Surge Battery Metals Announces Filing of Updated Mineral Resource Estimate Technical Report
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.
Surge Battery Metals Inc. filed an updated Mineral Resource Estimate technical report for its Nevada North Lithium Project on June 30, 2026. The report defines a pit-constrained Measured & Indicated resource of 10.51 million tonnes of Lithium Carbonate Equivalent grading 3,007 ppm Li at a 1,250-ppm cutoff. Qualified Persons from RESPEC verified the database and sampling procedures, confirming industry-standard practices.
The filing references a Preliminary Economic Assessment from May 2025, which projects an after-tax NPV8% of US $9.17 billion and an internal rate of return of 22.8% at $24,000/t LCE, with operating costs of $5,243/t LCE. This development follows a resource upgrade announced on May 14, 2026, and a $36 million private placement closing on June 25, 2026, which brought the company's cash position to approximately $75 million.
Surge Battery Metals Inc. (NILI) filed a standard NI 43-101 technical report that confirms the resource update previously announced on May 14. The filing establishes the geological baseline for the Pre-Feasibility Study (PFS) currently being led by Fluor Corp.
The submission serves as a compliance and technical validation step rather than a new catalyst, and it does not materially alter the project’s economic assumptions or timeline. The PFS remains targeted for completion in Q4 2026. The news is viewed as incremental, primarily reinforcing confidence in the resource model ahead of the upcoming study.
Surge Battery Metals Inc. is an exploration-stage company focused on the Nevada North Lithium Project in Nevada, USA. The project is a joint venture between Surge Battery Metals (70.54%) and Evolution Mining Limited (29.46%). The Nevada North Lithium Project hosts a high-grade lithium clay deposit with a pit-constrained Measured and Indicated resource of 10.51 Mt LCE.
A preliminary economic assessment outlines a 42-year mine life producing 3.6 Mt LCE, with total capital expenditures of US $5.32 billion and operating costs of $5,243/t LCE. The company is advancing metallurgical testing and engineering studies to optimize the flowsheet and de-risk the project.