Surge Battery Metals Inc. reports company developments tied to lithium exploration and project advancement at the Nevada North Lithium Project in Elko County, Nevada. News commonly covers drilling and assay results, mineral resource estimate work, metallurgical testing, engineering studies, geotechnical and hydrogeological data collection, and pre-feasibility study activities for the lithium claystone project.
The company also reports updates involving Nevada North Lithium LLC, its joint venture with Evolution Mining subsidiaries, along with project funding advances, technical contractor engagements, investor relations agreements, exchange and market communications, and board or governance changes. Surge is a Canadian-based mineral exploration company with common shares quoted on the OTCQX under NILIF and listed on the TSX Venture Exchange under NILI.
Surge Battery Metals (NILIF) will host an analyst conference call to discuss the Nevada North Lithium Project’s pre-feasibility study results. The call is scheduled for October 5, 2026, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Attendance is limited to approved equity research analysts and institutional investors. Management and the technical team will review results announced October 2, followed by questions. A presentation and full replay will be posted on the company’s website for all shareholders; discussion will cover only previously disclosed information.
Surge Battery Metals (NILIF) announced a Nevada North pre-feasibility study estimating US$9.81 billion in after-tax net present value at an 8% discount rate.
The study estimates a 23.6% after-tax internal rate of return and 4.2-year payback from production start, using a US$24,000/tonne lithium carbonate price. Figures cover the entire project; Surge owns 67.5% and Evolution Mining owns 32.5%. Planned Phase 1 capital is US$2.77 billion, with US$2.35 billion for Phase 2. Average cash operating cost is US$4,719/tonne, down 10.0% from the 2025 preliminary economic assessment.
Proven and Probable reserves support a 42-year mine life and approximately 92,250 tonnes of annual lithium carbonate production. Recovery increased to 84.9% from 82.8%, and test work yielded 99.95% lithium carbonate. Capital estimates have ±25% accuracy. Surge plans to advance toward feasibility and a final investment decision.
Surge Battery Metals (NILIF) has started the 2026/27 drill program at the Nevada North Lithium Project, advancing work toward a Bankable Feasibility Study (BFS).
The project, held through joint venture Nevada North Lithium with Evolution Mining, began drilling after receiving U.S. Bureau of Land Management approval under the 2025 Exploration Plan of Operations. An updated mineral resource estimate dated June 30, 2026 reports a pit-constrained Measured and Indicated Resource of 657.5 Mt grading 3,007 ppm Li, containing 10.5 Mt LCE at a 1,250 ppm Li cutoff.
The 2026/27 program includes up to 25 core holes (~15,000 feet), 20 sonic holes (~5,000 feet) for condemnation and pit definition, and an allowance for 10 RC holes (~5,000 feet) for rapid confirmation drilling and vibrating wire piezometer installation. Additional work covers aquifer test wells, geotechnical core testing, and bulk metallurgical sampling to support a pilot program ahead of the BFS.
Surge Battery Metals (NILIF)/b) reported production of battery‑grade lithium carbonate at 99.95% Li2CO3 from its Nevada North joint venture ore. Kemetco Research produced a crude lithium carbonate grading 99% Li2CO3 from the NNLP Master Composite via beneficiation, sulfuric acid leaching, purification and carbonate precipitation, and Chemshift Technologies refined a portion to 99.95% Li2CO3, demonstrating a continuous ore‑to‑battery‑grade flowsheet using conventional unit operations ahead of the prefeasibility study. Metallurgical work showed lithium extractions above 93% at 475 kg/t acid addition and about 98% at higher acid, with leaching completed within one hour at 90°C, while beneficiation recovered 98.9% of lithium into the fine fraction and rejected roughly 75% of carbonate gangue. Surge also entered a 12‑month marketing agreement with Outside The Box Capital worth up to US$500,000 and granted 700,000 stock options at C$1.02, subject to TSXV approval, and corrected prior disclosures to clarify recent options were granted only to consultants.
Surge Battery Metals (NILIF), through joint venture Nevada North Lithium (NNL), has signed a definitive Access and Mitigation Agreement with Salmon River Cattlemens Association (SRCA) dated September 8, 2026, securing long-term surface and water access for the Nevada North Lithium Project and prompting SRCA to withdraw its protests against NNL’s water appropriation applications.
