Surge Battery Metals
Surge Battery Metals is a Canadian mineral exploration company developing the highest-grade lithium clay deposit in the United States, the Nevada North Lithium Project in Elko County, Nevada, through a joint venture with Evolution Mining. It is pre-revenue and plans to produce battery-grade lithium carbonate for EV and energy storage markets.
- Company typePublic
- Founded1987
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Surge Battery Metals does
Surge Battery Metals Inc. (TSXV: NILI, OTCQX: NILIF, FRA: DJ5) is a Canadian mineral exploration and development company headquartered in West Vancouver, British Columbia, focused on advancing the Nevada North Lithium Project (NNLP) in Elko County, Nevada, through a joint venture (Nevada North Lithium LLC) in which it holds a 70.54% interest, with Evolution Mining Limited (ASX: EVN) holding the balance. The company's sole material asset is a large-scale, near-surface sedimentary lithium clay deposit with a 2025 Measured & Indicated resource of 10.5 Mt LCE grading 3,007 ppm Li (including 6.7 Mt LCE at 3,820 ppm Li), which is reported as the highest-grade lithium clay resource in the United States; the 2025 PEA models a 42-year mine life producing 86,300 tonnes of battery-grade lithium carbonate per year, with a US$9.17 billion after-tax NPV (8% discount) and a 22.8% after-tax IRR at a US$24,000/t LCE price.
The company's underlying technology is a hydrometallurgical flowsheet optimized for Nevada North's clay-hosted mineralization, encompassing sulfuric acid leaching, counter-current decantation, impurity removal, Zero Liquid Discharge water management, dry-stack tailings, and crystallization to produce battery-grade lithium carbonate. Metallurgical testing has demonstrated 93%+ lithium extraction rates under optimized leaching conditions, and the flowsheet incorporates early-stage beneficiation (gangue rejection before leaching) to reduce downstream capex and opex. The project is currently in the Pre-Feasibility Study phase, with Fluor Corporation engaged as lead engineer, Kemetco Research handling advanced metallurgical optimization, and RESPEC completing the updated Mineral Resource Estimate; the company has also begun evaluating cesium and rubidium as potential byproduct credits.
Surge is pre-revenue and does not yet generate operating revenue; its near-term cash inflows come from equity financings (cumulative ~$66M+ raised in 2025-2026 across rounds led by The Quaternary Group, 3L Capital, and most recently a C$36M placement co-led by SAF Group and Hess Capital in June 2026). The future revenue model is planned as direct offtake sales of battery-grade lithium carbonate to EV OEMs, battery manufacturers, and grid-scale energy storage developers, supplemented by a planned Nasdaq Capital Market listing and a corporate rename to 'Lithium X2 Mining' to broaden U.S. institutional and retail investor reach. The company employs approximately 10-15 executives and key management personnel and is pursuing alignment with U.S. federal critical minerals policy through retained government-relations advisor Cassidy & Associates.
Surge Battery Metals firmographics
Firmographics- Name
- Surge Battery Metals
- Legal name
- Surge Battery Metals Inc.
- Website
- https://surgebatterymetals.com
- Company type
- Public
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Surge Battery Metals is a Canadian mineral exploration company developing the highest-grade lithium clay deposit in the United States, the Nevada North Lithium Project in Elko County, Nevada, through a joint venture with Evolution Mining. It is pre-revenue and plans to produce battery-grade lithium carbonate for EV and energy storage markets.
- Ownership category
- akta.pro rank
Surge Battery Metals industry classification
Industry- Product category
- Lithium Mining and Mineral Exploration
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industries
- Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)
Keywords
Where Surge Battery Metals is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Surge Battery Metals business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Future Lithium Carbonate Sales: Pre-revenue mining development company expecting to generate revenue through production and sale of battery-grade lithium carbonate to EV manufacturers, battery producers, and energy storage companies once the Nevada North Lithium Project reaches commercial production (projected 2028+ based on development timeline). Revenue model is commodity-based with long-term offtake agreements anticipated.
