Surge Announces Finalization of Terms of Joint Venture with Evolution Mining Limited
Rhea-AI Summary
Surge Battery Metals (OTCQX: NILIF) announced that its U.S. subsidiary, Surge Battery Metals USA, has settled all transaction documents with a subsidiary of Evolution Mining to form a joint venture to continue development of the Nevada North Lithium Project. The companies intend to close the Transaction on December 1 and 2, 2025, subject to the re-opening of requisite U.S. government offices after the Thanksgiving holiday. Surge said it will issue a further news release at the time of closing.
Positive
- Transaction documents settled between Surge US and Evolution
- Planned closing on December 1–2, 2025
- Formation of joint venture to advance Nevada North Lithium Project
Negative
- Closing contingent on re-opening of U.S. government offices after Thanksgiving
Key Figures
Market Reality Check
Peers on Argus
Peers in Other Industrial Metals & Mining showed mixed moves, from -3.02% to +6.09%, while NILIF was down 1.53%, indicating a stock‑specific reaction rather than a broad sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 10 | JV funding update | Positive | -1.5% | Evolution contributed CA$3,000,000 initial JV funding raising its JV stake. |
| Dec 02 | JV formation | Positive | -0.4% | Formal JV created with Evolution to advance Nevada North Lithium Project. |
| Nov 21 | JV progress update | Positive | -0.3% | Update on proposed Evolution JV with conditional TSXV approval disclosed. |
| Oct 30 | Drill program results | Positive | -0.9% | Completion of 2025 infill drill program with thick lithium claystone zones. |
| Oct 20 | Drill and PEA update | Positive | +13.5% | Drill progress and PEA economics including US$9.17B NPV and long mine life. |
Recent positive operational and partnership updates often met with muted or negative next‑day moves, except for one strong positive reaction to drilling results.
Over the last few months, Surge reported multiple milestones at the Nevada North Lithium Project. On Oct 20, a PEA outlined an after‑tax NPV8% of US$9.17B and IRR of 22.8%, with shares rising 13.46%. Subsequent drilling results on Oct 30 and JV progress updates on Nov 21, Dec 2, and Dec 10 detailed infill drilling success and the Evolution Mining joint venture structure and funding. Despite generally constructive fundamentals, several of these updates saw small negative price reactions.
Market Pulse Summary
This announcement finalized documentation for the Evolution Mining joint venture ahead of an intended closing on December 1 and 2, 2025, further advancing the Nevada North Lithium Project partnership. In recent months, the company has reported infill drilling progress, a detailed PEA, and multiple JV milestones with Evolution. Key factors to monitor include future JV funding installments, technical study progress, and how additional Nevada North Lithium data supports the long‑term development plan.
Key Terms
joint venture financial
AI-generated analysis. Not financial advice.
West Vancouver, British Columbia--(Newsfile Corp. - November 27, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge"), through its wholly-owned U.S. subsidiary, Surge Battery Metals USA Inc. ("Surge US"), is pleased to announce that it has settled all of the transaction documents in connection with its previously announced proposed transaction with a subsidiary of Evolution Mining Limited ("Evolution"), pursuant to which Surge US and Evolution propose to form a joint venture, for the purpose of continuing the development of the Nevada North Lithium Project (the "Transaction"). Surge US and Evolution intend to close the Transaction on December 1 and 2, 2025 following the re-opening of requisite government offices after the U.S. Thanksgiving holidays.
At the time of closing, the Company intends to issue a news release further describing the Transaction.
About Evolution Mining Limited
Evolution 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 the Nevada North Lithium Project
The Nevada North Lithium Project is located in the Granite Range southeast of Jackpot, Nevada about 73 km north-northeast of Wells, Elko County, Nevada. The first three rounds of drilling, completed in 2022, 2023, and 2024, identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 4,300 meters and a known width of greater than 1500 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent, while wide drill spacing allows for significant upside to occur during infill drilling. The North Nevada Lithium Project has a pit-constrained Inferred Resource containing an estimated 8.65 Mt of Lithium Carbonate Equivalent (LCE) grading 2,955 ppm Li at a 1,250 ppm cutoff. The recently completed PEA reported an after-tax NPV8% US
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
Director, 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. Forwards-looking statements herein, include statements related to the timing of the closing of the Transaction and future news releases. Such statements represent the Company's current views with respect to future events and are necessarily based upon several 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, including risks related to unforeseen variables preventing the closing of the Transaction. 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/276149
FAQ
What transaction did Surge Battery Metals (NILIF) finalize on November 27, 2025?
When will the Surge–Evolution joint venture for NILIF close?
What is the purpose of the Surge and Evolution joint venture mentioned by NILIF?
Will Surge Battery Metals (NILIF) issue more information at closing?
Is the Surge–Evolution closing unconditional for NILIF shareholders?
