Surge Copper Corp press release

Surge Copper Announces Results of Berg Pre-Feasibility Study with After-Tax NPV8% of C$4.6 billion and 24% IRR

2026-06-15

TSXV - TSX Venture Exchange · Copper · Molybdenum · Silver · Gold · Zinc · Lead · Canada · Technical Studies

Confirms Berg as one of Canada’s most significant critical minerals development projects, combining large-scale copper production with industry-leading molybdenum and silver output and a defined, stand-alone development pathway

Base case after-tax NPV8%of C$4.6billion, IRRof 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$

Atspot prices as of June 2026(US$6.45/lb copper, US$30.00/lb molybdenum, US$65/oz silver, and US$4,250/oz gold and an exchange rate of 0.73 US$/C$), a spot price sensitivity casegenerates an after-tax NPV8%of C$9.4 billion, an IRRof 36%, and a payback period of 1.8 years, underscoring the Project’s leverage to higher metal prices

Maiden Proven & Probable Mineral Reserveof 1.2 billion tonnesgrading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, containing 5.8 billion pounds of copper, 687 million pounds of molybdenum, 160 million ounces of silver, and 0.8 million ounces of gold

Updated Mineral Resource Estimate includes Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold, plus additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver, and 0.01 g/t gold

28-year mine life with total production of 8.6 billion pounds (3.9 million tonnes) of copper equivalent (CuEq)1, including 4.9 billion pounds (2.2 million tonnes) of copper, 602 million pounds of molybdenum, and 89 million ounces of silver

First 5 years of steady-state production averages 416 million pounds (189 thousand tonnes) of copper equivalent annually, including 270 million pounds (122 thousand tonnes) of copper, 21 million pounds of molybdenum, and 4 million ounces of silver

Life of mine average annual production of 308 million pounds (140 thousand tonnes) of copper equivalent, including 176 million pounds (80 thousand tonnes) of copper, 21 million pounds of molybdenum, and 3 million ounces of silver

Life of mine C1 co-product cash costs of US$1.95/lb payable CuEqand by-product cash costs of US$(0.17)/lb payable Cu

Low life of mine strip ratio of 2.0:1, including waste pre-stripping requirements of 304 million tonnes

Initial capital cost of C$4.7 billion and sustaining capital of C$1.7 billion, based on an EPCM execution approach and a three-year construction period, and including a total life of mine contingency of C$715 million, implying initial capital intensityof US$24,416/t CuEqannual average production capacity, and life of mine capital intensityof US$0.55/lb recovered CuEq

Selected development case based on a 120,000 tonne per day concentratorand a new 230 kV transmission line connecting the Project to the BC Hydro grid, and downhill overland conveyor transport of ore to the process plant

Simple, stand-alonedevelopment case based on a single-phase build, conventional open pit miningand processing, with no reliance on phased expansionsor third-party major infrastructure

1. All references herein to copper equivalent (CuEq) are on the basis of recovered or payable metals, as indicated, with such recovered or payable metals converted into copper equivalent based on their respective price ratios using the long-term metal prices used in the PFS of US$4.75/lb copper, US$20.00/lb molybdenum, US$45.00/oz silver, and US$3,500/oz gold and with the formula CuEq (lbs) = Cu (lbs) + 4.21 Mo (lbs) + 9.47 Ag (oz) + 737 * Au (oz).

Vancouver, British Columbia, June 15, 2026 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV:SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”)is pleased to announce the results of its Pre-Feasibility Study (the “PFS”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for the 100%-owned Berg Copper Project (“Berg” or the “Project”) located in central British Columbia. The Project is located within the Wet’suwet’en Yintah. The Company is actively engaging with the Wet’suwet’en Hereditary Chiefs and Houses and other potentially impacted communities in the region, including the Witset First Nation, Wet’suwet’en First Nation, Nee Tahi Buhn Indian Band, Skin Tyee First Nation, and Cheslatta Carrier Nation.

The PFS was completed by Ausenco Engineering Canada ULC (“Ausenco”) and Moose Mountain Technical Services Inc. (“MMTS”) and is based on an updated mineral resource estimate completed by MMTS. The PFS represents a significant milestone in the advancement of the Project and establishes a defined development pathway for one of British Columbia’s most significant emerging copper-molybdenum-silver projects.

All figures presented herein are on an unlevered, 100% basis, all currency figures are in Canadian dollars (“C$”) or United States dollars (“US$”) as specified, all tonnes are metric tonnes, and all ounces are Troy ounces.

