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Co.'s Agreement Opens the Door to Resource Expansion, Analyst Says
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Surge Battery Metals Inc.'s agreement with the Salmon River Cattlemen's Association, may open the door to expand its resource, noted a Roth MKM research note.

Surge Battery Metals Inc. (NILIF:OTCMKTS;NILI:TSX-V) made a deal with private landowners to drill for resources south of its current resource area, reported Roth MKM analyst Joe Reagor in an April 4 research note.

The deal was done with the Salmon River Cattlemen's Association (SRCA) that allows Surge to explore and drill four holes on SRCA's land. This land is right next to Surge's current lithium resource at the Nevada North Lithium Project (NNLP).

"We view these as highly prospective drill locations due to higher-grade intercepts in the area just to the north," Reagor wrote.

Surge also plans to drill two more holes south of this area and two more holes west of their current resource in 2024.

Reagor noted that he believes these additional holes could significantly increase the size of Surge's resource.

While Reagor stated that this news is possibly door-opening for the company, due to a less than optimistic lithium market, he would not make any change to Surge Battery's price target of CA$2.40. However, Reagor reiterated his Buy rating for the company. 

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  1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Roth MKM, Surge Battery Metals Inc., April 4, 2024

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.


ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC

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