• Surge Battery is advancing a portfolio of Electric Vehicle (EV) metal projects in Nevada and B.C. Per the Fraser Institute, Nevada is one of the most attractive mining jurisdictions in the world. Nevada hosts Albemarle’s (NYSE: ALB) Silver Peak mine – the only lithium producing mine in North America.
    • Surge’s flagship Nevada North lithium project (NNLP) possesses lithium-bearing mineralization similar to advanced stage projects in Nevada, such as Lithium America’s (NYSE: LAC/MCAP: $4.3B) Thacker Pass project, as well as projects held by Ioneer Ltd. (ASX: INR/ MCAP: $548M), American Lithium (TSXV: LI/MCAP: $545M), Century Lithium (TSXV: LCE/ MCAP: $124M), and Noram Lithium (TSXV: NRM/ MCAP: $45M). Earlier this year, Thacker Pass attracted a US$650M investment from General Motors (NYSE: GM). Given their similarities and proximity, we recognize significant opportunities for M&A/consolidation in the region.
    • Surge’s Chairman was the founder and Chairman of Millennial Lithium Corp., which was acquired by Lithium Americas for $490M in 2022. Surge has raised $10M through equity financings and the exercise of warrants in the past four months, including a $5.4M investment from American Lithium. We view this as a strong vote of confidence for Surge’s management and the NNLP project
    • A maiden drill program on NNLP intersected near-surface lithium-bearing clays, including bonanza lithium grades of up to 5,120 ppm Li. The average grade of the drill program was 3,254 ppm vs 700-2,000 ppm for comparables. Management plans to conduct step-out drilling, followed by a maiden resource estimate.
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