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Financings Routine +

Surge Battery Metals Announces Closing of Upsized Private Placement for Gross Proceeds of $36 Million

Surge Battery secures $36m in upsized financing to fast-track its Nevada North lithium project to a final construction decision.

By The Northwire Desk — AI Analysis Jun 25, 2026 · 07:31 NILI · 0.68 Surge Battery Metals Inc.
Executive Summary

Surge Battery Metals Inc. (NILI) has closed an upsized non-brokered private placement, raising $36.0 million in gross proceeds. The offering consisted of 60,000,000 units priced at $0.60 per unit, with each unit including a warrant exercisable at $0.90 per share for three years. The transaction is subject to final TSX Venture Exchange acceptance and carries a standard four-month-and-one-day hold period.

Proceeds from the offering will fully fund the advancement of the Nevada North Lithium Project to a construction decision and support general working capital. The company’s cash position is now approximately $75 million, bolstered by recent warrant exercises. Insiders purchased 1,480,000 units for $888,000, and strategic advisors Brian Paes-Braga and Michael Hess were added to a new Strategic Advisory Board.

Material Impact

Surge Battery Metals Inc. (NILI) has closed the financing announced on June 3, 2026, upsizing the deal from $30 million to $36 million. The transaction provides a cash buffer and fully de-risks the immediate development path by funding the Pre-Feasibility Study (PFS) through to a construction decision.

The capital raise was priced at $0.60 per share, which is below the recent trading range of $0.68 to $0.76. The company also appointed strategic advisors to the transaction.

NILI · Price
Company Overview

Surge Battery Metals Inc. (NILI) is a Canadian exploration and development company focused on the Nevada North Lithium Project (NNLP) in Elko County, Nevada. The project is advanced through a joint venture with Evolution Mining Limited, which holds a 29.46% stake after contributing up to $10 million toward the Preliminary Feasibility Study (PFS).

The NNLP features a pit-constrained Measured & Indicated resource of 10.51 million tonnes of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li. A Preliminary Economic Assessment (PEA) reports an after-tax NPV8% of US $9.17 billion and an after-tax IRR of 22.8% at $24,000/t LCE, with a projected 42-year mine life. The company is actively optimizing its flowsheet, achieving greater than 93% lithium extraction rates in recent metallurgical testing.

Read the original news release →

More from Surge Battery Metals Inc.

Aug 19, 2026 · 07:01

Surge Battery advances its Nevada North drill program to accelerate the BFS timeline while fully funding its joint venture stake in the Evolution project.

Drill Results Jul 08, 2026 · 07:01

Surge Battery confirms cesium-rubidium correlation and integrates results into the preliminary feasibility study for its project, though no economic resource has been defined.

Drill Results Jun 30, 2026 · 07:01

Surge Battery Metals files an updated mineral resource estimate for its Nevada North Lithium Project, establishing a baseline for the preliminary feasibility study while holding a $75 million cash reserve.

Resource Estimate Jun 03, 2026 · 10:01

Surge Battery secures $30m strategic funding to fast-track the Nevada North project toward a final construction decision.

Financings May 26, 2026 · 08:01

Flowsheet breakthroughs keep Nevada North’s pre-feasibility on track, but investor attention remains fixed on the capital gap and lithium price recovery.

Production / Operations May 14, 2026 · 07:01

Surge Battery Metals’ Nevada North resource upgrade converts 10.5Mt LCE to M&I, dramatically de-risking its premier lithium clay project ahead of the Q4 2026 PFS.

Resource Estimate