Evolution Mining Limited enters into joint venture with Surge Battery Metals Inc.

On December 2, 2025, Evolution Mining Limited (“Evolution”) entered into an amended and restated operating agreement with the wholly owned US subsidiary of Surge Battery Metals Inc. (“Surge”) to form a joint venture through Nevada North Lithium, LLC for the continued development of the Nevada North Lithium Project (“NNLP”). Under the contribution agreement, Surge contributed all mining claims and mineral rights comprising the NNLP. Evolution contributed its 75% mineral interest in 880 acres of private land within the NNLP and its 75% mineral rights in over 21,000 acres of surrounding private land. Initial ownership interests are 77% for Surge and 23% for Evolution. Evolution will fund up to C$10 million in stages to complete a Preliminary Feasibility Study, increasing its ownership to 32.5% upon full funding.

Evolution Mining Limited is headquartered in Sydney, Australia and operates gold mining projects globally, including in Canada and the U.S.

Surge Battery Metals Inc. is headquartered in West Vancouver, British Columbia, and focuses on battery metals exploration and development.

McCarthy Tétrault LLP advised Evolution with a team led by Eva Bellissimo that included Aathmika Kularatnam, Mitchell Lui (Business), and Amin Tehrani (Articling Student).