Leif Nilsson, Chief Executive Officer, commented “Completion of the Berg PFS marks an important milestone for Surge and materially advances one of Canada’s most significant undeveloped copper projects. Berg now stands out not only for its scale, but also for the quality of its development profile, with long-life production of copper as a primary metal, and industry leading molybdenum and silver output, strong infrastructure advantages, and access to low-carbon hydroelectric power. Just as importantly, this study reflects a great deal of technical work completed since the PEA and provides a more defined foundation for the next stage of advancement, including continued work with First Nations, formal entry into the environmental assessment process, and future feasibility-level studies.”

The Office of the Wet’suwet’enstated “_Chief Casbit and Thin House of the Gilseyhu Clan look forward to continuing to work with Surge Copper to implement a robust Wet’suwet’en assessment process for the proposed Berg Copper Project and to explore opportunities for the Wet’suwet’en and the region.”_

Chief Whitford of the Cheslatta Carrier Nationreflected “_We are encouraged by the results to date of Surge’s efforts at exploring this critical copper resource and their ongoing efforts at engagement and partnerships._”

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._”

Minister of Mining and Critical Minerals, Jagrup Brar, commented “_Supporting Surge Copper through the BC Critical Minerals Office (CMO) reflects our commitment to advancing critical minerals development in our province. Early co-ordination with CMO accelerates regulatory processes for B.C.’s future major mines by helping projects prepare for environmental assessment and permitting. Through projects like this, we can remain Canada’s largest copper producer, create new well-paying jobs, and continue to lead the way in responsible growth of the critical minerals sector, while maintaining world-class environmental and safety standards and supporting local communities._”

Webcast & Conference Call

The Company invites you to join a webcast and conference call on Monday June 15, 2026 at 4:30 p.m. Eastern Time, on which management will present the highlights of the PFS.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=DZovj8af

Participant dial in (Canada / US toll free):1-844-763-8274

Participant dial in (International):+1-647-361-0247

Berg PFS Summary

The PFS outlines a large-scale, long-life conventional open pit mining operation feeding a concentrator process plant designed for a nominal throughput rate of 120,000 tonnes per day at average ore hardness. The selected development case reflects engineering trade-off work completed following the 2023 Preliminary Economic Assessment (the “PEA”) and establishes the basis for a conventional, stand-alone development of the Berg copper-molybdenum-silver deposit.

The Project is planned to be powered by hydroelectricity from the BC Hydro grid through a new 230 kV transmission line, expected to follow the same general corridor as the proposed mine access road. The access route utilizes existing forest service roads linking the Project to Houston, and the grid connection is planned through a new connection at the Telkwa substation just outside of Houston. The combination of strong regional infrastructure access and low-carbon grid power remains a key differentiating feature of the Project. The selected site layout also incorporates downhill overland conveyor transport of ore to the process plant, supporting efficient materials handling and reduced overall energy intensity.

The PFS is based on a significant body of technical work completed since the PEA, including metallurgical testwork, and geotechnical and hydrogeological drill programs within the proposed pit and infrastructure areas. The results of these programs informed key design criteria and contributed to the increased level of engineering definition reflected in the PFS.

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Figure 1. District Map Click here to view image

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Figure 2. Production and Co-Product C1 Cash Cost Profile Click here to view image

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Figure 3. Cash Flow Components Click here to view image

| Table 1. Key Financial and Economic Analysis Metrics | | | | | | | | | | Base Case After-Tax Economic Metrics | | | | | NPV8% | C$mm | $4,592 | | | IRR | % | 24% | | | Payback Period | years | 2.9 | | | Pre-Production Capex | C$mm | $4,678 | | | NPV / Capex | x | 1.0x | | | Capex / Total Production | US$/lb Payable CuEq | $0.55 | | | Capex / Annual Production | US$/t Recoverable CuEq | $24,416 | | | FCF Yield on Capex | % | 16% | | | | | | | | Aggregate Undiscounted Financial Metrics | Avg. Annual1 | LOM Total | | | Revenue | C$mm | $1,931 | $53,700 | | On-site & Off-site Operating Costs | C$mm | $778 | $21,565 | | Royalties | C$mm | $18 | $503 | | Pre-Production Capex | C$mm | $1,559 | $4,678 | | Sustaining Capex | C$mm | $62 | $1,729 | | Cash Taxes | C$mm | $336 | $8,302 | | Free Cash Flow | C$mm | $735 | $16,867 | | | | | | | Pricing Assumptions | | | | | Copper | US$/lb | $4.75 | | | Molybdenum | US$/lb | $20.00 | | | Silver | US$/oz | $45.00 | | | Gold | US$/oz | $3,500 | | | Foreign Exchange | USDCAD | 0.73 | | | | | | | | LOM Gross Revenue Contribution | | | | | Copper | % | 57% | | | Molybdenum | % | 30% | | | Silver | % | 9% | | | Gold | % | 4% | | | 1. Average annual financial metrics are weighted by total mill throughput in each year, except pre-production capex which is a simple average. | | | |

