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Surge Copper Completes 2024 Field Program and Provides Corporate Update

Press Release

September 26, 2024, Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce the successful completion of its 2024 field program at its 100%-owned Berg and Ootsa copper-molybdenum-precious metals projects located in central British Columbia. Field crews have now been demobilized, and with the conclusion of physical operations, the Company is ramping down associated expenditures as it transitions into the data analysis and reporting phase.

2024 Field Program Highlights

  • Completed a total of 13 diamond drill holes for 5,054 metres:
    • At the Berg Project, 10 holes were drilled for a total of 3,707 metres within the main Berg deposit, with an additional 450-metre hole testing the Berg SW exploration target.
    • At the Ootsa Project, two holes were drilled for a total of 897 metres, targeting the copper-gold porphyry zone discovered in 2022, northeast of the Seel deposit (see January 9, 2023 press release).
  • All 10 holes at the Berg deposit are expected to support resource definition and conversion of Inferred resources to higher confidence categories.
  • Six of the Berg deposit holes underwent downhole geotechnical testing, including Packer tests, piezometer installations, and televiewer surveys, supporting pre-feasibility mining studies.
  • Core samples will also undergo geochemical analysis and acid-base accounting test work during the winter, supporting ARD/ML environmental baseline and pre-feasibility studies on waste rock management.
  • An environmental baseline data collection program was initiated across the project area to bolster previously completed database efforts.
  • A pre-feasibility level metallurgy program is ongoing and slated for completion in early 2025.
  • Assay results from all drill holes will be released once data are received, verified, and interpreted.

Leif Nilsson, Chief Executive Officer, commented: “We’re pleased with how efficiently this year’s field program progressed. We achieved all the critical objectives, and thanks to high productivity and favourable weather conditions, we exceeded our original drilling target. I would like to extend my sincere gratitude to all the employees and contractors whose hard work and dedication contributed to this successful program. We look forward to providing further updates as we analyze the results in the coming months.”

Annual General Meeting

The Company held its Annual General Meeting on September 25, 2024. All proposed resolutions, as described in the notice of the meeting and information circular dated August 13, 2024, were approved by the shareholders of the Company.

Qualified Person

Dr. Shane Ebert P.Geo., is the Qualified Person for the Berg Project and the Ootsa Property as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 41-101”) and has approved the technical and scientific disclosure contained in this news release.

About Surge Copper Corp.

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

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

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

On Behalf of the Board of Directors

“Leif Nilsson”

Chief Executive Officer

For further information, please contact:

Riley Trimble, Corporate Communications & Development
Telephone: +1 604 416 2978
Email: info@surgecopper.com

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