Surface Metals

Surface Metals presents a compelling investment opportunity through its dual exposure to gold's record-breaking bull market and lithium's critical role in the EV revolution. Gold soared beyond US$4,000 per ounce in October 2025, with Goldman Sachs forecasting potential ascent to US$5,000 by mid-2026, driven by inflation concerns, government debt, and global uncertainty. Simultaneously, the company's Clayton Valley lithium brine project offers immediate resource value, while Fish Lake Valley's surface samples reaching 1,418 ppm lithium demonstrate exceptional exploration potential adjacent to Ioneer's billion-dollar development.​

The Cimarron Gold Project represents a high-quality early-stage exploration asset with a drill-indicated historic resource of approximately 50,000 ounces (non-NI 43-101 compliant) based on 190 historic drill holes. Notable intercepts include 23 meters of 4.49 g/t gold and 46 meters of 3.94 g/t gold, with mineralization remaining open in multiple directions. Located 28 miles from Kinross's world-class Round Mountain mine (15+ million ounces produced), Cimarron sits at the intersection of two major gold trends, providing geological and strategic validation.​

Surface Metals is led by a management team with extensive experience in global resource development and capital markets. Stephen Hanson, Director, President and CEO, brings over 30 years of finance and corporate development experience across four continents, with a track record of successful M&A transactions and exit strategies with major corporations. William Feyerabend, Certified Professional Geologist and Qualified Person for US projects, provides technical oversight with direct lithium project experience in Nevada and throughout the American West.​

The technical advisory team includes Dane Bridge, P.Geo., with 45 years of international mineral exploration and mine operations experience, and Matt Banta, PhD, specializing in lithium brine and mining water resource management. Director Vivian Katsuris contributes 30 years of capital markets and public financing expertise, while CFO Zara Kanji ensures financial reporting compliance for junior listed companies. This combination of technical proficiency and capital markets experience positions the company to advance its projects efficiently.​

Surface Metals is executing a phased development strategy focused on advancing its most mature assets while systematically exploring its earlier-stage properties. The Clayton Valley lithium brine project is the primary near-term value driver, with an NI 43-101 resource established and Direct Lithium Extraction (DLE) technology partnerships being developed to enable low-cost, sustainable production. The company plans to leverage DLE's efficiency advantages over traditional evaporation ponds, reducing water usage and facility footprint while increasing lithium recovery rates.​

At Cimarron, the strategy involves confirming and expanding the historic gold resource through systematic drilling to achieve NI 43-101 compliance, targeting a shallow, low-sulfidation oxide gold system with strong structural control. Fish Lake Valley will advance from surface sampling to drilling to define a sedimentary lithium claystone resource, building on geophysical surveys indicating down-dropped basin structures with target clay sediments at depths of 500-750 meters. In Manitoba, the earn-in agreement with Snow Lake Resources provides capital-efficient exploration of the pegmatite lithium projects, with Snow Lake having already earned 51% interest and the ability to reach 90%.​

As of November 2025, Surface Metals maintains a lean capital structure with 45.4 million shares issued and outstanding, and 63.6 million shares fully diluted including warrants and options. The company's project portfolio offers multiple pathways to value creation without immediate massive capital requirements, as Clayton Valley already has a defined NI 43-101 resource, Cimarron has extensive historic drilling data, and the Manitoba projects are being funded through the Snow Lake earn-in agreement.​

The Nevada lithium projects benefit from established regional infrastructure, including access to power, water, rail, and roads, plus proximity to Tesla's Gigafactory less than 200 miles away. While specific project economics and CAPEX requirements are not yet disclosed, the company's strategy of leveraging existing data, partnering on exploration costs, and targeting projects with defined resources reduces financing risk compared to pure greenfield explorers. Surface Metals is positioned to pursue staged project development, potential strategic partnerships, or joint ventures to maximize value while minimizing shareholder dilution.​

Surface Metals Inc. offers investors unique exposure to two critical commodity sectors through a diversified portfolio of advanced-stage projects in premier mining jurisdictions. With gold at generational highs and lithium demand accelerating from EV battery production, the company's strategic positioning in Nevada and Manitoba provides multiple pathways to resource development and value creation. The combination of a defined lithium resource, historic gold drilling data, and pegmatite lithium exploration potential creates a balanced risk profile uncommon among junior miners.​

The company's experienced management team, capital-efficient partnership strategy, and focus on projects with existing data and infrastructure de-risk the path to production. As Surface Metals advances Clayton Valley toward development, expands Cimarron's gold resource, and leverages Snow Lake's exploration funding in Manitoba, it is well-positioned to deliver long-term shareholder value while maintaining responsible environmental and community stewardship.​