Surge Copper Announces Grant of Equity Incentive Awards and Completion of MacLean East Property Agreement

Press Release

February 28, 2025

Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) announces the grant of equity-based incentive awards under its Share Compensation Plan. The Company has awarded 4,583,334 restricted share units (RSUs) to employees and executives, and 3,431,372 deferred share units (DSUs) to non-executive directors, both based on the 5-day volume weighted average price on the TSX Venture Exchange.

The RSUs will vest in equal annual installments over three-years from the grant date. The DSUs, which are cash-settled, will vest upon the departure of the holder from the Company.

A copy of the Share Compensation Plan, approved by shareholders at the last annual general meeting, is available on the Company’s website at www.surgecopper.com/investors/agm-materials or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

MacLean East Property Acquisition

The Company has received TSX Venture Exchange approval for the MacLean East Property option agreement (see December 13, 2024 press release). The option agreement has been amended to cap the maximum number of Surge shares issuable at 18,722,222, with any remaining amounts owing, if any, to be paid in cash.

About Surge Copper Corp.

Surge Copper Corp. is a Canadian company that is advancing an emerging critical metals district in a well-developed region of British Columbia, Canada. The Company owns a large, contiguous mineral claim package that hosts multiple advanced porphyry deposits with pit-constrained NI 43-101 compliant resources of copper, molybdenum, gold, and silver – metals which are critical inputs to modern energy infrastructure and electrification technologies.

The Company owns a 100% interest in the Berg Project, for which it announced a maiden PEA in June 2023 outlining a large-scale, long-life project with a simple design and high outputs of critical minerals located in a safe jurisdiction near world-class infrastructure. The PEA highlights base case economics including an NPV8% of C$2.1 billion and an IRR of 20% based on long-term commodity prices of US$4.00/lb copper, US$15.00/lb molybdenum, US$23.00/oz silver, and US$1,800/oz gold. The Berg deposit contains pit-constrained 43-101 compliant resources of copper, molybdenum, silver, and gold in the Measured, Indicated, and Inferred categories.

The Company also owns a 100% interest in the Ootsa Property, an advanced-stage exploration project containing the Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine, owned by Imperial Metals. The Ootsa Property contains pit-constrained NI 43-101 compliant resources of copper, gold, molybdenum, and silver in the Measured, Indicated, and Inferred categories.

On Behalf of the Board of Directors

“Leif Nilsson”

Chief Executive Officer

For further information, please contact:

Riley Trimble, Corporate Communications & Development

Telephone: +1 604 639 3852

Email: info@surgecopper.com

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