November 6, 2026 West Vancouver, British Columbia – Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the “Company” or “Surge”) wishes to provide an update regarding a Notice of Hearing issued by the British Columbia Securities Commission (the “BCSC”) on November 3, 2026, concerning allegations involving Graham Leslie Harris, Chairman and Director of the Company.

The Notice of Hearing relates to certain transactions involving common shares of the Company that occurred in September 2023. The BCSC alleges that Mr. Harris sold shares of the Company during a trading blackout period prior to the public disclosure of positive preliminary exploration results from the Company’s Nevada North Lithium Project.

The Company notes that the allegations concern trading activity undertaken by Mr. Harris and do not constitute findings of wrongdoing. The allegations have not been proven, and Mr. Harris will respond through the applicable regulatory process, and he has been cooperating with such process.

Company Review and Response

The Company’s Board of Directors (the “Board”) has been made aware of the Notice of Hearing. 

The Company takes its corporate governance and regulatory obligations seriously and will continue to cooperate with applicable regulatory authorities as appropriate and in connection with the foregoing, has appointed Owen Taylor as lead independent director.

The Company emphasizes that the allegations relate to transactions occurring in 2023 and do not concern the current operations, technical results or ongoing development activities at its Nevada North Lithium Project.

Surge remains focused on advancing the Nevada North Lithium Project and executing its development strategy.

About Surge Battery Metals Inc.

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

About Nevada North Lithium, LLC

Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc. (67.5%) and Evolution Mining Limited (32.5%), 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. The Project's updated Mineral Resource Estimate, filed June 30, 2026, reports a pit-constrained Measured and Indicated Resource of 657.5 Mt grading 3,007 ppm Li, containing an estimated 10.5 Mt of Lithium Carbonate Equivalent (LCE), at a cutoff grade of 1,250 ppm Li.

On Behalf of the Board of Directors

Greg Reimer
CEO, President and Director