Surge Battery to complete Nevada North PFS in Q4

Executive Summary

• Surge Battery Metals Inc. (via its joint venture Nevada North Lithium LLC) has appointed Fluor Enterprises Inc. as the lead engineering firm to conduct the Pre-Feasibility Study (PFS) for the Nevada North Lithium Project.
• The appointment of Fluor marks a strategic transition from exploration to the development phase, aiming to deliver a "bankable" study by the fourth quarter of 2026.
• Concurrently, Surge announced the appointment of Tu Lieu as Chief Financial Officer, succeeding Mr. Jensen.

Key Details

• Engineering Partner: Fluor Enterprises Inc. selected as lead engineering firm for the Nevada North Lithium Project (NNLP) Pre-Feasibility Study.
• Study Timeline: The PFS is anticipated for delivery in the fourth quarter of 2026.
• Strategic Goal: The study aims to provide a roadmap to production, derisk project design, capital estimates, and the execution pathway, positioning the project for a direct feasibility study and permitting milestones.
• Technical Consortium: Fluor will lead a team including:
  • Kemetco Research (metallurgy)
  • IMC (mining)
  • Call & Nicholas (geotech)
• Management Change: Tu Lieu appointed as Chief Financial Officer.
  • Background: Nearly 20 years of experience in accounting and finance; CPA designated in 2015.
  • Previous Roles: Financial Planning and Analysis Manager, Financial Controller, and most recently Vice-President of Finance at Surge and Nevada North.
  • Succession: Mr. Jensen is thanked for his contributions and departs the role.
• Project Context: The Nevada North Lithium Project is a joint venture between Surge Battery Metals Inc. and Evolution Mining Ltd. It is described as a high-grade lithium clay asset in Nevada, USA.

Notable Quotes

• Greg Reimer, CEO and Director of Surge: "Selecting Fluor as lead engineer for the NNLP's prefeasibility study is an important step in advancing one of the most significant lithium clay assets in the United States. Fluor's track record of delivering large-scale critical minerals projects, including lithium developments in North America, gives us a high level of confidence in derisking our project design, capital estimates and execution pathway. Building on the robust economics outlined in our recent PEA, a partnership with a Tier 1 engineering firm underscores our commitment to developing Nevada North as a long-life and low-cost source of domestic battery-grade lithium for the USA."