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Surge Battery Metals lifts Nevada North lithium project economics
The prefeasibility study projects an after-tax NPV of $9.81 billion and a 24% IRR, with operating costs down about 10% versus the June 2025 PEA.
Surge Battery Metals has released a prefeasibility study update for its Nevada North lithium project that increases forecast returns and cuts costs, the company said. The study uses an 8% discount rate and a lithium carbonate equivalent price of $24,000 per tonne.
Under the updated plan, Nevada North is projected to generate an after-tax net present value of $9.81 billion and a 24% internal rate of return, with a 4.2-year after-tax payback period. The company also estimates first stage initial capital of $2.77 billion, followed by another $2.35 billion to expand production.
Compared with Surge’s June 2025 preliminary economic assessment, the project’s after-tax NPV rises from $9.21 billion and IRR increases from 23%, while payback tightens from 4.7 years to 4.2 years. Operating costs are also projected to fall by about 10% from $5,243 per tonne.
The updated economics reflect a conventional open-pit approach planned to mine claystone without blasting, with processing at an on-site plant. Surge said recovery improves from 82.8% to 84.9%, while average annual production increases by about 7%.