Surge Copper Corp (SURG) AI Stock Analysis

• Market Cap: C$193.43M
• Dividend Yield: N/A
• Average Volume (3M): 520.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.82
• Revenue Growth: N/A
• EPS Growth: -18.67%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 345,414,500
• 10 Day Avg. Volume: 434,681
• 30 Day Avg. Volume: 520,209
• PEG Ratio: 0.56
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -15.28
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$0.70
• Price Target Upside: 25.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$0.54 ▼(-3.93% Downside)

The score is primarily supported by a strong, low-debt balance sheet and positive technical momentum, but is held back by the lack of revenue, ongoing losses and cash burn, and a negative P/E with no dividend yield support.

Positive Factors

Very low leverage and sizable equity base

A very low debt load and a meaningful equity base provide durable financial flexibility for a development-stage miner. This reduces near-term bankruptcy risk, supports funding PFS/permits without heavy interest burden, and gives management optionality on financing timing and structure.

Drilling advanced project toward Pre-Feasibility Study

Technical progress from targeted infill drilling and validation of historic core raises resource confidence and reduces geologic risk ahead of PFS. This structural advancement moves the company from exploration toward development, improving the project's investability and the quality of future economic models.

Strengthened permitting and regulatory capability

Hiring an experienced regulatory leader with provincial permitting reform experience materially strengthens the company's ability to navigate complex approvals and community engagement. This durable capability can shorten permitting timelines and lower regulatory execution risk for Berg's development.

Negative Factors

Pre-revenue with recurring net losses

Operating without revenue and with recurring losses means the business model has not yet proven cash-generation capability. Over months this necessitates continued capital raises or strategic partners, which can dilute shareholders and constrain long-term project funding flexibility until commercial production.

Negative operating and free cash flow

Sustained negative cash flow creates a structural need for external financing to fund PFS, permitting and development. Repeated capital raises can raise cost of capital, dilute existing equity, and force timing or scope changes to the project if markets or financing conditions deteriorate.

Remaining resource and development execution risk

While drilling is positive, a meaningful portion of the deposit remains Inferred and the PFS is not complete. Geological, metallurgical, permitting or geotechnical findings during PFS can materially alter economics; this structural development risk can delay or change capital needs and project viability.

Surge Copper Corp Business Overview & Revenue Model

Company Description

Surge Copper Corp. engages in the acquisition, exploration, and development of mineral properties in Canada. It explores for copper, gold, silver, and molybdenum deposits. The company holds a 100% interest in the Ootsa property that comprises 138 mineral claims covering 87,574.7 hectares located in central British Columbia; and the Berg Property located in British Columbia. It also owns 2% net smelter return royalty on the Auro and Auro South properties located in British Columbia. The company was formerly known as Gold Reach Resources Ltd. and changed its name to Surge Copper Corp. in February 2018. Surge Copper Corp. was incorporated in 1965 and is based in Vancouver, Canada.

How the Company Makes Money

Surge Copper Corp generates revenue primarily through the exploration and potential development of its copper and precious metals assets. The company seeks to increase the value of its properties by conducting detailed exploration programs, which can lead to the discovery of economically viable mineral deposits. Once a viable resource is confirmed, Surge Copper can either develop the mining project itself, leading to potential future revenue from copper and metal extraction, or enter into joint ventures or partnerships with larger mining companies. These partnerships can provide upfront payments, milestone payments, or royalties, contributing to the company's earnings. Additionally, the company may raise capital through equity financing to fund its exploration activities, which can also impact its financial standing.

Surge Copper Corp Financial Statement Overview

Summary

Financials are mixed: the balance sheet is a clear strength with extremely low leverage and a large equity base, but the company is pre-revenue with persistent losses and ongoing cash burn (negative operating and free cash flow), implying continued reliance on external funding until revenues emerge.

Income Statement

The company remains pre-revenue (revenue is 0 across all periods), with recurring losses. TTM (Trailing-Twelve-Months) net loss was about -$2.54M versus -$2.05M in the latest annual period, indicating the loss profile has not yet stabilized. While operating losses have been broadly similar over time, there is no visible top-line trajectory yet, which keeps earnings quality and near-term profitability weak.

Balance Sheet

The balance sheet is a relative strength: leverage is extremely low (TTM debt-to-equity ~0.0006) and total debt is minimal versus a large equity base (TTM equity ~$61.6M). Assets and equity have also increased versus the prior annual period, supporting financial flexibility. The key weakness is that returns remain negative (TTM return on equity ~-4.6%), reflecting ongoing losses despite a strong capital base.

