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Surge Battery Metals Inc (OTCMKTS:NILIF) Stock In Focus After Shareholder Update

Ian Leigh , ,

Surge Battery Metals Inc (OTCMKTS:NILIF) on October 6, 2022, provided shareholders with an update. The company said that the EV market is witnessing much demand from consumers and automakers globally are moving ahead with investments for overhauling production facilities.

Market Stats

On Thursday, NILIF stock moved down 8% to $0.0546 with more than 112k shares, compared to its average volume of 108k shares. The stock moved within a range of $0.0538 – 0.0630 after opening trading at $0.0538.

Surge Battery Metals Provides Shareholder Update

The shift to electric motors has led to much activity in the battery manufacturing market with the metal market witnessing enormous demand, especially for nickel and lithium. Surge Battery Metals also said that investment in domestic renewable manufacturing is resulting in incentives for buying electric vehicles.

The company also said that a part of battery metals should be extracted or processed in a country having a free trade agreement with the United States as well as Canada. The combination of different market forces gives a novel opportunity to the firm to be a supplier for the battery marketplace. It is essential to know that the firm is an active player in both nickel and lithium in the USA and Canada.

The firm owns100% interest in 95 mineral claims located in Elko County, Nevada, which is about 73 line-km north-northeast of Wells, Nevada. The Project has a lithium clay deposit and results have seen surface samples ranging up to 0.5% lithium. Surge Battery Metals confirmed that drilling has recently started and sample results will be announced in the next two months.

Traders Corner NILIF stock is trading below the 50-Day and 200-Day Moving averages of $0.0576 and $0.0484 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0807.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.