Business
Surge Announces Entering into Joint Venture with Evolution Mining Limited
West Vancouver, British Columbia--(Newsfile Corp. - December 2, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"West Vancouver, British Columbia--(Newsfile Corp. - December 2, 2025) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge"), through its wholly-owned U.S. subsidiary, Surge Battery Metals USA Inc. ("Surge US"), is pleased to announce (pursuant to its November 27, 2025 news release) that it has entered into an amended and restated operating agreement dated December 2, 2025 (the "JV Agreement") with a subsidiary of Evolution Mining Limited (collectively, "Evolution"), pursuant to which Surge US and Evolution formed a joint venture (the "JV"), to be implemented via Nevada North Lithium, LLC, a Nevada limited liability company for the purpose of continuing the development of the Nevada North Lithium Project (the "NNLP").","length":841,"tagName":"p"},{"type":"text","content":"In addition to the JV Agreement, Surge US and Evolution entered into a contribution agreement (the "Contribution Agreement"), pursuant to which each party transferred into the JV certain assets they each held in connection with the 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.","length":450,"tagName":"p"},{"type":"text","content":"Material Terms of the JV Agreement and the Contribution Agreement","length":65,"tagName":"p"},{"type":"text","content":"Pursuant to the Contribution Agreement, Surge US has contributed to the JV all of its mining claims and mineral rights that comprise the NNLP. Evolution has contributed its 75% mineral interest in the 880-acre private land portion within the NNLP. These mineral interests were part of the Preliminary Economic Assessment recently announced by Surge. In addition, Evolution will contribute its 75% mineral rights in over 21,000 acres of private land in and around the NNLP. Maps of the mineral rights and claims of the JV are set out in figures 1 and 2 below.","length":558,"tagName":"p"},{"type":"text","content":"The JV Agreement sets out the terms governing the JV, including, among other things, the ownership interests as between Surge US and Evolution, the JV's governance framework, defaults and each party's financial obligations.",...