Nevada North Lithium Project PFS Shows $9.81 Billion After-Tax NPV

Key Facts

1Surge Battery Metals announced PFS results for the Nevada North Lithium Project with an after-tax NPV of $9.81 billion.

2The project is held by a joint venture in which Evolution Mining Limited owns a 32.5% stake.

Surge Battery Metals announced Pre-Feasibility Study (PFS) results for the Nevada North Lithium Project, reporting an after-tax net present value (NPV) of $9.81 billion. Newsfile Corp reported that the study indicates an after-tax internal rate of return (IRR) of 23.6% and a projected mine life of 42 years. The project is held via a joint venture in which Evolution Mining Limited maintains a 32.5% ownership stake.

The PFS results demonstrate lower capital requirements for Phase 1 and reduced operating costs compared to the 2025 Preliminary Economic Assessment. In equity markets, CAHPF closed at $8.94 on October 1, 2026. The initial capital for Phase 1 is estimated at $2.77 billion by Fluor, reflecting the project's transition toward development with a measured and indicated resource of 10.5 million tonnes of lithium carbonate equivalent.