# Surge Copper Announces Results of Berg Pre-Feasibility Study with After-Tax NPV8% of C$4.6 billion and 24% IRR Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd Original source: https://money.tmx.com/en/quote/SURG/news/7615460140214574/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8 Publisher: tmx Original announcement: 2026-06-15T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Surge Copper Corp. - Ticker: SURG - Exchange: TSX - Region: British Columbia - Primary commodity: Copper - Secondary commodities: Molybdenum, Silver, Gold - Document categories: Resource update, Metallurgy - Extracted: 2026-09-13 02:39:11 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Surge Copper announced robust Pre-Feasibility Study results for its Berg Project, highlighting a C$4.6 billion after-tax NPV8% and 24% IRR, based on a 28-year mine life. The study includes a maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes and an updated Mineral Resource Estimate, confirming the project's large scale and strong economics for copper, molybdenum, silver, and gold production. Metallurgical testwork supports a conventional flotation circuit with high recoveries, further de-risking the project. Reasoning: The Pre-Feasibility Study confirms the Berg Project as a large-scale, long-life copper-molybdenum-silver-gold project with robust economics, including a C$4.6 billion after-tax NPV8% and 24% IRR, supported by a maiden Proven & Probable Mineral Reserve and updated Mineral Resource Estimate, and strong metallurgical recoveries. - Positive factor: High NPV/IRR - Positive factor: Large Maiden Reserve - Positive factor: Significant M&I Resource - Positive factor: Strong LOM Recoveries - Positive factor: Low Cash Costs - Positive factor: Long Mine Life - Positive factor: Conventional Open Pit - Positive factor: Access to Hydro Power - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 21 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document announces a 'Maiden Proven & Probable Mineral Reserve'. Evidence · text > Maiden Proven & Probable Mineral Reserve **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document explicitly states a 'Maiden Proven & Probable Mineral Reserve'. Evidence · text > Maiden Proven & Probable Mineral Reserve **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document explicitly states a 'Maiden Proven & Probable Mineral Reserve'. Evidence · text > Maiden Proven & Probable Mineral Reserve **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Measured and Indicated Mineral Resources'. Evidence · text > Measured and Indicated Mineral Resources **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'additional Inferred Mineral Resources'. Evidence · text > additional Inferred Mineral Resources **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PFS and associated estimates were 'prepared in accordance with National Instrument 43-101'. Evidence · text > prepared in accordance with National Instrument 43-101 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimate was completed by 'Sue Bird, P.Eng., of MMTS, an independent Qualified Person' and the Mineral Reserve estimate by 'Marc Schulte, P.Eng., of MMTS, an independent Qualified Person'. Evidence · text > Sue Bird, P.Eng., of MMTS, an independent Qualified Person **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an 'Updated Mineral Resource Estimate'. Evidence · text > Updated Mineral Resource Estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The resource and reserve estimates are presented as part of a Pre-Feasibility Study. Evidence · text > results of its Pre-Feasibility Study **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical testwork returned 'recoveries of up to 90.7% copper and 93.0% molybdenum' and '94.6% and 95.6% for the hypogene and supergene composites' for molybdenum, which are above the exceptional band for flotation. Evidence · text > recoveries of up to 90.7% copper and 93.0% molybdenum **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The metallurgical program utilized 'three master composites reflecting the hypogene, transitional supergene, and supergene zones of the deposit' and '27 variability composites'. Evidence · text > three master composites reflecting the hypogene, transitional supergene, and supergene zones of the deposit. In addition, 27 variability composites were tested **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The testwork confirmed the suitability of a 'conventional flotation circuit'. Evidence · text > conventional flotation circuit **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The testwork indicated 'minimal regrind requirements and no dependence on speciality reagents'. Evidence · text > minimal regrind requirements and no dependence on speciality reagents ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-0) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: reserve - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Marc Schulte - Resource group id: resource:24a1dd96f1a962668be1 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1200000000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 5.8 - Contained Unit: blbs - Cutoff Grade: 9.25 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: First-time declaration of a large Proven & Probable Mineral Reserve significantly de-risks the project and provides a strong foundation for future development. - Positive factor: Maiden Reserve - Positive factor: Large Tonnage - Positive factor: High Confidence Evidence · text > Maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes grading 0.22% copper #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-1) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: reserve - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Marc Schulte - Resource group id: resource:24a1dd96f1a962668be1 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1200000000 - Grade: 0.026 - Grade Unit: % - Contained Metal: 687 - Contained Unit: mlbs - Cutoff Grade: 9.25 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Declaration of a substantial molybdenum reserve adds significant value as a key byproduct. - Positive factor: Maiden Reserve - Positive factor: Significant Byproduct - Positive factor: High Confidence Evidence · text > 0.026% molybdenum, containing 687 million pounds of molybdenum #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-2) Berg Copper Project · silver #### Identity - Project: Berg Copper Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: reserve - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Marc Schulte - Resource group id: resource:24a1dd96f1a962668be1 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1200000000 - Grade: 4.1 - Grade Unit: g/t - Contained Metal: 160 - Contained Unit: moz - Cutoff Grade: 9.25 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: A large silver reserve further enhances the project's economic viability as a valuable byproduct. - Positive factor: Maiden Reserve - Positive factor: Significant Byproduct - Positive factor: High Confidence Evidence · text > 4.1 g/t silver, and 0.02 g/t gold, containing 160 million ounces of silver #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-3) Berg Copper Project · gold #### Identity - Project: Berg Copper Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: reserve - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Marc Schulte - Resource group id: resource:24a1dd96f1a962668be1 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1200000000 - Grade: 0.02 - Grade Unit: g/t - Contained Metal: 0.8 - Contained Unit: moz - Cutoff Grade: 9.25 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The inclusion of gold in the maiden reserve adds to the overall contained metal and project value. - Positive factor: Maiden Reserve - Positive factor: Byproduct Value - Positive factor: High Confidence Evidence · text > 0.02 g/t gold, containing 0.8 million ounces of gold #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-4) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c4471ac05466771e94a9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1400000000 - Grade: 0.21 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The updated M&I resource demonstrates a significant, high-confidence resource base for the project. - Positive factor: Large Tonnage - Positive factor: High Confidence Category - Positive factor: Updated Estimate Evidence · text > Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-5) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c4471ac05466771e94a9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1400000000 - Grade: 0.025 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Molybdenum contributes significantly to the overall resource value in the M&I category. - Positive factor: Significant Byproduct - Positive factor: High Confidence Category Evidence · text > 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-6) Berg Copper Project · silver #### Identity - Project: Berg Copper Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c4471ac05466771e94a9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1400000000 - Grade: 4 - Grade Unit: g/t - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Silver adds further byproduct value to the M&I resource. - Positive factor: Valuable Byproduct - Positive factor: High Confidence Category Evidence · text > 4.0 g/t silver, and 0.02 g/t gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-7) Berg Copper Project · gold #### Identity - Project: Berg Copper Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c4471ac05466771e94a9 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1400000000 - Grade: 0.02 - Grade Unit: g/t - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Gold contributes to the overall contained metal in the M&I resource. - Positive factor: Byproduct Value - Positive factor: High Confidence Category Evidence · text > 0.02 g/t gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-8) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c2bcbd10e5aa8c18b63d - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000000 - Grade: 0.16 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: A substantial Inferred resource provides significant upside potential for future conversion and mine life extension. - Positive factor: Large Tonnage - Positive factor: Future Potential - Negative factor: Inferred Resource Evidence · text > additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-9) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c2bcbd10e5aa8c18b63d - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000000 - Grade: 0.027 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Molybdenum in the Inferred category adds to the project's long-term byproduct potential. - Positive factor: Byproduct Potential - Negative factor: Inferred Resource Evidence · text > 0.027% molybdenum #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-10) Berg Copper Project · silver #### Identity - Project: Berg Copper Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c2bcbd10e5aa8c18b63d - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000000 - Grade: 4.3 - Grade Unit: g/t - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Silver