Surge Copper公布Berg铜矿预可行性研究结果，税后NPV8%达46亿加元

确认Berg是加拿大最重要的关键矿产开发项目之一，将大规模铜生产与行业领先的钼和银产量相结合，并具有明确、独立的发展路径

• Base case after-tax NPV_8% of C$4.6 billion, IRR of 24%, and payback period of 2.9 years, based on long-term commodity price assumptions of US$4.75/lb copper, US$20.00/lb molybdenum, US$45/oz silver, and US$3,500/oz gold and an exchange rate of 0.73 US$/C$
• 按截至2026年6月的现货价格（铜6.45美元/磅、钼30.00美元/磅、银65美元/盎司、金4,250美元/盎司，汇率0.73美元/加元），现货价格敏感性情形产生税后NPV_8%为94亿加元、IRR为36%、投资回收期1.8年，凸显了该项目对更高金属价格的杠杆效应
• 首次探明及概略矿产储量为12亿吨，品位为铜0.22%、钼0.026%、银4.1克/吨、金0.02克/吨，含铜58亿磅、钼6.87亿磅、银1.6亿盎司及金80万盎司
• 更新后的矿产资源量估算包括14亿吨探明及控制矿产资源量，品位为0.21%铜、0.025%钼、4.0克/吨银和0.02克/吨金，另有10亿吨推断矿产资源量，品位为0.16%铜、0.027%钼、4.3克/吨银和0.01克/吨金
• 矿山寿命28年，总产量为86亿磅（390万吨）铜当量（CuEq）¹，其中包括49亿磅（220万吨）铜、6.02亿磅钼和8900万盎司银
• 达产前5年年均产量为4.16亿磅（18.9万吨）铜当量，其中包括2.70亿磅（12.2万吨）铜、2100万磅钼和400万盎司银
• 矿山全生命周期年均产量为3.08亿磅（14万吨）铜当量，其中包括1.76亿磅（8万吨）铜、2100万磅钼和300万盎司银
• 矿山全生命周期 C1 副产品现金成本为每磅应付铜当量 1.95 美元，副产品现金成本为每磅应付铜 (0.17) 美元
• 矿山寿命期内低剥采比2.0:1，其中包括3.04亿吨的废石预剥离要求
• 初始资本成本为47亿加元，维持性资本为17亿加元，基于EPCM执行方式和三年建设期，并包含总额7.15亿加元的全矿山寿命期应急费用，意味着初始资本强度为24,416美元/吨铜当量年均产能，以及全矿山寿命期资本强度为0.55美元/磅回收铜当量
• 基于日处理12万吨选矿厂、连接项目与BC Hydro电网的新建230 kV输电线路，以及 downhill 越野带式输送机将矿石运至选矿厂所选定的开发方案
• Simple, stand-alone development case based on a single-phase build, conventional open pit mining and processing, with no reliance on phased expansions or third-party major infrastructure

2026年6月15日 – 不列颠哥伦比亚省温哥华 – Surge Copper Corp.（TSXV：SURG）（OTCQB：SRGXF）（法兰克福：G6D2）（“Surge”或“公司”）欣然宣布其预可行性研究（“PFS”）的结果，该研究依据《国家文书43-101 – 矿业项目披露标准》（“NI 43-101”）编制，针对公司全资拥有的Berg铜矿项目（“Berg”或“项目”），项目位于不列颠哥伦比亚省中部。项目位于Wet’suwet’en Yintah境内。公司正积极与Wet’suwet’en世袭酋长及家族以及该地区其他可能受影响的社区接触，包括Witset First Nation、Wet’suwet’en First Nation、Nee Tahi Buhn Indian Band、Skin Tyee First Nation和Cheslatta Carrier Nation。

该预可行性研究（PFS）由Ausenco Engineering Canada ULC（“Ausenco”）和Moose Mountain Technical Services Inc.（“MMTS”）完成，并基于MMTS完成的更新矿产资源估算。该PFS是该项目推进过程中的重要里程碑，并为不列颠哥伦比亚省最重要的新兴铜-钼-银项目之一确立了明确的开发路径。

