Surge Copper Provides Corporate and Operational Update

Rhea-AI Summary

Surge Copper (OTCQB: SRGXF) has provided updates on its operations at the Berg copper-molybdenum-precious metals project in British Columbia. The company has completed approximately 1,500 metres of resource drilling and initiated geotechnical studies. A notable achievement includes the first-ever uphill-angle drilling at Berg, with a successful 456-metre hole completed at a 14-degree positive dip.

The company will participate in several investor events including the Precious Metals Summit, Metals Investor Forum, and Resourcing Tomorrow. Additionally, Surge is finalizing a strategic private placement expected to raise $4.5 million, which will increase a strategic investor's ownership to 19.9% of outstanding shares, pending regulatory approvals.

Positive

• First successful uphill-angle drilling at Berg project completed safely
• Strategic private placement to raise $4.5 million in progress
• Multiple workstreams active including geophysical surveys and environmental studies
• Resource drilling nearing completion with 1,500 metres planned

Negative

• Strategic private placement still pending regulatory approvals in South Africa
• Shares issued in private placement subject to four-month plus one day hold period

Vancouver, British Columbia, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to provide a corporate update covering ongoing field activities, upcoming investor events, and progress on its previously announced concurrent private placement with a significant strategic investor.

Operational Update

Surge’s 2025 field program at the 100%-owned Berg copper-molybdenum-precious metals project in central British Columbia continues to advance on multiple fronts, supporting the Company’s objective of completing a resource update and pre-feasibility study for the project.

Resource drilling is nearing completion, with approximately 1,500 metres planned in total. The first geotechnical hole has now been completed, initiating a focused program to characterize ground conditions at proposed infrastructure areas of the project footprint. Upon completion of the geotechnical program, the Company may opt to undertake additional resource infill drilling and/or exploration drilling on priority targets.

The 2025 program also features the first-ever uphill-angle drilling at Berg. An underground drill, secured to a road-cut rock face, successfully completed a hole at a positive 14-degree dip to test the outer margins of Berg mineralization and evaluate acid rock drainage potential within the conceptual pit’s waste rock zone. This 456-metre hole was completed safely and to plan, and the drill rig is now advancing a second positive-dip hole, with four such holes planned for the season.

Additional workstreams remain active across the site, including geophysical surveys, environmental baseline studies, and logistical field preparations such as pad construction and line cutting. The Berg camp is currently a hub of coordinated technical activity, with drill contractors, field geologists, environmental and geotechnical engineers, helicopter crew, line cutters, pad builders, geophysical crews, and camp support staff all contributing to the program. Collectively, these efforts are generating the critical datasets required to support robust design parameters and reduce risk ahead of the upcoming pre-feasibility study.

Participation in Upcoming Investor Events

Surge management will be attending several upcoming investor conferences in North America and the United Kingdom and will be available for one-on-one meetings with investors:

• Precious Metals Summit – Beaver Creek, Colorado – September 9-12, 2025

• Metals Investor Forum – Vancouver, British Columbia – September 26-27, 2025

• Resourcing Tomorrow / London Mining Week – London, United Kingdom – November 30 – December 4, 2025

Strategic Investment Update

As disclosed in the Company’s July 9, 2025 news release, Surge is undertaking a private placement of common shares to a significant strategic investor who currently holds participation rights and has agreed to increase its ownership to 19.9% of the Company’s issued and outstanding shares (the “Strategic Private Placement”). The Strategic Private Placement is expected to raise approximately $4.5 million and close following completion of customary conditions, including TSX Venture Exchange acceptance and certain foreign regulatory approvals in South Africa.

The Company has now executed the subscription agreement in respect of the Strategic Private Placement and initiated the regulatory approval process in South Africa. Conditional acceptance for the Strategic Private Placement was previously granted by the TSX Venture Exchange, and it is anticipated that the transaction will close within approximately four weeks, following receipt of regulatory approvals in South Africa.

Common shares issued under the Strategic Private Placement will be subject to a statutory four-month plus one day hold period.

Qualified Persons

Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa and Berg projects 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.

About Surge Copper Corp.

Surge Copper Corp. is a Canadian company that is advancing an emerging critical metals district in a well-developed region of British Columbia, Canada. The Company owns a large, contiguous mineral claim package that hosts multiple advanced porphyry deposits with pit-constrained NI 43-101 compliant resources of copper, molybdenum, gold, and silver – metals which are critical inputs to modern energy infrastructure and electrification technologies.

The Company owns a 100% interest in the Berg Project, for which it announced a maiden PEA in June 2023 outlining a large-scale, long-life project with a simple design and high outputs of critical minerals located in a safe jurisdiction near road, power, and port infrastructure. The PEA highlights base case economics including an NPV8% of C$2.1 billion and an IRR of 20% based on long-term commodity prices of US$4.00/lb copper, US$15.00/lb molybdenum, US$23.00/oz silver, and US$1,800/oz gold. The Berg deposit contains pit-constrained 43-101 compliant resources of copper, molybdenum, silver, and gold in the Measured, Indicated, and Inferred categories. Details of the Berg Preliminary Economic Assessment are outlined in a technical report titled “Berg Project NI 43-101 Technical Report and Preliminary Economic Assessment” prepared by Ausenco Engineering Canada in conjunction with Moose Mountain Technical Services, with an effective date of June 12, 2023. The report is authored Kevin Murray and 6 other qualified persons and was issued to Surge Copper Corp.  The report is available on the Company’s website and on SEDAR.

The Company also owns a 100% interest in the Ootsa Property, an advanced-stage exploration project containing the Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine, owned by Imperial Metals. The Ootsa Property contains pit-constrained NI 43-101 compliant resources of copper, gold, molybdenum, and silver in the Measured, Indicated, and Inferred categories.

On Behalf of the Board of Directors

“Leif Nilsson”
Chief Executive Officer

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 the Company’s plans regarding the Berg Project and the Ootsa Property. Statements regarding the scope, timing, and objectives of the Company’s 2025 field program, including completion of a resource update and pre-feasibility study, drilling, geochemical testing, geotechnical investigations, and environmental baseline programs, the anticipated closing date of the Strategic Private Placement, closing of the Strategic Private Placement, including receipt of all necessary approvals required therefor, are forward-looking in nature and may change as priorities evolve or new information becomes available. There can be no assurance that any future studies, including a pre-feasibility study, will confirm the economic or technical viability of the Berg Project or result in a production decision. 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.

FAQ

What is the status of Surge Copper's (SRGXF) Berg project drilling program in 2025?

Surge Copper has nearly completed its 1,500-metre resource drilling program at Berg, including the first-ever uphill-angle drilling with a successful 456-metre hole at a 14-degree positive dip.

How much funding is Surge Copper raising through its strategic private placement?

Surge Copper is raising approximately $4.5 million through a private placement that will increase a strategic investor's ownership to 19.9% of the company's shares.

Which investor events will Surge Copper attend in 2025?

Surge Copper will attend the Precious Metals Summit in Colorado (Sept 9-12), Metals Investor Forum in Vancouver (Sept 26-27), and Resourcing Tomorrow in London (Nov 30-Dec 4).

What is the current development status at Surge Copper's Berg project?

The Berg project has multiple active workstreams including resource drilling, geotechnical studies, geophysical surveys, environmental baseline studies, and logistical field preparations to support an upcoming pre-feasibility study.

When is Surge Copper's strategic private placement expected to close?

The strategic private placement is expected to close in approximately four weeks, following receipt of regulatory approvals in South Africa.