Surge Announces 99.95% Battery-Grade Lithium Carbonate from Nevada North

Surge Battery Metals Inc. announced the successful production of 99.95% battery-grade lithium carbonate (Li2CO3) from its Nevada North Lithium Project (NNLP). The metallurgical program, which supports the ongoing Pre-Feasibility Study (PFS), demonstrated a complete continuous flowsheet from run-of-mine clay to refined product.

Key technical metrics include lithium extraction rates exceeding 93% at 475 kg/t acid addition, with leach kinetics completing within one hour at 90°C. Beneficiation results showed 98.9% lithium recovery into the fine (-20 µm) fraction while rejecting approximately 75% of acid-consuming carbonates.

The company entered a 12-month marketing services agreement with Outside The Box Capital Inc. for US$500,000 plus 700,000 stock options exercisable at C$1.02. A corporate correction clarified that previously granted stock options were issued solely to consultants, not directors or officers.

Surge Battery Metals Inc. (NILI) confirmed that its NNLP flowsheet successfully produced battery-grade lithium, validating the process design criteria for the Pre-Feasibility Study (PFS). This result aligns with prior metallurgical updates from May 2026, which reported extraction rates exceeding 93% and ongoing flowsheet optimization. The technical validation reduces engineering risk for Fluor Corp., which is targeting delivery of the PFS in the fourth quarter of 2026.

The company also noted that the marketing agreement and option correction are administrative and financially immaterial to the project's development trajectory. The news is expected and incremental, aligning with the company's stated PFS timeline without introducing new economic parameters or altering the development schedule. Following the announcement, the stock pulled back from its September 9 high of $1.04 to $0.90, indicating profit-taking on a known milestone rather than a fundamental repricing event.

Surge Battery Metals Inc. is a Canadian exploration and development company focused on the Nevada North Lithium Project in Nevada, USA. The project operates as a joint venture between Surge Battery Metals Inc. (67.5%) and Evolution Mining (32.5%).

The company reports a measured and indicated resource of 10.51 million tonnes of lithium carbonate equivalent (LCE) grading 3,007 parts per million lithium at a 1,250-ppm cutoff.

A preliminary economic assessment (PEA) conducted in May 2025 outlines the following financial metrics:

• After-tax NPV8%: US$9.17 billion
• Internal Rate of Return (IRR): 22.8%
• Mine Life: 42 years
• Production: 3.6 million tonnes LCE
• Operating Expenditure (OPEX): US$5,243 per tonne LCE

The proposed flowsheet involves conventional sulfuric acid leaching, beneficiation, solution purification, and carbonate precipitation.