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

Published: Sep 16, 2025 07:00

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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.

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