Preliminary Economic Assessment (PEA)
Robust Economics
Our 2025 PEA outlines a transformational economic case for development, driven by the project’s high grades and low operating costs.
US $9.17 Billion
After-tax NPV (8%)
22.8%
IRR
US $5,243
per tonne of LCE, operational expenditure (OPEX).
42-year production life
with an average annual output of over 86,000 tonnes of LCE.
MRE Upgrade May 2026
Unmatched Grade
The numbers speak for themselves. The updated 2026 Mineral Resource Estimate (MRE) cements the project's status as a Tier 1 asset, with an approximately 87% conversion of the original PEA pit volume into the higher-confidence Measured & Indicated categories
Plan View & Sections - Upgraded MRE at the NNLP with a 1,250ppm Li cutoff
The Refining Advantage
Our 2025 Preliminary Economic Assessment (PEA) isn’t just about mining, it’s about refining. We’ve developed a process that produces high purity lithium chemicals suitable for battery manufacturing.
Development Timeline
The Path to Production
We are transitioning from resource expansion to advanced engineering. The data collected in the 2025 program is the foundation for our upcoming bankable studies.

Timeline reflects standard agency-review schedule. Pre-FID capital deployed across Stages 1–3 supports Pre-Feasibility, Definitive Feasibility, and Federal and State permitting (NEPA) activities, culminating in Record of Decision (ROD) and Final Investment Decision (FID).

Resource Upgrade (Completed)
The updated MRE delivered 10.5 Mt LCE in the Measured & Indicated categories at 3,007 ppm Li. An 87% conversion of the original PEA pit volume into higher-confidence resource categories.
Testing and Modeling
Completed collection of large-diameter (PQ) core for metallurgical testing and installed Vibrating Wire Piezometers (VWP) for hydrogeological modeling.
Pre-Feasibility Study (Q4 2026)
In partnership with Evolution Mining and lead engineer Fluor Corporation, the comprehensive PFS is targeted for Q4 2026, with the NI 43-101 Technical Report to follow.
"This resource update is a watershed moment for Surge and our joint venture partners at Evolution Mining.
Delivering over 10.5 million tonnes of LCE into the Measured and Indicated category at grades exceeding 3,000 ppm Li places Nevada North in a league of its own."
– Greg Reimer, President & CEO, Surge Battery Metals
Why Domestic Lithium Matters
Surge Battery Metals (TSXV: NILI) is developing the highest-grade lithium clay resource in the United States. Located in Elko County, the Nevada North Lithium Project (NNLP) is a Tier 1 asset essential to securing a sustainable, domestic lithium supply.
























