Surface Metals (CSE:SUR) - Dual-Track 2026: Cimarron Drilling + Lithium PEA Ahead

Nov 21, 2025

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Interview with Stephen Hanson, President & CEO of Surface Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/surface-metals-csesur-former-lithium-player-pivots-to-nevada-gold-with-walker-lane-project-7467

Recording date: 21st November 2025

Surface Metals Inc. (CSE: SUR) has strategically positioned itself across two commodity cycles through its April 2025 acquisition of the Cimarron gold project in Nevada whilst maintaining a diversified lithium portfolio anchored by a 300,000+ ton LCE resource at Clayton Valley, California. This dual-commodity approach provides investors with exposure to gold's current bull market and lithium's structural electrification demand.

Following recent meetings on Wall Street and Bay Street, President and CEO Steve Hanson reports renewed institutional appetite for junior and mid-cap mining opportunities. Major banks including JP Morgan, Goldman Sachs, UBS, Deutsche Bank, and HSBC forecast gold reaching $5,000 per ounce in 2026, driven by central bank accumulation, interest rate dynamics, and geopolitical tensions. Simultaneously, lithium markets show stabilisation following the 2023-2024 correction, with institutional interest returning to quality projects.

The Cimarron gold project, located in Nevada's prolific Walker Lane trend approximately 35 kilometres south of Kinross's Round Mountain mine, benefits from extensive historical work conducted by Newmont and Echo Bay during the 1980s-1990s. Surface Metals has digitised this historical database and created three-dimensional geological models, positioning the company to commence phase one drilling in early 2026 with clear targeting rationale. The programme aims to confirm historical high-grade intercepts, validate a non-43-101 compliant resource, and expand towards a million-ounce target. Shallow oxide mineralisation suggests potential heap leach processing economics - a lower-cost development pathway relevant for junior companies.

Surface Metals' lithium portfolio demonstrates geographic and geological diversification across three projects. The Clayton Valley brine project sits immediately northwest of Albemarle's Silver Peak operation - North America's only producing lithium brine facility operational since 1966. The company targets a preliminary economic assessment in 2026, evaluating direct lithium extraction technology offering faster processing and higher recovery versus traditional evaporation ponds. Neighbouring operator SLB's 2025 demonstration facility successfully produced lithium from similar brine chemistry, de-risking technology application.

Fish Lake Valley represents exposure to sedimentary claystone lithium mineralisation, sitting contiguous to Ioneer's Rhyolite Ridge project backed by Ford, Toyota, and Panasonic offtakes with 2026 construction commencement planned. Surface Metals actively seeks joint venture partners to fund initial drilling. In Manitoba, NASDAQ-listed Snow Lake Resources earns into the company's pegmatite project through funded exploration whilst Surface Metals maintains carried interest without capital outlay.

Capital efficiency distinguishes Surface Metals' approach. The company has reduced operational costs whilst advancing projects through partnership structures and targeted technical work avoiding dilutive capital raises during unfavourable market conditions. Sector consolidation reduced lithium-focused companies from 200-250 to approximately 60, with Surface Metals amongst survivors maintaining intact portfolio positioning to capture recovery momentum.

Management contemplates multiple value realisation pathways including asset sales, joint ventures, or corporate restructuring to separate gold and lithium portfolios. In market conditions where commodities experience distinct cycles, portfolio separation could unlock valuation disparities whilst providing shareholders direct exposure to preferred commodity themes.

All projects benefit from tier-one North American jurisdictions with established infrastructure, proximity to operating mines, and relatively streamlined permitting. Nevada exploration permits typically achieved in 90-120 days. As gold supply deficits emerge from major producers exhausting high-grade reserves, and lithium supply security achieves strategic priority, Surface Metals' portfolio positioning addresses structural market dynamics favouring quality junior mining opportunities in premier jurisdictions.

View Surface Metals' company profile: https://www.cruxinvestor.com/companies/acme-lithium