Surge Announces Update on Proposed Joint Venture with Evolution Mining Limited

Core Viewpoint - Surge Battery Metals Inc. is progressing towards finalizing a joint venture with Evolution Mining Limited, which has received conditional approval from the TSX Venture Exchange, subject to customary closing conditions [1][2]. Company Overview - Surge Battery Metals Inc. is a Canadian mineral exploration company focused on securing domestic lithium supply through the Nevada North Lithium Project, which is essential for electric vehicle production [3]. - Evolution Mining Limited is a prominent gold mining company operating six mines across Australia and Canada [4]. Nevada North Lithium Project - The Nevada North Lithium Project is located in the Granite Range, Nevada, and has identified a mineralized zone of lithium-bearing clays over a strike length of more than 4,300 meters and a width exceeding 1,500 meters [5]. - The project has an Inferred Resource of approximately 8.65 million tons of Lithium Carbonate Equivalent (LCE) with a grade of 2,955 ppm Li at a 1,250 ppm cutoff [5]. - A recently completed Preliminary Economic Assessment (PEA) indicated an after-tax NPV at 8% of US $9.17 billion and an after-tax IRR of 22.8% at a price of $24,000 per ton LCE, with an operating expense of US $5,243 per ton LCE [5].