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M&A / Property

Surge Announces Finalization of Terms of Joint Venture with Evolution Mining Limited

By The Northwire Desk — AI Analysis Nov 27, 2025 · 08:01 NILI · 0.51 Surge Battery Metals Inc.
NILI · Price

Executive Summary

  • Surge Battery Metals Inc., via its U.S. subsidiary, has settled all transaction documents to form a joint venture with Evolution Mining Limited’s subsidiary for the Nevada North Lithium Project.
  • The parties intend to close the transaction on December 1‑2, 2025, pending reopening of government offices after the U.S. Thanksgiving holidays.
  • A further news release will be issued at closing providing additional details of the transaction.

Key Details

  • Transaction Parties: Surge Battery Metals USA Inc. (100% owned by Surge) and a subsidiary of Evolution Mining Limited.
  • Purpose: Formation of a joint venture to continue development of the Nevada North Lithium Project in Nevada, USA.
  • Closing Timeline: Anticipated closing on December 1‑2, 2025, subject to reopening of required government offices after Thanksgiving.
  • Project Overview:
  • Location: Granite Range, southeast of Jackpot, Nevada (≈73 km NNE of Wells, Elko County).
  • Resource: Pit‑constrained Inferred Resource of ~8.65 Mt LCE at 2,955 ppm Li (1,250 ppm cutoff).
  • Economic Highlights (PEA): After‑tax NPV₈% US$9.17 billion; after‑tax IRR 22.8%; base price $24,000/t LCE; OPEX $5,243/t LCE.
  • Future Disclosure: Company will issue a detailed news release at the time of closing describing the transaction terms.

Notable Quotes

  • “On behalf of the Board of Directors” – Greg Reimer, Director, President & CEO. (No substantive quote provided beyond sign‑off.)
Read the original news release →

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Production / Operations May 14, 2026 · 07:01

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Resource Estimate