| Table 2. Key Operating Metrics | | | | | | | | | | Aggregate Operating Metrics | | Avg. Annual1 | LOM Total | | Mine Life | years | - | 28 | | Milled Mineralized Material | Mt | 44 | 1,209 | | Strip Ratio | waste:ore | - | 2.0 | | | | | | | Grades | | | | | Copper | % Cu | 0.22% | | | Molybdenum | % Mo | 0.026% | | | Silver | g/t Ag | 4.1 | | | Gold | g/t Au | 0.02 | | | | | | | | Recoverable Production | | | | | Copper | Mlbs Cu | 176 | 4,875 | | Molybdenum | Mlbs Mo | 21 | 602 | | Silver | Moz Ag | 3 | 89 | | Gold | koz Au | 16 | 439 | | Copper Equivalent | Mlbs CuEq | 308 | 8,575 | | Copper Equivalent | kt CuEq | 140 | 3,889 | | | | | | | LOM Blended Process Recovery and Payability | Recovery2 | Payability | | | Copper | % | 84% | 96% | | Molybdenum | % | 88% | 99% | | Silver | % | 56% | 90% | | Gold | % | 52% | 90% | | | | | | | Cash Costs3 | | | | | C1 Cash Costs (co-product) | US$/lb Payable CuEq | $1.95 | | | C3 Cash Costs (co-product) | US$/lb Payable CuEq | $2.10 | | | C1 Cash Costs (by-product) | US$/lb Payable CuEq | ($0.17) | | | C3 Cash Costs (by-product) | US$/lb Payable CuEq | $0.10 | | | 1. Average annual operating metrics are weighted by total mill throughput in each year. 2. Recovery numbers represent blended average across zones and are calculated based on total LOM recovered metal divided by contained metal. 3. C1 and C3 cash costs are based on common industry definitions. C1 cash costs include all on-site and off-site costs required to generate revenue, plus royalties, and are presented in aggregate versus payable copper equivalent (co-product) and net of by-product revenue versus payable copper (by-product). C3 cash costs are C1 cash costs plus sustaining capex. | | | |

| Table 3. After-Tax NPV8%& IRR Sensitivity Tables | | | | |

Click here to view image

Indigenous Nations & Project Advancement

The Project is located within the Wet’suwet’en Yintah. The Company is actively engaging with the Wet’suwet’en Hereditary Chiefs and Houses and other potentially impacted communities in the region, including the Witset First Nation, Wet’suwet’en First Nation, Nee Tahi Buhn Indian Band, Skin Tyee First Nation, and Cheslatta Carrier Nation. Surge believes that responsible advancement of the Project depends on working respectfully and collaboratively with First Nations whose rights and interests are connected to the Project area. The Company’s approach to engagement is grounded in transparency, relationship-building, and the pursuit of free, prior, and informed consent.

Over a number of years, Surge has built and maintained relationships with First Nations in the region through ongoing dialogue, information sharing, employment and training opportunities, and engagement with leadership on Project-related activities. As the Project has advanced, this work has increasingly focused on deepening relationships, better understanding Nation-specific priorities and areas of concern, and ensuring that appropriate capacity and resourcing are in place to support meaningful participation in Project planning. This has included early discussions regarding an Indigenous-led assessment process grounded in the hereditary governance of the Wet’suwet’en people, which is intended to proceed in parallel with and help inform the broader environmental assessment process.

Completion of the PFS marks an important stage in the Project’s advancement and provides a stronger technical foundation for continued engagement as the Company moves toward environmental assessment and regulatory processes. Surge welcomes the opportunity to continue working with First Nations as further engineering, environmental studies, and Project planning activities proceed, including through discussions relating to potential Project effects, mitigation and design considerations, and the consideration of Indigenous knowledge, cultural well-being, and community priorities in Project planning and decision-making.

