Surface Metals Inc. Provides Corporate Update: Gold's 2025 Rally Amplifies Cimarron Gold Project Potential and Strengthens Strategic Position

Rhea-AI Summary

Surface Metals (OTCQB: SURMF) provided a corporate update on October 30, 2025 highlighting stronger gold prices and progress across its Nevada gold and lithium portfolio. The company holds a 90% interest in the Cimarron Gold Project (31 claims, ~260 acres) with historic non‑NI 43‑101 estimates of ~50,000 oz contained gold and >190 historic drill holes; Surface Metals plans targeted drilling to deliver a compliant 43‑101 resource. Surface Metals also reports an inferred 302,900 tonnes LCE at Clayton Valley across 2,230 acres, plus additional lithium acreage at Fish Lake Valley and a >17,000 acre JV position in Manitoba.

Positive

• Acquired 90% interest in Cimarron (April 2025)
• Historic ~50,000 oz contained gold at Cimarron
• Inferred 302,900 tonnes LCE at Clayton Valley
• Cimarron supported by >190 historic drill holes
• Portfolio exposure to brine, claystone and hard‑rock lithium

Negative

• Cimarron gold estimate is historic and non‑NI 43‑101
• No NI 43‑101 compliant resource yet for Cimarron
• Planned resource drilling and development timelines not specified

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2025) - Surface Metals Inc. (CSE: SUR) (OTCQB: SURMF) (the "Company", or "Surface Metals") is pleased to provide a corporate update as gold prices have reached all-time highs in 2025 and the Company advances its portfolio of gold and lithium assets in North America.

"Gold is reaffirming its place as the ultimate store of value," stated Steve Hanson, President and CEO of Surface Metals. "For Surface Metals, this environment represents a rare opportunity. The economics of every ounce we discover at our Cimarron Gold Project improve dramatically as gold continues to appreciate. With this historic strength in the gold market, we are advancing exploration at precisely the right time."

Cimarron Gold Project - Nevada, USA

Located in Nye County, Nevada, the Cimarron Gold Project remains the Company's primary near-term value driver. Surface Metals holds a 90% interest in 31 unpatented lode mining claims covering approximately 260 acres within the historic San Antonio / Tonopah mining district.

The Cimarron Project hosts multiple high-grade gold intercepts, supported by more than 190 historical drill holes. Mineralization remains open in many directions, indicating strong potential for expansion. Historic non-NI 43-101 estimates outlined roughly 50,000 ounces of contained gold, which the Company intends to update and potentially expand through further exploration.

"Our technical team is reviewing drill targets and preparing a focused program designed to expand known mineralization and establish a compliant 43-101 resource," said Steve Hanson. "Cimarron sits in the historic Walker Lane trend, at the intersection of strong geology, extensive mineralization, in one of the pre-eminent mining districts globally." In April 2025, Surface Metals completed the acquisition of its 90% interest in the project.

Clayton Valley Lithium Brine Project - Building Scale in Nevada

Surface Metals' Clayton Valley Lithium Brine Project, located adjacent to Albemarle's Silver Peak Mine - the only producing lithium brine operation in the United States - continues to advance toward its next phase of development.

Surface Metals' project currently hosts an inferred resource of approximately 302,900 tonnes of lithium carbonate equivalent (LCE) across a 2,230-acre land package.

"The global transition to electric mobility and energy storage continues to drive long-term lithium demand," added Hanson. "Our Clayton Valley project benefits from its strategic location within a proven lithium district and close proximity to end users."

Beyond Clayton Valley, Surface Metals maintains a diverse portfolio of lithium exploration projects across North America:

• Fish Lake Valley, Nevada: A 1,694-acre claystone and sedimentary lithium project prospective for near-surface lithium-bearing horizons, directly next to Ioneer's world class lithium boron mine expected to go into construction in 2026.
• Manitoba, Canada: Through a joint venture with Snow Lake Energy (NASDAQ: LITM), Surface Metals has exposure to over 17,000 acres of highly prospective pegmatite ground near the historic Tanco lithium-cesium-tantalum mine. These hard-rock assets complement the Company's brine and claystone lithium holdings and provide additional growth optionality. Snow Lake is earning into the project by spending exploration dollars on the ground.

Surface Metals' lithium strategy provides shareholders with exposure to multiple deposit types across tier-one jurisdictions. This diversity positions Surface Metals to capture value across the evolving battery metals supply chain.

Surface Metals' focus remains disciplined with plans to advance Cimarron through resource definition drilling and expansion, advance and develop our lithium resource base, and position the Company for future development or partnership opportunities.

About Surface Metals Inc.

Surface Metals Inc. (CSE: SUR) (OTCQB: SURMF) is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in Nevada, USA, and Manitoba, Canada. The Company's Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. It's Clayton Valley Lithium Brine Project hosts an inferred resource of approximately 302,900 tonnes LCE adjacent to Albemarle's Silver Peak Mine. Surface Metals also holds additional lithium assets in Fish Lake Valley, Nevada, and through a joint venture with Snow Lake Energy in southeastern Manitoba.

For more information, please visit: www.surfacemetals.com.

On behalf of the Board of Directors

Steve Hanson
Chief Executive Officer, President, and Director
Telephone: (604) 564-9045
info@surfacemetals.com

Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at Surface's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Surface's project location adjacent to or nearby other mineral projects does not guarantee exploration success or that mineral resources or reserves will be defined on Surface's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by Surface. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. With regard to the Cimarron Project potential quantity and grade of mineralization described is conceptual in nature as there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in targets being delineated as a mineral resource. Surface Metals has not undertaken any independent verification of drill results from historical drilling not completed by Surface Metals. Surface Metals has not independently analyzed the results of the historical exploration work in order to verify the results and believes that the historical drill results may not all conform to the presently accepted industry standards and as such should not be relied upon by the reader. Surface Metals Inc. considers these historical drill results relevant as Surface Metals Inc. will use this data as a guide to plan future exploration programs. Surface Metals Inc. also considers the data to be reliable for these purposes, however, Surface Metal Inc.'s future exploration work will include verification of the data through drilling. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272511

FAQ

What did Surface Metals announce about the Cimarron Gold Project (SURMF) on October 30, 2025?

Surface Metals said it holds a 90% interest in Cimarron (~260 acres) with historic ~50,000 oz contained gold and plans to complete targeted drilling to establish a NI 43‑101 resource.

How large is the Clayton Valley lithium inferred resource reported by Surface Metals (SURMF)?

Surface Metals reported an inferred resource of approximately 302,900 tonnes LCE across a 2,230‑acre Clayton Valley land package.

When did Surface Metals complete the Cimarron acquisition and how much did it acquire (SURMF)?

The company completed the acquisition of the 90% interest in Cimarron in April 2025.

What lithium acreage does Surface Metals hold or have exposure to (SURMF)?

Surface Metals holds Clayton Valley 2,230 acres, Fish Lake Valley 1,694 acres, and >17,000 acres exposure in Manitoba via a joint venture with Snow Lake Energy.

Does Surface Metals have a compliant NI 43‑101 resource for Cimarron (SURMF)?

No; the Cimarron estimate cited is historic and non‑NI 43‑101; the company plans targeted drilling to produce a compliant resource.

How does the company say gold’s 2025 rally affects Cimarron (SURMF)?

Surface Metals said higher gold prices improve the economics of discovered ounces and support advancing exploration at Cimarron.