- Strategic Financing and Equity: Company raises capital through private placements, institutional investment, and strategic financing. Revenue from equity issuance used to fund exploration, PFS, and development activities. Notable C$36 million financing (June 2026) fully funding project to construction decision.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Surge Battery Metals product offering
Product offeringCore offering
Surge Battery Metals is a mineral exploration and development company advancing the Nevada North Lithium Project (NNLP), a high-grade lithium clay deposit in Elko County, Nevada, held through the Nevada North Lithium LLC joint venture with Evolution Mining. The company is targeting production of battery-grade lithium carbonate for the U.S. EV and energy storage supply chain, with a 42-year projected mine life, 10.5 Mt LCE M&I resource, and Pre-Feasibility Study underway. The company is pre-revenue and currently focused on resource development, metallurgical optimization, and financing activities.
Product overview
Surge Battery Metals operates as a mineral exploration company with a single core product—the Nevada North Lithium Project (NNLP). The NNLP is a high-grade lithium clay deposit in Nevada, USA, held through Nevada North Lithium LLC, a joint venture between Surge Battery Metals (70.54%) and Evolution Mining (29.46%). The project is in the Pre-Feasibility Study stage, targeting production of battery-grade lithium carbonate for the EV supply chain.
Differentiator
Problem solved
Functional benefit
Products and services
- Nevada North Lithium Project (NNLP) The Nevada North Lithium Project (NNLP) is a high-grade lithium clay deposit located in Elko County, Nevada, and the flagship asset of Surge Battery Metals. It comprises 685 mineral claims covering 5,265 hectares, including an 880-acre core PEA land portion and an approximately 21,000-acre surrounding land package within the joint venture with Evolution Mining. The project is held through the Nevada North Lithium LLC joint venture (Surge 70.54%, Evolution 29.46%) and is currently in the Pre-Feasibility Study stage, targeting production of battery-grade lithium carbonate for the U.S. EV and energy storage supply chain. The project has a Measured & Indicated resource of 10.5 Mt LCE at 3,007 ppm Li, a 42-year projected mine life, and PEA-stage after-tax NPV of US$9.17B at 8% discount.
Quantifiable outcome
- Lithium extraction rates exceeding 93% under optimized leaching conditions
- +4 more outcomes
Companies that use Surge Battery Metals
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Surge Battery Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Surge Battery Metals partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and flagship.
- RK Equity Advisors LLCminorRK Equity initiated independent research coverage on Surge Battery Metals with report titled 'Next LAC off the rank?' dated June 1, 2026. Provides strategic advisory and market intelligence services in lithium battery materials and critical minerals.
- Kemetco Research Inc.coreKemetco engaged for advanced metallurgical optimization program supporting PFS. Conducting sulfuric acid leaching, impurity removal, product validation, and cesium/rubidium byproduct evaluation using Master Composite sample representing first 10 years of mine life.
- Sepro Mineral Systems Corp.coreSepro conducting beneficiaiton testing demonstrating run-of-mine material can be upgraded early in the flowsheet. Part of metallurgical testing program alongside Kemetco and Pocock Industrial.
- Pocock Industrial Inc.corePocock Industrial conducting solid-liquid separation testing including thickening, filtration and washing studies for PFS equipment selection. Critical for handling fine clay particle sizing and rheology challenges.
- RESPEC Company LLCcoreRESPEC completed updated Mineral Resource Estimate (May 2026) converting 87% of PEA pit to M&I categories. Independent mining engineering consulting firm preparing NI 43-101 compliant technical report.
- RESPEC Company LLCcoreRESPEC engaged for updated MRE in March 2026 to convert inferred resources to higher-confidence M&I categories supporting the Pre-Feasibility Study.
- Fluor CorporationcoreFluor Enterprises Inc. selected as lead engineering firm to conduct the Pre-Feasibility Study for Nevada North Lithium Project. Fluor is providing Process Design Criteria and Heat and Mass Balance modeling, commercial-scale plant design, and engineering for the bankable study.
- Evolution Mining LimitedflagshipEvolution Mining (ASX: EVN, $7B+ market cap) formed joint venture Nevada North Lithium LLC in December 2025. Evolution sole-funding up to C$10 million toward Pre-Feasibility Study in exchange for additional ownership (from 23% to 32.5%). Surge maintains 70.54% current ownership. Evolution is operator of 6 gold mines globally providing technical execution capability.
- Cassidy & AssociatesminorEngaged Cassidy & Associates for U.S. federal policy navigation, permitting, and funding opportunities related to critical minerals development. Supports alignment with U.S. government critical minerals priorities.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Surge Battery Metals competitors and assessment
Company assessmentDirect peers
- Lithium Americas: Canadian-listed developer of Thacker Pass, the most advanced US lithium clay project. Direct comparable for Surge — same lithium-from-clay processing approach, Nevada jurisdiction, EV-supply-chain positioning, and Pre-Feasibility/Feasibility stage development.
