Surge Announces Letter of Intent with Evolution Mining Limited to enter into a Joint Venture Agreement

Published: Sep 16, 2025 07:00

Save

On September 16, 2025, Surge Battery Metals announced that it has signed a non-binding letter of intent with Evolution Mining to form a joint venture to jointly advance the development of the Nevada North Lithium Project (NNLP). The primary goal of the joint venture will be to complete a Preliminary Feasibility Study (PFS) to assess the project's development potential. According to the letter of intent, both parties will contribute their respective mineral rights, with Surge holding a 77% interest and Evolution holding 23%. Evolution will provide up to CAD 10 million in staged funding to support the PFS, after which its ownership interest may increase to 32.5%. The joint venture will be governed by an operating committee composed of representatives from both parties, with Surge acting as the manager as the majority owner. The letter of intent also grants Evolution an exclusivity period until November 4, 2025. Surge's CEO stated that this partnership will combine both parties’ resources and expertise to jointly develop the lithium asset and meet the growing demand for critical battery metals.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

Titanium Industry and National Titanium Graphite Electrode (RP φ700) Procurement Tender

10 hours ago

PanGang Vanadium Graphite Electrode (UHP φ400) Procurement Tender

10 hours ago

11 hours ago

World's First Large-Scale 628Ah Battery ESS Project Goes Operational

Recently, the Ruit New Energy Lingshou County 200MW/400MWh standalone ESS project was officially put into operation. This is the world's first power station project to apply 628Ah large energy storage batteries on a large scale, marking the successful grid-level validation of the large battery technology route developed by EVE, and providing a practical technical solution for the high-quality development of the energy storage industry. The Lingshou ESS power station is equipped with 80 sets of 5MWh DC energy storage systems, Mr.Giant, which are minimally integrated with 628Ah large energy storage batteries, as well as 40 sets of integrated step-up converter cabins.

11 hours ago