Surge Battery finalizes JV terms with Evolution Mining

Mr. Greg Reimer reports SURGE ANNOUNCES FINALIZATION OF TERMS OF JOINT VENTURE WITH EVOLUTION MINING LIMITED Through Surge Battery Metals Inc.'s wholly owned United States subsidiary, Surge Battery Metals USA Inc., the company has settled all of the transaction documents in connection with its previously announced proposed transaction with a subsidiary of Evolution Mining Ltd., pursuant to which Surge U.S. and Evolution propose to form a joint venture, for the purpose of continuing the development of the Nevada North lithium project. Surge U.S. and Evolution intend to close the transaction on Dec. 1 and Dec. 2, 2025, following the reopening of requisite government offices after the U.S. Thanksgiving holidays. At the time of closing, the company intends to issue a news release further describing the transaction. About Evolution Mining Ltd. Evolution is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly owned mines -- Cowal in New South Wales, Ernest Henry and Mt. Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80-per-cent share in Northparkes in New South Wales. About the Nevada North lithium project The Nevada North lithium project is located in the Granite Range southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county, Nevada. The first three rounds of drilling, completed in 2022, 2023 and 2024, identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of more than 4,300 metres and a known width of greater than 1,500 metres. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent, while wide drill spacing allows for significant upside to occur during infill drilling. The North Nevada lithium project has a pit-constrained inferred resource containing an estimated 8.65 million tonnes of lithium carbonate equivalent (LCE) grading 2,955 parts per million Li (lithium) at a 1,250 ppm cut-off. The recently completed PEA (preliminary economic assessment) reported an after-tax NPV8 per cent (net present value, 8-per-cent discount rate) $9.17-billion (U.S.) and after-tax IRR (internal rate of return) of 22.8 per cent at $24,000/tonne LCE (lithium carbonate equivalent) and operating expenditure of $5,243 (U.S.)/t LCE. We seek Safe Harbor.