Slide 1: Advancing One of Canada's Next Major Copper Mines
TSXV:SURG | OTCQB:SRGXF | FRA:G6D2 Advancing One of Canada’s Next Major Copper Mines Q4-2026 Corporate Presentation 0
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is being issued by Surge Copper Corp. (the “Company” or “Surge Copper”) for information purposes only. Cautionary Statements Concerning Forward-Looking Statements This Presentation contains "forward-looking information" within the meaning of applicable C
Slide 3: Investment Highlights
Investment Highlights A DVANCING ONE OF C ANADA ’ S LARGEST COPPER PROJECTS • The right metals − Copper + Molybdenum + Precious Metals − Exposure to end markets with favourable long term demand growth and supply dynamics • Premium location − Infrastructure-rich area of BC − Safe jurisdiction with lo
Slide 4: Berg Pre-Feasibility Study Highlights
Berg Pre-Feasibility Study Highlights P OSITIONS B ERG AS ONE OF C ANADA ’ S MOST SIGNIFICANT CRITICAL MINERALS PROJECTS ✓ Base case NPV8% of C$4.6B, IRR of 24%, and payback period of 2.9 years ($4.75 Cu, $20 Mo, $45 Ag, $3,500 Au) ✓ Spot price sensitivity case: NPV8% of C$9.4B, IRR of 36%, payback
Slide 5: Berg: Canada's most strategic copper-molybdenum project
Berg: Canada’s most strategic copper-molybdenum project… P OSITIONED TO FILL CRITICAL SUPPLY GAPS AT SCALE Berg would be a top 5 copper mine in Canada …and the largest moly producer by far Canadian Moly Producers Selected Primary Moly Comparables - By-products as CuEq 308 294 24 21 16 161 159 Copper
Slide 6: A globally significant silver producer among primary copper mines
…a globally significant silver producer among primary copper mines… P ROJECTED SILVER OUTPUT PLACES B ERG AMONG THE TOP 15 GLOBAL COPPER MINES 18 Operating Copper Mines 16 Berg PFS Life of Mine 14 Berg PFS First 5 Years Annual Silver Production (Moz Ag) 12 10 8 6 4 2 0 Notes: Ranking based on operat
Slide 7: …and a top producer of moly globally
…and a top 10 producer of moly globally P ROJECTED MOLY OUTPUT PLACES B ERG AMONG THE TOP 10 OF ALL MOLY PRODUCERS 40 Global Moly Producers 35 Berg PFS Life of Mine Annual Molybdenum Production (Mlbs Mo) Berg PFS First 5 Years 30 25 20 15 10 5 0 Notes: Ranking based on mines with 2025 moly productio
Slide 8: Located in Central BC in Established Mining District
Located in Central BC in Established Mining District S URGE CONTROLS 100% OF A LARGE , CONTIGUOUS MINERAL CLAIM PACKAGE IN THE T AHTSA D ISTRICT Competitive Advantages ✓100% ownership1 of 141,699-hectare contiguous land package ✓Significant resources of copper, molybdenum, silver, and gold ✓Road acc
Slide 9: A 28-Year Mine Life Producing Mlbs CuEq/yr
A 28-Year Mine Life Producing 308 Mlbs (140 kt) CuEq/yr B ERG PFS MINE PLAN OUTLINES SIGNIFICANT VOLUMES OF CRITICAL MINERALS C U & M O OVER 28- YEAR MINE LIFE Breakdown Production Profile 4.9 Blbs LOM $4.00 Cu 176 Mlbs/yr (80kt/yr) 57% of Revenue 600 $3.50 $4.75/lb 520 Co-Product Cash Costs (US$/lb
