Distributed on behalf of Surge Battery Metals
Billions of dollars are flowing into projects that can produce lithium on American soil. In fact, leading that list is the Thacker Pass, located in northern Nevada. To date, the project has raised more than $3 billion to advance, including a $2.23 billion loan from the Department of Energy, $945 million from General Motors, and another $250 million from Orion, targeting production by 2028. Once that mine starts production, concerns about mining U.S. lithium clay economically disappears. Close behind, there’s another U.S. lithium project, known as the Nevada North Lithium Project, owned by Surge Battery Metals (TSXV: NILI) (OTC: NILIF). Not only does it have the same type of deposit as Thacker Pass, it has a higher-grade resource at the surface with the same type of process chemistry.
At the same time, demand forecasts continue to strengthen the outlook for the lithium sector. According to Wood Mackenzie’s latest Energy Transition Outlook for Lithium, the market could face supply shortages as early as 2028 without substantial new investment. “The lithium market is heading into a supply crunch much sooner than many industry players expect,” said Allan Pedersen, Research Director at Wood Mackenzie. “Under ambitious climate scenarios, we see deficits emerging from 2028. The industry needs to act now, as governments progress policies toward Net Zero.”
Not only is that a strong catalyst for Surge Battery Metals (TSXV: NILI) (OTC: NILIF), but also for Albemarle (NYSE: ALB), E3 Lithium (TSXV: ETL) (OTCQX: EEMMF), Lithium Americas (NYSE: LAC) (TSX: LAC), and Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF).
Surge Battery Metals (TSXV: NILI) (OTC: NILIF) just provided an update on its metallurgical testing program currently underway
Surge Battery Metals provided an update on the metallurgical testing program currently underway to support the Pre-Feasibility Study (PFS) by Nevada North Lithium, LLC, the joint venture formed by Surge and Evolution Mining Limited to develop the Nevada North Lithium Project. Concurrently with the successful development of the upgraded Mineral Resource Estimate (See News Release May 14,2026), NNL’s technical team has advanced flowsheet optimization in collaboration with industry-leading metallurgical laboratories, including Kemetco Research Inc., Pocock Industrial Inc., and Sepro Mineral Systems Corp.
Utilizing a representative Master Composite sample, NNL has successfully completed critical front-end beneficiation and pre-leach optimization and is now initiating the next phase of testing designed to confirm target recovery rates and de-risk solid-liquid separation.
Program Highlights & Upcoming Milestones:
- Successful Beneficiation: Beneficiation work—recently conducted on both the Master Composite and variability samples—with Sepro has yielded positive results, demonstrating that run-of-mine material can be effectively upgraded early in the flowsheet. Rejecting gangue material before leaching is a critical driver for reducing downstream capital and operating expenditures.
-Leach Circuit Optimization: Ongoing testing at Kemetco has achieved lithium extraction rates exceeding 93% under optimized leaching conditions. This favorable extraction rate reflects strong alignment with Fluor’s flowsheet modeling; the overall recovery rate—which incorporates downstream performance—will be published in the forthcoming PFS report. By refining acid addition and residence times, the team is maximizing extraction while minimizing impurities. Scaled-up testing will conclude this month to generate slurry for downstream separation.
- De-risking Solid-Liquid Separation: Solid-liquid separation of clay-rich lithium material is a technically challenging unit operation in the flowsheet due to fine particle size, clay rheology, and material handling requirements. Early testing has already produced a physically stable filter cake from beneficiated material. Next, Pocock will utilize Kemetco's scaled-up leach slurry to execute advanced thickening, filtration and washing studies, providing the empirical data required for PFS equipment selection.
Mr. Greg Reimer, President, Chief Executive Officer and Director of Surge, commented, “Following the success of our recent resource upgrade, the commercial viability of our flowsheet is our next priority. The beneficiation and pre-leach optimization work we have already executed has unlocked early-stage efficiencies. Now, with initial testing at Kemetco achieving lithium extractions above 93%, our planned larger-scale program with Pocock will provide the data needed to correctly size and design our equipment.”
