Surge Battery Metals Announces Application to List on NASDAQ Capital Markets

West Vancouver, May 6, 2026 - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that it has submitted an initial application to list its common shares on the Nasdaq Capital Market (the "Nasdaq").

The proposed Nasdaq listing is intended to support Surge's longer-term capital markets strategy by increasing its visibility with U.S. institutional and retail investors, broadening its potential shareholder base, and enhancing trading liquidity over time. The Company believes that a U.S. exchange listing, if completed, would complement its existing listing on the TSX Venture Exchange and position Surge to access deeper and more diversified capital markets as it continues to advance its development objectives.

"This application reflects an important step in positioning Surge for a potential transition to a more senior U.S. exchange," said Graham Harris, Chairman of Surge. "With approximately C$30 million in treasury, a fully funded pre-feasibility study, and a high-quality lithium asset, we believe the Company is well positioned to continue executing its strategy and, broaden its capital markets profile."

As part of this strategy and in anticipation of a potential U.S. exchange listing, Surge has filed a notice of intention to be qualified to file a short-form prospectus under National Instrument 44-101 - Short Form Prospectus Distributions ("NI 44-101"). If eligible, the Company expects to consider relying on the Multi-Jurisdictional Disclosure System ("MJDS") as a pathway to satisfy applicable U.S. registration requirements. MJDS is an established cross-border disclosure framework that allows eligible Canadian issuers to access the U.S. public markets by using disclosure documents prepared largely in accordance with Canadian securities law requirements, including a short-form prospectus and related disclosure, with a U.S. registration statement generally incorporating or otherwise relying on the issuer's Canadian disclosure record and/or Canadian prospectus disclosure. Any potential reliance on MJDS would remain subject to the Company meeting MJDS eligibility criteria, the review (if any) and effectiveness of any U.S. registration statement, and receipt of all necessary Canadian and U.S. regulatory and exchange approvals.

The proposed listing of the Company's common shares on Nasdaq remains subject to satisfaction of Nasdaq's initial listing requirements, receipt of all required regulatory approvals, and completion of customary listing processes. There can be no assurance that the Company's application will be approved or that a Nasdaq listing will be completed.

About Surge Battery Metals Inc.

Surge Battery Metals Inc., 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 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 in Canada and a listing on the OTCQX Market in the USA, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.

On behalf of the Board of Directors

"Graham Harris"

Graham Harris,

Chairman of the Board

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Forwards-looking statements herein, include statements related to the conditional financing, the JV, including the terms, management and governance thereof, successfully negotiating and entering into the JVA, Evolution's initial funding of the JV and the map of mineral rights/claims of the JV. Such statements represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water related risks) and social risks, contingencies, and uncertainties, including risks related to the ability of the Company to complete the conditional financing, the ability of the Company and Evolution to finalizing the JVA (and any other definitive agreements) on the terms currently contemplated or at all, Evolution's satisfaction of its funding obligation and obtaining requisite approvals. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.

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