Not for distribution to U.S. newswire services or dissemination in the United States Vancouver, British Columbia, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced $20 million non-brokered private placement (the “Offering”), for gross proceeds of $16 million under the first tranche, consisting of 32,040,000 units (the “Units”). Each Unit consists ...

forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, th ...

Core Insights - Surge Copper Corp. has announced the acceptance of its Berg Project into the British Columbia government's Critical Minerals Office, highlighting its strategic importance in the context of national and provincial critical minerals objectives [1][2][3] Group 1: Project Overview - The Berg Project is expected to produce significant quantities of critical minerals, including copper and molybdenum, potentially ranking among the largest outputs in Canada, thereby reinforcing its strategic importance to British Columbia's economic goals [2][4] - Surge Copper Corp. is advancing a Pre-Feasibility Study to further define the technical and economic parameters of the Berg Project, which has a projected mine life exceeding 30 years [6] Group 2: Government Support - The inclusion of the Berg Project in the Critical Minerals Office reflects the British Columbia government's recognition of its potential contribution to the province's critical minerals strategy, providing coordinated support across various ministries [3][4] - The Minister of Mining and Critical Minerals emphasized the importance of partnerships in advancing critical mineral development, indicating that the Berg Project represents a significant opportunity for economic resilience and global supply chain security [4][5] Group 3: Community Engagement - Surge Copper Corp. is committed to working closely with local First Nations, ensuring early engagement and transparent communication as part of its project advancement strategy [7][5] - The Vice President of Environment and Regulatory Affairs highlighted the importance of collaboration with provincial agencies and First Nations in advancing large-scale projects responsibly and efficiently [5]

Core Viewpoint - Surge Copper Corp. has increased the size of its non-brokered private placement to $20 million, reflecting strong demand and support from both existing and new investors [1][3]. Offering Details - The Offering will consist of 40 million units priced at $0.50 per unit, aiming for gross proceeds of $20 million [2]. - The Offering is expected to close on or about February 26, 2026, and may be completed in one or more tranches, subject to regulatory approvals [5]. Use of Proceeds - Net proceeds from the Offering will be utilized to advance mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes [4]. Strategic Investor Participation - A strategic investor has the right to participate in the Offering to maintain its ownership interest, subject to regulatory limits, with gross proceeds assuming full exercise of this right [3]. Company Overview - Surge Copper Corp. is advancing the Berg Project, which hosts a large-scale copper-molybdenum-silver deposit, and is also working on the Ootsa Property, positioning itself as a contributor to Canada's critical minerals strategy [8][9].

Core Viewpoint - Surge Copper Corp. has increased the size of its non-brokered private placement to $20 million, reflecting strong demand and financial strength for advancing its projects [1][2]. Group 1: Offering Details - The Offering will consist of 40 million units priced at $0.50 per unit, aiming for gross proceeds of $20 million [1]. - The Offering is expected to close on or about February 26, 2026, and may be completed in one or more tranches, subject to regulatory approvals [4]. - The company may pay finders cash fees of 6% of eligible funds raised under the Offering at its discretion [5]. Group 2: Use of Proceeds - Net proceeds from the Offering are anticipated to be used for advancing mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes [3]. Group 3: Strategic Investor Participation - A strategic investor has the right to participate in the Offering to maintain its ownership interest, subject to regulatory limits and approvals [2]. - The gross proceeds assume full exercise of this participation right by the strategic investor [2]. Group 4: Company Overview - Surge Copper Corp. is advancing the Berg Project, which hosts a large-scale copper-molybdenum-silver deposit with strong development potential [7]. - The company also controls a large mineral claim package that includes multiple advanced porphyry deposits, positioning it as a contributor to Canada's critical minerals strategy [8].

