Surface Metals sells Manitoba claim stake, refocuses on Nye County projects

Surface Metals Inc. announced on December 22, 2025 that it sold its remaining 49% interest in 37 mineral claims in southeastern Manitoba to Snow Lake Resources doing business as Snow Lake Energy for $650,000. The deal follows an option agreement signed January 29, 2024 under which Snow Lake had previously earned a 51% interest. The sale transfers Surface Metals out of the Manitoba properties entirely.

The properties included 21 mineral claims totaling 8,883 acres at Shatford Lake, 10 claims totaling 5,196 acres at Birse Lake, and 6 claims totaling 2,930 acres at Cat Euclid Lake. Snow Lake had pursued an option to earn up to a 90% undivided interest under the earlier agreement. With the closing, Surface Metals no longer holds an ownership stake in those Manitoba claims.

For Nye County residents the transaction matters because Surface Metals identifies the Cimarron Gold Project in Nye County as one of its core assets. The company has positioned itself as a North American explorer focused on a diversified portfolio of gold and lithium projects in Nevada and Manitoba. Proceeds from the $650,000 sale and the elimination of non core Manitoba exposure could be used to advance permitting, exploration, or engineering work at Cimarron or at the Clayton Valley lithium brine project adjacent to Albemarle’s Silver Peak Mine.

Surface Metals reports that its Clayton Valley project hosts an NI 43 101 compliant inferred resource of approximately 302,900 tonnes of lithium carbonate equivalent. That asset sits near established brine production in Nevada and remains central to the company’s lithium strategy. The sale also narrows Surface Metals’ geographic focus to its Nevada holdings, which include additional lithium leases in Fish Lake Valley.

Market implications are modest in dollar terms but strategic in focus. The $650,000 consideration represents a small liquidity event relative to the scale of major lithium and gold projects, yet it simplifies Surface Metals’ portfolio and may influence capital allocation decisions. The buyer, Snow Lake Energy, trades on Nasdaq under the ticker LITM. Surface Metals trades on the CSE under SUR and on the OTCQB under SURMF.

For the local economy in Nye County, the significance will depend on how Surface Metals applies the funds and management attention. If proceeds are redirected to exploration or permitting, there could be incremental jobs and contracting opportunities over the coming months. If management uses the transaction to fund corporate costs or pursue other non local initiatives, local impact will be limited. Investors and local officials will be watching upcoming company filings and project updates for clearer signals about activity at Cimarron.