本文所列全部数据均按无杠杆、100% 权益基础列示，所有货币金额均按指定币种以加元（“C$”）或美元（“US$”）表示，所有吨数均为公吨，所有盎司均为金衡盎司。

首席执行官 Leif Nilsson 评论道：“Berg PFS 的完成标志着 Surge 的一个重要里程碑，并实质性推进了加拿大最重要的未开发铜矿项目之一。Berg 如今不仅因其规模而引人注目，还因其开发方案的质量而脱颖而出——以铜作为主要金属的长期生产，以及行业领先的钼和银产量、强大的基础设施优势，并可获得低碳水电。同样重要的是，这项研究反映了自 PEA 以来完成的大量技术工作，并为下一阶段的推进提供了更明确的基础，包括与原住民社区的持续合作、正式进入环境评估流程，以及未来的可行性级别研究。”

Wet’suwet’en办公室表示：“Gilseyhu氏族的Casbit酋长和Thin House期待继续与Surge Copper合作，为拟议的Berg铜矿项目落实一套稳健的Wet’suwet’en评估流程，并探索Wet’suwet’en及该地区的发展机遇。

Cheslatta Carrier Nation 的 Chief Whitford 表示：“我们对 Surge 迄今在勘探这一关键铜资源方面所取得的成果，以及其在参与和合作方面的持续努力感到鼓舞。”

British Columbia’s Premier, David Eby, stated “In a time of global uncertainty, it’s more important than ever that we build a strong, resilient economy here at home. We’re encouraged by projects like Surge’s Berg Copper Project to help British Columbia responsibly develop the critical minerals the world needs. This is how we create good jobs and the prosperity needed to improve services we all rely on. Our government will be there to support this work as it moves forward, grounded in partnership with First Nations and focused on long-term benefits for people across B.C.”

矿业与关键矿产部长 Jagrup Brar 表示：“通过不列颠哥伦比亚省关键矿产办公室（CMO）支持 Surge Copper，体现了我们推动本省关键矿产开发的承诺。与 CMO 的早期协调有助于项目为环境评估和许可做好准备，从而加快不列颠哥伦比亚省未来大型矿山的监管流程。通过这样的项目，我们能够保持加拿大最大铜生产地的地位，创造新的高薪就业机会，并继续在关键矿产行业的负责任增长方面发挥引领作用，同时维持世界级的环境与安全标准并支持当地社区。”

网络直播与电话会议

公司诚邀您参加于2026年6月15日（星期一）美国东部时间下午4:30举行的网络直播和电话会议，届时管理层将介绍PFS的要点。

• 网络直播链接：https://event.choruscall.com/mediaframe/webcast.html?webcastid=DZovj8af
• 参会者拨入（加拿大/美国免费电话）： 1-844-763-8274
• 参会者拨入（国际）： +1-647-361-0247

Berg PFS 摘要

该PFS概述了一项大规模、长寿命的常规露天采矿作业，为选矿厂供矿，选矿厂设计在平均矿石硬度下名义处理能力为每日120,000吨。所选开发方案反映了2023年初步经济评估（“PEA”）之后完成的工程权衡工作，并为Berg铜钼银矿床的常规、独立开发奠定了基础。

该项目计划通过一条新建的230 kV输电线路，从BC Hydro电网获取水电供电，该线路预计将沿拟建矿山进场道路的同一总体走廊敷设。进场路线利用现有林道将项目与Houston连接起来，电网接入则计划通过Houston郊外Telkwa变电站的新接入点实现。优越的区域基础设施接入条件与低碳电网电力的结合，仍是该项目的一个关键差异化特征。所选场地布局还纳入了将矿石通过下坡陆路输送机运至选矿厂的方案，有助于实现高效的物料搬运并降低整体能源强度。

