Surge Battery Metals to Host Analyst Conference Call to Discuss Pre-Feasibility Study Results at the Nevada North Lithium Project

Surge Battery Metals Inc. (NILI) will host an analyst-only conference call on Monday, October 5, 2026, at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review the Pre-Feasibility Study ("PFS") results for the Nevada North Lithium Project ("NNLP"). Access to the call is restricted to equity research analysts and institutional investors. Registration is required, with each application reviewed and subject to approval; unverifiable registrations will be denied a join link.

The PFS results were released after market close on Friday, October 2, 2026. This announcement serves as logistical notice for the follow-up call rather than new project information. Presenters will include Greg Reimer (President & CEO), Graham Harris (Chairman), and members of the PFS technical team, followed by an analyst and institutional Q&A. The company stated that no information will be discussed on the call that is not already contained in the news release dated October 2, 2026, or other public disclosures. To accommodate those unable to attend, the presentation used on the call and a full replay will be posted publicly at surgebatterymetals.com afterward.

Nevada North Lithium, LLC is a joint venture owned 67.5% by Surge and 32.5% by Evolution Mining Limited. The project is located southeast of Jackpot, Nevada, approximately 73 km north-northeast of Wells in Elko County. It features a strongly mineralized lithium-bearing clay zone with a strike length exceeding 4,700 m and a known width of over 2,000 m. As of June 30, 2026, the Mineral Resource Estimate ("MRE") reports a pit-constrained Measured and Indicated Resource of 657.5 Mt grading 3,007 ppm Li, containing approximately 10.5 Mt LCE at a 1,250 ppm Li cutoff.

Alan J. Morris, MSc, CPG (Geological Advisor), served as the Qualified Person who reviewed and approved the technical content. The release includes the standard caution that mineral resources are not mineral reserves and do not have demonstrated economic viability.

Surge Battery Metals Inc. (NILI) issued a routine administrative scheduling release containing no new technical, financial, commercial, or corporate information. All substantive facts regarding joint venture percentages, resource tonnage and grade, project location, and Pre-Feasibility Study (PFS) timing were already public, primarily in the October 2, 2026 release and repeated in disclosures dating back to mid-2025.

The primary development in this release is that the company is actively marketing the PFS to the sell-side and institutional community. This is a standard post-study step, and the release specifies that the upcoming call will cover only existing public disclosure. The company did not disclose whether any analyst coverage currently exists or is expected.

Surge Battery Metals has delivered on its previous commitments regarding the PFS timeline. On February 9, 2026, the company announced Fluor Enterprises as the lead PFS engineer, targeting delivery in Q4 2026 and outlining plans to move to a "Direct Feasibility Study." The stock closed at $0.66 that day. Subsequent developments included a June 3, 2026, announcement of up to $30 million in financing, later upsized to $36 million, co-led by Brian Paes-Braga and Michael Hess. This funding was intended to advance the Nevada North Lithium Project through to a construction decision, alongside a planned name change to "Lithium X2 Mining" and a proposed Nasdaq up-listing. The stock closed at $0.84 on that date.

On June 25, 2026, Surge closed the upsized placement at $36 million, involving 60,000,000 units at $0.60 each, with one full $0.90 warrant per unit. The company stated cash would rise to approximately $75 million. On July 8, 2026, the company added cesium and rubidium as potential co-products to the PFS scope and granted 6.95 million options at $0.70.

On September 10 and 15, 2026, the company reached an agreement with the Salmon River Cattlemens Association regarding land access and water-rights protest withdrawal, and announced that the joint venture produced 99.95% Li2CO3 battery-grade product. On September 22, 2026, the 2026/27 drill program began under BLM approval to feed the Bankable Feasibility Study (BFS).

The PFS was delivered on October 2, 2026, ahead of the Q4 2026 target previously stated in February and August 2026. The PFS improved on the May 19, 2025, Preliminary Economic Assessment (PEA) across every headline metric:

• After-tax NPV8%: US$9.81B versus US$9.17B
• After-tax IRR: 23.6% versus 22.8%
• LOM cash operating cost: US$4,719/t versus US$5,243/t
• Lithium recovery: 84.9% versus 82.8%
• Phase 1 capital: US$2.77B versus US$2.97B
• Payback: 4.2 years versus 4.6 years

The company also issued a disclosure-quality correction regarding the September 15, 2026 release. This correction noted that prior releases from July 8 and September 10, 2026, had incorrectly stated that stock options were granted to directors and officers, when they were in fact granted solely to consultants.

No analyst ratings, price targets, consensus estimates, or coverage lists are provided in the supplied materials. Consequently, it cannot be determined whether coverage exists, what the range or average target is, or whether any institution participating in today's call publishes on the name. No transcript is provided, as the October 5 call had not occurred at the time of this data set. The company has pre-committed that nothing new will be said during the call.

Surge Battery Metals Inc. is a mineral exploration company listed on the TSX Venture Exchange (NILI), the OTCQX (NILIF) and the Frankfurt Stock Exchange (DJ5C). The company has no revenue and no producing assets; its financial statements confirm zero revenue across all reporting periods supplied.

The company’s flagship asset is the Nevada North Lithium Project, a lithium-bearing sedimentary clay deposit located southeast of Jackpot, Nevada, roughly 73 km north-northeast of Wells in Elko County. The company describes the mineralized zone as having a strike length exceeding 4,700 m and a known width exceeding 2,000 m. The deposit is near-surface in places — the October 2025 drill program found target claystone within the top 6.1 m in five of nine holes — which underpins the free-digging, low strip ratio (0.88:1) mining assumption in the Preliminary Feasibility Study (PFS).

The project is held through Nevada North Lithium, LLC, a joint venture between Surge (67.5%) and Evolution Mining Limited (32.5%). Surge's U.S. subsidiary serves as the general manager while it holds more than 50%. The joint venture structure evolved through 2025–2026: it started at 77% / 23% on signing (December 2, 2025), moved to 74.15% / 25.85% after Evolution's initial CA$3M, then to 70.54% / 29.46% after the CA$2.1M advance in April 2026, and settled at 67.5% / 32.5% once Evolution completed its full CA$10M PFS funding commitment, as confirmed in the August 19, 2026 releases and restated in this release.

The PFS scope, disclosed on October 2, 2026, is based on a 100% project basis. It outlines a 42-year mine life with Phase 1 design capacity of approximately 55,900 tpa of battery-grade lithium carbonate. Phase 2 doubles this to a peak of approximately 111,400 tpa in year 7, resulting in a life-of-mine (LOM) average of approximately 92,250 tpa. Total LOM production is estimated at 3.87 Mt of lithium carbonate. Phase 1 initial capital is US$2.77B (AACE Class 4, ±25%), with Phase 2 expansion costing US$2.35B and LOM sustaining capital at US$1.65B. The study projects an after-tax NPV8% of US$9.81B, an after-tax IRR of 23.6%, and a payback period of 4.2 years. First production is targeted for H2 2031. The product is specified as 99.95% Li2CO3 battery grade.

Additionally, the company holds an option agreement on the San Emidio Lithium Project, under which it can earn an undivided 80% interest through cash payments and share issuances, per the Q1-2026 MD&A.