Lithium Refining & Chemicals

Surge Battery Metals Inc. announced a positive Pre-Feasibility Study for the Nevada North Lithium Project in Elko County, Nevada, reporting an after-tax net present value at an 8% discount rate of US$9.81 billion and an after-tax internal rate of return of 23.6%, with a 4.2-year after-tax payback over a 42-year mine life. The project, held by Nevada North Lithium LLC and owned 67.5% by Surge and 32.5% by Evolution Mining Limited, is planned as a two-phase open-pit mine and on-site processing facility producing battery-grade lithium carbonate, with Phase 1 designed for approximately 55,900 tonnes per year and Phase 2 doubling capacity to a peak of approximately 111,400 tonnes per year, averaging approximately 92,250 tonnes per year over the life of mine. Phase 1 initial capital is estimated at US$2.77 billion, including US$442 million of contingency, while the Phase 2 expansion capital is estimated at US$2.35 billion, roughly 15% below Phase 1 for an expansion that doubles processing capacity. Life-of-mine average cash operating cost is US$4,719 per tonne of lithium carbonate, about 10% below the US$5,243 per tonne estimated in the 2025 Preliminary Economic Assessment, and overall lithium recovery improved to 84.9% from 82.8%. The PFS, prepared by Fluor Corporation as lead engineer, is based on a Proven and Probable Mineral Reserve of 218.3 million tonnes at 3,928 ppm Li containing 4.56 million tonnes of lithium carbonate equivalent, with no Inferred Mineral Resources in the mine plan, and the company said it intends to advance directly into FEL 3 engineering and a Feasibility Study, with first production targeted for the second half of 2031.