Vancouver, British Columbia, July 30, 2026 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) ("Surge" or the "Company") is pleased to announce that it has filed a technical report titled "Berg Copper Project NI 43-101 Technical Report and Pre-Feasibility Study" (the "Technical Report"), prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Technical Report supports the Company's June 15, 2026 news release announcing the results of the Pre-Feasibility Study ("PFS") for the Berg Copper Project ("Berg" or the "Project"), located in central British Columbia. The Technical Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.surgecopper.com
The Technical Report, prepared by Ausenco Engineering Canada ULC ("Ausenco") and Moose Mountain Technical Services Inc. ("MMTS"), provides the detailed technical basis for the PFS and includes additional discussion of metallurgical optimization, mine-planning trade-offs and the recommended work programs for advancing the Project toward feasibility-level engineering and environmental assessment, as highlighted below.
Leif Nilsson, Chief Executive Officer, commented: "The Berg PFS Technical Report is an important technical disclosure document that will support the continued advancement of the Berg Copper Project toward feasibility-level engineering and environmental assessment. Furthermore, it provides the detailed technical basis and broader context for the work underpinning the PFS. We would like to thank the teams at Ausenco and Moose Mountain for the exceptional quality of their work and their contribution to this important milestone for the Project".
PFS Highlights
For ease of reference, selected highlights of the Berg PFS previously announced by the Company on June 15, 2026 are summarized below. The following information is abridged and should be read in conjunction with the June 15, 2026 news release and the Technical Report, which contain the complete disclosure supporting these highlights, including the assumptions, qualifications and other information relating to the Mineral Reserve estimate and PFS results.
- Strong base-case economics, including an after-tax net NPV8% of C$4.6 billion, an after-tax IRR of 24% and a payback period of 2.9 years. The base case assumes long-term prices of US$4.75/lb copper, US$20.00/lb molybdenum, US$45.00/oz silver, and US$3,500/oz gold, plus a USDCAD exchange rate of 0.73. Initial capital is estimated at C$4.7 billion.
- A large-scale, long-life reserve base, comprising maiden Proven and Probable Mineral Reserves of approximately 1.2 billion tonnes grading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, supporting a 28-year operating life.
- Significant long-term critical-mineral production and competitive projected operating performance, with estimated life-of-mine production of approximately 4.9 billion pounds of copper, 602 million pounds of molybdenum and 89 million ounces of silver. During the first five years of steady-state operations, annual production is expected to average approximately 416 million pounds of copper equivalent, including 270 million pounds of copper, 21 million pounds of molybdenum, and 4 million ounces of silver. Life-of-mine production is expected to average approximately 308 million pounds of copper equivalent per year, at an estimated average co-product C1 cash cost of US$1.95/lb of payable copper equivalent.
- A straightforward, stand-alone development configuration, based on conventional open pit mining and a single-phase 120,000 tonne-per-day concentrator producing separate marketable copper and molybdenum concentrates. The selected base case does not rely on phased process-plant expansions or third-party major infrastructure development.
Metallurgical Optimization
The Technical Report describes optimization work completed on the copper cleaner flotation circuit, including the evaluation of a staged regrind configuration. The final PFS flowsheet incorporates an initial regrind to approximately 40 microns before the first cleaner flotation stage, followed by a second regrind to a final target size of approximately 20 microns.
Engineering evaluations and subsequent metallurgical testwork indicated that this staged approach could reduce regrind power requirements and associated operating costs while having only a limited impact on copper recovery, resulting in a favourable overall economic trade-off.
Mine-Planning Trade-Offs
The Technical Report also describes mine-planning alternatives evaluated during the PFS. These evaluations considered, among other factors, the timing and scale of mining activities, advance waste stripping, fleet ownership and acquisition timing, cut-off-grade strategies, early metal production and the resulting timing of Project cash flows.
The PFS design case incorporates an owner-operated mining fleet acquired during the early years of the Project and sufficient advance waste stripping to provide access to higher-value mill feed and support increased metal production during the early operating period. Among the alternatives evaluated, the selected schedule provided the preferred overall balance of initial capital requirements, capital timing, early production, operating efficiency, execution considerations and Project economics.
Other scheduling approaches illustrated the flexibility available within the broader development concept. For example, a slower ramp-up of mining activities and staged acquisition of the mining fleet could reduce or defer portions of the initial mining capital requirement and produce a smoother mine production profile but would also reduce early metal production and alter the timing of Project cash flows. These alternatives were not developed to the same level of detail as the PFS design case and are not presented as alternative PFS cases, but may inform future optimization, financing considerations and Project execution planning.
Project Advancement
The Technical Report sets out recommended work programs to support feasibility-level studies and the provincial and federal environmental assessment and permitting processes. The Company has begun implementing many of these recommendations through its recently announced 2026 field program.
Work currently underway includes geotechnical drilling relating to pit-slope design, waste-rock storage facilities, the tailings and waste management facility and other Project infrastructure, together with hydrogeological drilling and groundwater monitoring. Environmental baseline programs are also underway across a range of disciplines, including fish and fish habitat, wetlands, migratory birds, surface-water hydrology and water quality, and terrestrial wildlife, including caribou.
The Company is working with Ausenco, MMTS and its other external consultants to integrate the results of these programs into the next stage of Project engineering, environmental assessment planning and permitting preparation.
Qualified Persons
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
"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, statements regarding the results, conclusions and assumptions of the PFS; estimates of Mineral Reserves, mine life, production, metal recoveries, capital and operating costs, cash costs, net present value, internal rate of return and payback period; the anticipated benefits of the selected process flowsheet, staged regrind configuration and mine plan; the potential for further Project optimization and alternative mine development, fleet acquisition and production scheduling approaches; the Company's plans to advance the Berg Copper Project toward feasibility-level engineering, environmental assessment and permitting; the scope, timing and anticipated completion of recommended technical, engineering, geotechnical, hydrogeological and environmental work programs, including the Company's ongoing 2026 field program; and the anticipated use of the results of those programs to support future Project design, environmental assessment, permitting and development planning. 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.
