Surge Battery Metals Announces 2026 Drill Program to Accelerate Nevada North Bankable Feasibility Study
Surge Battery advances its Nevada North drill program to accelerate the BFS timeline while fully funding its joint venture stake in the Evolution project.
Surge Battery Metals Inc. (NILI), operating through Nevada North Lithium LLC, has finalized its 2026 drilling program and submitted a permit application to the Bureau of Land Management (BLM). The upcoming drill program targets condemnation drilling, pit definition, mine plan optimization, hydrogeological and geotechnical data collection, and bulk tonnage sampling for metallurgical test work.
Evolution Mining has completed its final CA$3.2 million advance, fulfilling its CA$10 million commitment to the Preliminary Feasibility Study (PFS). This completion triggers a revised ownership structure in which Surge Battery Metals Inc. holds 67.5% and Evolution holds 32.5% of the joint venture. The PFS remains on schedule for Q4 2026, with management targeting an accelerated Bankable Feasibility Study (BFS) timeline following recent strategic investments.
The project currently reports a pit-constrained Measured & Indicated Resource of 10.51 million tonnes of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li at a 1,250-ppm cutoff. Prior Preliminary Economic Assessment (PEA) metrics cite an after-tax NPV8% of US $9.17 billion, an after-tax IRR of 22.8%, and an OPEX of US $5,243/t LCE at a $24,000/t LCE price assumption.
Surge Battery Metals Inc. (NILI) announced expected, incremental progress toward its stated development milestones, with the 2026 drill program previously outlined as part of the PFS/BFS acceleration plan. Concurrently, Evolution Mining completed its CA$10 million funding commitment, which was contractually obligated under the December 2025 joint venture agreement. This execution resulted in an anticipated ownership shift to 67.5%/32.5%.
The news confirms execution against a published timeline without introducing new financial terms, unexpected resource expansions, or regulatory breakthroughs. Given the company's recently closed $36 million financing in June 2026 and a reported cash position of approximately $75 million, the project is fully funded through a construction decision. The market has already priced in the capitalization and joint venture structure.
Surge Battery Metals Inc. is a Canadian exploration and development company focused on the Nevada North Lithium Project (NNLP) in Elko County, Nevada. The project is a high-grade lithium clay deposit developed through a joint venture with Evolution Mining Limited. The PEA outlines a 42-year mine life producing 3.6 million tonnes of battery-grade LCE, with average annual production of 86,300 tonnes LCE. The project emphasizes domestic U.S. supply chain positioning, zero liquid discharge water management, and co-product recovery of cesium and rubidium.