Mr. Leif Nilsson reports

SURGE COPPER ANNOUNCES ADOPTION OF SHAREHOLDER RIGHTS PLAN

Surge Copper Corp. has adopted a shareholder rights plan effective as of May 29, 2026, pursuant to a shareholder rights plan agreement entered into with Computershare Investor Services Inc., as rights agent.

The rights plan is designed to ensure, to the extent possible, that all shareholders of the company are treated fairly in connection with any takeover bid or other acquisition of control of the company and have an equal opportunity to participate in any acquisition of control of the company.

The rights plan was not adopted in response to any specific proposal, takeover bid or other acquisition of control of the company, and the company is not aware of any pending or threatened takeover bid for the company. The rights plan is similar to shareholder rights plans adopted by other Canadian issuers and is intended to address, among other things, the risk that a person or group may obtain effective control or a significant ownership position in the company through private agreement purchase, exempt market purchases or other transactions that may not be available to all shareholders.

Under the rights plan, one right will be issued and attached to each common share of the company outstanding as of 12:01 a.m. Vancouver time on May 29, 2026, and one right will attach to each common share issued thereafter. The rights will become exercisable only if a person, together with its affiliates, associates and joint actors, acquires beneficial ownership of 20 per cent or more of the outstanding common shares of the company, other than by way of a permitted bid or in certain other limited circumstances prescribed by the rights plan.

In the event that the rights become exercisable, each right would enable the holder, other than the acquiring person and certain related parties, to purchase additional common shares of the company at a significant discount to the market price at the time. The rights plan is not intended to prevent takeover bids that treat shareholders fairly. A bid that satisfies the permitted bid requirements under the rights plan, including remaining open for acceptance for at least 105 days and satisfying certain other conditions, may proceed without triggering the rights.

The rights plan is subject to final acceptance by the TSX Venture Exchange and ratification by shareholders of the company within six months of its effective date. If the rights plan is not ratified by shareholders within such period, the rights plan and all rights issued thereunder will terminate. The company intends to seek shareholder ratification of the rights plan at a meeting of shareholders to be held within the required period.

A copy of the rights plan will be filed under the company's profile on SEDAR+.

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 project hosts a large-scale copper-molybdenum-silver deposit in central British Columbia with a projected mine life exceeding 30 years. A 2023 preliminary economic assessment outlined a long-life project producing copper as a primary metal, with molybdenum, silver and gold byproducts. Surge is currently advancing a prefeasibility study to further define the project's technical and economic parameters.

Surge works closely with local first nations in advancing its projects through early engagement, transparent communication, and prior and informed consent.

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.

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