Surge Announces Finalization of Terms of Joint Venture with Evolution Mining Limited
Surge Announces Finalization of Terms of
Joint Venture with Evolution Mining Limited
West Vancouver, British Columbia--(Newsfile Corp. - November 27, 2025) - Surge Battery Metals
Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge"), through its wholly-owned U.S.
subsidiary, Surge Battery Metals USA Inc. ("Surge US"), is pleased to announce that it has settled all of
the transaction documents in connection with its previously announced proposed transaction with a
subsidiary of Evolution Mining Limited ("Evolution"), pursuant to which Surge US and Evolution propose
to form a joint venture, for the purpose of continuing the development of the Nevada North Lithium Project
(the "Transaction").
Surge US and Evolution intend to close the Transaction on December 1 and 2, 2025
following the re-opening of requisite government offices after the U.S. Thanksgiving holidays.
At the time of closing, the Company intends to issue a news release further describing the Transaction.
About Evolution Mining Limited
Evolution is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly-
owned mines - Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in
Western Australia, and Red Lake in Ontario, Canada, and an 80% share in Northparkes in New South
Wales.
About the Nevada North Lithium Project
The Nevada North Lithium Project is located in the Granite Range southeast of Jackpot, Nevada about
73 km north-northeast of Wells, Elko County, Nevada. The first three rounds of drilling, completed in
2022, 2023, and 2024, identified a strongly mineralized zone of lithium bearing clays occupying a strike
length of more than 4,300 meters and a known width of greater than 1500 meters. Highly anomalous soil
values and geophysical surveys suggest there is potential for the clay horizons to be much greater in
extent, while wide drill spacing allows for significant upside to occur during infill drilling. The North
Nevada Lithium Project has a pit-constrained Inferred Resource containing an estimated 8.65 Mt of
Lithium Carbonate Equivalent (LCE) grading 2,955 ppm Li at a 1,250 ppm cutoff. The recently
completed PEA reported an after-tax NPV
8
% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/ t
LCE and an OPEX of US $5,243/t LCE.
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
Director, President & CEO
Contact Information
Email:
Phone: 604-662-8184
Website:
surgebatterymetals.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or
expressions identify forward-looking statements or information. Forwards-looking statements herein,
include statements related to the timing of the closing of the Transaction and future news releases.
Such
statements represent the Company's current views with respect to future events and are necessarily
based upon several assumptions and estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive, political, environmental (including
endangered species, habitat preservation and water related risks) and social risks, contingencies, and
uncertainties, including risks related to unforeseen variables preventing the closing of the Transaction.
Many factors, both known and unknown, could cause results, performance, or achievements to be
materially different from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or information to reflect changes in assumptions
or changes in circumstances or any other events affecting such statements and information other than as
required by applicable laws, rules, and regulations.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/276149