Surge Copper Corp. · TSXV:SURG
Surge Copper — Investor Presentation (September 2025)
49 slides from Surge Copper's investor presentation, Sep 22, 2025
Slide 1: Unlocking Value in an Established Mining District
TSXV:SURG | OTCQB:SRGXF | FRA:G6D2 Unlocking Value in an Established Mining District Q3-2025 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 (not the Golden Triangle) −
Slide 4: 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 226 18 16 13 13 12 126 Copper Production (Mlbs) 106 Mo
Slide 5: 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 6: Berg: A Strategically Significant Project
Berg: A Strategically Significant Project PEA MINE PLAN OUTLINES SIGNIFICANT VOLUMES OF CRITICAL MINERALS C U & M O OVER 30- YEAR MINE LIFE Breakdown Production Profile 3.8 Blbs LOM 350 $3.00 126 Mlbs/yr Cu 64% of Revenue 292 290 Co-Product Cash Costs (US$/lb CuEq) 300 277 $2.50 274 273 402 Mlbs LOM
Slide 7: Berg PEA Highlights
Berg PEA Highlights R OBUST BASE CASE ECONOMICS WITH SIGNIFICANT LOW - COST PRODUCTION OVER A LONG MINE LIFE C$2.1B Base Case After-Tax NPV8% 6.0Blbs Life-of-Mine CuEq1 Production 30 Year Mine Life 20% Base Case After-Tax IRR 199Mlbs Annual CuEq Production C$348m Life-of-Mine Avg. Annual After-Tax F
Slide 8: Metal Price Sensitivity
Metal Price Sensitivity B ERG PEA ECONOMICS ARE ROBUST UNDER A WIDE RANGE OF LONG - TERM COMMODITY PRICE ASSUMPTIONS After-Tax NPV8% Sensitivity to Cu & Mo Prices (C$mm) After-Tax IRR Sensitivity to Cu & Mo Prices (%) - Base Case Copper Price (US$/lb) Copper Price (US$/lb) $2.80 $3.20 $3.60 $4.00 $4
Slide 9: 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, mineraliz
Slide 10: 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 11: One of the Largest Resource Bases in Western Canada
One of the Largest Resource Bases in Western Canada P RIMARY COPPER PORPHYRY DEPOSITS | M&I RESOURCES ( CONTAINED C U E Q ) 1 25,000 - Development Projects - Mines 20,000 Global M&I Resource (Mlbs CuEq) 15,000 10,000 5,000 0 Casino Gibraltar Kwanika Huckleberry Red Chris Highland Valley North Island
Slide 12: 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% @ $4 Cu (US$B) Enterprise Value (US$m) EV/lb Recovered CuEq from Study (Blbs CuEq) Study (US$/lb) Los Andes 10.0 Los A
Slide 13: Deep Value Opportunity
Deep Value Opportunity S URGE IS WELL POSITIONED VERSUS HIGH PROFILE PEERS BUT TRADES AT A VERY LOW VALUATION • Comparison against Northisle (North Island), Western (Casino), and Solaris (Warintza) Berg North Island Casino Warintza • Comparable total resource grade BC BC Yukon Ecuador and maturity (
Slide 14: Resource Definition and Exploration at Berg
Resource Definition and Exploration at Berg T ARGETED DRILLING IN UNDEREXPLORED AREAS CONFIRMS NEAR - SURFACE MINERALIZATION AND EXTENDS DEPOSIT FOOTPRINT Highlights • 5 key holes prioritized for exploration impact: 4 infill holes in western Berg and 1 step-out test at Berg SW • Infill drilling clos
Slide 15: Metallurgy Program
Metallurgy Program L OCKED CYCLE TESTS EXCEED 90% CU AND MO RECOVERIES WITH HIGH SEPARATION EFFICIENCY AND CLEAN FINAL PRODUCTS Highlights PEA NPV & IRR Sensitivities • Over 1,350 kg of representative material used to form three Copper Recovery primary composites representing anticipated run of mine
Slide 16: Geotechnical Program at Berg
Geotechnical Program at Berg R ESULTS FROM PFS- LEVEL PROGRAM SUPPORT STEEPER PIT WALLS AND POTENTIAL FOR LOWER STRIP RATIO Highlights • Completed PFS-level program under budget in partnership with BGC Engineering • Acoustic Televiewer surveys completed on 7 holes to support detailed geologic fault
Slide 17: Current Initiatives and Upcoming Catalysts
Current Initiatives and Upcoming Catalysts A DVANCING B ERG TO P RE -F EASIBILITY ✓ Technical work programs in 2024-2025 include metallurgy, geotech, geochem, environmental baseline, and resource drilling ✓ Recently acquired tailings ground, securing all private mineral tenure to develop Berg Projec
Slide 18: Corporate Info
Corporate Info 17
Slide 19: Capitalization
Capitalization A LL - EQUITY CAP STRUCTURE Equity Capitalization1 Key Announcements over Last Twelve Months $0.30 3.5 Basic Shares Outstanding 345.4M Market Cap $74.3M 3.0 $0.25 Cash $9.9M Berg 412m @ 0.24% C$10.4m Cu, 0.042% financing 2.5 Enterprise Value $64.4M Mo, 5.4 g/t Ag, 0.02 g/t HPGR $0.20
Slide 20: Surge Team
Surge Team C OMMITTED PROFESSIONALS WITH SIGNIFICANT EXPERIENCE IN OPERATIONS , EXPLORATION , AND FINANCE Management Team Board of Directors Leif Nilsson | Chief Executive Officer & Director Christian Kargl-Simard | Non-Exec Board Chair Metallurgical engineer, mining executive and former investment
Slide 21: Ootsa Project
7 COPPER CORP Ootsa Project
Slide 22: 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 23: Large Pit-Constrained Resource
Large Pit-Constrained Resource I NCREASE OF 96% IN M&I RESOURCE 1 2022 Resource Update • Approximately 50,000 metres of drilling completed since 2018 at Seel has significantly expanded mineralization in key areas, relative to the prior 2016 resource estimate • New drilling helped support a 96% incre
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: Contact Info
www.surgecopper.com TSXV:SURG +1 604 718 5454 info@surgecopper.com OTCQB:SRGXF Frankfurt: G6D2 LinkedIn: Surge Copper Corp Twitter: @SurgeCopper Contact Info 33
Slide 35: How does Berg compare on grade?