Slide 10: Significant Potential for Future Mine Life Extensions
Significant Potential for Future Mine Life Extensions M AIDEN RESERVE SUPPORTS 28- YEAR MINE LIFE | L ARGE BASE OF ADDITIONAL RESOURCES Reserves 5.8 Blbs Cu 687 Mlbs Mo 160 Moz Ag 1.2 Bt 844 koz Au M&I Resources 6.5 Blbs Cu 791 Mlbs Mo 181 Moz Ag 1.4 Bt 963 koz Au Inf. Resources 3.6 Blbs Cu 599 Mlbs
Slide 11: Metal Price Sensitivity
Metal Price Sensitivity B ERG PFS ECONOMICS ARE ROBUST UNDER A WIDE RANGE OF LONG - TERM COMMODITY PRICE ASSUMPTIONS After-Tax NPV8% Sensitivity to Cu & Mo Prices (C$mm) After-Tax IRR Sensitivity to Cu & Mo Prices (%) - Base Case Copper Price (US$/lb) Copper Price (US$/lb) $1.90 $2.85 $3.80 $4.75 $5
Slide 12: Berg Project: Straight Forward Appeal
Berg Project: Straight Forward Appeal F AVOURABLE LOCATION , DEPOSIT GEOMETRY , AND SIMPLE DESIGN ✓Close to infrastructure & low cost hyrdo power (not remote like Golden Triangle) ✓Mine to be developed as a single open pit (no complex sequencing or block cave development) ✓Low strip ratio (2.0:1), m
Slide 13: Simple Project Design
Simple Project Design L OW COMPLEXITY CONFIGURATION DESIGNED TO MINIMIZE ENVIRONMENTAL FOOTPRINT & CARBON EMISSIONS Highlights ✓Single, long-life open pit mine ✓Use of downhill, electric- powered overland conveyors ✓Conventional flowsheet to produce copper concentrate (with PM by- products) plus mol
Slide 14: One of the Largest Resource Bases in Canada
One of the Largest Resource Bases in Canada P RIMARY COPPER PORPHYRY DEPOSITS | M+I+I RESOURCES ( ALL CATEGORIES CONTAINED C U E Q ) 1 35,000 - Development Projects 30,000 - Mines 25,000 M+I+I Resource (Mlbs CuEq) 20,000 15,000 10,000 5,000 0 Casino Gibraltar Kwanika Huckleberry Red Chris Saddle Nor
Slide 15: Benchmarking: peers with large open pit projects and recent studies
Benchmarking: peers with large open pit projects and recent studies S URGE ( BASED ON B ERG ONLY ) RANKS ABOVE AVERAGE BUT TRADES AT A DISCOUNT LOM Recovered CuEq from Project NPV8% @ $4.75/lb Cu Enterprise Value (US$m) EV/lb Recovered CuEq from Study (Blbs CuEq) (US$B) Study (US$/lb) Western 11.8 S
Slide 16: Deep Value Opportunity
Deep Value Opportunity C OMPARABLE TO HIGH - PROFILE PEERS BUT MISPRICED IN THE MARKET Canadian Developers US Dev. LatAm Developers Berg North Island Casino Copper Creek Altar Warintza BC BC Yukon Arizona Argentina Ecuador • Comparable total Total Resource 1 resource & grade M&I Contained Metal Mlbs
Slide 17: Canada: Critical Minerals Policy Momentum
Canada: Critical Minerals Policy Momentum B ERG POSITIONED WITHIN A STABLE JURISDICTION WITH GROWING FEDERAL AND PROVINCIAL ALIGNMENT • Federal Policy Momentum − Budget 2025 designates major mine development projects as nation building projects − New Major Projects Office to coordinate and streamlin
Slide 18: Summary and Catalysts
Summary and Catalysts A DVANCING ONE OF C ANADA ’ S LARGEST COPPER DISTRICTS ✓ PFS delivered June 2026 & EA commenced in September 2026 ✓ Commencing field program, focusing on resource, geotech, hydrogeo, and geochem drilling plus continued baseline studies and community engagement ✓ 100% ownership