该PFS基于自PEA以来完成的大量技术工作，包括冶金试验，以及在拟建采坑和基础设施区域开展的地质技术与水文地质钻探计划。这些计划的结果为关键设计标准提供了依据，并促成了PFS中所体现的更高水平的工程界定。

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图1. 区域地图

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图2. 产量与副产品C1现金成本概况

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图3. 现金流构成

原住民族与项目推进

该项目位于Wet’suwet’en的Yintah内。公司正积极与Wet’suwet’en世袭酋长及家族以及该地区其他可能受影响的社区接触，包括Witset First Nation、Wet’suwet’en First Nation、Nee Tahi Buhn Indian Band、Skin Tyee First Nation和Cheslatta Carrier Nation。Surge认为，负责任地推进该项目取决于与权利和利益与该地区相关的原住民进行尊重和协作的合作。公司的接触方式以透明、建立关系和寻求自由、事先和知情同意为基础。

多年来，Surge通过持续对话、信息共享、就业和培训机会，以及与领导层就项目相关活动开展接触，与该地区原住民建立了并保持着关系。随着项目推进，这项工作日益侧重于深化关系、更好地了解各原住民特有的优先事项和关切领域，并确保具备适当的能力和资源，以支持原住民有意义地参与项目规划。这包括就一项以Wet’suwet’en人民世袭治理为基础、由原住民主导的评估流程进行早期讨论，该流程旨在与更广泛的环境评估流程并行推进，并为其提供参考。

预可行性研究（PFS）的完成标志着该项目推进过程中的一个重要阶段，并为公司迈向环境评估和监管程序过程中的持续沟通提供了更坚实的技术基础。Surge 欢迎有机会在原住民进一步开展工程、环境研究和项目规划活动期间继续与原住民合作，包括通过就潜在项目影响、缓解措施和设计考量进行讨论，以及在项目规划和决策中考虑原住民知识、文化福祉和社区优先事项。

Surge 认为这项工作对项目的长期推进至关重要，并期待继续以审慎、透明且着眼于长期实现持久成果的方式，与原住民建立关系。

更新后的矿产资源量估算与首次矿产储量

结合PFS，已完成Berg矿床的更新矿产资源估算（“MRE”），以及由PFS矿山计划支持的首次矿产储量估算。块体模型估算由MMTS的Sue Bird（P.Eng.）完成，其为NI 43-101定义的独立合资格人士。更新MRE的生效日期为2026年6月12日。矿山计划和矿产储量估算由MMTS的Marc Schulte（P.Eng.）完成，其为NI 43-101定义的独立合资格人士。矿产储量估算的生效日期为2026年6月12日。

更新后的矿产资源估算（MRE）得益于自PEA以来完成的额外钻探、对历史岩芯金和银化验覆盖范围的扩大、地质与地质统计模型的更新，以及基于为支持PFS而完成的扩展冶金试验数据库所修订的冶金回收率假设。

更新后的MRE使用了来自249个岩心钻孔、总计66,229米钻探和59,215米化验的数据。针对矿床的主要风化单元和岩性单元圈定了矿化域。铜、钼、银和金品位是在三维块体模型内使用截顶和组合后的化验数据估算的。矿产资源分类基于钻孔间距、地质连续性和估算置信度。MRE受一个露天采坑壳约束，该采坑壳采用8.00加元/吨的净冶炼回报边界品位，展示了最终经济开采的合理前景。

不属于矿产储量的矿产资源不具有已证实的经济可行性。除加拿大不列颠哥伦比亚省采矿项目在环境、许可、税收、社会经济、市场营销和政治因素方面面临的正常风险外，不存在其他已知的会对MRE产生重大影响的因素或问题。

