Surge Battery Closes Texas Springs Purchase
Surge Battery Closes Texas Springs Purchase
West Vancouver, British Columbia--(Newsfile Corp. - August 27, 2025) - Surge Battery Metals
Inc. (TSXV: NILI) (OTCQB: NILIF) (FSE: DJ5C) ("Surge" or the "Company") has closed its previously
announced agreement to purchase the remaining 50% interest in certain in the M3M Texas Springs
Claims, as that term is defined below) by issuing to M3 Metals Corp. 1,200,000 of its common shares.
The Company now owns a 100% interest in the M3M Texas Springs Claims and will proceed with M3
Metals Corp. to file quitclaims and other documents with Elko County, Nevada to reflect its new
ownership position.
By way of background, effective July 26, 2023, the Company entered into a mineral property option and
joint venture agreement (the "M3M Option Agreement") with M3 Metals Corp. ("M3M"), an Exchange
listed company. The M3M Option Agreement granted the Company the option to earn up to an 80%
interest in and to (at that time) 253 mineral claims held by M3M ("M3M Texas Springs Claims") that are
contiguous with the Company's Nevada North Lithium Project.
Prior to August, 2024, the Company had earned a 50% interest in the M3M Texas Springs Claims.
In August 2024, the Company entered into a mineral property option purchase and sale agreement
("M3M Purchase Agreement") with M3M to acquire the remaining 50% interest in the M3M Claims that it
did not own in consideration of issuing 1,200,000 common shares of the Company to M3M. The M3M
Purchase Agreement as amended superseded the M3M Option Agreement, was subject to Exchange
approval, and was to terminate if closing of the M3M Purchase Agreement has not occurred on or before
June 30, 2025.
This June 30, 2025 date was extended by way of further amendment to the M3M
Purchase Agreement to August 30, 2025.
The M3M Purchase Agreement was considered a related party transaction under the policies of the TSX
Venture Exchange by virtue of the parties having two insiders in common.
The Exchange advised the Company that (notwithstanding any other shareholder approval requirement
that might be triggered) it would require, because the Company was unable to provide it with evidence of
value compliant with Exchange policies for the amount the Company was to pay for the M3 Texas
Springs Claims, disinterested shareholder approval of the M3M Purchase Agreement.
This
disinterested shareholder approval was received by the Company at its meeting of shareholders held on
July 2, 2025.
The M3M Purchase Agreement was also subject to MI 61-101's requirements. However, the Company
relied upon the exemptions in MI 61-101 from the requirements for a formal valuation (Sections 5.5(a)
and (b)), the requirements for a meeting and information circular (Section 5.7(1)(a)) and the
requirements for minority approval (Sections 5.7(1)(a) and (b)).
About Surge Battery Metals Inc.
Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the
supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The
Project focuses on exploring clean, high-grade lithium energy metals in Nevada, USA, a crucial element
for powering the electric vehicles of tomorrow. With a primary listing on the TSX Venture Exchange in
Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key
player in advancing lithium exploration, contributing significantly to the sustainable future of the electric
vehicle industry. At Surge Battery Metals, we are not just exploring minerals; we are pioneering the path
to a cleaner and more sustainable future, driving innovation in the lithium sector, and contributing to the
evolution of the electric vehicle industry.
About the Nevada North Lithium Project
The Company owns the Nevada North Lithium Project 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 on the Project, 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 Nevada North Lithium Project has a pit-constrained Inferred Resource
containing an estimated 8.65 Mt of Lithium Carbonate Equivalent (LCE) grading 2,951 ppm Li at a
1,250 ppm cutoff.
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. These forward-looking statements or
information may relate to future prices of commodities including lithium and nickel, the accuracy of
mineral or resource exploration activity, reserves or resources, regulatory or government requirements or
approvals including approvals of title and mining rights or licenses and environmental, local community or
indigenous community approvals, the reliability of third party information, continued access to mineral
properties or infrastructure or water, changes in laws, rules and regulations including in the United
States, Nevada or California or any other jurisdiction which may impact upon the Company or its
properties or the commercial exploitation of those properties, currency risks including the exchange rate
of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in
exploration costs and government royalties, export policies or taxes in the United States or any other
jurisdiction and other factors or information. The Company's current plans, expectations, and intentions
with respect to development of its business and of its Nevada properties may be impacted by economic
uncertainties arising out of any pandemic or by the impact of current financial and other market
conditions (including US government subsidies or incentives) on its ability to secure further financing or
funding of its Nevada properties. 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. 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
.
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