How does Berg compare on grade? B ERG COMPARES FAVOURABLY WITH A WIDE RANGE OF PEERS BC Operating Mines BC Development Projects Selected Other Development Projects 1.00% M&I CuEq Grade Buildup (% CuEq) 0.80% 0.80% 0.80% 0.76% 0.71% 0.64% 0.59% 0.60% 0.54% 0.54% 0.51% 0.51% 0.50% 0.50% 0.49% 0.48% 0.
Slide 36: How does Berg compare on contained metal?
How does Berg compare on contained metal? B ERG IS WELL POSITIONED AMONG “ MEDIUM SIZED ” DEVELOPMENT PROJECTS AND LARGER THAN MOST OTHERS IN BC 1.00% - BC Mines - BC Development Projects - Other Development Projects AntaKori 0.80% Filo del Sol Winu Galore Creek Red Chris (OP) New Prosperity 0.60% G
Slide 37: Selected Comparables
Selected Comparables S INGLE - ASSET JUNIORS WITH LARGE - SCALE PORPHYRY DEVELOPMENT PROJECTS AND RECENT ECONOMIC STUDIES Study / LOM LOM After-Tax After-Tax NPV / Capex / lb Enterprise EV / EV / lb Project Location Mine Life Capex NPV2 Value3 Year CuEq1 IRR2 Capex CuEq NPV CuEq (US$ billions) (US$
Slide 38: 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 39: 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 ✓Strong opportunities to
Slide 40: 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 • The Ootsa project (Seel and Ox • Surge has made significant maiden PEA1 with base case porphyry deposits plus Seel Breccia inve
Slide 41: First Nation Involvement
First Nation Involvement S URGE ’ S EXPLORATION PROGRAMS AND WORK FORCE HAVE BENEFITED IMMENSELY 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 rega
Slide 42: Berg PEA Mine Plan
Berg PEA Mine Plan S IMPLE , SIX - PHASE OPEN PIT PLAN USING OWNER OPERATED FLEET Overview Mine Plan Physicals 120 • Conventional drill-blast-load-haul open pit 100 Mined Material (Mt) • Six engineered phases based on LG shells to ultimate pit 80 allows better access to high grade material and low g
Slide 43: Berg Block Model Visualization
Berg Block Model Visualization L ARGE CONTINUOUS MINERALIZED ZONES AND LOW STRIP RATIO 42
Slide 44: Process Flowsheet
Process Flowsheet C ONVENTIONAL SULPHIDE FLOTATION AND MOLYBDENUM SEPARATION FLOWSHEET Cu-Mo ROUGHER FLOTATION DUMP POCKET Cu-Mo REGRIND Cu-Mo CLEANER CYCLONE TAILINGS FLOTATION PRIMARY CRUSHER Cu CONCENTRATE OVERLAND THICKENER CONVEYOR Mo ROUGHER Cu-Mo SCAVENGER FLOTATION CONCENTRATE STOCKPILE Cu C
Slide 45: Opex Buildup
Opex Buildup T OTAL UNIT OPERATING COSTS OF C$13.26/ T MILLED Overview Operating Cost Esimates On-site Unit Operating Costs • Processing, mining, and G&A operating costs built up from first principles basis using recent benchmark data with Mining* C$/t mined $2.40 certain items having quoted and ava
Slide 46: Capex Buildup
Capex Buildup T OTAL PRE - PRODUCTION CAPEX OF C$2.0 BILLION Overview Capital Cost Esimates • Capital cost estimate developed by Ausenco based on EPCM Initial Capital (C$mm) approach to development Mine Pre-stripping $143 • Approach makes maximum use of in place infrastructure Mining Equipment Down
Slide 47: Berg Mineral Resources (2023)
Berg Mineral Resources (2023)1 P IT - CONSTRAINED USING C$8.50/ T NSR CUT - OFF Grade Gross Contained Metal C$8.50/t NSR Cut-off Tonnage NSR/t Cu Mo Ag Au Cu Mo Ag Au (Mt) (C$/t) (%) (%) (g/t) (g/t) (Mlbs) (Mlbs) (Moz) (koz) Supergene Measured 14 $43.03 0.39 0.03 5.6 0.04 120 8 3 18 Indicated 227 $3
Slide 48: 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 49: 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
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