矿产资源储量估算为更新后的MRE的子集，并得到PFS工程与经济分析的支持。探明与概略矿产储量源自探明与控制矿产资源量，并依据加拿大采矿、冶金与石油学会（CIM）《矿产资源与储量定义标准》（2014年）编制。推断矿产资源量按废石处理。矿产储量估算采用9.25加元/吨的NSR边界品位，并假定15米选择性采矿单元（“SMU”）块体尺寸。SMU包含来自矿化的估计5-8%贫化，矿产储量估算还额外计入了4%的采矿损失。

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图4. 矿产资源横截面图，显示资源坑与储量坑

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图5. 含储量露天采场的块体模型三维视图

基础设施与场地布局

该项目目前可通过现有林道网络经公路抵达，该网络从卑诗省休斯敦（Houston）延伸约116公里。PFS设想继续使用并升级这一走廊，同时修建约17公里的额外场地进场道路，以提供通往选矿厂、矿区及相关场地基础设施的连续通道。所选场地布局体现了该项目有利的区域基础设施条件，并有助于主要矿山、选矿和物料处理设施的高效整合。

该PFS基于一条将项目连接至BC Hydro电网的新建230 kV输电线路。所选基准方案设想了一条大致沿矿山进场道路和现有林道通往Houston的输电线路路径，并通过Houston郊外Telkwa变电站的新接入点实现电网连接。该配置被选为PFS的基准方案，是因为它是一种直接的独立供电方案，不依赖第三方私有基础设施，同时保留了在项目推进过程中继续评估其他潜在供电替代方案的灵活性。

选定的场址布置将选矿厂置于露天采场及主破碎机以下约400米处，使矿化物料可通过下坡陆上输送机运至厂址。该布置仍是本项目的重要特征，有助于实现高效物料搬运并降低整体能源强度。进场道路、输送机走廊和输电基础设施采用一体化设计，以支持可施工性、可再生能源利用和整体场址效率。

项目产生的尾矿和废石计划在一个尾矿与废物综合管理设施内进行管理，该设施位于选矿厂附近。该设施被设计为选矿厂矿浆尾矿和露天矿潜在产酸废石的协同处置场，利用有利的当地地形支持筑坝设计和整体占地效率。除了为PFS中设想的采矿计划提供足够容量外，所选设施区域还提供了有意义的未来扩建潜力，公司认为这是该项目的一项重要战略属性。

所选基础设施布局体现了PFS阶段已完成的更高水平工程界定，并参考了自PEA以来完成的地质技术、水文地质和现场调查结果。

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图6. 场地基础设施关键组成部分示意图

露天矿开采计划

MMTS 已完成 PFS 的露天矿设计、生产进度安排和成本估算，其基于山区地形中的大规模常规钻爆铲装运输露天采矿作业。露天采矿作业预计将持续 31 年，其中包括 3 个完整年的生产前采矿。

矿山计划基于探明及概略矿产储量12.09亿吨，品位为铜0.22%、钼0.026%、银4.1克/吨、金0.02克/吨，全矿山寿命期剥采比为2.0:1，其中包括3.04亿吨资本化废石预剥离和3900万吨资本化矿石预剥离。公司还指出，约2.02亿吨推断矿产资源（品位为铜0.15%、钼0.014%、银3.3克/吨、金0.02克/吨）仍位于储量坑设计范围内，在当前矿山计划中按废石处理。在未来的转换钻探和进一步研究前提下，这些吨位可能为未来项目优化带来机会。

露天矿已设计并划分为六个阶段（或称推进阶段），以便在矿山寿命早期优先开采矿床中价值较高的部分，同时保持实用的采场通道和运营灵活性。生产计划支持在28年矿山寿命内实现约4320万吨/年的平均选矿给矿量。在处理较软的表生矿时，选矿给矿量峰值估计为4800万吨/年，而包括废石在内的总物料移动峰值估计为2亿吨/年。在某些生产期间，低品位物料被堆存于采场附近，供矿山寿命后期处理。