Cash Flow

Cash generation is negative, with TTM (Trailing-Twelve-Months) operating cash flow of about -$0.81M and free cash flow of about -$2.17M, implying continued cash burn to fund operations and investment. Free cash flow deterioration is notable (TTM free cash flow growth is sharply negative), even though the latest annual period showed a smaller cash outflow than some prior years. Overall, cash flow trends suggest continued reliance on external funding until revenues emerge.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	―	0.00	0.00	0.00	0.00
Gross Profit	-32.23K	―	0.00	-36.06K	-39.33K	-48.79K
EBITDA	-2.37M	―	-3.10M	-2.58M	-1.77M	-2.27M
Net Income	-2.54M	―	-2.05M	-1.73M	-2.11M	-4.89M
Balance Sheet
Total Assets	67.60M	―	57.02M	51.34M	50.35M	47.28M
Cash, Cash Equivalents and Short-Term Investments	8.19M	―	1.88M	84.66K	2.82M	7.82M
Total Debt	37.27K	―	51.63K	80.37K	105.03K	126.11K
Total Liabilities	6.01M	―	4.57M	4.91M	5.65M	5.75M
Stockholders Equity	61.58M	―	52.44M	46.43M	44.70M	41.53M
Cash Flow
Free Cash Flow	-2.17M	―	-1.95M	-859.24K	-874.71K	-1.60M
Operating Cash Flow	-807.56K	―	-1.93M	-849.75K	-871.36K	-1.56M
Investing Cash Flow	-4.91M	―	-3.56M	-2.03M	-8.25M	-7.84M
Financing Cash Flow	10.23M	―	7.29M	144.25K	4.12M	13.95M

Surge Copper Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SURG, the sentiment is Positive. The current price of 0.56 is below the 20-day moving average (MA) of 0.58, above the 50-day MA of 0.46, and above the 200-day MA of 0.24, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 55.73 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SURG.

Surge Copper Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FPX	55 Neutral	C$204.54M	-46.43	-6.27%	―	―	-60.92%
SURG	53 Neutral	C$193.43M	-62.92	-4.43%	―	―	-18.67%
FPC	52 Neutral	C$176.02M	-73.91	-4.06%	―	―	54.00%
ELBM	51 Neutral	C$120.60M	-0.69	-49.48%	―	―	62.30%
BCM	49 Neutral	C$271.56M	-1.67	-525.71%	―	-4.16%	-66.82%
NILI	47 Neutral	C$144.46M	-17.14	-52.53%	―	―	19.92%

Surge Copper Corp Corporate Events

Surge Copper Strengthens Executive Team and Aligns Incentives as Berg Project Advances

Surge Copper Corp. has appointed Jennifer Anthony as Vice President, Environment & Regulatory Affairs, adding a senior executive with more than two decades of high-level experience in British Columbia’s public sector, particularly in environmental assessment, permitting, and Indigenous and community engagement for major resource projects. Her expertise in navigating complex regulatory frameworks and leading government-to-government negotiations is expected to strengthen Surge’s ability to advance its flagship Berg Project toward project readiness, support upcoming permitting and engagement milestones, and reinforce the company’s commitment to responsible, sustainable development. In parallel, Surge has granted long-term equity-based incentives under its Share Compensation Plan, issuing over 2.1 million restricted share units to employees and executives and about 1.5 million deferred share units to non-executive directors, aligning management and board interests with long-term shareholder value as the company moves through critical de-risking and development stages.

The most recent analyst rating on (TSE:SURG) stock is a Hold with a C$0.68 price target. To see the full list of analyst forecasts on Surge Copper Corp stock, see the TSE:SURG Stock Forecast page.

Surge Copper Advances Berg Project Toward Pre-Feasibility After 2025 Drilling Success

Surge Copper has completed its 2025 multidisciplinary drilling and data validation program at the Berg Project, generating key technical information to support an updated mineral resource estimate and a pre-feasibility study planned for 2026. The work included infill drilling on the margins of the deposit to convert Inferred resources to higher-confidence categories, resampling 17 historic core holes with modern QA/QC methods to validate and upgrade the historical dataset, and targeted environmental and geotechnical drilling to inform mine design and permitting. Resampling has revealed a significant silver component in the northwest portion of the deposit, boosting copper-equivalent grades in an area earmarked for resource category conversion, which could enhance future resource estimates and strengthen Berg’s economic and strategic positioning as it advances toward the pre-feasibility stage.

The most recent analyst rating on (TSE:SURG) stock is a Hold with a C$0.59 price target. To see the full list of analyst forecasts on Surge Copper Corp stock, see the TSE:SURG Stock Forecast page.

Surge Copper Advances Berg Project with Pre-Feasibility Study

Surge Copper Corp has announced the advancement of its Berg Project to the Pre-Feasibility Study (PFS) stage, marking a significant milestone in its development. The PFS will refine the project’s engineering and economic parameters, integrating recent technical data and setting the stage for future mineral reserve declarations and environmental assessments. With the engagement of experienced consultants Ausenco and MMTS, the study is expected to be completed by mid-2026, potentially positioning the project to meet global copper and molybdenum market demands.