Surge Copper Advances Berg Project Pre-Feasibility Study
Surge Copper Corp.
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PO Box 10351 888-700 West Georgia Street, Vancouver, BC, Canada, V7Y 1G5
www.surgecopper.com
TSX-V: SURG
OTCQB: SRGXF
FRA: G6D2
Telephone: +1 (604) 781-5454
Email: [email protected]
November 20, 2025
NEWS RELEASE
Surge Copper Advances Berg Project Pre-Feasibility Study
November 20, 2025 – Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG)
(OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce
that it is advancing work toward the delivery of a Pre-Feasibility Study (“PFS”) on its 100%
owned Berg Project, located in west -central British Columbia. While the Company has
referenced ongoing PFS-level work in recent public disclosure, this news release marks the
Company’s first detailed announcement describing the scope of the study, the technical
consultants engaged, and the substantial new datasets that underpin the work.
Trade-off studies have been underway since August 2025 and are now complete, with key
design decisions finalized on throughput and power connection. The PFS is now advancing
into full design and cost estimation work, with completion expected in the middle of the first
half of 2026.
The Company announced a maiden Preliminary Economic Assessment (“PEA”) in 2023 (see
June 13, 2023 press release ) outlining a large-scale, long-life project with a straightforward
design and significant outputs of copper , molybdenum, and precious metals , located in a
safe jurisdiction with access to road, power, and port infrastructure. The PFS will build on
this foundation by refining the engineering, optimizing the design, and updating the
economic and technical parameters of the project.
Purpose and Timeline of the PFS
The PFS will integrate the Company’s recent drilling, metallurgical, geotechnical, and
environmental datasets into an updated mineral resource estimate, improved mine plan,
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PFS-level process flowsheet, and updated capital and operating cost estimates. At the
same time, detailed engineering work on waste, water, tailings management, and site
infrastructure, as well as economic analysis is advancing with the objective of delivering the
study in the middle of the first half of 2026. The PFS is an essential milestone that will
underpin the Company’s future advancement activities, including setting the foundation for
an initial mineral reserve declaration and supporting Environmental Assessment (“ EA”)
readiness. As Surge evaluates the appropriate timing to enter the EA process, the PFS will
be integrated with the development of an Initial Project Description, ensuring alignment
between project engineering and early-stage regulatory planning.
Leif Nilsson, Chief Executive Officer, commented: “ Over the past several years, our team
has completed a substantial body of technical work that has materially strengthened the
foundation of the Berg Project. We are pleased to be advancing the Pre-Feasibility Study with
Ausenco and MMTS, both of whom bring deep technical expertise and a long history of work
on large-scale copper development projects. The PFS will mark a major step forward for Berg,
including our first opportunity to establish initial mineral reserves for a project of this scale.
Our work continues to be informed by ongoing dialogue with Indigenous Nations and a
commitment to responsible, transparent development that aligns with evolving ESG and
permitting expectations in Bri tish Columbia. A project of this scale, in a Tier -1 jurisdiction,
has the potential to play a meaningful role in meeting the growing long-term supply needs of
the global copper and molybdenum markets, and we look forward to delivering on this next
milestone for the Company.”
Engagement of Engineering Consultants
Ausenco Engineering Canada ULC (“Ausenco”) has been appointed lead consultant for the
PFS with responsibility for process plant design, metallurgical recovery modelling, site and
power infrastructure, tailings and water management, and overall report preparation.
Moose Mountain Technical Services Inc. (“MMTS”) will lead the mineral resource estimation,
open pit design and scheduling, and supporting engineering fields. Both firms have
extensive experience delivering PFS and FS -level studies in British Columb ia and globally
and have been actively engaged with the Company on various aspects of the Berg Project for
several years, including the 2023 PEA.
