Disseminated on behalf of Surge Battery Metals

The Smart Money is Quietly Piling Into This Forgotten Sector

This entire movement converges on one key Nevada-based explorer.

Dear Reader,

In the world of investing, it pays to watch what the "smart money" does, not what it says.

And right now, some of the biggest and smartest players in the industrial world are making major moves into the beaten-down lithium sector.

On February 9th, a tiny Nevada-based lithium explorer, Surge Battery Metals (TSXV: NILI | OTCQX: NILIF), announced that a Fortune 500 engineering giant, Fluor Corporation, would be leading the Pre-Feasibility Study (PFS) for its Nevada North Lithium Project.

Fluor is not just some consulting firm. This is a global powerhouse with over 30,000 employees and a reputation for building some of the world's largest and most complex industrial projects. They build nuclear power plants, massive mines, and sprawling energy facilities.

When a company like Fluor gets involved, it's a major signal that a project is being seriously evaluated for construction.

And Fluor isn't the only big player here.

This PFS is being funded by Evolution Mining, a $19 billion Australian gold mining giant that has partnered with Surge in a joint venture.

Think about that for a moment.

A multi-billion-dollar mining major and a Fortune 500 engineering firm are pouring resources into a small company that most investors have never heard of.

Why?

Because Surge Battery Metals may control one of the most strategic critical mineral assets in North America.

Their Nevada North Lithium Project is not just another patch of dirt. According to its Preliminary Economic Assessment (PEA), it's the highest-grade lithium clay resource in the United States.

Its economics are so robust that its after-tax Net Present Value is estimated at US$9.21 billion, according to the company's PEA—a figure that dwarfs the project's current market valuation.

See the data behind the $9.21 billion project that has the smart money moving in.

The involvement of Fluor and Evolution Mining significantly de-risks the path to potential production for Surge. These are experienced builders and operators who have vetted the project and see its world-class potential.

While most investors were panicking out of lithium stocks during the recent price crash, these giants were positioning themselves for the next wave.

And the timing could not be more significant.

Lithium prices have surged over 50% since mid-December, driven by tightening supply out of China and strengthening demand forecasts. Morgan Stanley now projects a global lithium deficit of 80,000 metric tons in 2026. UBS estimates a shortfall of 22,000 tons. After two brutal years of oversupply, the market appears to be turning.

Now consider how Surge's project compares to its Nevada lithium peers:

Company	Li Grade (ppm)	After-Tax NPV	Market Cap
Surge Battery Metals	4,016	US$9.21B	~C$92M
Ioneer (Rhyolite Ridge)	~1,464	US$1.49B	~US$350M
Lithium Americas (Thacker Pass)	~2,540*	US$8.7B	~US$1.59B

Note: Thacker Pass uses a different clay type and extraction method. All figures from company PEAs/DFS filings.

The disparity between Surge's estimated project economics and its current market capitalization is, in our view, one of the most notable valuation gaps in the entire sector.

See the full peer comparison and project data here.

We believe that following the smart money is a proven strategy. And right now, the smart money is pointing directly at Surge Battery Metals.

Read the official announcement about the Fluor partnership here.

To your financial freedom,

Freedom Financial Research

P.S. Fluor's involvement is a powerful vote of confidence. Just one day after the Surge announcement, it was revealed that Fluor would also be leading the feasibility study for the massive $7.4 billion Donlin Gold project in Alaska. This is the caliber of company now working to advance Surge's asset. See the full details in the corporate presentation.

_{IMPORTANT DISCLAIMER:}_{Freedom Financial Research, LLC, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. Please do not rely on the information presented by Freedom Financial Research, LLC as personal investment advice. If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor. This communication is to bring interesting ideas to the attention of our audience. The communications from Freedom Financial Research, LLC should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies.}

_{Surge Battery Metals Inc. has not reviewed nor sponsored this article. The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter.}

_{Freedom Financial Research, LLC nor any employee of Freedom Financial Research, LLC is not registered with the United States Securities and Exchange Commission (the "SEC"): as a "broker-dealer" under the Exchange Act, as an "investment adviser" under the Investment Advisers Act of 1940, or in any other capacity. They are also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity.}

_{COMPENSATION DISCLOSURE:}_{In connection with this advertising campaign, Freedom Financial Research, LLC has received cash compensation in the amount of one-hundred and fifty thousand dollars ($150,000) on behalf of Surge Battery Metals Inc. (TSXV: NILI | OTCQX: NILIF) for a 30-day marketing agreement starting on February 16, 2026. This compensation is a major conflict of interest in our ability to be unbiased about Surge Battery Metals Inc. Affiliates of Freedom Financial Research, LLC may own shares in Surge Battery Metals Inc. and stand to benefit with changes in the share price.}

_{It is crucial that you conduct your own research prior to investing. This includes reading the companies' SEDAR and SEC filings, press releases, and risk disclosures.}

_{The information contained in our profiles is based on data provided by the company, extracted from SEDAR and SEC filings, company websites, and other publicly available sources.}

_{HIGH RISK:}_{The securities issued by the companies we feature should be seen as high risk; if you choose to invest, despite these warnings, you may lose your entire investment. You must be aware of the risks and be willing to accept them in order to invest in financial instruments, including stocks, options, and futures.}

_{NOT PROFESSIONAL ADVICE:}_{By reading this, you agree to all of the following: You understand this to be an expression of opinions and NOT professional advice. You are solely responsible for the use of any content and hold Freedom Financial Research, LLC, and all partners, members, and affiliates harmless in any event or claim. While Freedom Financial Research, LLC strives to provide accurate and reliable information sourced from believed-to-be trustworthy sources, we cannot guarantee the accuracy or reliability of the information. The information provided reflects conditions as they are at the moment of writing and not at any future date. Freedom Financial Research, LLC is not obligated to update, correct, or revise the information post-publication.}

_{FORWARD-LOOKING STATEMENTS:}_{Certain information presented may contain or be considered forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results or events to differ materially from those anticipated in these statements. There can be no assurance that any such statements will prove to be accurate, and readers should not place undue reliance on such information. Freedom Financial Research, LLC does not undertake any obligations to update information presented, or to ensure that such information remains current and accurate.}