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 $1.02 cents a share to certain directors, officers and consultants.
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 80% share in Northparkes in New South Wales.
About Nevada North Lithium, LLC
Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (67.5%) and Evolution Mining Limited (32.5%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km north-northeast of Wells, Elko County. The first four rounds of drilling at the Project identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 4,700 meters and a known width of greater than 2,000 meters. The Project’s updated Mineral Resource Estimate, filed June 30, 2026, reports a pit-constrained Measured & Indicated Resource containing an estimated 10.51 Mt of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li at a 1,250-ppm cutoff. As disclosed in the Company’s Preliminary Economic Assessment dated May 19, 2025 (PEA), which is preliminary in nature and includes Inferred Resources considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves, the Nevada North Lithium Project 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 (see the Company’s news release dated July 24, 2025 for further information regarding the PEA).
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.
The issuer is solely responsible for the content of this announcement.
