new volumes of higher-grade M&I resource outside the boundaries of the original PEA mine pit, providing optimization and scalability opportunities for the in-process Pre-Feasibility Study (PFS) as the PEA mine plan consumes only 3.6Mt @ 4016 ppm Li.
• Significant Inferred Expansion: Excluding the totals attributed to Measured and Indicated classifications, the Inferred Resource still hosts 271.3 million tonnes grading 2,160 ppm Li, containing 3.1 million tonnes of LCE, pushing the mineralized footprint well beyond the boundaries of the 2025 Preliminary Economic Assessment (PEA).
• Near-Surface Mine Plan Upside: Opportunities exist to further optimize early-year mine sequencing, particularly where the high-grade upper clay horizon sits near the surface.
• Specific Gravity (SG) Sampling: The SG dataset includes 512 measurements across the tuff and mineralized units. Statistical evaluation indicates that the upper clays have a median bulk density of 1.65 t/m3, while non-mineralized materials (tuffs) have a low bulk density of 1.39 t/m3. These values have been incorporated into the updated block model, and these revisions will influence future mine-planning scenarios once completed.

Mr. Greg Reimer, President, Chief Executive Officer and Director of Surge, commented, "This resource update is a watershed moment for Surge and our joint venture partners at Evolution Mining. Delivering over 10.5 million tonnes of LCE into the Measured and Indicated category at grades exceeding 3,000 ppm Li underscores the significance of the NNLP deposit. This MRE highlights the sheer scalability of the NNLP with the PEA mine plan only using 3.6Mt of the M&I resource. The primary objective of this MRE update was to de-risk the resource for the Pre-Feasibility Study, and the geological data has emphatically delivered." Updated Mineral Resource Estimate Statement The MRE was prepared by RESPEC Company, LLC ("RESPEC"), an independent mining and engineering consulting firm, in accordance with Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards - For Mineral Resources and Mineral Reserves adopted by the CIM May 19, 2014, and in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The resource is constrained within an optimized pit shell based on a $20,000/t LCE price, utilizing a cut-off grade of 1,250 ppm Li. Table 1. 2026 NNLP Measured Resource in bold and sensitivity to different cutoff grades.

Category	Tonnes (Mt)	Grade (Li ppm)	Lithium (Mt)	LCE (Mt)
Measured	210.8	3,150	0.66	3.53
Indicated	446.7	2,940	1.31	6.98
Total M&I	657.4	3,007	1.97	10.51
Inferred	271.3	2,160	0.59	3.11

Table 2. 2026 NNLP Measured Resource in bold and sensitivity to different cutoff grades.

Cutoff (Li ppm)	Tonnes (Mt)	Grade (Li ppm)	Lithium (Mt)	LCE (Mt)
1,000	214.8	3,100	0.67	3.55
1,250	210.8	3,150	0.66	3.53
1,500	199.3	3,240	0.65	3.43
1,750	187.2	3,340...