Project Advancement Since the 2023 PEA
The decision to advance Berg to the PFS stage follows three years of sustained technical
programs which have materially strengthened the geological, metallurgical, geotechnical,
and environmental understanding of the project. Since completion of the 2023 PEA, Surge
has significantly expanded the Berg drilling database through multiple field seasons
involving both resource -focused and geotechnical drilling. The total drilling inventory has
grown from approximately 54,384 metres in 210 holes at the time of th e PEA to 64,574
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metres in 237 holes, including infill and conversion drilling that is expected to enhance
confidence in grade continuity and geological domain modelling. Additional drilling
programs have tested pit wall conditions, characterized waste rock units, and refined the
understanding of structural controls across the deposit.
A comprehensive metallurgical testwork program has been completed (see June 17, 2025
press release ), including mineralogy, variability, and locked -cycle flotation testing. This
work has demonstrated meaningful improvements in copper and molybdenum recovery
expectations relative to PEA assumptions and has provided a robust basis for the PFS -level
process flowsheet being developed by Ausenco.
Geotechnical drilling and downhole investigations, supported by laboratory testwork and
seismic geophysics, were completed in 2024 and 2025 to improve pit slope design,
foundation characterization, and site layout planning (see May 8, 2025 press release ). This
work has materially advanced understanding of rock mass characteristics, hydrogeological
conditions, and overburden profiles across both the pit area and proposed infrastructure
sites. Final results from the 2025 program are pending and will be incorporated into the PFS
once available.
Surge has also advanced a comprehensive suite of environmental baseline studies to
support future permitting and project design. Multi -year programs have been conducted
across key disciplines, including surface water and groundwater quality, hydrology,
fisheries and aquatic habitat, wildlife and vegetation surveys, climate and air quality
monitoring, and geochemical characterization of waste rock and tailings. Additional work is
ongoing to support heritage and archaeological assessment s, as well as the collection of
socio-economic and land-use information in collaboration with Indigenous Nations. These
programs remain in development and will help inform the project’s EA readiness, future
permitting pathways, and the integration of these considerations into ongoing design
optimization.
Indigenous Engagement and ESG Integration
Surge continues to advance engagement with Indigenous Nations through regular dialogue,
field participation, and collaborative planning activities. The Company’s ESG approach
emphasizes responsible project design, incorporation of Indigenous knowledge, and early
alignment with the expectations of the BC Environmental Assessment process. This work is
being integrated into the PFS to ensure that engineering, land -use planning, and future
permitting pathways remain coordinated and transparent.
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Policy and Fiscal Environment
Since the release of the 2023 PEA, the policy and fiscal environment for critical mineral
development in British Columbia has continued to evolve in a supportive direction, including
an increased federal and provincial emphasis on critical minerals, proposed tax changes
that improve the competitiveness of large -scale copper development projects, and
emerging regulatory modernization initiatives that provide clear er pathways for major
project permitting. The province’s low -carbon hydroelectric power grid remains a strategic
advantage for projects such as Berg. The Company’s November 10, 2025 press release
highlighted several of these recent policy developments.
Looking north across the Berg Deposit.
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Core yard at the Berg Project.
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Looking southeast across the Berg Deposit.
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 in dependent of the
Company.
About Surge Copper Corp.
Surge Copper Corp. is a Canadian resource company advancing one of British Columbia’s
emerging mineral districts. The Company’s 100% -owned Berg Project hosts a large -scale
copper and molybdenum deposit with strong development potential in a safe jurisdicti on
supported by established infrastructure. A 2023 Preliminary Economic Assessment outlined
a long-life project producing essential metals for industrial and energy systems. Surge is
advancing a Pre -Feasibility Study on the Berg Project to further define i ts technical and
economic development potential.
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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. The Company’s projects collectively position Surge as a future
contributor to Canada’s critical minerals strategy through the responsible development of
copper, molybdenum, and associated metals.
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: [email protected]
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 t erms 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, the anticipated completion and results of
the Pre -Feasibility Study, future exploration and technical programs, mineral resource
estimates, mine planning, process flowsheet development, capital and operating cost
estimates, waste, water, and tailings management, site infrastructure planning,
environmental assessment and permitting activities, and engagement with Indigenous
Nations. These statements are only predictions and involve known and unknown risks,
uncertainties, and other factors that may cause the Company’s ac tual 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,
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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.