Surge Exploration Inc (NILI) AI Stock Analysis

• Market Cap: C$144.46M
• Dividend Yield: N/A
• Average Volume (3M): 1.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.69
• Revenue Growth: N/A
• EPS Growth: 19.92%
• Country: CA
• Employees: 10
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 197,887,180
• 10 Day Avg. Volume: 3,396,092
• 30 Day Avg. Volume: 1,525,691
• PEG Ratio: 0.54
• Price to Book (P/B): 5.02
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -21.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: C$0.72 ▼(-25.10% Downside)

The score is primarily held back by very weak financial performance (no revenue, recurring losses, and ongoing cash burn), despite the benefit of zero debt. Technicals are supportive with a strong uptrend, but overbought RSI increases pullback risk. Valuation is not compelling given negative earnings and no dividend yield provided.

Positive Factors

Strong balance sheet (no debt)

Zero debt and positive equity materially reduce financial leverage risk for an exploration-stage company. This structural strength gives management flexibility to pursue staged drilling and property acquisition without immediate solvency pressure, improving resilience across funding cycles.

Exposure to lithium exploration

Focused exposure to lithium exploration aligns the company with multi-year structural demand trends for battery metals. As a pure-play explorer, sustained lithium interest can improve access to project financing, partnerships, and strategic JV opportunities that support long-term value creation.

Improving cash burn rate

An improving cash burn rate versus the prior year indicates management is beginning to control spending and extend runway. While cash flows remain negative, this durable reduction in burn enhances the odds of reaching key exploration milestones before requiring significant new capital.

Negative Factors

No revenue generation

Persistent lack of revenue is a fundamental constraint: the business cannot generate operating inflows to fund exploration or development. That structural absence of top-line limits self-funding, increases reliance on capital markets, and raises dilution and execution risk over time.

Persistent operating and net losses

Ongoing operating and net losses erode equity and signal the company has not yet translated exploration activities into value-creating outcomes. Over months, sustained losses increase the need for external financing and may constrain the pace or scale of future exploration programs.

Negative ROE and asset/equity volatility

Strongly negative returns on equity and meaningful asset/equity volatility indicate past capital deployment hasn’t generated returns. This structural weakness raises the cost of future capital, complicates fundraising, and undermines investor confidence in long-term value creation.

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 company has an option to acquire 60% interests in two principal cobalt properties, including the Teledyne Cobalt property and the Glencore Bucke Cobalt property located in Ontario, Canada; and holds interest in the Nevada North lithium project that comprises of 154 mineral claims covering an area of approximately 794 hectares. It also has an option to acquire a 100% interest in the Quatse Lake property comprising four mineral claims covering an area of 1,786 hectares located in British Columbia; a 80% interest in the San Emidio Desert Lithium project comprising 35 mineral claims that covers an area of 2800 acres located to the North East of Reno, Nevada; and a 80% interest in the Nickel project located in British Columbia. The company was formerly known as Copper Creek Gold Corp. and changed its name to Surge Exploration Inc. in April 2018. Surge Battery Metals Inc. was incorporated in 1987 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Surge Exploration Inc makes money primarily through the exploration and development of mineral properties, focusing on copper, gold, and lithium. The company's revenue model involves identifying and acquiring promising mineral projects, conducting exploration activities to determine the extent and value of the resources, and then monetizing these assets. This can be achieved by entering into joint ventures or partnerships with larger mining companies, selling or optioning the developed projects to third parties, or eventually bringing the projects into production. Significant factors contributing to its earnings include the successful discovery of valuable mineral deposits, the ability to attract investment and partnerships, and market demand for the minerals they explore.

Surge Exploration Inc Financial Statement Overview

Summary

Very weak fundamentals: no revenue, persistent operating and net losses, and ongoing negative operating/free cash flow. The main positive is zero debt and still-positive equity, but continued cash burn and negative returns signal elevated sustainability risk.

Income Statement

Across the annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue while posting sizable operating losses and net losses. Losses remain persistent over time, and while TTM (Trailing-Twelve-Months) net income loss is smaller than the 2024 annual loss, profitability is still deeply negative with no evident top-line traction.

Balance Sheet

The balance sheet shows zero debt and positive equity in the most recent periods (including TTM (Trailing-Twelve-Months)), which reduces financial risk from leverage. However, equity and assets have fluctuated meaningfully over time, and returns on equity are strongly negative in recent years, indicating ongoing value erosion from continuing losses.

Cash Flow

Operating cash flow and free cash flow are consistently negative, including TTM (Trailing-Twelve-Months), implying continued cash burn to sustain operations. While the cash burn rate improved versus 2023 and is roughly similar to 2024, free cash flow growth is volatile and the business is not yet generating self-funding cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-5.02M	-9.85M	-8.52M	-2.23M	-2.15M	-280.72K
Net Income	-7.31M	-9.85M	-8.93M	-2.97M	-2.15M	-382.63K
Balance Sheet
Total Assets	13.61M	12.26M	16.50M	4.63M	6.07M	270.74K
Cash, Cash Equivalents and Short-Term Investments	1.21M	1.92M	6.37M	1.02M	3.97M	206.63K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	590.00K	399.12K	201.80K	199.68K	263.48K	346.42K
Stockholders Equity	13.02M	11.86M	16.30M	4.43M	5.80M	-75.68K
Cash Flow
Free Cash Flow	-2.71M	-2.75M	-3.64M	-3.63M	-2.43M	-159.42K
Operating Cash Flow	-2.71M	-2.75M	-3.64M	-2.06M	-2.04M	-159.42K
Investing Cash Flow	-2.25M	-619.71K	-6.78M	-1.57M	414.39K	61.56K
Financing Cash Flow	3.10M	952.00K	12.73M	684.45K	5.59M	0.00

Surge Exploration Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.96
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NILI, the sentiment is Neutral. The current price of 0.96 is above the 20-day moving average (MA) of 0.84, above the 50-day MA of 0.73, and above the 200-day MA of 0.41, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 42.77 is Neutral, neither overbought nor oversold. The STOCH value of 22.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NILI.