The non-exclusive grant covers exploration, permitting, construction, production, closure and reclamation, and allows roads, utilities and water infrastructure on SRCA’s ~880 acres within NNL’s claims. NNL will implement a monitoring and mitigation framework, including a baseline study, joint coordination committee, defined mitigation triggers, obligations to restore or replace any materially impaired water supplies, and a posted performance bond in addition to regulatory bonding.
Surge targets a prefeasibility study for Q4 2026 for an open-pit operation with a contemplated ~42-year mine life. The updated Mineral Resource Estimate reports 10.51 Mt LCE at 3,007 ppm Li (1,250-ppm cutoff), and the prior PEA disclosed an after-tax NPV8% of US$9.17 billion and IRR of 22.8% at US$24,000/t LCE. The company is also granting 2 million stock options exercisable at $1.02 per share for five years to certain directors, officers and consultants.
Surge Battery Metals (OTCQX: NILIF) announced that Nevada North Lithium, LLC (NNL), its joint venture with Evolution Mining, has finalized the 2026 drill program for the Nevada North Lithium Project in Nevada. NNL has submitted the required documents under its 2025 Exploration Plan of Operations to the U.S. Bureau of Land Management, issued RFPs to drilling contractors, and is targeting mobilization in September 2026, with drilling expected to run through fall 2026 and into the 2027 season.
The program is designed to support a future Bankable Feasibility Study by delivering condemnation, pit-definition and mine-optimization drilling, hydrogeological and geotechnical data, and bulk material for metallurgical test work and flowsheet optimization ahead of a planned pilot program. Evolution has now completed its funding commitment, including an additional CA$3.2 million advance, bringing total funding for the preliminary feasibility study to CA$10 million and adjusting ownership in NNL to 67.5% for Surge and 32.5% for Evolution. According to Surge, the preliminary feasibility study remains on schedule and on budget for delivery in Q4 2026. The updated June 30, 2026 Mineral Resource Estimate outlines a pit-constrained Measured & Indicated resource of 10.51 Mt LCE grading 3,007 ppm Li at a 1,250-ppm cutoff, and a 2025 PEA reported an after-tax NPV8% of US$9.17 billion and 22.8% IRR at US$24,000/t LCE with operating costs of US$5,243/t LCE.
Surge Battery Metals (OTCQX:NILIF, TSXV:NILI) reported final 2022–2023 assay reruns from the Nevada North Lithium Project, confirming consistent cesium (Cs) and rubidium (Rb) with lithium across the deposit. These elements were not included in the prior lithium-only MRE.
Geochemical modeling for primary Cu2 and Cu3 clay horizons shows averages of 125 ppm Cs and 291 ppm Rb at a 2,000-ppm Li cut-off, and 120 ppm Cs and 277 ppm Rb at 1,250-ppm Li. Surge has engaged RESPEC to integrate Cs and Rb into models for the upcoming PFS and expanded work with Kemetco to study extraction pathways as potential co/by-products. The company also granted 6,950,000 stock options exercisable at $0.70 for five years to directors, officers and consultants.
Surge Battery Metals (OTCQX:NILIF) signed an investor relations and marketing agreement with New Era Publishing, operating as Katusa Research, to run a digital investor awareness campaign. Services include editorial content, investor communications and social media outreach under Surge’s review for regulatory compliance.
The campaign starts July 3, 2026 and is expected to run until Q1 2027. Surge will pay US$1,400,000 in three cash installments. No securities are being issued as compensation. The arm’s length agreement is subject to TSX Venture Exchange acceptance, and Katusa-related parties will not trade Surge shares during the term.
Surge Battery Metals (OTCQX: NILIF, TSXV: NILI) announced that its updated Mineral Resource Estimate (MRE) for the flagship Nevada North Lithium Project has been filed on SEDAR+ and the company website. Independent NI 43-101 Qualified Persons from RESPEC audited and verified the data supporting the MRE.
Surge Battery Metals (OTCQX: NILIF) announced that Matt Fernley of RK Equity has initiated research coverage with a report dated June 1, 2026, titled “Next LAC off the rank?”.
Surge is also granting 3,800,000 stock options to directors, officers and consultants, exercisable for five years at $0.70 per share.