露天开采计划采用15米台阶，由业主自营车队作业，车队包括电动和柴油旋转钻机、电缆铲、柴油液压铲以及柴油动力超大型运输卡车。虽然基准矿山计划假设采用常规运输卡车技术，但随着此类技术不断成熟，项目未来可能受益于采用电动坑内物料运输。矿石将被运至位于采坑附近的原矿破碎机，然后通过约5.6公里的下坡地面输送机运至选矿厂场址。该输送机系统还包括一段额外的1.7公里线路，用于将可能产酸的废石输送至尾矿和废物管理设施。非产酸废石计划堆存于采坑附近的设施中，部分物料还将用于建造工程堤坝及相关场地基础设施。

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图7. 分阶段矿山计划

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图8. 按物料类型划分的采矿计划

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图9. 按矿石类型划分的选矿厂给矿

冶金试验与选矿工艺流程

已通过多个项目对 Berg 矿床的物料完成了重要的冶金试验工作，包括 2008 年至 2010 年间完成的历史试验工作，以及 ALS Metallurgy Kamloops（“ALS”）于 2024 年 6 月至 2025 年 5 月为支持 PFS 而开展的全面后续项目。近期项目旨在通过改善回收率指标、验证各主要岩性和风化域的浮选性能，并确认铜钼分离以生产单独可销售精矿的效率，来扩展此前的工作。

The ALS program utilized more than 1,350 kilograms of representative sample material to produce three master composites reflecting the hypogene, transitional supergene, and supergene zones of the deposit. In addition, 27 variability composites were tested to assess recovery performance and comminution characteristics across a broad range of mineralogical and spatial conditions throughout the proposed open pit. The testwork confirmed the suitability of a conventional flotation circuit comprising primary grinding, rougher and cleaner flotation stages, and copper-molybdenum separation, with minimal regrind requirements and no dependence on speciality reagents.

闭路循环试验对混合精矿的回收率最高可达铜90.7%、钼93.0%，混合精矿品位为29.7%铜。铜钼分离试验同样取得了优异结果，其中原生矿和表生矿复合样品的钼回收率分别最高可达94.6%和95.6%，产出高品位钼精矿。最终代表性铜精矿和钼精矿产品经确认洁净且符合商业规格。基于由冶金试验数据库推导并应用于PFS的品位-回收率回归公式，估算全矿山所有矿化域的平均回收率为铜84%、钼88%、银55%、金52%。此外，公司聘请的独立精矿营销顾问审查了预期精矿规格，并就PFS中采用的铜精矿和钼精矿的假定可支付性和商业条款提供了意见。在此基础上，PFS纳入了更新的冶金假设，反映了扩大的试验数据库以及自PEA完成以来在工艺性能方面所获得的更高信心。

资本与运营成本估算

该PFS包含由Ausenco和MMTS编制的资本成本估算，其基于EPCM执行方式，符合AACE Class 4标准，成本估算置信度为±30%。该估算反映了选定的开发方案，并纳入了对现有区域道路基础设施的使用。按照与PFS阶段所达到的项目定义水平相一致的方式，对直接和间接资本成本应用了19%的平均应急费，其中选定项目在获得近期供应商报价或其他高置信度成本投入支持的情况下适用较低的应急费。CAPEX估算包含83%的工艺厂机械投入成本，并有供应商报价支持。初始资本估计为47亿加元，包括5.74亿加元的应急费，并假设在三年建设期内发生。采矿设备资本按业主采购方式估算，并视情况计入初始资本和矿山寿命期内的维持资本。矿山寿命期内的维持资本估计为17亿加元，包括1.41亿加元的应急费，主要由采矿车队更换以及尾矿和废物管理设施建设构成。关闭成本估计约为2.36亿加元。

初始资本估算包括：

运营成本已基于第一性原理，利用当前基准数据、供应商输入以及可获得的报价单位费率进行估算。PFS假设项目由业主自营，劳动力和运营假设反映了计划的运营规模和地点。Surge正与当地社区和省政府合作，以充分了解潜在的劳动力规划、技能提升和培训潜力，目标是至少50%的劳动力来自当地和区域范围，并且小时工将采用轮班制工作。