Slide 19: Corporate Info
Corporate Info 18
Slide 20: Capitalization
Capitalization A LL - EQUITY CAP STRUCTURE Equity Capitalization1 Key Announcements over Last Twelve Months Basic Shares Outstanding 389.0M $1.00 14.0 Canada Market Cap $217.9M $0.90 PFS results C$4.6B NPV Investment Summit 24% IRR inclusion Cash $20.8M Appoints $20M Private Berg 12.0 Jennifer Place
Slide 21: Surge Team
Surge Team C OMMITTED PROFESSIONALS WITH SIGNIFICANT EXPERIENCE IN OPERATIONS , EXPLORATION , AND FINANCE Management Team Board of Directors Christian Kargl-Simard | Non-Exec Board Chair Leif Nilsson | Chief Executive Officer & Director Experienced mining executive and former investment banker. Curr
Slide 22: Ootsa Project
a COPPER CORP Ootsa Project
Slide 23: Ootsa Project
Ootsa Project T WO PORPHYRY COPPER DEPOSITS | T OTAL M&I R ESOURCES OF 439M T 1 Favourable Location – Low Elevation Central B.C. Interior • The deposits at Ootsa are favourably located adjacent to Imperial Metals’ Huckleberry Mine & Mill complex • The project area has gentle rolling topography, a mi
Slide 24: Regional Exploration
Regional Exploration 23
Slide 25: District Scale Exploration Opportunity
District Scale Exploration Opportunity L ARGE PIPELINE OF TARGETS IN ONE OF BC’ S MOST PROSPECTIVE COPPER DISTRICTS ✓Surge controls 141,699 hectare contiguous claim block ✓Dominant land position in ~50km strike length porphyry copper belt ✓Pipeline of regional prospects being 0.40% tested and advanc
Slide 26: Berg Deposit Geological Model
Berg Deposit Geological Model S IMPLIFIED GEOLOGICAL MODEL Plan View Cross Section 25
Slide 27: Berg 2023 Exploration Program
Berg 2023 Exploration Program M AJORITY FOCUS AT B ERG WITH SMALLER START UP ON PRIORITY TARGETS FROM 2022 Overview • 2023 program operated from July to early September − Completed three diamond core holes totalling 2,077 metres − Holes designed to test deeper portions of Berg deposit, potentially c
Slide 28: Berg 2023 Exploration
Berg 2023 Exploration T HREE CORE HOLES FOR 2077 M | T ARGETING DEEPER PORTIONS OF B ERG DEPOSIT ALONG PERIPHERY OF DEPOSIT Highlights • New Cu-in-soil anomaly outlined to the SW of Berg deposit − Similar size and magnitude as the Cu expression over Berg − Never identified historically and never dri
Slide 29: 2022 Regional Reconnaissance Program
2022 Regional Reconnaissance Program W IDESPREAD SURFACE EXPLORATION COMPLETED ACROSS COMBINED O OTSA & B ERG PROPERTIES Highlights • 23 IP lines in 5 grids • 4,481 soil samples and 337 rock samples plus extensive surface mapping • Selected results: − Expension of Bergette Cu-Mo-in-soil anomaly to 2
Slide 30: New Cu-Au Porphyry Potential at Seel
New Cu-Au Porphyry Potential at Seel NEW NEAR - SURFACE C U -A U TARGET JUST TO THE NORTH OF E AST S EEL Highlights • Holes S22-328 and 330 were drilled along the northern margins of the Seel Breccia East Zone (angled south) and encountered >100m intervals of South-North cross section through the ne