in the Inferred category provides additional long-term byproduct potential. - Positive factor: Byproduct Potential - Negative factor: Inferred Resource Evidence · text > 4.3 g/t silver #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-resource-facts-11) Berg Copper Project · gold #### Identity - Project: Berg Copper Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Resource scope - Estimate type: resource - Effective date: 2026-06-12T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Sue Bird - Resource group id: resource:c2bcbd10e5aa8c18b63d - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000000 - Grade: 0.01 - Grade Unit: g/t - Cutoff Grade: 8 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2026-06-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Gold in the Inferred category contributes to the overall long-term resource base. - Positive factor: Byproduct Potential - Negative factor: Inferred Resource Evidence · text > 0.01 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (9) ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-12) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 84 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Strong life-of-mine average copper recovery from comprehensive testwork supports project economics. - Positive factor: High Recovery - Positive factor: Multi-Domain Tested - Positive factor: PFS Level Evidence · text > estimated life of mine average recoveries across all mineralization domains are 84% for copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-13) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 88 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Excellent life-of-mine average molybdenum recovery further enhances byproduct value. - Positive factor: High Recovery - Positive factor: Multi-Domain Tested - Positive factor: PFS Level Evidence · text > 88% for molybdenum #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-14) Berg Copper Project · silver #### Identity - Project: Berg Copper Project - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 55 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Moderate silver recovery contributes to overall project revenue. - Positive factor: Byproduct Recovery - Positive factor: Multi-Domain Tested Evidence · text > 55% for silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 55% is below the weak band \(75%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-15) Berg Copper Project · gold #### Identity - Project: Berg Copper Project - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 52 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Gold recovery adds to the project's byproduct stream, albeit at a lower rate. - Positive factor: Byproduct Recovery - Positive factor: Multi-Domain Tested Evidence · text > 52% for gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 52% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-16) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Conc. Grade: 29.7 - Conc. Grade Unit: % #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: High-grade copper concentrate indicates good product quality and marketability. - Positive factor: High Concentrate Grade - Positive factor: Clean Concentrate Evidence · text > bulk concentrate grading 29.7% copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-17) Berg Copper Project · copper #### Identity - Project: Berg Copper Project - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 90.7 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Exceptional copper recovery from locked-cycle tests demonstrates strong metallurgical performance. - Positive factor: Exceptional Recovery - Positive factor: Locked-Cycle Test Evidence · text > recoveries of up to 90.7% copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-18) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: flotation #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Outstanding molybdenum recovery from locked-cycle tests highlights its significant byproduct potential. - Positive factor: Exceptional Recovery - Positive factor: Locked-Cycle Test Evidence · text > 93.0% molybdenum #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-19) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: copper-molybdenum separation - Sample: hypogene composite #### Recovery - Recovery: 94.6 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Very high molybdenum recovery from hypogene material indicates excellent separation efficiency. - Positive factor: Exceptional Recovery - Positive factor: Clean Concentrate - Positive factor: Multi-Domain Tested Evidence · text > molybdenum recoveries of up to 94.6% and 95.6% for the hypogene and supergene composites, respectively #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--6f71d86d-3c87-42b9-84c8-91481c47b6bd#fact-metallurgical-facts-20) Berg Copper Project · molybdenum #### Identity - Project: Berg Copper Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: SURG #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: copper-molybdenum separation - Sample: supergene composite #### Recovery - Recovery: 95.6 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy Kamloops - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: Extremely high molybdenum recovery from supergene material confirms robust separation across different ore types. - Positive factor: Exceptional Recovery - Positive factor: Clean Concentrate - Positive factor: Multi-Domain Tested Evidence · text > 95.6% for the hypogene and supergene composites, respectively #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.