总运营成本细分如下：

Closure & Reclamation

Closure and reclamation planning for the Project has been developed with the objective of supporting long-term physical and geochemical stability of the site following completion of mining operations. Prior to construction, the Company would be required to complete the applicable regulatory filings relating to closure and reclamation, including the provision of any required bonding or financial security, as part of the Project’s closure planning framework. During operations, water from the tailings and waste management facility is planned to be recycled back to the process plant for use in flotation to reduce overall water demand and minimize discharge requirements.

At the end of mine life, closure activities are expected to include removal of all major process facilities and remediation of disturbed areas to return the site, where practicable, to a stable natural condition. The Company intends to work with First Nations to help guide reclamation planning in a manner that reflects Indigenous perspectives, including through discussions on future land use and the preferred long-term vision for the site following closure.

The open pit and waste rock storage areas would be re-contoured as required for long-term stability and engineered to provide appropriate runoff control, with revegetation undertaken where appropriate, including in areas below tree line.

Tailings management during closure is expected to include drainage of supernatant water, treatment of water to remove residual process-related constituents prior to release to the environment and capping of the remaining tailings surface. The closure concept contemplates that, following drainage, the upper surface of the tailings facility would consist largely of sand and native waste rock materials from the open pit, which would then be capped and revegetated to promote long-term stability and support future wildlife use.

The remaining open pit area is expected to fill with water over time following closure. Water quality monitoring, testing, and treatment, where required, would continue after closure until long-term site stability has been demonstrated. Surge’s closure planning for the Project is intended to support a progressive and responsible transition of the site at the end of mine life, consistent with regulatory requirements and long-term environmental stewardship objectives.

Taxation & Royalties

The PFS models provincial mining taxes in accordance with the British Columbia Mineral Tax Act, as well as applicable provincial and federal income taxes. Provincial mining taxes include a 2% tax on net current proceeds, being a prescribed gross profit measure, and a 13% tax on net revenue, being a prescribed profit measure that allows for the recovery of capital expenditures and certain other deductions and credits including the 2% tax paid. Provincial and federal income taxes are modelled at a combined rate of 27% on taxable income, after deductions for provincial mining taxes paid and accelerated depreciation on eligible capital expenditures.

The PFS also incorporates the effect of the Clean Technology Manufacturing Investment Tax Credit, a 30% refundable investment tax credit applicable to eligible machinery and equipment, including certain industrial vehicles, acquired to extract and process critical minerals. On this basis, the PFS estimates total undiscounted net taxes paid over the life of mine of C$8.3 billion, including C$5.9 billion to the Province of British Columbia and C$2.5 billion to the Government of Canada, implying an estimated life of mine tax rate on taxable income of approximately 36%.

In addition, the PFS models a 1% net smelter return royalty payable to Royal Gold Inc., totalling C$503 million over the life-of-mine.

Environmental Assessment & Permitting

Completion of the PFS is expected to mark an important milestone in the advancement of the Project and support the Company’s planned filing of an Initial Project Description to commence the British Columbia environmental assessment and federal impact assessment processes. The Company expects the Project will require both provincial and federal assessments, and intends to seek a substitution process led by the Province on behalf of both jurisdictions. In parallel, the Company is also planning for an Indigenous-led assessment to be carried out by the Office of the Wet’suwet’en (the “OW”), the engagement and coordination office mandated by the Wet’suwet’en Houses and Hereditary Chiefs (the “Wet’suwet’en Assessment”). Following completion of the PFS, Surge intends to advance the Project into environmental assessment with a continued focus on aligning Project design and environmental and cultural studies with the provincial, federal, and Wet’suwet’en Assessment processes.

