Surge Announces Letter of Intent with Evolution Mining Limited to Enter into a Joint Venture Agreement
Surge Battery Metals (OTCQX: NILIF) has entered into a non-binding letter of intent (LOI) with Evolution Mining Limited to form a joint venture for developing the Nevada North Lithium Project (NNLP). Under the agreement, Surge will initially hold 77% ownership while Evolution will own 23%.
Evolution will contribute its 75% mineral interest in the 880-acre private land portion and additional 21,000 acres of private land mineral rights. Evolution commits to sole fund up to CAD$10 million for a Preliminary Feasibility Study (PFS), which would increase its ownership to 32.5%. The LOI includes an exclusivity period ending November 4, 2025, and requires Surge to complete a CAD$3 million equity financing.
Surge Battery Metals (OTCQX: NILIF) ha stipulato una lettera di intenti non vincolante (LOI) con Evolution Mining Limited per creare una joint venture per lo sviluppo del Nevada North Lithium Project (NNLP). Secondo l'accordo, Surge detiene inizialmente il 77% della proprietà mentre Evolution possiederà il 23%.
Evolution contribuirà con il 75% dell'interesse minerario nella porzione di terreno privato di 880 acri e con ulteriori 21.000 acri di diritti minerari su terreni privati. Evolution si impegna a finanziare da solo fino a CAD$10 milioni per uno studio di fattibilità preliminare (PFS), che aumenterebbe la sua proprietà al 32,5%. La LOI comprende un periodo di esclusività che termina l'4 novembre 2025 e richiede a Surge di completare un finanziamento azionario di CAD$3 milioni.
Surge Battery Metals (OTCQX: NILIF) ha celebrado una carta de intenciones no vinculante (LOI) con Evolution Mining Limited para formar una empresa conjunta para desarrollar el Nevada North Lithium Project (NNLP). Según el acuerdo, Surge poseerá inicialmente un 77% de la propiedad, mientras Evolution tendrá el 23%.
Evolution aportará su 75% de interés mineral en la porción de terreno privado de 880 acres y derechos mineros adicionales sobre 21,000 acres de tierras privadas. Evolution se compromete a financiar por su cuenta hasta CAD$10 millones para un Estudio de Factibilidad Preliminar (PFS), lo que aumentaría su participación al 32,5%. La LOI incluye un periodo de exclusividad hasta el 4 de noviembre de 2025 y exige a Surge completar un financiamiento de equity de CAD$3 millones.
Surge Battery Metals (OTCQX: NILIF)가 Evolution Mining Limited와 비-binding LOI를 체결하여 네바다 노스 리튬 프로젝트(NNLP)를 개발하기 위한 합작 투자 JV를 형성했습니다. 계약에 따라 Surge는 초기 77%의 소유권을 보유하고 Evolution은 23%를 갖게 됩니다.
Evolution은 880에이커 규모의 비공개 토지 부분에 대한 75% 광물권 지분과 추가로 21,000에이커의 비공개 토지 광권을 기여합니다. Evolution은 초기 타당성 연구(PFS)를 위한 CAD$10백만까지의 단독 자금 조달을 약속하며, 이는 소유권을 32.5%로 증가시킵니다. LOI는 2025년 11월 4일 종료되는 독점 기간을 포함하고, Surge가 CAD$3백만의 자본 조달을 완료할 것을 요구합니다.
Surge Battery Metals (OTCQX: NILIF) a signé une lettre d'intention non contraignante (LOI) avec Evolution Mining Limited pour former une coentreprise afin de développer le Nevada North Lithium Project (NNLP). Selon l'accord, Surge détiendra initialement 77% de propriété tandis qu Evolution en détiendra 23%.
Evolution contribuera avec 75% de son intérêt minier dans la portion privée de terrain de 880 acres et des droits miniers privés supplémentaires sur 21 000 acres. Evolution s'engage à financer seul jusqu'à CAD$10 millions pour une étude de faisabilité préliminaire (PFS), ce qui porterait sa participation à 32,5%. La LOI prévoit une période d'exclusivité se terminant le 4 novembre 2025 et exige que Surge réalise un financement par actions de CAD$3 millions.
Surge Battery Metals (OTCQX: NILIF) haben eine unverbindliche Absichtserklärung (LOI) mit Evolution Mining Limited unterzeichnet, um eine Joint Venture zur Entwicklung des Nevada North Lithium Project (NNLP) zu gründen. Nach der Vereinbarung wird Surge zunächst 77% Eigentum halten, während Evolution 23% besitzen wird.
Evolution wird seinen 75%-Mineralanteil am privaten Landteil von 880 Acres sowie zusätzliche 21.000 Acres privates Landmineralrechte beitragen. Evolution verpflichtet sich, bis zu CAD$10 Millionen eigenständig zu finanzieren für eine Voruntersuchung (PFS), was seinen Anteil auf 32,5% erhöhen würde. Die LOI enthält eine Exklusivitätsphase bis zum 4. November 2025 und verlangt, dass Surge eine CAD$3 Millionen Eigenkapitalfinanzierung abschließt.
