Surge Announces Initial JV Funding from Evolution Mining Limited

Executive Summary

• Nevada North Lithium LLC (NNL) received an initial CA$3 million funding commitment from Evolution Mining Limited under the amended and restated operating agreement.
• Evolution’s ownership interest in NNL increased by 2.85 percentage points to a total of 25.85%, while Surge Battery Metals USA Inc. now holds 74.15%.
• The capital injection strengthens the JV’s ability to advance the Nevada North Lithium Project, supporting domestic lithium supply development.

Key Details

• Funding Amount: CA$3,000,000 provided by Evolution Mining Limited as its initial funding obligation under NNL’s amended and restated operating agreement.
• Ownership Shift:
• Evolution Mining Limited’s stake rises from 23% to 25.85% (an increase of 2.85%).
• Surge Battery Metals USA Inc. retains the remaining 74.15% ownership in NNL.
• Joint‑Venture Structure: NNL is a joint venture between subsidiaries of Surge Battery Metals Inc. and Evolution Mining Limited, focused on exploring high‑grade lithium resources in Nevada, USA.
• Strategic Impact: The additional capital and revised equity percentages enhance the JV’s financial capacity to pursue drilling, permitting, and development activities at the Nevada North Lithium Project.

Notable Quotes

“Greg Reimer, Director, President & CEO” – No direct quote provided in the release; signature indicates board endorsement of the transaction.