Surge Announces Update on Proposed Joint Venture with Evolution Mining Limited

Rhea-AI Summary

Surge Battery Metals (OTCQX: NILIF, TSXV: NILI) provided an update on its proposed joint venture with Evolution Mining dated November 21, 2025. The companies are finalizing documents and coordinating with third parties with the intention to form the joint venture forthwith. The joint venture has received conditional approval from the TSX Venture Exchange, with that approval stated to be subject only to customary closing conditions.

Positive

• TSXV conditional approval received for the proposed joint venture
• Parties finalizing documents and liaising with requisite third parties
• Intention to form JV forthwith indicates near-term transaction progress

Negative

• Approval is conditional and subject to customary closing conditions

West Vancouver, British Columbia--(Newsfile Corp. - November 21, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5C) (the "Company" or "Surge") announces an update on the previously announced proposed jointed venture with Evolution Mining Limited ("Evolution"). Surge and Evolution continue to work collaboratively to finalize all documents and liaise with requisite third parties with the intention to form the joint venture forthwith.

The Company is also very pleased to announce that the joint venture has been conditionally approved by the TSX Venture Exchange, such approval subject only to customary closing conditions.

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 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 80% share in Northparkes in New South Wales.

About the Nevada North Lithium Project

The NNLP 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 $9.17 Billion and after-tax IRR of 22.8% at $24,000/ t LCE and an OPEX of US $5,243/t LCE.

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

Contact Information
Email : info@surgebatterymetals.com
Phone : 604-662-8184
Website: surgebatterymetals.com

Keep up-to-date with Surge Battery Metals: Twitter, Facebook, LinkedIn, Instagram, YouTube

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/275436

FAQ

What did Surge (NILIF) announce about the joint venture with Evolution on November 21, 2025?

Surge said it is finalizing documents to form a joint venture with Evolution and that the JV received conditional TSXV approval.

Is the Surge and Evolution joint venture with symbol NILIF fully approved by regulators?

The joint venture has conditional approval from the TSX Venture Exchange, subject to customary closing conditions.

What are the next steps for Surge (NILIF) after the November 21, 2025 update?

Surge and Evolution will finalize all documents and liaise with requisite third parties to close the JV.

Does the November 21, 2025 update for NILIF provide a closing date for the joint venture?

No specific closing date was provided; the update says formation is intended to occur forthwith pending customary closing conditions.

What does 'conditional approval' from the TSX Venture Exchange mean for NILIF shareholders?

It means the JV has received exchange approval but completion remains subject to the listed customary closing conditions.