Other related developments from around the markets include:
Albemarle, a global leader in providing essential elements for mobility, energy, connectivity and health, announced its results for the first quarter ended March 31, 2026. "Albemarle had a strong start to 2026, with net sales and adjusted EBITDA up year over year. Higher pricing and volumes in Energy Storage and Specialties, along with continued cost and productivity actions, were the key contributors to our results," said Kent Masters, Chairman and CEO. "We also took advantage of our successful cash and portfolio management actions to pay down debt in the quarter, further strengthening our balance sheet and financial flexibility. As the global operating environment remains uncertain, we are focused on the things within our control, including operational excellence, cost and productivity discipline, and cash generation, to enable long-term volume and earnings growth."
E3 Lithium, a leader in Canadian lithium development, filed its unaudited consolidated financial statements for the three-month period ended March 31, 2026. "Q1 2026 marked an important period of execution and momentum for E3 as we continued advancing the Clearwater Project toward commercialization," said Chris Doornbos, CEO & Chair of E3 Lithium. "During the quarter, we delivered battery-grade lithium carbonate to global partners and off-takers, advanced key permitting activities, and established our inaugural credit facility. We further strengthened our strategic position through our teaming agreement with TKMS and advanced operations at our Demonstration Facility. Together, these milestones continue to de-risk the Project and position E3 for future growth as we progress toward commercialization."
Lithium Americas’ President and Chief Executive Officer of Lithium Americas, Jonathan Evans, said, “Construction at Thacker Pass is accelerating toward mechanical completion in late 2027. There are now over 1,300 workers on site as of mid-May and over 2,000 expected at peak construction. In 2025, we emphasized de-risking project execution and made strategic decisions that have enabled us to focus on execution in 2026 – detailed engineering is almost complete, finances have been secured and global supply chain challenges are being well managed At a moment when resilient domestic supply chains are more critical than ever, lithium stands out as a strategic resource underpinning both national security and a reliable energy future. We are grateful for the strong partnerships and support from leaders at the federal and state levels. Recent visits to Thacker Pass by U.S. Senators Catherine Cortez Masto and Jacky Rosen, Nevada Governor Joe Lombardo and the U.S. Department of Energy, underscore a shared commitment to strengthening American supply chains, advancing energy independence and creating meaningful American jobs.”
Li-FT Power Ltd. announced the successful completion of the combination with Winsome Resources Limited as previously announced on December 15, 2025. The transaction adds the tier-one Adina lithium project, located in the Eeyou Istchee James Bay region of Québec, to LIFT’s portfolio and, together with the previously announced acquisition of a 75% interest in the adjacent Galinée property, creates one of the largest hard rock lithium developers in Canada. The combined Adina-Galinée project unlocks the potential to enhance scale, resource profile and project economics in the near-term. Pursuant to the transaction, eligible Winsome shareholders receive 0.107 of a new LIFT common share (or 0.107 of a CHESS Depository Interest representing 0.107 of a LIFT common share) for each Winsome ordinary share held. All of the outstanding options in Winsome will be cancelled and Winsome option holders will receive a specified fraction of a LIFT common share or a LIFT CDI for each option held (see the table in Section 3.7(a) of the Scheme Booklet which sets out the specified fraction of a LIFT common share or LIFT CDI provided as consideration based on the relevant tranche of Winsome options). In aggregate, 27,136,492 LIFT common shares are to be issued (25,879,073 as CDIs and 1,257,419 as common shares) to acquire 253,623,451 ordinary shares of Winsome that are currently issued and outstanding, and 722,092 LIFT common shares are to be issued (691,694 as CDIs and 30,398 as common shares) to acquire 18,288,900 options of Winsome that are currently issued and outstanding.
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