Surge Battery Metals (OTCQX: NILIF) قد أبرمت اتفاقية نية غير ملزمة (LOI) مع Evolution Mining Limited لتشكيل مشروع مشترك لتطوير Nevada North Lithium Project (NNLP). بموجب الاتفاق، ستمتلك Surge في البداية 77% من الملكية بينما تمتلك Evolution 23%.
ستساهم Evolution في 75% من الحصة المعدنية في جزء الأرض الخاص البالغ مساحته 880 فدانًا وحقوق معدنية إضافية لأراضٍ خاصة تبلغ 21,000 فدان. تتعهد Evolution بالتمويل الذاتي حتى CAD$10 ملايين لدراسة جدوى أولية (PFS)، مما سيزيد حصتها إلى 32.5%. تتضمن LOI فترة حصرية تنتهي في 4 نوفمبر 2025، وتطلب من Surge إتمام تمويل حقوق أسهم بقيمة CAD$3 ملايين.
Surge Battery Metals (OTCQX: NILIF) 已与 Evolution Mining Limited签署了一份非绑定的意向书（LOI），以形成开发内华达北部锂项目（NNLP）的合资企业。根据协议，Surge 最初将拥有77%的所有权，而 Evolution 将拥有23%。
Evolution 将为880英亩私人土地部分提供其75%的矿产权益，以及额外的21,000 英亩私人土地矿产权益。Evolution 承诺为初步可行性研究(PFS)自行出资至 CAD$10 百万美元，使其所有权增加到32.5%。LOI 包含直到 2025 年 11 月 4 日的独占期，并要求 Surge 完成一笔价值 CAD$3 百万美元的股权融资。
- Significant expansion of mineral rights with Evolution contributing 21,000 additional acres of private land
- Evolution to provide up to CAD$10 million in funding for PFS development
- Partnership combines Surge's lithium expertise with Evolution's mine development experience
- Surge maintains majority control with 67.5% ownership after Evolution's funding
- Agreement is non-binding and subject to due diligence and approvals
- Surge must complete CAD$3 million equity financing as condition
- Future expenditures after PFS require pro-rata funding from both parties
West Vancouver, British Columbia--(Newsfile Corp. - September 16, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that it has entered into a non-binding letter of intent ("LOI") with Evolution Mining Limited ("Evolution"), pursuant to which the parties will form a Joint Venture ("JV") for the purpose of continuing the development of the Nevada North Lithium Project ("NNLP").
The initial focus of the JV will be facilitating the completion of a Preliminary Feasibility Study ("PFS") for the purpose of evaluating the potential for the proposed development of the NNLP. The LOI contemplates that the entering into of a binding Joint Venture Agreement ("JVA") is conditional upon each party completing its respective due diligence investigations, each party obtaining their necessary regulatory and corporate approvals and the completion by Surge of an equity financing for gross process of at least CAD
Terms of the LOI
Upon formation of the JV, each party will contribute their respective rights to the mineral claims and mineral rights comprising the NNLP and Surge's ownership interest in the JV shall be
Surge will contribute to the JV all of its mineral claims and mineral rights that comprise the NNLP. Evolution will contribute its
The additional Evolution mineral rights package includes highly prospective rights to the south of the main claim block. To the north, the private mineral rights cover possible extensions of identified favorable clay units. In addition, the package includes mineral rights in the historic Contact district and the Knoll Creek and Salmon Falls Creek drainages.
Following the formation of the JV, Evolution will sole fund, in stages and subject to certain conditions, up to CAD
The JVA will contain industry standard terms for managing the Project. The JV shall be governed by an operating committee comprising representatives of both parties and Surge shall act as manager of the JV so long as it holds more than
The LOI also contemplates that:
- Surge grants Evolution a legally binding exclusivity period, ending on November 4, 2025.
- Under the JVA, each party will be required to comply with certain provisions prior to transferring a direct or indirect interest in the JV in certain circumstances (including certain tag rights, drag rights and rights of first refusal in favour of the other party).
Mr. Greg Reimer, Chief Executive Officer and Director, commented, "We are extremely pleased to partner with Evolution Mining Limited on the advancement of the Nevada North Lithium Project. This collaboration not only combines relevant assets, but also the strong lithium technical knowledge of Surge with Evolution's proven track record in mine development and operational excellence. Together we are well positioned to unlock the full potential of this highly prospective lithium asset and contribute to the growing demand for critical battery metals."
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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.
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 the Nevada North Lithium Project
The Company owns the Nevada North Lithium Project 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 Nevada North 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,
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 conditional financing, the JV, including the terms, management and governance thereof, successfully negotiating and entering into the JVA, Evolution's initial funding of the JV and the map of mineral rights/claims of the JV. 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 the ability of the Company to complete the conditional financing, the ability of the Company and Evolution to finalizing the JVA (and any other definitive agreements) on the terms currently contemplated or at all, Evolution's satisfaction of its funding obligation and obtaining requisite approvals. 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.
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FAQ
What are the key terms of Surge Battery Metals' (NILIF) joint venture with Evolution Mining?
How many acres of mineral rights will Evolution Mining contribute to the Surge Battery Metals joint venture?
What conditions must be met for the Surge Battery Metals (NILIF) joint venture agreement to become binding?
When does the exclusivity period for the Surge Battery Metals and Evolution Mining LOI end?
Who will manage the Nevada North Lithium Project joint venture?
