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

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.)