Surge Copper Corp (SURG) AI Stock Analysis

• Market Cap: C$207.25M
• Dividend Yield: N/A
• Average Volume (3M): 520.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.99
• 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: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$0.59 ▲(145.42% Upside)

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 / strong balance sheet

Extremely low leverage and a sizable equity base provide durable financial flexibility for a development-stage miner. This reduces bankruptcy and interest-rate risks, allowing the company to fund technical studies, permitting and staged project advancement without heavy fixed financing costs.

Increasing assets and equity

Rising assets and equity indicate strengthening capitalization over time, which supports multi-stage project development and investor confidence. A growing capital base creates a buffer against continued exploration cash burn and enables more predictable funding of feasibility and permitting milestones.

Focused exploration & development model

A business model centered on exploration and project advancement concentrates capital on de-risking assets via geological work, studies and permits rather than heavy operating overhead. This allows scalable value creation tied to technical milestones and reduces operational mining complexities long-term.

Negative Factors

Pre-revenue with recurring losses

No top-line revenue and persistent net losses mean the company cannot self-fund development from operations. Over the medium term, this structure increases dependence on capital markets, delays path to profitability, and makes long-term project economics sensitive to future financing availability.

Negative operating and free cash flow

Sustained negative operating and free cash flows create a structural funding gap for a non-producing miner. This necessitates recurring external financing or equity issuance, which can dilute shareholders and limit the firm's ability to progress projects at an optimal pace absent committed funding sources.

Negative returns on equity

A negative ROE indicates capital is currently generating losses rather than value. Over months this erodes shareholder equity unless offset by positive development milestones or financing that accelerates project value realization, increasing execution and funding risk for long-term investors.

Surge Copper Corp Business Overview & Revenue Model

Company Description

Surge Copper Corp (SURG) is a mineral exploration and development company focused on advancing its copper projects located in British Columbia, Canada. Operating primarily within the mining sector, the company is dedicated to the exploration and potential extraction of copper and associated precious metals. Surge Copper's core assets include the Ootsa and Berg properties, which are situated in a region known for significant mineral deposits.

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

Surge Copper Corp faces significant financial challenges, primarily driven by zero revenue and persistent losses. The balance sheet is a relative strength due to low leverage and strong equity, but poor cash flow performance and lack of profitability severely impact overall financial health. The company needs to address its revenue generation and cash flow sustainability to improve its financial standing.

Income Statement

Surge Copper Corp shows a persistent lack of revenue generation, with total revenue remaining at zero for both TTM and annual periods. The company continues to post net losses, indicating no net profit margins. EBIT and EBITDA margins are negative, reflecting ongoing operational losses. The absence of revenue and profitability highlights significant challenges in the company's income generation capabilities.

Balance Sheet

The company's balance sheet shows a solid equity base with a strong equity ratio, suggesting financial stability. However, the debt-to-equity ratio is low due to minimal debt levels, which lowers financial risk. Despite a strong equity position, the lack of revenue and profitability affects the return on equity, which remains negative. This points to inefficiencies in generating returns on shareholders' investments.

Cash Flow

The cash flow statements highlight negative operating and free cash flows, suggesting cash burn in operations and investments without sufficient cash inflow from revenues. Financing activities indicate reliance on external funding for liquidity. The operating cash flow to net income ratio is negative, reflecting challenges in converting accounting profits into cash flow. This raises concerns about the sustainability of cash flows.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2023	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: 0.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• 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 0.24 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.35, and above the 200-day MA of 0.21, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 73.33 is Negative, neither overbought nor oversold. The STOCH value of 79.65 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%
NILI	56 Neutral	C$176.12M	-20.89	-52.53%	―	―	19.92%
FPX	55 Neutral	C$182.51M	-41.43	-6.27%	―	―	-60.92%
SURG	53 Neutral	C$207.25M	-67.42	-4.43%	―	―	-18.67%
BCM	51 Neutral	C$189.11M	-1.38	-525.71%	―	-4.16%	-66.82%
FPC	50 Neutral	C$148.41M	-62.32	-4.06%	―	―	54.00%
ELBM	44 Neutral	C$121.56M	-0.69	-49.48%	―	―	62.30%

Surge Copper Corp Corporate Events

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.