Core Viewpoint - Surge Copper Corp. is initiating a non-brokered private placement of 30 million units at a price of $0.50 per unit, aiming for gross proceeds of $15 million to support its mineral exploration and development projects [1][5]. Group 1: Offering Details - Each unit consists of one common share and one non-transferable common share purchase warrant, with the warrant allowing the purchase of an additional common share at an exercise price of $1.00 for three years [2]. - The warrants include an acceleration provision, allowing the company to shorten the expiry date if the common shares trade at a volume-weighted average price of $1.50 or greater for 20 consecutive trading days [3]. - The offering is expected to close around February 26, 2026, and may be completed in multiple tranches, subject to regulatory approvals [6]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to advancing mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes [5]. Group 3: Strategic Investor Participation - A strategic investor has the right to participate in the offering to maintain its ownership interest, with the gross proceeds assuming full exercise of this right, subject to regulatory approvals [4]. - Any warrants issued to the strategic investor will have restrictions to prevent ownership from exceeding 19.9% of the outstanding common shares [4]. Group 4: Company Overview - Surge Copper Corp. is focused on advancing the Berg Project, which hosts a significant copper-molybdenum-silver deposit, and is progressing towards a Pre-Feasibility Study to define its development potential [8][9]. - The company also controls a large mineral claim package that includes multiple advanced porphyry deposits, positioning it as a contributor to Canada's critical minerals strategy [10].

Group 1: Appointment of Jennifer Anthony - Surge Copper Corp. has appointed Jennifer Anthony as Vice President, Environment & Regulatory Affairs, effective January 12, 2026, to lead the company's environmental assessment and permitting strategy [1] - Ms. Anthony has over 20 years of senior leadership experience in British Columbia's public sector, with expertise in environmental assessment, regulatory permitting, and Indigenous engagement [2] - CEO Leif Nilsson emphasized that Ms. Anthony's experience and ability to navigate complex regulatory environments will be a significant asset as the company advances the Berg Project [3] Group 2: Long-Term Equity-Based Incentive Awards - Surge Copper Corp. has granted 2,169,041 restricted share units (RSUs) to employees and executives, and 1,501,642 deferred share units (DSUs) to non-executive directors, based on the 5-day volume weighted average price on the TSX Venture Exchange [4] - The RSUs will vest in equal annual installments over three years, while the DSUs will vest upon the holder's departure from the company [4] Group 3: Company Overview and Project Development - Surge Copper Corp. is advancing the Berg Project, which hosts a large-scale copper-molybdenum-silver deposit with strong development potential in British Columbia [6] - The company is conducting a Pre-Feasibility Study on the Berg Project to further define its technical and economic development potential [6] - Surge also controls a large mineral claim package that includes multiple advanced porphyry deposits, positioning the company as a future contributor to Canada's critical minerals strategy [7]

Core Viewpoint - Surge Copper Corp. has successfully completed its 2025 drilling and field program at the Berg Project, advancing towards a Pre-Feasibility Study (PFS) scheduled for H1-2026, with significant findings in resource category conversion and environmental assessments [1][3][4]. Group 1: Drilling Program Highlights - The 2025 program included 4,143 meters of diamond drilling, focusing on resource conversion, acid rock drainage characterization, and geotechnical investigations [6][30]. - Four infill drill holes targeting the outer margins of the deposit intersected continuous porphyry-style mineralization, expected to support the conversion of Inferred resources to Measured and Indicated categories [4][14]. - Resampling of historic core revealed a significant silver component in the northwest portion of the deposit, enhancing copper-equivalent values and indicating potential for resource upgrades [3][4]. Group 2: Resource Conversion and Assay Results - The drilling program successfully upgraded Inferred resources to Measured and Indicated categories, with all holes intersecting continuous mineralization below the PEA pit boundary [14][18]. - Notable assay results include hole BRG25-259, which returned 235 meters grading 0.31% copper equivalent, and hole BRG25-260, which returned 279 meters grading 0.20% copper equivalent [15][20]. - The re-assay program increased the dataset to 26,797 unique assay intervals, with 82.6% now including gold and silver analyses, significantly improving the quality of the dataset for future resource estimation [37][41]. Group 3: Environmental and Geotechnical Studies - Dedicated acid rock drainage and geotechnical drilling programs provided critical data for mine design and permitting, including the characterization of soil and rock properties [4][8]. - Preliminary static test results from the ARD holes indicate a transition to non-acid-generating rock with increasing distance from the deposit center, aiding in future mine planning [30][32]. - Baseline environmental studies continued, including fish habitat assessments and hydrometric station installations for water flow data collection [8].

