Surge Copper expects to complete Berg PFS in Q2

Executive Summary

• Surge Copper Corp. has entered into a definitive subscription agreement with African Rainbow Minerals Ltd. (ARM) for the second and final tranche of its previously announced $20-million non-brokered private placement, securing gross proceeds of $4-million.
• The company provided an operational update confirming that the prefeasibility study (PFS) for the Berg copper project remains on track for completion in the second quarter of 2026.
• Preparation is underway for the 2026 field program at Berg, which will include geotechnical and resource drilling, environmental studies, and continued engagement with First Nations and local communities.

Key Details

• Financing Structure: The transaction represents the second and final tranche of a $20-million non-brokered private placement.
• Investor: African Rainbow Minerals Ltd. (ARM) exercised its participation right under an investor rights agreement dated May 31, 2024.
• Proceeds: Gross proceeds of $4-million.
• Pricing and Units: Units priced at 50 cents per unit. Each unit consists of one common share and one common share purchase warrant (terms as previously disclosed in the Feb. 10, 2026 release).
• Closing Timeline: The second tranche is expected to close in approximately four weeks from the date of the release, subject to customary conditions, foreign regulatory approvals, and TSX Venture Exchange approval.
• Operational Timeline: The PFS for the Berg project is expected to be completed in Q2 2026 to refine the development plan and support technical/regulatory advancement.
• 2026 Field Program: Planned activities include additional geotechnical and resource drilling, as well as environmental field studies to support technical derisking and permitting stages.
• Community Engagement: Continued focus on building constructive, long-term relationships with First Nations and local communities through early engagement and transparent communication.
• Upcoming Investor Events: Management will attend:
  • B.C. Critical Minerals Forum (Vancouver, April 14-15, 2026)
  • Metals Investor Forum (Vancouver, May 8-9, 2026)
  • The Mining Investment Event (Quebec City, June 2-4, 2026)
  • 121 Mining Investment New York (New York City, June 15-16, 2026)

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.