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Surge Battery Metals Inc. (TSXV: NILI,OTC:NILIF) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that Nevada North Lithium, LLC ("NNL"), the joint venture formed by Surge and Evolution Mining Limited ("Evolution"), has finalized its 2026 drilling program at the Nevada North Lithium Project ("NNLP" or the "Project"). NNL has made the necessary submission to the Bureau of Land Management under its 2025 Exploration Plan of Operations Permit. A request for proposals has been issued to drilling contractors, and mobilization is targeted for September 2026 with execution expected this fall and continuing into the 2027 drill season.
In addition to continuing to define and upgrade the Project's mineral resource, the 2026 drill program will provide necessary information and data for the next stage of development, the Bankable Feasibility Study (BFS). The drill program is designed to deliver condemnation drilling, pit definition, mine plan optimization, water supply and hydrogeological data, and geotechnical data. Representative bulk tonnage material for metallurgical test work and flow sheet optimization will also be collected ahead of a planned pilot program to precede the BFS.
Evolution Mining Completes Funding
NNL has received an additional CA$3,200,000 advance from Evolution pursuant to the terms of NNL's amended and restated operating agreement. Under the agreement, Surge and Evolution formed NNL to advance the NNLP with Surge initially holding a 77% interest and Evolution holding a 23% interest. Evolution committed to fund up to CA$10,000,000 toward the Project's preliminary feasibility study in exchange for an additional 9.5% ownership interest in NNL. With funding now complete Surge holds 67.5% of NNL, with Evolution holding 32.5%.
Mr. Greg Reimer, President, Chief Executive Officer and Director of Surge, commented, "The PFS is on schedule and on budget to be delivered in Q4 of 2026. The recent federal government announcements and the strategic investment by Mike Hess and Brian Paes-Braga allow us to accelerate the BFS timeline. Having defined a resource that now stands as one of the largest and highest grade lithium clay deposits in the United States, and with our Preliminary Economic Assessment confirming compelling Project economics, our focus in 2026 & 2027 shifts to the engineering, metallurgical, and infrastructure work required to advance NNLP toward a construction decision."
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, Geological Advisor to the Company, and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals Inc., 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 development of high-grade lithium energy metals in Nevada, USA, a crucial element for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and a listing on the OTCQX Market in the USA, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.
About Evolution Mining Limited
Evolution Mining 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 Nevada North Lithium, LLC
Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (67.5%) and Evolution Mining Limited (32.5%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km north-northeast of Wells, Elko County. The first four rounds of drilling at the Project identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 4,700 meters and a known width of greater than 2,000 meters. The Project's updated Mineral Resource Estimate, filed June 30, 2026, reports a pit-constrained Measured & Indicated Resource containing an estimated 10.51 Mt of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li at a 1,250-ppm cutoff. As disclosed in the Company's Preliminary Economic Assessment dated May 19, 2025 (PEA), which is preliminary in nature and includes Inferred Resources considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves, the Nevada North Lithium Project reported an after-tax NPV8% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and an OPEX of US $5,243/t LCE (see the Company's news release dated July 24, 2025 for further information regarding the PEA).
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
Director, President & CEO
Contact Information
Email: info@surgebatterymetals.com
Phone: 604-662-8184
Website: surgebatterymetals.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan" or "planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities including lithium, the accuracy of mineral or resource exploration activity, reserves or resources, the accuracy of cash flow forecasts, projected capital and operating costs, metal processing recoveries, mine life, production rates, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure or water, changes in laws, rules and regulations including in the United States, Nevada or California or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ 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, the completion and outcome of the Pre-Feasibility Study, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of 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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