# Surge Announces Positive Pre-Feasibility Study at Nevada North: After-Tax NPV8% of US$9.81 Billion, After-Tax IRR of 23.6% and Operating Cost of US$4,719/tonne Lithium Carbonate Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30 Original source: https://orestocks.com/company/NILI.V/press-releases/6015393165704263 Publisher: orestocks Original announcement: 2026-10-02T20:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T21:32:26.700Z Atlas analysis updated: 2026-10-02T21:32:26.700Z - Company: Surge Battery Metals Inc. - Ticker: NILI.V - Exchange: Unavailable - Region: Nevada - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-02 21:32:27 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Surge Battery Metals announced positive results from a Pre-Feasibility Study \(PFS\) for its Nevada North Lithium Project, reporting an after-tax NPV8% of US$9.81 billion and an IRR of 23.6% over a 42-year mine life. The PFS, which supersedes a 2025 PEA, outlines a two-phase open-pit operation producing battery-grade lithium carbonate with an average annual production of 92,250 tonnes and an overall lithium recovery of 84.9%. The study is based on Proven and Probable Mineral Reserves of 4.56 million tonnes of lithium carbonate equivalent, with initial capital costs for Phase 1 estimated at US$2.77 billion. Reasoning: The Pre-Feasibility Study for the Nevada North Lithium Project demonstrates robust economics with a high after-tax NPV and IRR, improved operating costs and recovery compared to the prior PEA, and a confirmed ability to produce battery-grade lithium carbonate from Proven and Probable Mineral Reserves. This significantly de-risks the project and provides a strong foundation for future development. - Positive factor: High After-Tax NPV8% of US$9.81 billion - Positive factor: Strong After-Tax IRR of 23.6% - Positive factor: Fast After-Tax Payback of 4.2 years - Positive factor: Significant LOM average production of ~92,250 tpa lithium carbonate - Positive factor: Low LOM average cash operating cost of US$4,719/tonne lithium carbonate - Positive factor: Overall lithium recovery improved to 84.9% - Positive factor: Battery-grade product \(99.95% Li2CO3\) demonstrated from project claystone - Positive factor: Mine plan based solely on Proven and Probable Mineral Reserves \(4.56 Mt LCE\) - Positive factor: PFS improves on prior PEA with lower capital, lower operating cost, and higher recovery - Positive factor: PFS prepared to AACE Class 4 estimate \(±25%\) by Fluor Corporation - Negative factor: Project value is most sensitive to lithium carbonate price - Negative factor: Phase 2 expansion capital is partly funded from Phase 1 cash flow, introducing funding risk - Negative factor: Water demand refinement needed for FEL 3, with Phase 2 requiring additional water rights - Negative factor: Accelerated execution schedule assumes expedited permitting and final investment decision, posing timeline risks Facts used in scoring: 10 ## Classification and evidence **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is a Pre-Feasibility Study \(PFS\) for the Nevada North Lithium Project. Evidence · text > Surge Announces Positive Pre-Feasibility Study at Nevada North **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total lithium carbonate produced increased by 6.8% from 3.63 Mt in the PEA to 3.87 Mt in the PFS. Evidence · table > 3.87 Context: 3.63 **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The PFS mine plan is based solely on Proven and Probable Mineral Reserves, whereas the PEA included Inferred Mineral Resources, indicating an upgrade in resource confidence for the mine plan. Evidence · text > The PEA included Inferred Mineral Resources; the PFS is based on Proven and Probable Mineral Reserves only, with no Inferred Mineral Resources in the mine plan. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Total lithium carbonate produced increased by 6.8% from 3.63 Mt in the PEA to 3.87 Mt in the PFS. Evidence · table > 3.87 Context: 3.63 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The PFS was prepared under the supervision of multiple independent Qualified Persons \(P.Eng., P.E., C.P.G.\) who reviewed and approved the scientific and technical information. Evidence · text > The PFS was prepared by or under the supervision of the following independent Qualified Persons, as defined by NI 43-101, each of whom has reviewed and approved the scientific and technical information in this news release relating to the portions of the PFS for which they are responsible: Kevin Martina, P.Eng., Fluor - process, capital and operating costs, metallurgical testing, recovery methods, infrastructure; Kirk Hanson, P.E., KH Mining LLC - economic analysis; John Marek, P.E., IMC - Mineral Reserves and mining methods; Nathan Forsythe, C.P.G., RESPEC - geology, Mineral Resources, sample preparation and data verification; Paul Axelrod, P.E., Axelrod, Inc. - tailings; Robert Pratt, P.E., Call & Nicholas, Inc. - waste rock and pit slope stability; Bill van Breugel, P.Eng., SGS - market studies; Kyle Brangers, CPG, GSI - environmental studies, permitting and closure. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report supporting the PFS will be filed in accordance with National Instrument 43-101. Evidence · text > A technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) supporting the PFS will be filed on SEDAR+ **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Reserve estimate is reported at a cut-off grade of 1,250 ppm Li. Evidence · text > Mineral Reserves are reported in accordance with the CIM Definition Standards \(2014\) at a cut-off grade of 1,250 ppm Li \(diluted\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Overall process lithium recovery of 84.9% is strong for a lithium claystone project. Evidence · text > Overall process lithium recovery of 84.9% **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Overall lithium recovery improved from 82.8% in the 2025 PEA to 84.9% in the PFS, a gain of 2.1 percentage points. Evidence · table > 84.9% Context: 82.8% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: Metallurgical test work included pilot-scale testing of gravity beneficiation and a continuous pilot program is planned for FEL 3. Evidence · text > Sepro completed beneficiation test work on the PFS Master Composite \(4,352 ppm Li\), including batch testing of approximately 1.9 tonnes in a pilot-scale Falcon C400 centrifugal gravity concentrator **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process flowsheet includes sulfuric acid leaching, solution purification, and lithium carbonate precipitation and refining, which are typical mill processes. Evidence · text > Sulfuric acid leaching, followed by solid-liquid separation and residue filtration; Solution purification, including magnesium sulfate crystallization, followed by lithium carbonate precipitation and refining to battery-grade product **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: The process flowsheet includes gravity beneficiation using centrifugal concentrators and hydro-classifiers. Evidence · text > Gravity beneficiation using centrifugal concentrators and hydro-classifiers to reject coarse, low-grade gangue ahead of leaching **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-resource-facts-1) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Marek - Resource group id: resource:5240596ad0a5b1e4bb1d - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 81600000 - Grade: 4013 - Grade Unit: ppm Li - Contained Metal: 1740000 - Contained Unit: t - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Proven Mineral Reserve provides a high-confidence base for the project's economic study, contributing significantly to the overall contained lithium. - Positive factor: Proven Reserve category - Positive factor: High grade \(4,013 ppm Li\) - Positive factor: Significant contained LCE \(1.74 Mt\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 4,013 Context: 81.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-resource-facts-2) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Marek - Resource group id: resource:e9816b40c11df0e71757 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 136700000 - Grade: 3877 - Grade Unit: ppm Li - Contained Metal: 2820000 - Contained Unit: t - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Probable Mineral Reserve adds substantial tonnage and contained lithium to the project's economic viability, supporting the long mine life. - Positive factor: Probable Reserve category - Positive factor: High grade \(3,877 ppm Li\) - Positive factor: Significant contained LCE \(2.82 Mt\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 3,877 Context: 136.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-resource-facts-3) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe - Resource group id: resource:db6a60a9578b76cd85bf - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 210800000 - Grade: 3150 - Grade Unit: ppm Li - Contained Metal: 3530000 - Contained Unit: t - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Measured Mineral Resource provides a high-confidence foundation for the project, with a substantial amount of contained lithium. - Positive factor: Measured Resource category indicates high geological confidence - Positive factor: Significant tonnage \(210.8 Mt\) and contained LCE \(3.53 Mt\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 3,150 Context: 210.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-resource-facts-4) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe - Resource group id: resource:3d8612878a7c42a089d2 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 446700000 - Grade: 2940 - Grade Unit: ppm Li - Contained Metal: 6980000 - Contained Unit: t - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Indicated Mineral Resource significantly expands the project's potential, adding a large volume of lithium with good confidence. - Positive factor: Indicated Resource category provides reasonable geological confidence - Positive factor: Very large tonnage \(446.7 Mt\) and contained LCE \(6.98 Mt\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 2,940 Context: 446.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-resource-facts-5) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe - Resource group id: resource:7f1ebab80f1466732713 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 271300000 - Grade: 2160 - Grade Unit: ppm Li - Contained Metal: 3120000 - Contained Unit: t - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Inferred Mineral Resource indicates substantial exploration potential, though it requires further drilling to upgrade confidence for economic studies. - Positive factor: Significant tonnage \(271.3 Mt\) and contained LCE \(3.12 Mt\) in Inferred category - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Inferred Resource category has lower geological confidence and cannot support economic studies alone Evidence · table > 2,160 Context: 271.