Surge Exploration Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SURG	53 Neutral	C$193.43M	-62.92	-4.43%	―	―	-18.67%
FPC	52 Neutral	C$176.02M	-73.91	-4.06%	―	―	54.00%
CCCM	49 Neutral	C$114.87M	-33.72	-4.33%	―	―	10.13%
NILI	47 Neutral	C$144.46M	-17.14	-52.53%	―	―	19.92%
PGE	47 Neutral	C$141.41M	-13.70	-120.57%	―	―	-89.71%
EMO	42 Neutral	C$167.94M	-12.31	-46.38%	―	―	19.55%

Surge Exploration Inc Corporate Events

Surge Battery Metals Plans $15 Million LIFE Financing to Advance Nevada Lithium Project

Surge Battery Metals Inc. has launched a non-brokered listed issuer financing exemption (LIFE) private placement to raise approximately $15 million through the sale of 16.67 million units at $0.90 each, with each unit comprising one common share and a half warrant exercisable at $1.35 for three years. The proceeds will fund additional costs for the preliminary feasibility and definitive feasibility studies at its Nevada North Lithium Project and bolster working capital, a move management frames as strengthening the balance sheet and enabling more aggressive advancement of exploration and technical work, which could enhance the company’s position in the growing domestic lithium supply chain in Nevada; the financing remains subject to TSX Venture Exchange approval and may include customary finders’ fees and warrants for intermediaries.

The most recent analyst rating on (TSE:NILI) stock is a Hold with a C$0.95 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Surge JV Hires Former Nissan and Ford Battery Strategist to Drive Nevada Lithium Project

Surge Battery Metals’ joint venture vehicle, Nevada North Lithium LLC, has appointed former Nissan and Ford battery raw materials strategist Steffen Ball as Vice President, Commercial Development to lead commercial strategy and forge strategic partnerships aimed at moving the Nevada North Lithium Project toward production. The company also granted 500,000 stock options to directors, officers and consultants, as it advances a project that already hosts a sizeable inferred lithium resource with positive preliminary economic metrics, reinforcing its ambitions to become a significant supplier to the electric vehicle and energy storage sectors.

The most recent analyst rating on (TSE:NILI) stock is a Hold with a C$0.76 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Quaternary Group Boosts Stake in Surge Battery Metals as Lithium Explorer Advances Nevada Project

Surge Battery Metals Inc. announced that Quaternary Group Ltd. has increased its ownership stake in the company, raising its undiluted position from approximately 5.7% to about 7.8% of the issued and outstanding common shares since mid-October 2025. On a diluted basis, Quaternary’s interest has risen from roughly 11.3% to 13.3%, signaling growing institutional confidence in Surge’s Nevada-focused lithium exploration strategy and potentially strengthening the company’s shareholder base as it advances its flagship Nevada North Lithium Project.

The most recent analyst rating on (TSE:NILI) stock is a Hold with a C$0.76 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Surge Battery Metals Secures Initial JV Funding from Evolution Mining

Surge Battery Metals Inc. announced that its joint venture with Evolution Mining Limited, Nevada North Lithium LLC, has received an initial funding of CA$3,000,000 from Evolution. This funding increases Evolution’s ownership in the joint venture to 25.85%, with Surge Battery Metals USA Inc. retaining a 74.15% stake. This development strengthens Surge’s position in the lithium exploration industry, potentially enhancing its operations and market influence in the electric vehicle sector.

The most recent analyst rating on (TSE:NILI) stock is a Buy with a C$0.70 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Surge Battery Metals Forms Joint Venture with Evolution Mining for Lithium Project

Surge Battery Metals Inc. has entered into a joint venture with Evolution Mining Limited to advance the Nevada North Lithium Project. This partnership involves a contribution of assets from both parties and aims to complete a Preliminary Feasibility Study to evaluate the project’s development potential. Surge initially holds a 77% stake in the joint venture, with Evolution funding up to CAD$10 million for additional ownership interests. The joint venture will be governed by an operating committee, with Surge acting as the general manager, ensuring strategic decisions require a super-majority approval.

The most recent analyst rating on (TSE:NILI) stock is a Buy with a C$0.70 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Surge Battery Metals Finalizes Joint Venture with Evolution Mining for Lithium Project

Surge Battery Metals Inc. has finalized the terms of a joint venture with Evolution Mining Limited to further develop the Nevada North Lithium Project. This collaboration aims to enhance the project’s development, potentially increasing its resource base and economic value, which could strengthen Surge’s position in the lithium market.

The most recent analyst rating on (TSE:NILI) stock is a Buy with a C$0.70 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.

Surge Battery Metals Advances Joint Venture with Evolution Mining

Surge Battery Metals Inc. has announced an update on its proposed joint venture with Evolution Mining Limited, which has received conditional approval from the TSX Venture Exchange. This collaboration aims to enhance Surge’s lithium exploration efforts in Nevada, potentially strengthening its market position and offering significant resource expansion opportunities.

The most recent analyst rating on (TSE:NILI) stock is a Buy with a C$0.70 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.