Surge Copper Stock Price, News & Analysis

Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) has completed its 2024 field program at the Berg and Ootsa copper-molybdenum-precious metals projects in central British Columbia. The program included:

- 13 diamond drill holes totaling 5,054 metres: 10 holes (3,707m) at Berg deposit, 1 hole (450m) at Berg SW target, and 2 holes (897m) at Ootsa Project

- Geotechnical testing and environmental baseline data collection

- Ongoing pre-feasibility level metallurgy program

The company is now transitioning to data analysis and reporting. Assay results will be released once verified. The Annual General Meeting was held on September 25, 2024, with all proposed resolutions approved by shareholders.

Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) has launched its 2024 field program at the 100%-owned Berg copper-molybdenum-precious metals project in central British Columbia. The program includes:

1. Commencement of drilling with two rigs
2. Surface exploration to finalize the Berg SW exploration target
3. Approximately 2,500 metres of drilling across six holes at the Berg deposit

Additionally, African Rainbow Minerals (ARM) has fully exercised its rights in the company's recent private placement, subscribing for 1,582,353 common shares at $0.15 per share, raising approximately $237,353. This brings the total funds raised to $2.43 million, fully funding this year's program.

Surge Copper has renewed its Communications and Engagement Agreement with the Office of the Wet’suwet’en and the Thin House of the Gilseyhu Clan of the Wet’suwet’en Nation. This agreement, a continuation of an existing partnership, formalizes protocols for communication and engagement, emphasizing mutual respect and avoiding negative impacts on Wet’suwet’en Title and Rights. It includes provisions for capacity building and economic opportunities, promoting reconciliation. CEO Leif Nilsson stated that the agreement is based on Free, Prior, and Informed Consent, with a focus on long-term relationship building and project understanding. This collaboration is important for advancing Surge's projects on traditional Wet’suwet’en territory.

Surge Copper announced the successful closing of its non-brokered private placement, raising approximately $2.2 million through the issuance of 8,966,668 flow-through common shares at $0.245 each. The proceeds will fund exploration expenditures qualifying as 'Canadian exploration expenses' under the Income Tax Act (Canada). The shares are subject to a statutory hold period of four months and one day. Surge paid approximately $4,410 in finder's fees to EDE Asset Management and noted insider participation in the offering, which is considered a related party transaction. Additionally, Surge awarded over 10.9 million restricted and deferred share units to employees, executives, and directors as part of their Share Compensation Plan.

Surge Copper has successfully closed a strategic placement, raising approximately $3.9 million, and commenced a pre-feasibility study (PFS) metallurgy program for the Berg Project. The placement involved the subscription of 41.4 million shares by African Rainbow Minerals, providing them with a 15% stake in Surge. The funds will advance technical work for the Berg Project and support general corporate purposes. Surge has engaged ALS Metallurgy Kamloops for a comprehensive metallurgical test work program, expected to run for six months. This will involve tests on 2,000 kilograms of material from the Berg deposit to confirm metal recoveries and advance flow sheet design parameters.