- ioneer Ltd: Australia-listed developer of Rhyolite Ridge Lithium-Boron Project in Nevada. Similar hydrometallurgical processing flowsheet, Nevada clay/lithium-boron resource, and battery-grade lithium target. Surge's VP Project Development (Daniel Chafetz) previously held technical roles at ioneer.
- American Lithium Corp: Canadian developer of the TLC and Falchani lithium projects in Nevada and Peru. Same exploration/development profile, US-focused lithium-from-clay strategy, and small-cap public listing. American Lithium was an early investor in Surge.
- Piedmont Lithium: US-focused lithium developer targeting battery-grade lithium hydroxide supply for EV OEMs. Operates projects in North Carolina, Ghana, and Quebec with similar strategic positioning around domestic Western lithium supply.
- Atlas Lithium Corporation: US-focused lithium developer with hard-rock spodumene projects. Smaller-cap comparable peer in the US/Emerging lithium developer cohort pursuing IRA-aligned domestic supply.
Emerging players
- Standard Lithium: Canadian-listed developer of lithium extraction from brine resources in Arkansas and other US projects. Comparable stage and US lithium supply theme, though focused on brine DLE rather than clay processing.
- Pure Energy Minerals: Canadian lithium developer historically focused on Clayton Valley, Nevada brine assets. Daniel Chafetz (Surge's VP Project Development) previously held technical roles at Pure Energy, making it a relevant early-stage peer.
Regional players
- Sigma Lithium: Brazilian hard-rock spodumene lithium producer. Comparable battery-grade lithium developer at advanced production stage, though operating in South America rather than North America.
Broad incumbents
- Albemarle Corporation: World's largest lithium producer with diversified brine and hard-rock operations globally. Broad incumbent with overlapping lithium chemical output; serves the same EV battery customers Surge targets.
Others
- Millennial Lithium Corp: Predecessor company acquired for $490M — Graham Harris (Surge's Chairman) founded and chaired Millennial Lithium. Provides reference point for similar-stage developer exit valuation and lithium brine resource strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Surge Battery Metals social profiles
Digital presenceSurge Battery Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Surge Battery Metals leadership team
Management profileNumber of profiles
Profiles12 records
Surge Battery Metals subsidiaries and ownership
Company hierarchySubsidiaries2 records
Surge Battery Metals funding detail
Funding detailFunding overview
Funding rounds6 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Surge Battery Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Surge Battery Metals
What does Surge Battery Metals do?
Surge Battery Metals is a mineral exploration and development company advancing the Nevada North Lithium Project (NNLP), a high-grade lithium clay deposit in Elko County, Nevada, held through the Nevada North Lithium LLC joint venture with Evolution Mining. The company is targeting production of battery-grade lithium carbonate for the U.S. EV and energy storage supply chain, with a 42-year projected mine life, 10.5 Mt LCE M&I resource, and Pre-Feasibility Study underway. The company is pre-revenue and currently focused on resource development, metallurgical optimization, and financing activities.
Is Surge Battery Metals a public or private company?
Surge Battery Metals is a public company. It is classified as public and is currently operating.
When was Surge Battery Metals founded?
Surge Battery Metals was founded in 1987. It employs 1 to 10 people.
Where is Surge Battery Metals based?
Surge Battery Metals is headquartered in Vancouver, Canada, in the North America region.
How does Surge Battery Metals make money?
Two revenue lines are on record. Future Lithium Carbonate Sales are the primary driver. The others are strategic Financing and Equity.
Who are Surge Battery Metals's main competitors?
Direct peers on record are Lithium Americas, ioneer Ltd, American Lithium Corp, Piedmont Lithium and Atlas Lithium Corporation. Emerging players are Standard Lithium and Pure Energy Minerals. Sigma Lithium is listed as a regional player. Albemarle Corporation is listed as a broad incumbent. Millennial Lithium Corp is listed as an others.
Does Surge Battery Metals have an API?
No public API is recorded for Surge Battery Metals.
What industry is Surge Battery Metals in?
Surge Battery Metals's product category is Lithium Mining and Mineral Exploration. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAFAI, Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate). Its SIC code is 1000.