Surge Battery, Evolution receive conditional OK for JV

Executive Summary

• Surge Battery Metals announced that its proposed joint venture with Evolution Mining Ltd. has received conditional approval from the TSX Venture Exchange, pending customary closing conditions.
• The parties are actively finalizing definitive documentation and coordinating with required third‑party approvals to close the transaction “forthwith.”
• The JV will focus on advancing the Nevada North Lithium Project (NNLP), which already hosts an inferred resource of 8.65 Mt LCE at 2,955 ppm Li and a PEA indicating a post‑tax NPV₈% of US$9.17 bn and IRR of 22.8%.

Key Details

• Conditional TSX Venture Exchange Approval: The joint venture has been conditionally approved, subject only to standard closing conditions.
• Current Status: Surge and Evolution are finalizing all definitive agreements and liaising with requisite third parties to complete the JV formation promptly.
• Project Scope: The JV will target the Nevada North Lithium Project in the Granite Range, southeast of Jackpot, NV.
• Resource Highlights (NNLP):
• Inferred resource: 8.65 million tonnes LCE at 2,955 ppm Li (1,250 ppm cut‑off).
• Strike length > 4,300 m; known width > 1,500 m of lithium‑bearing clays.
• PEA Economics:
• After‑tax NPV₈%: US$9.17 billion.
• After‑tax IRR: 22.8 %.
• Base case price: US$24,000/tonne LCE.
• Operating cost: US$5,243/tonne LCE.

Notable Quotes

No direct quotes were provided in the release.