Core Points - Surge Battery Metals Inc. has finalized transaction documents for a joint venture with Evolution Mining Limited to develop the Nevada North Lithium Project [1] - The transaction is set to close on December 1 and 2, 2025, following the U.S. Thanksgiving holidays [1][2] Company Overview - Evolution Mining Limited is a prominent global gold miner operating six mines, including five wholly-owned mines and an 80% stake in Northparkes [3] Project Details - The Nevada North Lithium Project is located in the Granite Range, Nevada, with significant lithium-bearing clay deposits identified over a strike length of more than 4,300 meters and a width exceeding 1,500 meters [4] - 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 cutoff of 1,250 ppm [4] - A recently completed Preliminary Economic Assessment (PEA) indicates an after-tax NPV at 8% of US $9.17 billion and an after-tax IRR of 22.8% at a price of US $24,000 per ton LCE, with an OPEX of US $5,243 per ton LCE [4]

Core Insights - Seldon Capital LP has acquired a new position in Lithium Argentina AG, purchasing approximately 1.8 million shares valued at $6.1 million as of the end of the third quarter [2][6][7] - This new stake represents 2.1% of Seldon Capital's total reportable U.S. equity assets, which amount to $284.5 million [2][8] - As of November 14, 2025, Lithium Argentina AG's stock price was $4.47, reflecting a 43.73% increase over the past year [4][8] Company Overview - Lithium Argentina AG is focused on the exploration and development of lithium projects in Argentina, with strategic assets located in the Jujuy and Salta provinces [5][9] - The company operates as a resource and materials firm, primarily serving global battery manufacturers and industrial clients in need of lithium for energy storage and electric vehicle applications [9][10] - The company reported a net income of -$80.54 million over the trailing twelve months (TTM) and generated $58 million in revenue during the third quarter [4][10] Investment Position - The new holding in Lithium Argentina has quickly become the 16th largest equity position within Seldon Capital's portfolio, which consists of 70 equity holdings [10] - Despite the company's current financial losses, Seldon Capital appears to have confidence in Lithium Argentina's potential for growth and profitability in the future [10]

Summary of Wildcat Resources (WC8) Conference Call Company Overview - Wildcat Resources has approximately 1.3 billion shares outstanding and a market capitalization of about $240 million with $55 million in cash reserves [1] Key Projects - The company has two main projects: - Mt. Adra project in New South Wales with approximately 779,000 ounces of gold [2] - Tabataba lithium project in the Pilbara region, which is the flagship project [2] Recent Developments - Wildcat Resources has made significant progress in the past year, including: - A maiden resource announcement and ore reserve declaration [2] - A new discovery at Tabataba [2] - Completion of a Pre-Feasibility Study (PFS) and commencement of a Definitive Feasibility Study (DFS) [2][20] Tabataba Lithium Project Highlights - The Tabataba project has previously been mined for Tantalum, which provides a foundation for environmental studies and permits [4] - The project is strategically located 80 kilometers from the port, with transportation costs of $35 per tonne, significantly lower than the industry average of $150 to $250 per tonne [5] - The project features large spodumene dominant pegmatite deposits with low dilution and low stripping costs [6] - The maiden resource was converted to an ore reserve within seven months, achieving a 94% confidence level [7] Financial Metrics - The life of mine free cash flow is projected at approximately GBP 3.2 billion after tax, with a net present value (NPV) of $1.2 billion at broker consensus prices [9] - The mine life is estimated at 17 years with a life of mine strip ratio of 7.8:1 [9] - Initial capital expenditure (CapEx) is projected at $443 million, with operating costs of $5.41 per tonne of concentrate and all-in sustaining costs of $6.58 per tonne [10] Exploration and Future Plans - Ongoing regional exploration has led to new discoveries, including Bolkuta, which shows potential for future feed into the Tabataba plant [8][21] - The lithium market has seen a 386% increase from 2020 to 2025, with predictions of a further increase of 377% by 2027 [24] - Wildcat Resources is exploring various funding options, including equity, debt, government funds, and strategic investments to support project development [24][25] Strategic Advantages - The company is well-positioned in the Pilbara region, with a commanding land position and successful regional exploration efforts [25] - The Tabataba project is highlighted as one of the best undeveloped lithium projects globally, supported by a strong team with extensive experience in mining and finance [26]