Surge views this work as fundamental to the long-term advancement of the Project and looks forward to continuing to build relationships with First Nations in a manner that is thoughtful, transparent, and focused on achieving durable outcomes over time.

Updated Mineral Resource Estimate & Maiden Mineral Reserves

In conjunction with the PFS, an updated Mineral Resource Estimate (“MRE”) has been completed for the Berg deposit, together with a maiden Mineral Reserve estimate supported by the PFS mine plan. Block model estimation was completed by Sue Bird, P.Eng., of MMTS, an independent Qualified Person as defined by NI 43-101. The updated MRE has an effective date of June 12, 2026. The mine plan and Mineral Reserve estimate was completed by Marc Schulte, P.Eng., of MMTS, an independent Qualified Person as defined by NI 43-101. The Mineral Reserve estimate has an effective date of June 12, 2026.

The updated MRE benefits from additional drilling completed since the PEA, expanded gold and silver assay coverage from historical core, updated geological and geostatistical modelling, and revised metallurgical recovery assumptions based on the expanded metallurgical testwork database completed in support of the PFS.

Data from 249 core holes totalling 66,229 metres of drilling and 59,215 metres of assaying has been used in the updated MRE. Mineralized domains were defined for the principal weathering and lithological units of the deposit. The grades for copper, molybdenum, silver, and gold were estimated using capped and composited assay data within a three-dimensional block model. Classification of Mineral Resources was based on drill spacing, geological continuity, and estimation confidence. The MRE is constrained by an open pit shell demonstrating reasonable prospects for eventual economic extraction using a net smelter return cut-off grade of C$8.00/t.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There are no other known factors or issues that materially affect the MRE other than normal risks faced by mining projects in the province of British Columbia, Canada, in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors.

The Mineral Reserve estimate is a subset of the updated MRE and supported by the PFS engineering and economic analysis. Proven and Probable Mineral Reserves are derived from the Measured and Indicated Mineral Resources and are prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (2014). Inferred Mineral Resources are set to waste. The Mineral Reserve estimate utilizes a C$9.25/t NSR cutoff grade and assumes a 15 metre selective mining unit (“SMU”) block size. The SMU includes an estimated 5-8% dilution from mineralization and the Mineral Reserve estimate includes an additional applied 4% mining loss.

| Table 4. Mineral Resource Estimate by Classification and Mineralization Domain at Base Case NSR Cut-off of C$8.00/t | |

Notes:

1. The Mineral Resource estimate has been prepared by an independent Qualified Person, Sue Bird, P.Eng., of Moose Mountain Technical Services, with an effective date of June 12, 2026. 2. Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines. 3. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions:

1. 1. Cu price of US$4.50/lb, Mo price of US$20.00/lb, Au price of US$3,000/oz, Ag price of US$40/oz at an exchange rate of 1.35 C$ per US$. 2. 96.3% payable for Cu, 90.0% payable for Ag and Au, 99.0% payable for Mo, 1% unit deduction for Mo. 3. Concentrate smelting of US$50/dmt, US$0.05/lb Cu refining, US$1.25/lb Mo refining, transport and offsite costs of US$100/wmt and US$130/wmt for Cu and Mo concentrates respectively, a 1.0% NSR royalty. 4. Average recoveries in the hypogene of: 86%for Cu, 89% for Mo, 56% for Ag, and 52% for Au. In the supergene of: 82% for Cu, 79% for Mo, 65% for Ag and 52% for Au, and in the Leach Cap: 60% for Cu, 67% for Mo, 67% for Ag and 52% for Au. 5. Net Smelter prices of C$5.47 /lb Cu, C$24.19/lb Mo, C$1.48/g Ag and C$110.89/g Au. 6. NSR within the Cap material: 72.41*Cu% + 0.0357*Moppm+0.99*Aggpt+0.0577*Auppb. 7. NSR within the Supergene material: 98.97*Cu%+0.421*Moppm+0.96*Aggpt+0.0577*Auppb. 8. NSR within the Hypogene material: 103.79*Cu%+0.0475*Moppm+0.83*Aggpt+0.0577*Auppb. 9. CuEq = NSR/72.41 in cap material, CuEq=NSR/98.97 in Supergene, and CuEq=NSR/103.79 in Hypogene. 10. Mining costs of C$2.50/t mineralized material and waste. 11. Processing costs of C$7.00 and G&A costs of C$1.00/t.