# Surge Battery Metals 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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2575-tsx-venture/nili/212221-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.html Publisher: jmn Original announcement: 2026-10-02T22:12:02.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T22:21:25.293Z Atlas analysis updated: 2026-10-02T22:21:25.293Z - Company: Surge Battery Metals Inc. - Ticker: NILI - Exchange: TSXV - Region: Nevada - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-02 22:21:26 UTC Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas summary Surge Battery Metals announced a positive Pre-Feasibility Study for its Nevada North Lithium Project, reporting an after-tax NPV8% of US$9.81 billion and an after-tax IRR of 23.6%. The study outlines a 42-year mine life with an average annual production of approximately 92,250 tpa lithium carbonate and a low operating cost of US$4,719/tonne. The PFS incorporates a Proven and Probable Mineral Reserve of 218.3 million tonnes at 3,928 ppm Li, and demonstrates the production of battery-grade lithium carbonate. Reasoning: The Pre-Feasibility Study for the Nevada North Lithium Project demonstrates robust economics with a high after-tax NPV8% of US$9.81 billion and an IRR of 23.6%, supported by a significant Proven and Probable Mineral Reserve and improved metallurgical recoveries. The study confirms the project's potential to produce battery-grade lithium carbonate with a low operating cost and rapid payback. - Positive factor: High after-tax NPV8% of US$9.81 billion - Positive factor: Strong after-tax IRR of 23.6% - Positive factor: Low operating cost of US$4,719/tonne LCE - Positive factor: Improved overall lithium recovery of 84.9% compared to prior PEA - Positive factor: Faster after-tax payback period of 4.2 years - Positive factor: Significant Proven and Probable Mineral Reserve of 4.56 Mt LCE - Positive factor: No Inferred Mineral Resources included in the PFS mine plan - Positive factor: Demonstrated production of 99.95% battery-grade lithium carbonate - Positive factor: Project maintains positive after-tax NPV8% across full ±30% sensitivity range - Positive factor: Lower Phase 1 initial capital compared to prior PEA - Negative factor: Phase 2 capital costs estimated at a lower level of definition than Phase 1 - Negative factor: Preliminary process water balance indicates plant raw water demand may be higher than PFS design basis - Negative factor: Accelerated execution schedule assumes expedited permitting and final investment decision Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 14 ## Classification and evidence **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("column leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 5 distinct composites were tested ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#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 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Marek, P.E. - Resource group id: resource:5240596ad0a5b1e4bb1d - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 81600000 - Grade: 4013 - Grade Unit: ppm Li - Contained Metal: 1.74 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Proven Mineral Reserve represents a high-confidence estimate, contributing significantly to the project's economic viability. - Positive factor: Proven Reserve category - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant Evidence · table > Proven 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#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 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Marek, P.E. - Resource group id: resource:e9816b40c11df0e71757 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 136700000 - Grade: 3877 - Grade Unit: ppm Li - Contained Metal: 2.82 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The Probable Mineral Reserve adds substantial confidence and scale to the project's economic potential. - Positive factor: Probable Reserve category - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant Evidence · table > Probable 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#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 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Marek, P.E. - Resource group id: resource:a0c5d690cf627230997b - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 218300000 - Grade: 3928 - Grade Unit: ppm Li - Contained Metal: 4.56 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The total Proven & Probable Mineral Reserve provides a robust foundation for the project's 42-year mine life. - Positive factor: Combined Proven & Probable Reserve - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant Evidence · table > Total Proven & Probable Context: 218.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-resource-facts-5) Nevada North Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe, C.P.G. - Resource group id: resource:75abbf8a443beefca837 #### Resource Data - Category: measured - Tonnes: 210800000 - Grade: 3150 - Grade Unit: ppm Li - Contained Metal: 3.53 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-14T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This Measured Mineral Resource was previously announced and is incorporated into the PFS, providing a high-confidence base for the reserve estimate. - Positive factor: Measured Resource category - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: NI 43-101 Compliant Evidence · table > Measured 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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-resource-facts-6) Nevada North Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe, C.P.G. - Resource group id: resource:3ca47f050a508c083558 #### Resource Data - Category: indicated - Tonnes: 446700000 - Grade: 2940 - Grade Unit: ppm Li - Contained Metal: 6.98 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-14T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This Indicated Mineral Resource was previously announced and is incorporated into the PFS, providing a strong base for the reserve estimate. - Positive factor: Indicated Resource category - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: NI 43-101 Compliant Evidence · table > Indicated 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-resource-facts-7) Nevada North Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe, C.P.G. - Resource group id: resource:c3f079f9eb7e5eeb1163 #### Resource Data - Category: indicated - Tonnes: 657500000 - Grade: 