Surge Copper says continuing to ‘make progress’ toward PFS completion for Berg

Surge Copper (SRGXF) provided a corporate update on progress toward the completion of the Pre-Feasibility Study for the Berg Copper Project, upcoming investor events, and the second tranche of the previously announced private placement. The Company continues to make progress toward the completion of the PFS for Berg, with the study remaining on track for completion in the second quarter of 2026. The PFS is expected to further refine the Project’s development plan and provide important inputs for the next stage of technical and regulatory advancement. Preparation is also underway for the 2026 field program at Berg, which is expected to include additional geotechnical and resource drilling, as well as environmental field studies. These programs are intended to support ongoing technical de-risking, future project planning, and continued advancement of the Project through the environmental assessment, permitting, and further study stages. In addition, Surge continues to advance its engagement efforts with First Nations and local communities as the Company advances the Project toward the regulatory environmental assessment process. This work remains focused on building constructive, long-term relationships, through early engagement, open dialogue, and transparent communication as project planning progresses. The Company also announced that it has entered into a definitive subscription agreement with African Rainbow Minerals (AFBOF) for gross proceeds of $4M. This follows ARM’s notice to exercise its participation right under an investor rights agreement dated May 31, 2024. The ARM Subscription represents the second and final tranche of the Company’s previously announced $20M non-brokered private placement of units at a price of $0.50 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant. The Second Tranche is expected to close in approximately four weeks from the date of this news release, subject to customary conditions, foreign regulatory approvals, and the approval of the TSX Venture Exchange.