Mr. Leif Nilsson reports

SURGE COPPER FILES NI 43-101 TECHNICAL REPORT FOR THE BERG PFS

Surge Copper Corp. has filed a technical report titled "Berg Copper Project NI 43-101 Technical Report and Pre-Feasibility Study," 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 prefeasibility study (PFS) for the Berg copper project, located in central British Columbia. The technical report is available under the company's profile on SEDAR+ and on the company's website.

The technical report, prepared by Ausenco Engineering Canada ULC 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 NPV 8 per cent (net present value, 8-per-cent discount rate) of $4.6-billion, an after-tax IRR (internal rate of return) of 24 per cent and a payback period of 2.9 years. The base case assumes long-term prices of $4.75 (U.S.)/pound copper, $20.00 (U.S.)/lb molybdenum, $45.00 (U.S.)/ounce silver and $3,500 (U.S.)/oz gold, plus a United States dollar/Canadian dollar exchange rate of 0.73. Initial capital is estimated at $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 per cent copper, 0.026 per cent molybdenum, 4.1 grams per tonne 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 four 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 $1.95 (U.S.)/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 micrometres before the first cleaner flotation stage, followed by a second regrind to a final target size of approximately 20 micrometres.

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 tradeoff.

Mine planning tradeoffs

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 schedulling 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 under way 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 under way 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, PGeo, 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, PEng, vice-president 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 Surge Copper Corp.

Surge Copper is a Canadian resource company advancing one of British Columbia's emerging copper districts. The company's 100-per-cent-owned Berg Copper project hosts a large-scale copper-molybdenum-silver deposit in central British Columbia supported by a prefeasibility study and mineral reserve estimate that establish a defined development pathway for a long-life copper project with significant molybdenum, silver and gold byproduct 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.

We seek Safe Harbor.