Core Viewpoint - Surge Copper Corp. is advancing its Pre-Feasibility Study (PFS) for the 100% owned Berg Project in British Columbia, marking a significant step in the project's development and potential mineral reserve declaration [1][5]. Project Development - The PFS is progressing into full design and cost estimation, with completion expected in the middle of the first half of 2026 [2]. - The PFS will integrate recent drilling, metallurgical, geotechnical, and environmental datasets to update the mineral resource estimate and improve the mine plan [4]. - The PFS is essential for future advancement activities, including initial mineral reserve declaration and Environmental Assessment (EA) readiness [4]. Technical Advancements - The company has completed trade-off studies and finalized key design decisions on throughput and power connection [2]. - Since the 2023 Preliminary Economic Assessment (PEA), the drilling inventory has increased from approximately 54,384 meters in 210 holes to 64,574 meters in 237 holes, enhancing confidence in grade continuity [7]. - A comprehensive metallurgical testwork program has shown improvements in copper and molybdenum recovery expectations compared to PEA assumptions [9]. Engineering and Consulting Engagement - Ausenco Engineering Canada ULC has been appointed as the lead consultant for the PFS, focusing on process plant design and overall report preparation [6]. - Moose Mountain Technical Services Inc. will lead mineral resource estimation and open pit design [6]. Environmental and Indigenous Engagement - Surge is conducting environmental baseline studies to support future permitting and project design, including water quality, wildlife surveys, and socio-economic assessments [11]. - The company emphasizes responsible project design and early alignment with Indigenous Nations and the BC Environmental Assessment process [12]. Policy and Fiscal Environment - The policy and fiscal environment for critical mineral development in British Columbia is evolving positively, with increased support for critical minerals and proposed tax changes to enhance competitiveness [13].

Core Insights - Surge Copper Corp. highlights recent policy and infrastructure developments in Canada that enhance the critical minerals framework and investment climate, particularly for the Berg copper-molybdenum project [1][2][9] Federal Budget 2025 Initiatives - The 2025 Federal Budget introduces measures to bolster competitiveness in critical minerals development, including expanded tax credits and new investment vehicles aimed at supporting projects like Berg [2][5] - The Clean Technology Manufacturing Investment Tax Credit (CTMITC) is set to expand eligibility, potentially benefiting Berg, where copper is a primary production driver [5] - The Critical Minerals Exploration Tax Credit will now include molybdenum, recognizing its significance in various industrial applications [5] G7 Critical Minerals Alliance - Canada’s role in the G7 Critical Minerals Alliance emphasizes a commitment to secure and transparent supply chains for critical materials, which may foster long-term cooperation among allied nations [3][4] British Columbia Infrastructure Developments - The North Coast Transmission Line (NCTL) project aims to enhance grid capacity in British Columbia, supporting growth in mining and other sectors, with construction expected to begin in 2026 [5][6] - Legislative amendments are being made to facilitate co-ownership with First Nations and streamline permitting processes, reflecting a proactive approach to resource development [6][7] Berg Project Positioning - The Berg project is strategically aligned with federal and provincial initiatives, featuring a large-scale resource of copper and molybdenum, favorable logistics, and a low-carbon design [8] - The project is positioned to supply both domestic and allied markets, supporting Canada’s goal of diversifying exports beyond the U.S. [4][8] Company Overview - Surge Copper Corp. is advancing the Berg Project, which has strong development potential in a safe jurisdiction, supported by established infrastructure [9][10] - The company also controls a contiguous mineral claim package that includes multiple advanced porphyry deposits, contributing to Canada’s critical minerals strategy [10]