Surge Exploration Inc (TSE:NILI)
:NILI
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Surge Exploration Inc
(NILI)
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Rating:47Neutral
Price Target:
C$0.69
▲(7.81% Upside)
Action:Reiterated
Date:05/05/26
Overall score is held down primarily by weak financial performance (pre-revenue, ongoing losses, and negative cash flows). Technical indicators provide some near-term support with modest positive momentum, but valuation remains unattractive/unclear due to negative earnings and no dividend support.
Positive Factors
Strategic focus on battery metals
A clear strategic emphasis on battery metals (lithium) aligns the company with a multi-year structural commodity theme. For a junior explorer, that focus improves the relevance of any discovery, enhances potential partner interest for JV or offtake, and supports long-term project value capture if resources are defined.
Negative Factors
Pre-revenue business
Absence of revenue means the business has no operating cash inflows to demonstrate commercial viability. Over the medium term this forces reliance on external capital, increases execution risk tied to exploration success, and prevents development of durable operating margins until resources are monetized.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic focus on battery metals
A clear strategic emphasis on battery metals (lithium) aligns the company with a multi-year structural commodity theme. For a junior explorer, that focus improves the relevance of any discovery, enhances potential partner interest for JV or offtake, and supports long-term project value capture if resources are defined.
Read all positive factors
Surge Exploration Inc (NILI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$165.68M
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)―
Beta (1Y)2.52
Revenue GrowthN/A
EPS Growth41.53%
CountryCA
Employees10
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.04
Shares Outstanding236,691,540
10 Day Avg. Volume3,396,092
30 Day Avg. Volume1,525,691
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)7.46
Price to Sales (P/S)0.00
P/FCF Ratio-35.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.02
Revenue Forecast (FY)N/A
Surge Exploration Inc Business Overview & Revenue Model
Company Description
Surge Battery Metals Inc., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in North America. It focuses on gold, copper, lead, zinc, silver, cobalt, nickel, and precious metals. The comp...
How the Company Makes Money
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Surge Exploration Inc Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
48
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -6.59M | -9.85M | -8.52M | -2.23M | -2.15M |
| Net Income | -6.66M | -9.85M | -8.93M | -2.97M | -2.15M |
Balance Sheet | |||||
| Total Assets | 17.61M | 12.26M | 16.50M | 4.63M | 6.07M |
| Cash, Cash Equivalents and Short-Term Investments | 5.69M | 1.92M | 6.37M | 1.02M | 3.97M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 198.84K | 399.12K | 201.80K | 199.68K | 263.48K |
| Stockholders Equity | 17.41M | 11.86M | 16.30M | 4.43M | 5.80M |
Cash Flow | |||||
| Free Cash Flow | -3.67M | -2.75M | -3.64M | -3.63M | -2.43M |
| Operating Cash Flow | -3.67M | -2.75M | -3.64M | -2.06M | -2.04M |
| Investing Cash Flow | -3.35M | -619.71K | -6.78M | -1.57M | 414.39K |
| Financing Cash Flow | 8.80M | 952.00K | 12.73M | 684.45K | 5.59M |
Surge Exploration Inc Technical Analysis
Positive
0.64
Price Trends
0.63
Positive
0.68
Positive
0.55
Positive
Market Momentum
<0.01
Positive
55.01
Neutral
39.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NILI, the sentiment is Positive. The current price of 0.64 is below the 20-day moving average (MA) of 0.68, above the 50-day MA of 0.63, and above the 200-day MA of 0.55, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 55.01 is Neutral, neither overbought nor oversold. The STOCH value of 39.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NILI.
Surge Exploration Inc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | C$85.90M | -33.97 | -3.89% | ― | ― | 9.40% | |
50 Neutral | C$169.59M | 24.64 | -6.13% | ― | ― | -1940.00% | |
49 Neutral | C$298.43M | -21.25 | -6.18% | ― | ― | -52.00% | |
47 Neutral | C$165.68M | -11.04 | -48.23% | ― | ― | 41.53% | |
46 Neutral | C$105.75M | -16.41 | -82.13% | ― | ― | -85.64% | |
44 Neutral | C$99.37M | -13.99 | -23.71% | ― | ― | -17.08% |
* General Sector Average
TSE:NILI
Surge Exploration Inc
0.63
0.37
142.31%
TSE:CCCM
C3 Metals
0.87
0.28
46.61%
TSE:EMO
Emerita Resources
0.33
-0.78
-70.45%
TSE:FPC
Falco Resources
0.48
0.25
104.26%
TSE:SURG
Surge Copper Corp
0.79
0.68
618.18%
TSE:PGE
Group Ten Metals
0.31
0.07
29.17%
Surge Exploration Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Surge Battery Metals Secures Additional CA$2.1 Million for Nevada Lithium JV
Positive
Apr 15, 2026
Nevada North Lithium LLC, the joint venture between Surge Battery Metals and Evolution Mining, has received an additional CA$2.1 million advance from Evolution, bringing total funding from the gold miner to CA$6.8 million toward the Nevada North L...
Business Operations and Strategy
Surge Battery Metals Advances Metallurgical Testing at Nevada North Lithium Project
Positive
Apr 1, 2026
Surge Battery Metals, through its joint venture Nevada North Lithium LLC with Evolution Mining, has launched an advanced metallurgical optimization program with Kemetco Research to support the pre-feasibility study for the Nevada North Lithium Pro...
Business Operations and Strategy
Surge Advances Nevada Lithium Project With Upgraded Resource Estimate
Positive
Mar 24, 2026
Surge Battery Metals’ joint venture Nevada North Lithium LLC has engaged geoscience and engineering firm RESPEC to complete an updated mineral resource estimate for the Nevada North Lithium Project in Elko County, Nevada. The update follows ...
Business Operations and StrategyExecutive/Board Changes
Surge Battery Metals Adds Ex-Berkshire Hathaway Energy Executive to Board
Positive
Mar 17, 2026
Surge Battery Metals Inc. has appointed former Berkshire Hathaway Energy executive Richard Weech as an independent director, adding a seasoned leader with extensive experience in renewable energy, lithium extraction opportunities, capital raising,...
Business Operations and Strategy
Surge Battery Metals Confirms High-Grade Lithium Core in Nevada Infill Drilling
Positive
Feb 25, 2026
Surge Battery Metals reported the second and final batch of assays from its 2025 core drilling program at the Nevada North Lithium Project in Nevada, conducted through its joint venture with Evolution Mining. The infill drilling program was design...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.