Slide 31: 2024 Drilling at Seel Cu-Au
2024 Drilling at Seel Cu-Au E XTENDING C U -A U SYSTEM NEAR S EEL DEPOSIT Highlights • In 2024 two holes (897m) were drilled to follow up a new zone of Cu-Au mineralization discovered near the Seel deposit in 2022 (S22-330: 100m of 0.23% Cu and 0.19 g/t Au) • Cu-Au mineralization was extended to dep
Slide 32: New Silver Discovery at Blackjack
New Silver Discovery at Blackjack V ERY LARGE AND HIGHLY ALTERED INTRUSTIVE CENTRE PROSPECTIVE FOR PM’ S AND WIDE OPEN FOR FURTHER DISCOVERY Highlights • Holes BJ22-01 was testing a large ZTEM anomaly and encountered a wide zone of Ag- Au-Pb-Zn mineralization in addition to 3 individual high- grade
Slide 33: Bergette Porphyry Target
Bergette Porphyry Target L ARGE - SCALE COPPER PORPHYRY TARGET APPROXIM ATELY 10 KM EAST OF THE B ERG DEPOSIT Highlights • Holes BTG22-01 (vertical) and 02 (angled to the northeast) were drilled from the same pad at Bergette, targeting updated geochemical, magnetic, and chargeability anomalies • Bot
Slide 34: Appendix
www.surgecopper.com TSXV:SURG +1 604 718 5454 info@surgecopper.com OTCQB:SRGXF Frankfurt: G6D2 LinkedIn: Surge Copper Corp Twitter: @SurgeCopper Appendix 33
Slide 35: Berg PFS Highlights
Berg PFS Highlights R OBUST BASE CASE ECONOMICS WITH SIGNIFICANT LOW - COST PRODUCTION OVER A LONG MINE LIFE C$4.6B Base Case After-Tax NPV8% 8.6Blbs Life-of-Mine CuEq1 Production 28 Year Mine Life 24% Base Case After-Tax IRR 308Mlbs Annual CuEq Production C$735m Life-of-Mine Avg. Annual After-Tax F
Slide 36: How does Berg compare on grade?
How does Berg compare on grade? B ERG COMPARES FAVOURABLY WITH A WIDE RANGE OF PEERS BC Development BC Operating Mines Selected Other Development Projects Projects 1.00% 0.92% 0.90% 0.85% M&I CuEq Grade Buildup (% CuEq) 0.79% 0.80% 0.70% 0.68% 0.61% 0.57% 0.58% 0.60% 0.52% 0.53% 0.52% 0.52% 0.49% 0.
Slide 37: How does Berg compare on contained metal?
How does Berg compare on contained metal? B ERG IS WELL POSITIONED AMONG “ MEDIUM SIZED ” OPEN - PIT PROJECTS AND LARGER THAN MOST OTHERS IN BC 1.00% - BC Mines AntaKori Filo del Sol - BC Development Projects Winu - Other Development Projects 0.80% Galore Creek Red Chris (OP) New Prosperity 0.60% Mo
Slide 38: Selected Comparables
Selected Comparables S INGLE - ASSET JUNIORS WITH LARGE - SCALE PORPHYRY DEVELOPMENT PROJECTS AND RECENT ECONOMIC STUDIES After- LOM Enterprise Study / Mine LOM Tax After- NPV / Capex / EV / EV / lb Project Location Capex Value3 Year Life CuEq1 (US$ NPV2 Tax IRR2 Capex lb CuEq NPV CuEq (US$ (US$ mil
Slide 39: What is the opportunity in copper?
What is the opportunity in copper? B IG M ARKET + S TRONG F UNDAMENTALS = A TTRACTIVE TO M AJORS Copper is the quintessential electric metal • Demand growth exposure to three “megatrends”: Renewables Lower energy 1 Urbanization, AI and infrastructure investment denisity higher metal utilization 2
Slide 40: Why BC?