Over the past three years, Surge has invested significantly in environmental baseline programs across the key areas of the Project footprint to support future assessment and permitting activities. This work has advanced environmental understanding of the Project area across the principal disciplines relevant to effects assessment, mitigation planning, and future regulatory filings. Together with the higher level of engineering definition reflected in the PFS, these baseline programs form an important part of the technical foundation for the next stage of Project advancement.

The Company intends to continue working closely with the Wet’suwet’en Hereditary Chiefs and Houses and other potentially impacted communities as these processes advance, with the goal of supporting transparent and informed decision-making and helping to ensure that Nation-specific priorities, interests, rights and perspectives are identified and considered early in Project planning.

The Project also incorporates several design features intended to support responsible development and reduce overall carbon intensity, including planned connection to BC’s low-carbon hydroelectric grid and the use of electrically powered overland conveyor systems for materials handling. Surge believes these attributes strengthen Berg’s positioning as a large-scale, long-life critical minerals project in British Columbia.

The Company also notes that the Project has been accepted into British Columbia’s Critical Minerals Office, which is intended to support coordination and early preparedness for priority critical minerals projects as they advance through the regulatory processes.

Future Opportunities

The PFS outlines a selected development case for the Project based on currently available technical, economic, and engineering information. While the Company believes the PFS reflects a well-defined and technically robust development plan, the Project continues to retain longer-term opportunities that are not required to support the PFS case.

These include potential future exploration upside within and adjacent to the Berg deposit, as well as broader district-scale opportunities across the Company’s mineral tenure position that are not reflected in the updated MRE, maiden Mineral Reserve estimate, or PFS mine plan. In addition, certain Inferred Mineral Resources remain within or below the ultimate reserve pit shell but are excluded from the current Mineral Reserve estimate and mine plan. Subject to future conversion drilling and further technical study, these tonnes may present opportunities for incremental mine plan optimization in future development stages. Certain elements of the selected infrastructure configuration, including the capacity and expansion potential of the tailings and waste management facility area, may also provide additional flexibility as the Project advances.

Next Steps

The Company will file an NI 43-101 technical report in respect of the PFS and MRE on SEDAR+ within 45 days of this news release. The technical report will contain important details and supporting information not included in this press release. With the PFS now complete, Surge is positioned to move Berg into its next phase of advancement. The Company is fully funded for its planned 2026 activities and intends to maintain momentum through a coordinated program of Indigenous engagement, environmental assessment entry, field work, and technical studies aimed at supporting future feasibility-level advancement.

Key next steps are expected to include:

• Continuing to work closely with First Nations as Project planning advances, including through ongoing engagement, information sharing, and collaborative work aimed at supporting Indigenous-led assessment and review processes, addressing Nation-specific priorities and potential Project effects, and informing future Project design and mitigation planning.
• Filing an Initial Project Description and formally advancing the Project into the British Columbia environmental assessment process, while continuing to coordinate environmental studies, engineering, Indigenous engagement, and regulatory planning.
• Undertaking a 2026 field program including geotechnical, geochemical, hydrogeological, and resource drilling, together with continued environmental baseline programs across key areas of the Project footprint, to support future study work and ongoing advancement of the Project.
• Completing additional technical work, including metallurgical testwork and other engineering and study activities, to support future feasibility-level studies and continued refinement of the Project’s development pathway.

Qualified Persons

A team of Independent Qualified Persons (as such term is defined under NI 43-101) at Ausenco and MMTS has led the PFS and has reviewed and verified the technical disclosure in this press release, including:

Peter Mehrfert, P.Eng., of Ausenco is an independent QP for the process and infrastructure capital and operating cost estimation, project financials, metallurgical test work and recovery model.

Jonathan Cooper, P.Eng., of Ausenco is an independent QP for the water management infrastructure and planning.

Scott Elfen, P.Eng., of Ausenco is an independent QP for the tailings and waste rock management facility.

James Millard, P.Eng., of Ausenco is an independent QP for the environmental and permitting studies.