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (4) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-metallurgical-facts-6) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: Ore preparation and attrition scrubbing, Gravity beneficiation, Sulfuric acid leaching, Solid-liquid separation and residue filtration, Solution purification, Lithium carbonate precipitation and refining #### Recovery - Recovery: 84.9 % - Recovery Basis: actual\_test #### Lab - Laboratory: Sepro Laboratories and Kemetco Research Inc. - Consultant: Chemshift Technologies Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The overall process lithium recovery of 84.9% is strong and represents an improvement over previous estimates, supported by detailed metallurgical test work demonstrating a complete flowsheet to battery-grade product. - Positive factor: High Recovery \(84.9%\) for lithium - Positive factor: Recovery Improving \(+2.1 percentage points\) compared to prior PEA - Positive factor: Pilot Scale Complete \(continuous pilot program planned for FEL 3\) - Positive factor: Battery-grade product \(99.95% Li2CO3\) demonstrated Evidence · text > Overall process lithium recovery of 84.9%, up from 82.8% in the 2025 PEA, supported by metallurgical test work completed by Sepro Laboratories \("Sepro"\) and Kemetco Research Inc. \("Kemetco"\). #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 84.9% is at or above the exceptional band \(80%\) ### gravity [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-metallurgical-facts-7) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Test Work - Program Status: detailed - Test Type: gravity - Processing Route: Gravity beneficiation using centrifugal concentrators and hydro-classifiers - Sample: PFS Master Composite #### Recovery - Recovery: 96.7 % - Recovery Basis: to\_concentrate - Head Grade: 4352 - Head Grade Unit: ppm Li #### Lab - Laboratory: Sepro Laboratories #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Gravity beneficiation test work demonstrated high lithium recovery to the leach feed while effectively rejecting gangue, indicating an efficient pre-concentration step. - Positive factor: High recovery of lithium \(96.7%\) to leach feed - Positive factor: Effective rejection of coarse, low-grade gangue \(70% calcium rejected\) - Positive factor: Pilot-scale testing \(Falcon C400 centrifugal gravity concentrator\) Evidence · text > Sepro completed beneficiation test work on the PFS Master Composite \(4,352 ppm Li\), including batch testing of approximately 1.9 tonnes in a pilot-scale Falcon C400 centrifugal gravity concentrator, recovering 96.7% of the lithium to leach feed at an upgraded grade of 5,079 ppm Li while rejecting approximately 70% of the calcium. #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96.7% is at or above the exceptional band \(80%\) ### hydrometallurgical program [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-metallurgical-facts-8) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Test Work - Program Status: detailed - Test Type: hydrometallurgical program - Processing Route: Sulfuric acid leaching #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test #### Lab - Laboratory: Kemetco Research Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The hydrometallurgical program showed high lithium extraction rates during sulfuric acid leaching, confirming the efficiency of this key process stage. - Positive factor: High lithium extraction \(>93%\) during sulfuric acid leaching - Positive factor: Demonstrates effectiveness of the core leaching process Evidence · text > Sulfuric acid leaching extracted more than 93% of the lithium at the PFS design acid addition. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 93% is at or above the exceptional band \(80%\) ### refining [Link to this fact](https://atlas-staging.minestarters.com/news/surge-announces-positive-pre-feasibility-study-at-nevada-north-after-tax-npv8-of--bdf0be4c-5221-4417-80b1-79344b12fa30#fact-metallurgical-facts-9) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI.V #### Test Work - Program Status: detailed - Test Type: refining - Processing Route: Lithium carbonate precipitation and refining #### Recovery - Conc. Grade: 99.95 - Conc. Grade Unit: % Li2CO3 #### Lab - Laboratory: Kemetco Research Inc. - Consultant: Chemshift Technologies Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The successful refining of lithium carbonate to 99.95% purity demonstrates the project's ability to produce a battery-grade product, a critical de-risking milestone. - Positive factor: Battery-grade product achieved \(99.95% Li2CO3\) - Positive factor: Demonstrates complete flowsheet from ore to final product - Positive factor: High purity product meets industry standards for battery applications Evidence · text > Kemetco produced a lithium carbonate assaying 99.0% Li₂CO₃, then refined it with Chemshift of Calgary, Alberta to a battery-grade product of 99.95% Li₂CO₃, as announced on September 15, 2026. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.