Surge Copper Announces Upsize of Private Placement to $20 Million

Executive Summary

• Surge Copper Corp. increased its previously announced non‑brokered private placement to a total of $20 million.
• The offering now consists of 40 million units priced at $0.50 per unit, with gross proceeds expected to be $20 million.
• Net proceeds will fund exploration and development of the Berg and Ootsa projects, working capital, and general corporate purposes, strengthening the company’s balance sheet ahead of its upcoming Pre‑Feasibility Study (PFS).

Key Details

• Offering Size: Expanded from the original amount to $20 million.
• Units Offered: 40 million units at $0.50 per unit.
• Gross Proceeds: $20 million; net proceeds to be used for project advancement, working capital, and general corporate purposes.
• Strategic Investor Participation: The Strategic Investor retains a right to participate to maintain its ownership level (subject to foreign regulatory approvals and a 19.9% ownership cap). Full exercise of this right is assumed in the gross‑proceeds calculation.
• Closing Timeline: Expected on or about February 26, 2026, with possible multiple tranches pending regulatory approvals, including conditional acceptance by the TSX Venture Exchange.
• Finder’s Fees: Company may pay cash fees equal to 6% of eligible funds raised at its discretion; no broker warrants will be issued.
• Use of Proceeds: Advance mineral exploration and development at Berg and Ootsa projects, support permitting and technical work beyond the upcoming PFS, and provide working capital/general corporate purposes.

Notable Quotes

“We appreciate the continued support from existing shareholders and the participation of new long‑term investors… This capital materially strengthens our balance sheet and provides enhanced financial visibility as we advance permitting and technical work beyond the upcoming PFS.” – Leif Nilsson, Chief Executive Officer