Surge Announces Initial JV Funding from Evolution Mining Limited

Rhea-AI Summary

Surge Battery Metals (OTCQX: NILIF; TSXV: NILI) announced on December 10, 2025 that Nevada North Lithium LLC (NNL), the joint venture between subsidiaries of Surge and Evolution Mining, received Evolution's initial funding obligation of CA$3,000,000 under an amended and restated operating agreement.

As a result, Evolution's ownership in NNL rose by 2.85 percentage points to 25.85%, while Surge Battery Metals USA holds the remaining 74.15% ownership interest.

Positive

• Evolution contributed CA$3,000,000 initial JV funding
• Evolution ownership increased to 25.85% in NNL

Negative

• Surge's JV ownership reduced to 74.15%

West Vancouver, British Columbia--(Newsfile Corp. - December 10, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5C) (the "Company" or "Surge"), is pleased to announce that Nevada North Lithium LLC, ("NNL") the joint venture formed by subsidiaries of each of the Company and Evolution Mining Limited (together with its subsidiary, "Evolution") has received the initial CA$3,000,000 funding obligation of Evolution pursuant to the terms of NNL's amended and restated operating agreement. Consequently, Evolution's ownership interest in NNL increased by 2.85% to 25.85% with Surge Battery Metals USA Inc. holding the remaining 74.15% ownership interest.

About Surge Battery Metals Inc.

Surge Battery Metals, 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 exploring for clean, high-grade lithium energy metals in Nevada, USA, a crucial element for powering electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277515

FAQ

What funding did Surge announce on December 10, 2025 for NNL (NILIF)?

NNL received Evolution's initial funding obligation of CA$3,000,000 under the amended operating agreement.

How did the December 10, 2025 funding change Evolution's stake in NNL (NILIF)?

Evolution's ownership increased by 2.85 percentage points to 25.85%.

What is Surge's ownership percentage in NNL after the Evolution funding (NILIF)?

Surge Battery Metals USA holds 74.15% ownership in NNL after the funding.

Does the CA$3,000,000 from Evolution imply additional JV activity for NNL (NILIF)?

The announcement confirms Evolution met its initial CA$3,000,000 funding obligation; it does not detail specific project expenditures.

Which companies form Nevada North Lithium LLC referenced by NILIF on December 10, 2025?

NNL is the joint venture formed by subsidiaries of Surge Battery Metals and Evolution Mining.