Why BC? T OP MINING JURISDICTION WITH THE RIGHT INGREDIENTS FOR AN ESG FOCUSED FUTURE • British Columbia is a top mining jurisdiction that is well positioned for an ESG focused future ✓Stable jurisdiction and fiscal regime ✓Clear and thorough environmental permitting process experienced with major m
Slide 41: First Nation Involvement
First Nation Involvement S URGE ’ S EXPLORATION PROGRAMS AND WORK FORCE HAVE BENEFITED FROM F IRST N ATION SUPPORT & PARTICIPATION Our Approach Cheslatta Carrier Nation members have been regularly employed at the Ootsa Project, providing exploration • Open communication and engagement regarding deve
Slide 42: Berg PFS Mine Plan
Berg PFS Mine Plan S IMPLE , SIX - PHASE OPEN PIT PLAN USING OWNER OPERATED FLEET Overview Mine Plan Physicals 250 • Conventional drill-blast-load-haul open pit 200 Mined Material (Mt) • Six engineered phases based on LG shells to ultimate pit 150 allows better access to high grade material and low
Slide 43: Process Flowsheet
Process Flowsheet C ONVENTIONAL SULPHIDE FLOTATION AND MOLYBDENUM SEPARATION FLOWSHEET 42
Slide 44: Opex Buildup
Opex Buildup T OTAL UNIT OPERATING COSTS OF C$17.84/ T MILLED Overview Operating Cost Esimate On-site Unit Operating Costs • Processing, mining, and G&A operating costs built up from first principles basis using recent benchmark data with Mining C$/t mined $2.51 certain items having quoted and avail
Slide 45: Capex Buildup
Capex Buildup T OTAL PRE - PRODUCTION CAPEX OF C$4.7 BILLION Overview Capital Cost Esimate • Capital cost estimate developed by Ausenco and Moose Mountain Initial Capital (C$mm) based on EPCM approach to development Mine • Approach makes maximum use of in place infrastructure including Waste & Ore P
Slide 46: Opex & Capex Benchmarking: Recent Studies
Opex & Capex Benchmarking: Recent Studies S ELECTED LARGE THROUGHPUT PROJECTS WITH PFS/FS STUDIES 2025 TO PRESENT Surge FQM Solaris AZ Sonoran Taseko Canada Ni Berg Taca Taca Warintza Cactus Yellowhead Crawford PFS FS PFS PFS PFS FEED Jun-26 Feb-26 Nov-25 Oct-25 Jul-25 Mar-25 Throughput Mtpa 44 60 6
Slide 47: Advancing a Canadian Critical Metals District
Advancing a Canadian Critical Metals District T HREE BUCKETS OF VALUE CREATION POTENTIAL Berg Project Ootsa Project Regional Exploration • Successfully delivered a robust Pre- • The Ootsa project (Seel and Ox • Surge has made significant Feasibility Study1 with base case porphyry deposits plus Seel
Slide 48: Berg Mineral Resources (2026)
Berg Mineral Resources (2026)1 P IT - CONSTRAINED USING C$8.00/ T NSR CUT - OFF Grade Gross Contained Metal C$8.00/t NSR Cut-off Tonnage NSR/t Cu Mo Ag Au Cu Mo Ag Au (Mt) (C$/t) (%) (%) (g/t) (g/t) (Mlbs) (Mlbs) (Moz) (koz) Supergene Measured 10 $61.75 0.44 0.025 4.6 0.04 94 5 1 12 Indicated 162 $4
Slide 49: Berg Mineral Reserves (2026)
Berg Mineral Reserves (2026)1 P IT - CONSTRAINED USING C$9.25/ T NSR CUT - OFF Grade Gross Contained Metal Tonnage Cu Mo Ag Au Cu Mo Ag Au (Mt) (%) (%) (g/t) (g/t) (Mlbs) (Mlbs) (Moz) (koz) Reserve Class Proven 35 0.30 0.033 4.8 0.03 231 25 5 34 Probable 1,174 0.21 0.026 4.1 0.02 5,565 662 154 810 T
Slide 50: Ootsa Mineral Resources (2022)
Ootsa Mineral Resources (2022)1 P IT - CONSTRAINED USING C$8.27/ T NSR CUT - OFF Grade Gross Contained Metal Tonnage Cu Mo Au Ag Cu Mo Au Ag (Mt) (%) (%) (g/t) (g/t) (Mlbs) (Mlbs) (Moz) (Moz) Seel Measured 103.7 0.19 0.014 0.15 2.6 440 32 0.5 8.7 Indicated 276.1 0.16 0.017 0.12 2.0 974 105 1.1 18.2
Slide 51: End Notes
End Notes ✦ All references to copper equivalent (“CuEq”) unless otherwise stated are on the basis of recovered or payable metals, as indicated, with such recovered or payable metals converted into copper equivalent based on their respective price ratios using long-term metal prices assumptions of US