Surge Battery Metals Announces Strategic Funding to Fast Track the Nevada North Lithium Project, Co-Led by Brian Paes-Braga and Michael Hess

About this update from Surge Battery Metals Inc

Brian Paes-Braga - Managing Partner at SAF Group, Founder of Lithium X - and Michael Hess, CIO of Hess Capital, Co-Chairman of The Metals Royalty Company, and Board Member of TMC the metals company - to co-lead strategic equity financing to fast-track and fully fund Nevada North to a construction decision. SAF Group, a global merchant bank and investment platform, with over $5.0 billion of capital allocated across its credit platform and ~$8.0 billion in market capitalization across its current growth equity portfolio, to appoint up to 2 board members to the Board of Directors. Hess Capital is the investment arm of Michael Hess and the Hess Family, a family that has been in the resource production and development business for almost 100 years. Company plans to change its name to "Lithium X2 Mining" in the coming months in preparation for its proposed Nasdaq up-listing.[1] West Vancouver, British Columbia--(Newsfile Corp. - June 3, 2026) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce strategic funding through a non-brokered private placement (the "Offering") of up to 50,000,000 units (the "Units") at a price of $0.60 per Unit for gross proceeds of up to $30,000,000, with an option to upsize to $36,000,000, which if fully subscribed, will fully fund the Nevada North Lithium Project to a construction decision. Following closing of the Offering, the Company expects to hold approximately $70 million, in treasury. The financing is led by Brian Paes-Braga - Managing Partner of SAF Group, a global structured credit and merchant banking firm, and Head of SAF Capital Partners, the growth equity arm of SAF Group -and Michael Hess - CIO of Hess Capital - both of whom will be joining and co-leading Surge's Strategic Advisory Board. The Strategic Advisory Board has been established to enhance Surge's capital markets presence globally, support the Company's ongoing Nasdaq Capital Market application, and provide strategic guidance across government relations, off-take discussions, and construction financing. Mr. Paes-Braga brings directly relevant lithium sector expertise as Founder and CEO of Lithium X Energy Corp. - founded in 2015 at under a $2 million market cap and acquired for C$265 million in an all-cash transaction in 2018 - while Michael Hess brings deep networks across U.S. ins...

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