Sue Bird, P.Eng., of MMTS is an independent QP for the Mineral Resource Estimate.

Marc Schulte, P.Eng., of MMTS is an independent QP for the Mineral Reserve Estimate, mine planning and cost estimation.

Dr. Shane Ebert P.Geo., is the Qualified Person for the Berg Copper Project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release. Dr. Ebert is an Officer and a Director of Surge and is not independent of the Company.

Mark Wheeler, P.Eng., VP of Projects at the Company as well as a Qualified Person as defined by National Instrument 43-101, has supervised the preparation of the technical information in this news release.

About Ausenco

Ausenco is a global engineering, consulting and project delivery firm built for the minerals and metals industry. With three decades of global experience, Ausenco works alongside clients to navigate complex challenges from first study to final closure—across every phase, on five continents. Deeply rooted in the minerals and metals industry, their people combine technical depth, hands-on expertise, and hard-earned insight to deliver practical, forward-thinking solutions that reduce risk and unlock value. (www.ausenco.com).

About Moose Mountain Technical Services

Moose Mountain Technical Services (MMTS) is an association of Geologists, Engineers, and Technicians providing extensive experience in geology, mine engineering services, and EPCM support to the mining industry. From early grassroots exploration to resource modeling, advanced engineering studies and due diligence studies, environmental and sustainability evaluations. MMTS has worked on several early-stage mining projects that have been developed into operating mines. On some of these projects, MMTS has been involved at every stage, from the very first resource models and concept studies all the way through to ongoing operations and closure support.

About Surge Copper Corp.

Surge Copper Corp. is a Canadian resource company advancing one of British Columbia’s emerging copper districts. The Company’s 100%-owned Berg Copper Project hosts a large-scale copper-molybdenum-silver deposit in central British Columbia supported by a Pre-Feasibility Study and Mineral Reserve estimate that establish a defined development pathway for a long-life copper project with significant molybdenum, silver, and gold by-product production.

In addition to Berg, Surge controls a large, contiguous mineral claim package that includes multiple advanced porphyry deposits, including the Ootsa Property adjacent to the past-producing Huckleberry Mine. Collectively, the Company’s assets position Surge as a potential long-term contributor to Canada’s critical minerals strategy through the responsible development of copper, molybdenum, and associated metals.

Surge is committed to advancing its projects through early engagement with First Nations and local communities, with a focus on transparent communication, relationship building, and respectful, constructive dialogue.

For more information, visit www.surgecopper.com

On Behalf of the Board of Directors

For Further information, please contact:

Riley Trimble, Corporate Communications & Development

Telephone: +1 604 639 3852

Email: info@surgecopper.com

Twitter: @SurgeCopper

LinkedIn: Surge Copper Corp

https://www.surgecopper.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward-looking statements, including but not limited to statements regarding the projected economic, operating, and technical results of the PFS, including projected NPV, IRR, cash flows, capital and operating costs, sustaining capital, closure costs, mine  life, production prates, grades, recoveries, payabilities, taxes and other projected metrics and assumptions; the selected development case and Project design; the timing and filing of the NI 43-101 technical report; the Company’s plans to file an Initial Project Description and advance the Project through provincial, federal and Indigenous-led assessment processes; the anticipated substitution of the provincial process for the federal process; the Company’s plans for ongoing engagement and relationship-building with First Nations; the planned 2026 field program and future feasibility-level studies; the potential for future mine plan optimization, exploration upside and conversion of Inferred Mineral Resources; the anticipated use of low-carbon hydroelectric power and other measures to reduce Project emissions intensity; the expected closure and reclamation approach; the Company’s plans for advancement of the Berg Project and the Ootsa Property; and any other statements regarding future plans, expectations, guidance, objectives, estimates, or outcomes. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals, the ability to obtain adequate financing to conduct its planned exploration programs, inability to procure labour, equipment, and supplies in sufficient quantities and on a timely basis, equipment breakdown, and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.