On September 24, 2024, Surge Battery Metals (TSXV: NILI, OTCQX: NILIF) announced a major resource update for the Nevada North Lithium Project (NNLP), delivering a 113% increase in lithium carbonate equivalent (LCE) tonnage since the February 2024 Mineral Resource Estimate (MRE).

Largest High-Grade Lithium Clay Deposit in the U.S.

The updated Inferred Mineral Resource Estimate confirms Nevada North as the highest-grade lithium claystone resource in the United States with:

• 11.24 million tonnes (Mt) of LCE at 3,010 ppm lithium (Li) using a 1,250 ppm Li cutoff.
• A higher-grade core of 7.43 Mt of LCE at 3,843 ppm Li at a 3,000 ppm Li cutoff—representing a 130% increase in LCE tonnage.
• Near-surface, high-grade lithium mineralization, which enhances project economics and payback timelines.

Strong Growth Potential for Lithium Supply Chain

The 2024 drilling program has significantly expanded the resource while remaining within the limited 5-acre disturbance area of the current permit. Key findings include:

• 650,000 tonnes of inferred LCE added per drill hole in the Surge and private land claim block.
• Potential for further expansion, as the deposit remains open in multiple directions.
• Future infill drilling could further increase tonnage and improve lithium grades.