Surge Battery finalizes JV terms with Evolution Mining

On November 27, 2025, Surge Battery Metals Inc. announced that it has finalized the terms of a joint venture (JV) agreement with Evolution Mining Limited for the development of its flagship Nevada North Lithium Project. This follows the initial Letter of Intent (LOI) announced on September 16, 2025, and the conditional approval from the TSX Venture Exchange on November 21, 2025. The finalized JV agreement will become effective on December 1, 2025, formalizing the partnership to advance the project.

The finalization of the joint venture with Evolution Mining is a significant and material de-risking event for Surge Battery Metals and its shareholders. The primary challenges facing the Nevada North project, despite a robust Preliminary Economic Assessment (PEA), have been its massive scale (US$5.3B CAPEX) and the fact that its entire resource is in the inferred category.

This JV addresses several key concerns: - Project Validation: A partnership with an established mining company like Evolution Mining serves as a strong third-party validation of the Nevada North project's technical merits and economic potential. - Near-Term Funding Secured: The original LOI outlined that Evolution would sole-fund the first $10 million in expenditures to complete a Pre-Feasibility Study (PFS). This secures funding for the project's next critical milestone, removing a significant financing overhang and potential dilution risk for Surge in the medium term. - Execution and Expertise: Successfully advancing the LOI to a definitive agreement demonstrates management's ability to execute on its strategic goals. Furthermore, Evolution brings invaluable mine development and operational expertise that a junior explorer like Surge lacks, which is critical for a project of this magnitude.

The market had already begun to price in this development following the initial LOI in September, with the stock rallying from the $0.27 level. This finalization confirms the catalyst and solidifies the path forward for the project's advancement, shifting the focus from "if" they can fund the next step to "how" the PFS will unfold. This is a material positive development that fundamentally improves the company's risk profile.

Surge Battery Metals Inc. is a junior exploration company focused on the acquisition, exploration, and development of battery metal deposits.

Its flagship asset is the 100%-owned Nevada North Lithium Project (NNLP) located in Elko County, Nevada, a top-tier mining jurisdiction. The project is a high-grade, claystone-hosted lithium deposit. - Mineral Resource Estimate (effective Oct 2024): A pit-constrained inferred resource of 8.65 million tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of 2,956 ppm Li. - Preliminary Economic Assessment (June 2025): The PEA demonstrated robust potential with an after-tax Net Present Value (NPV) at an 8% discount rate of US$9.21 billion and an after-tax Internal Rate of Return (IRR) of 22.8%. However, it also outlined a very large initial CAPEX of US$5.3 billion. - Current Status: With the JV now finalized, the project is advancing towards a Pre-Feasibility Study (PFS).