Surge Copper Announces Results of Berg Pre-Feasibility Study with After-Tax NPV8% of C$4.6 billion and 24% IRR
Press Release
June 15, 2026
Confirms Berg as one of Canada’s most significant critical minerals development projects, combining large-scale copper production with industry-leading molybdenum and silver output and a defined, stand-alone development pathway
- Base case after-tax NPV8% of C$4.6 billion, IRR of 24%, and payback period of 2.9 years, based on long-term commodity price assumptions of US$4.75/lb copper, US$20.00/lb molybdenum, US$45/oz silver, and US$3,500/oz gold and an exchange rate of 0.73 US$/C$
- At spot prices as of June 2026 (US$6.45/lb copper, US$30.00/lb molybdenum, US$65/oz silver, and US$4,250/oz gold and an exchange rate of 0.73 US$/C$), a spot price sensitivity case generates an after-tax NPV8% of C$9.4 billion, an IRR of 36%, and a payback period of 1.8 years, underscoring the Project’s leverage to higher metal prices
- Maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes grading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, containing 5.8 billion pounds of copper, 687 million pounds of molybdenum, 160 million ounces of silver, and 0.8 million ounces of gold
- Updated Mineral Resource Estimate includes Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold, plus additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver, and 0.01 g/t gold
- 28-year mine life with total production of 8.6 billion pounds (3.9 million tonnes) of copper equivalent (CuEq)1, including 4.9 billion pounds (2.2 million tonnes) of copper, 602 million pounds of molybdenum, and 89 million ounces of silver
- First 5 years of steady-state production averages 416 million pounds (189 thousand tonnes) of copper equivalent annually, including 270 million pounds (122 thousand tonnes) of copper, 21 million pounds of molybdenum, and 4 million ounces of silver
- Life of mine average annual production of 308 million pounds (140 thousand tonnes) of copper equivalent, including 176 million pounds (80 thousand tonnes) of copper, 21 million pounds of molybdenum, and 3 million ounces of silver
- Life of mine C1 co-product cash costs of US$1.95/lb payable CuEq and by-product cash costs of US$(0.17)/lb payable Cu
- Low life of mine strip ratio of 2.0:1, including waste pre-stripping requirements of 304 million tonnes
- Initial capital cost of C$4.7 billion and sustaining capital of C$1.7 billion, based on an EPCM execution approach and a three-year construction period, and including a total life of mine contingency of C$715 million, implying initial capital intensity of US$24,416/t CuEq annual average production capacity, and life of mine capital intensity of US$0.55/lb recovered CuEq
- Selected development case based on a 120,000 tonne per day concentrator and a new 230 kV transmission line connecting the Project to the BC Hydro grid, and downhill overland conveyor transport of ore to the process plant
- Simple, stand-alone development case based on a single-phase build, conventional open pit mining and processing, with no reliance on phased expansions or third-party major infrastructure
Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce the results of its Pre-Feasibility Study (the “PFS”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for the 100%-owned Berg Copper Project (“Berg” or the “Project”) located in central British Columbia. The Project is located within the Wet’suwet’en Yintah. The Company is actively engaging with the Wet’suwet’en Hereditary Chiefs and Houses and other potentially impacted communities in the region, including the Witset First Nation, Wet’suwet’en First Nation, Nee Tahi Buhn Indian Band, Skin Tyee First Nation, and Cheslatta Carrier Nation.
The PFS was completed by Ausenco Engineering Canada ULC (“Ausenco”) and Moose Mountain Technical Services Inc. (“MMTS”) and is based on an updated mineral resource estimate completed by MMTS. The PFS represents a significant milestone in the advancement of the Project and establishes a defined development pathway for one of British Columbia’s most significant emerging copper-molybdenum-silver projects.
All figures presented herein are on an unlevered, 100% basis, all currency figures are in Canadian dollars (“C$”) or United States dollars (“US$”) as specified, all tonnes are metric tonnes, and all ounces are Troy ounces.
Leif Nilsson, Chief Executive Officer, commented “Completion of the Berg PFS marks an important milestone for Surge and materially advances one of Canada’s most significant undeveloped copper projects. Berg now stands out not only for its scale, but also for the quality of its development profile, with long-life production of copper as a primary metal, and industry leading molybdenum and silver output, strong infrastructure advantages, and access to low-carbon hydroelectric power. Just as importantly, this study reflects a great deal of technical work completed since the PEA and provides a more defined foundation for the next stage of advancement, including continued work with First Nations, formal entry into the environmental assessment process, and future feasibility-level studies.”
The Office of the Wet’suwet’en stated “Chief Casbit and Thin House of the Gilseyhu Clan look forward to continuing to work with Surge Copper to implement a robust Wet’suwet’en assessment process for the proposed Berg Copper Project and to explore opportunities for the Wet’suwet’en and the region.”
Chief Whitford of the Cheslatta Carrier Nation reflected “We are encouraged by the results to date of Surge’s efforts at exploring this critical copper resource and their ongoing efforts at engagement and partnerships.”
British Columbia’s Premier, David Eby, stated “In a time of global uncertainty, it’s more important than ever that we build a strong, resilient economy here at home. We’re encouraged by projects like Surge’s Berg Copper Project to help British Columbia responsibly develop the critical minerals the world needs. This is how we create good jobs and the prosperity needed to improve services we all rely on. Our government will be there to support this work as it moves forward, grounded in partnership with First Nations and focused on long-term benefits for people across B.C.”
Minister of Mining and Critical Minerals, Jagrup Brar, commented “Supporting Surge Copper through the BC Critical Minerals Office (CMO) reflects our commitment to advancing critical minerals development in our province. Early co-ordination with CMO accelerates regulatory processes for B.C.’s future major mines by helping projects prepare for environmental assessment and permitting. Through projects like this, we can remain Canada’s largest copper producer, create new well-paying jobs, and continue to lead the way in responsible growth of the critical minerals sector, while maintaining world-class environmental and safety standards and supporting local communities.”
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