Surge Battery Closes Acquisition With Grid Battery and Now Owns 100% of Surge Nickel Project

WEST VANCOUVER, BC / ACCESSWIRE / June 14, 2023 / Surge Battery Metals Inc. (the "Company" or "Surge")(TSXV:NILI); (OTC PINK:NILIF); FRA:DJ5C) announces that, further to its news release dated April 3, 2023, (the "Initial News Release") the Company has now closed the "related party" transaction and acquired a 100% interest in the Surge Nickel Project.

As disclosed in the Initial News Release, the Company entered into an Option Agreement with Grid Battery Metals Inc. (formerly "Nickel Rock Resources Inc.") ("Grid") dated March 31, 2023 (the "Agreement"), whereby it was granted the option (the "Option") to acquire the remaining 20% interest in the HN4 and N100 Claims (the "Surge Nickel Project"), located in Northern British Columbia. The Company had previously earned an undivided 80% interest in the Surge Nickel Project. Three of the claims are subject to a 2% NSR, including the HN4 claim and the two southernmost claims of the N100 claim group.

The Company has now exercised the Option by issuing 1,000,000 of its common shares (the "Grid Shares") to Grid and now owns a 100% interest in the Surge Nickel Project.

Upon exercise of the Option, Grid transferred 100% ownership of the Surge Nickel Project to the Company. The Grid Shares are subject to a four‐month and a day hold period expiring on October 15, 2023.

Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Agreement constitutes a "related party transaction" due to the fact that the CFO is also the CFO of Grid. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

43-101 Technical Report - Surge Nickel Project - HN4 and N100 Nickel Claims
In connection with the Transaction, Surge has filed a technical report entitled "Technical Report for the HN4 & N100 Claim Groups of the Nickel Project, Omineca Mining Division, Takla Lake Area, British Columbia", dated June 7, 2023, prepared by Jeremy Hanson, P.Geo (the "Report"). The Report has been prepared in accordance with National Instrument 43-101 and be found under the Company's profile on SEDAR at www.sedar.com. The Report can also be obtained on the Company's website at www.surgebatterymetals.com/nickel-project.