3007 - Grade Unit: ppm Li - Contained Metal: 10.51 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-14T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This combined Measured & Indicated Mineral Resource was previously announced and is incorporated into the PFS, forming a substantial part of the project's resource base. - Positive factor: Combined Measured & Indicated Resource - Positive factor: Significant contained metal - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: NI 43-101 Compliant Evidence · table > Measured & Indicated Context: 657.5 #### 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-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-resource-facts-8) Nevada North Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nathan Forsythe, C.P.G. - Resource group id: resource:3b753f1f663fded3fe5d #### Resource Data - Category: inferred - Tonnes: 271300000 - Grade: 2160 - Grade Unit: ppm Li - Contained Metal: 3.12 - Contained Unit: mt lce - Cutoff Grade: 1250 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-14T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This Inferred Mineral Resource was previously announced and is incorporated into the PFS, but its speculative nature means it cannot be included in the mine plan. - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: NI 43-101 Compliant - Negative factor: Inferred Resource category Evidence · table > Inferred 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 (5) ### bench scale [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#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 #### Test Work - Program Status: detailed - Test Type: bench scale - 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. - Sample: Project claystone #### Recovery - Recovery: 84.9 % - Recovery Basis: actual\_test - Head Grade: 4352 - Head Grade Unit: ppm Li #### Lab - Laboratory: Sepro Laboratories, Kemetco Research Inc., Chemshift Technologies Inc. - Consultant: Fluor, Kemetco, Sepro, Chemshift #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The overall lithium recovery of 84.9% is high for lithium projects, demonstrating strong metallurgical performance for the integrated flowsheet. - Positive factor: High Recovery \(84.9% for lithium\) - Positive factor: Comprehensive processing route demonstrated - Positive factor: Actual test results - Negative factor: Overall process not yet at continuous pilot scale Evidence · text > Overall process lithium recovery of 84.9% #### 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: 84.9% is at or above the exceptional band \(80%\) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-metallurgical-facts-10) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: gravity beneficiation - Sample: PFS Master Composite \(4,352 ppm Li\) #### Recovery - Recovery: 96.7 % - Recovery Basis: to\_concentrate - Head Grade: 4352 - Head Grade Unit: ppm Li - Conc. Grade: 5079 - Conc. Grade Unit: ppm Li #### Lab - Laboratory: Sepro Laboratories, Kemetco Research Inc., Chemshift Technologies Inc. - Consultant: Fluor, Kemetco, Sepro, Chemshift #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Pilot-scale beneficiation test work achieved a high lithium recovery of 96.7% to the leach feed, demonstrating effective pre-concentration. - Positive factor: Pilot Scale Complete for beneficiation - Positive factor: High recovery to leach feed - Positive factor: Upgraded grade in concentrate 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 #### 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: 96.7% is at or above the exceptional band \(80%\) ### bench scale [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-metallurgical-facts-11) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Test Work - Program Status: detailed - Test Type: bench scale - Processing Route: sulfuric acid leaching - Sample: beneficiated material from the Sepro pilot circuit #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test #### Lab - Laboratory: Sepro Laboratories, Kemetco Research Inc., Chemshift Technologies Inc. - Consultant: Fluor, Kemetco, Sepro, Chemshift #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Sulfuric acid leaching extracted more than 93% of the lithium, indicating efficient recovery in this key hydrometallurgical step. - Positive factor: High lithium extraction from leaching - Positive factor: Actual test results Evidence · text > Sulfuric acid leaching extracted more than 93% of the lithium #### 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 \(80%\) ### bench scale [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-metallurgical-facts-12) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Test Work - Program Status: detailed - Test Type: bench scale - Processing Route: lithium carbonate precipitation - Sample: lithium carbonate from Kemetco #### Recovery - Conc. Grade: 99 - Conc. Grade Unit: % Li2CO3 #### Lab - Laboratory: Sepro Laboratories, Kemetco Research Inc., Chemshift Technologies Inc. - Consultant: Fluor, Kemetco, Sepro, Chemshift #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Kemetco produced lithium carbonate assaying 99.0% Li₂CO₃, demonstrating successful precipitation to a high-purity product. - Positive factor: High purity lithium carbonate produced Evidence · text > Kemetco produced a lithium carbonate assaying 99.0% Li₂CO₃ ### refining [Link to this fact](https://atlas-staging.minestarters.com/news/surge-battery-metals-announces-positive-pre-feasibility-study-at-nevada-north-af--b7cb7029-19f8-49bc-8409-d0dedda2961d#fact-metallurgical-facts-13) Nevada North Lithium Project · lithium #### Identity - Project: Nevada North Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: NILI #### Test Work - Program Status: detailed - Test Type: refining - Processing Route: refining - Sample: battery-grade product #### Recovery - Conc. Grade: 99.95 - Conc. Grade Unit: % Li2CO3 #### Lab - Laboratory: Sepro Laboratories, Kemetco Research Inc., Chemshift Technologies Inc. - Consultant: Fluor, Kemetco, Sepro, Chemshift #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Refining by Chemshift resulted in a 99.95% Li₂CO₃ product, confirming the ability to produce battery-grade lithium carbonate from the project's ore. - Positive factor: Achieved battery-grade product purity - Positive factor: Demonstrates complete flowsheet to saleable product Evidence · text > refined by Chemshift Technologies Inc. \(" Chemshift "\) to a product of 99.95% Li₂CO₃ ## 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.