Surge Announces Agreement for Long-Term Land Access and Withdrawal of Water Application Protest at Nevada North
A new land and water access deal at Nevada North removes protested water barriers while Surge advances a large lithium project toward prefeasibility.
Rhea-AI Summary
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.
Positive
- Long-term access secured: SRCA grants NNL non-exclusive access across ~880 acres for all project phases, including roads and water infrastructure.
- Water protests withdrawn: SRCA agrees to withdraw its protests against NNL’s water appropriation applications, easing a permitting bottleneck.
- Permitting-risk mitigation: Agreement includes baseline studies, joint monitoring, mitigation triggers and an obligation to restore or replace impaired water supplies.
- Large lithium resource: Updated MRE reports 10.51 Mt LCE grading 3,007 ppm Li at a 1,250-ppm cutoff (pit-constrained Measured & Indicated).
- Strong project economics (PEA): After-tax NPV8% of US$9.17 billion and IRR of 22.8% at US$24,000/t LCE, with OPEX of US$5,243/t LCE.
- Development timeline: Project is being advanced toward a prefeasibility study targeted for the fourth quarter of 2026.
Negative
- Equity dilution: 2 million stock options granted with a five-year term at an exercise price of $1.02 per share.
News Explained
The disclosure identifies Nevada North Lithium, which owns the project and is jointly owned 67.5% by Surge Battery Metals and 32.5% by Evolution Mining, as the party that executed the access and mitigation agreement with SRCA.
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West Vancouver, British Columbia--(Newsfile Corp. - September 9, 2026) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that Nevada North Lithium, LLC ("NNL"), the joint venture formed by Surge and Evolution Mining Limited has executed an arm's length definitive Access and Mitigation Agreement, dated September 8th, 2026, (the "Agreement") with the Salmon River Cattlemens Association, Incorporated ("SRCA") securing surface and water access for the Nevada North Lithium Project (the "Project").
SRCA is a Nevada ranching corporation that owns approximately 880 acres of private land lying within NNL's mining claims, and that holds Bureau of Land Management ("BLM") grazing permits and water rights in the Project area. Under the Agreement, SRCA grants NNL a non-exclusive right of access over those lands to explore, develop, mine, process, and to construct and operate roads, utilities, water infrastructure and related facilities. The grant runs for a single continuous term covering exploration and permitting, construction, production, closure and reclamation.
The Agreement also resolves the parties' outstanding differences before the Nevada Division of Water Resources. SRCA has agreed to withdraw the protests it filed against NNL's applications to appropriate water in support of the Project.
In exchange, NNL has committed to a monitoring, mitigation and management framework designed to protect SRCA's existing water rights and maintain stockwater availability for its cattle operations. The framework includes an independent pre-mining baseline study of water quantity and quality, forage condition and grazing capacity; a joint coordination committee with equal representation from each party; a monitoring protocol with defined mitigation triggers; and an obligation on NNL to replace or restore any water supply that Project activities are determined to have materially impaired, at quantity and quality at least equal to baseline conditions. NNL will also post a performance bond securing its mitigation and infrastructure obligations, in addition to any bonding required by regulators.
Mr. Greg Reimer, Chief Executive Officer and Director of the Company, commented, "Long-term surface access and a clear path through water permitting are foundational to any project, and this agreement delivers both. I would like to thank the SRCA Board of Directors for all their time and effort in coming to this agreement. We have committed to measure conditions before we develop the Project, to monitor them together, and to fix what we affect. That is the standard we intend to hold ourselves to for the life of this Project."
Surge is advancing the Project toward a prefeasibility study targeted for the fourth quarter of 2026, supported by the 2026 drill program that NNL submitted to the BLM in August 2026. The development plan for the Project currently contemplates an open-pit lithium operation with an estimated mine life of approximately 42 years.
A copy of the Agreement will be filed under the Company's profile on Sedar+ at www.sedarplus.ca This news release is qualified entirely by the full text of the Agreement.
The company is also granting a total of 2 million stock options, exercisable for a period of five years, at an exercise price of
Qualified Person:
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, Geological Advisor to the Company, and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals Inc., a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The Project focuses on development of high-grade lithium energy metals in Nevada, USA, a crucial element for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and a listing on the OTCQX Market in the USA, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.
About Evolution Mining Limited
Evolution Mining is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly-owned mines - Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an
About Nevada North Lithium, LLC
Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
President & CEO
Contact Information
Email : info@surgebatterymetals.com
Phone : 604-662-8184
Website: surgebatterymetals.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan" or "planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements include statements related to the posting of a performance bond, advancing the Project toward a prefeasibility study (and the timing thereof), mine life and the filing of the Agreement. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water-related risks) and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313612
FAQ
What rights does the Access and Mitigation Agreement give Nevada North Lithium over SRCA’s lands?
The Agreement grants NNL a non-exclusive right of access over SRCA’s approximately 880 acres of private land within NNL’s mining claims. This access covers exploration, development, mining and processing, as well as the construction and operation of roads, utilities, water infrastructure and related facilities for a single continuous term spanning exploration and permitting, construction, production, closure and reclamation.
How are SRCA’s water rights and cattle operations protected under the Agreement?
NNL has committed to a monitoring, mitigation and management framework designed to protect SRCA’s existing water rights and maintain stockwater availability for its cattle operations. This includes an independent pre-mining baseline study of water quantity and quality, forage condition and grazing capacity, a joint coordination committee with equal representation, a monitoring protocol with defined mitigation triggers, and an obligation on NNL to replace or restore any water supply that Project activities are determined to have materially impaired, at quantity and quality at least equal to baseline conditions.
What bonding requirements are included in the Agreement?
NNL will post a performance bond securing its mitigation and infrastructure obligations under the Agreement. This bond is in addition to any bonding that may be required by regulators for the Nevada North Lithium Project.
Who owns Nevada North Lithium, LLC and what is its role?
Nevada North Lithium, LLC is jointly owned by Surge Battery Metals, which holds 67.5%, and Evolution Mining, which holds 32.5%. NNL owns the Nevada North Lithium Project located southeast of Jackpot, Nevada, and is responsible for advancing the project, including the 2026 drill program submitted to the Bureau of Land Management.
What are the key resource and project characteristics at Nevada North?
The Project’s updated Mineral Resource Estimate filed June 30, 2026, reports a pit-constrained Measured and Indicated Resource containing an estimated 10.51 million tonnes of Lithium Carbonate Equivalent grading 3,007 ppm lithium at a 1,250-ppm cutoff. The development plan currently contemplates an open-pit lithium operation with an estimated mine life of approximately 42 years.
What were the main economic results of the prior Preliminary Economic Assessment?
The Preliminary Economic Assessment dated May 19, 2025, which is preliminary in nature and includes Inferred Resources considered too speculative geologically to be categorized as Mineral Reserves, reported for the Nevada North Lithium Project an after-tax NPV8% of US$9.17 billion and an after-tax IRR of 22.8% at a lithium carbonate equivalent price of US$24,000 per tonne and an operating cost of US$5,243 per tonne LCE.
What are the details of the newly granted stock options?
The company is granting a total of 2 million stock options to certain directors, officers and consultants. These options are exercisable for a period of five years at an exercise price of $1.02 per share.