Surge Announces Update on Proposed Joint Venture with Evolution Mining Limited
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On November 21, 2025, Surge Battery Metals announced it has received conditional approval from the TSX Venture Exchange (TSXV) for its proposed joint venture (JV) with Evolution Mining Limited. The company stated it is working collaboratively with Evolution to finalize the necessary documentation and liaise with third parties to formally establish the joint venture for the Nevada North Lithium Project (NNLP). The approval is subject to customary closing conditions.
This news is a material and positive development that significantly de-risks the path forward for Surge's flagship Nevada North Lithium Project. The conditional TSXV approval is the final major regulatory hurdle before the joint venture with Evolution Mining can be finalized.
Tracing the progression of this JV: - September 16, 2025: Surge signed a Letter of Intent (LOI) with Evolution Mining, a major mining company. This was the initial, game-changing announcement that validated the project's potential. The terms outlined that Evolution would contribute its adjacent mineral interests and could earn a larger stake (up to 32.5%) by sole-funding the first $10 million for a Pre-Feasibility Study (PFS). A key condition was Surge raising at least $3 million. - October 9-15, 2025: Surge successfully closed two financings for aggregate gross proceeds of $5.5 million, satisfying the financing condition of the LOI. - October 30, 2025: The company announced an extension of the exclusivity period with Evolution to November 21, 2025, indicating negotiations were progressing. - November 21, 2025 (Current News): Receiving conditional TSXV approval is the culmination of these efforts. It transforms the proposed partnership from an LOI into a near-certainty, pending final documentation.
The material impact is threefold: 1. Project Validation: A partnership with an established producer like Evolution Mining lends immense credibility to the NNLP. 2. Financial De-risking: Evolution's commitment to sole-fund the $10 million PFS allows Surge to advance its flagship asset towards a bankable study with minimal near-term dilution and capital outlay. This is critical for a junior explorer. 3. Execution Capability: The JV combines Surge's lithium expertise with Evolution's mine development and operational experience, creating a more robust team to tackle the significant challenges of building a large-scale mine.
While the initial LOI was the truly transformative news, this conditional approval is the most critical follow-up step, confirming that the partnership is proceeding as planned. It removes a key element of uncertainty that has existed since September.
Surge Battery Metals Inc. is a Canadian-based mineral exploration company focused on lithium exploration in Nevada. Its flagship asset is the 100%-owned Nevada North Lithium Project (NNLP) located in Elko County, Nevada.
The NNLP is a high-grade, claystone-hosted lithium deposit. The company has advanced the project significantly, culminating in a Preliminary Economic Assessment (PEA) announced on June 9, 2025. The PEA highlighted world-class potential with an after-tax Net Present Value (NPV) at an 8% discount rate of US$9.17 billion and an Internal Rate of Return (IRR) of 22.8%. The study outlined a 42-year mine life with low projected operating costs of US$5,243 per tonne of Lithium Carbonate Equivalent (LCE), based on a long-term LCE price of US$24,000/t. The project is based on a large pit-constrained inferred resource of 8.65 million tonnes of LCE at an average grade of 2,955 ppm lithium.