공시 • Jun 15
Surge Copper Corp Announces Results Of Berg Pre-Feasibility Study With After-Tax NPV8% And IRR
Surge Copper Corp. has announced the results of its Pre-Feasibility Study (the “PFS”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for the 100%-owned Berg Copper Project (“Berg” or the “Project”) located in central British Columbia. The PFS outlines a large-scale, long-life conventional open pit mining operation feeding a concentrator process plant designed for a nominal throughput rate of 120,000 tonnes per day at average ore hardness. The selected development case reflects engineering trade-off work completed following the 2023 Preliminary Economic Assessment (the “PEA”) and establishes the basis for a conventional, stand-alone development of the Berg copper-molybdenum-silver deposit. The Project is planned to be powered by hydroelectricity from the BC Hydro grid through a new 230 kV transmission line, expected to follow the same general corridor as the proposed mine access road. The access route utilizes existing forest service roads linking the Project to Houston, and the grid connection is planned through a new connection at the Telkwa substation just outside of Houston. The combination of strong regional infrastructure access and low-carbon grid power remains a key differentiating feature of the Project. The selected site layout also incorporates downhill overland conveyor transport of ore to the process plant, supporting efficient materials handling and reduced overall energy intensity. The PFS is based on a significant body of technical work completed since the PEA, including metallurgical testwork, and geotechnical and hydrogeological drill programs within the proposed pit and infrastructure areas. The results of these programs informed key design criteria and contributed to the increased level of engineering definition reflected in the PFS. The PFS was completed by Ausenco Engineering Canada ULC (“Ausenco”) and Moose Mountain Technical Services Inc. (“MMTS”) and is based on an updated mineral resource estimate completed by MMTS. The PFS represents a significant milestone in the advancement of the Project and establishes a defined development pathway for one of British Columbia’s most significant emerging copper-molybdenum-silver projects. The base case after-tax NPV8% is CAD 4,600 million, IRR of 24%, and payback period of 2.9 years, based on long-term commodity price assumptions of USD 4.75/lb copper, USD 20.00/lb molybdenum, USD 45/oz silver, and USD 3,500/oz gold and an exchange rate of 0.73 USD/CAD. At spot prices as of June 2026 (USD 6.45/lb copper, USD 30.00/lb molybdenum, USD 65/oz silver, and USD 4,250/oz gold and an exchange rate of 0.73 USD/CAD), a spot price sensitivity case generates an after-tax NPV8% of CAD 9,400 million, an IRR of 36%, and a payback period of 1.8 years. Maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes grading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, containing 5.8 billion pounds of copper, 687 million pounds of molybdenum, 160 million ounces of silver, and 0.8 million ounces of gold. Updated Mineral Resource Estimate includes Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold, plus additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver, and 0.01 g/t gold. 28-year mine life with total production of 8.6 billion pounds (3.9 million tonnes) of copper equivalent (CuEq), including 4.9 billion pounds (2.2 million tonnes) of copper, 602 million pounds of molybdenum, and 89 million ounces of silver. First 5 years of steady-state production averages 416 million pounds (189 thousand tonnes) of copper equivalent annually, including 270 million pounds (122 thousand tonnes) of copper, 21 million pounds of molybdenum, and 4 million ounces of silver. Life of mine average annual production of 308 million pounds (140 thousand tonnes) of copper equivalent, including 176 million pounds (80 thousand tonnes) of copper, 21 million pounds of molybdenum, and 3 million ounces of silver. Life of mine C1 co-product cash costs of USD 1.95/lb payable CuEq and by-product cash costs of USD (0.17)/lb payable Cu. Low life of mine strip ratio of 2.0:1, including waste pre-stripping requirements of 304 million tonnes. Initial capital cost of CAD 4,700 million and sustaining capital of CAD 1,700 million, based on an EPCM execution approach and a three-year construction period, and including a total life of mine contingency of CAD 715 million, implying initial capital intensity of USD 24,416/t CuEq annual average production capacity, and life of mine capital intensity of USD 0.55/lb recovered CuEq. Selected development case based on a 120,000 tonne per day concentrator and a new 230 kV transmission line connecting the Project to the BC Hydro grid, and downhill overland conveyor transport of ore to the process plant. Simple, stand-alone development case based on a single-phase build, conventional open pit mining and processing, with no reliance on phased expansions or third-party major infrastructure. All references herein to copper equivalent (CuEq) 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 the long-term metal prices used in the PFS of USD 4.75/lb copper, USD 20.00/lb molybdenum, USD 45.00/oz silver, and USD 3,500/oz gold and with the formula CuEq (lbs) = Cu (lbs) + 4.21 Mo (lbs) + 9.47 Ag (oz) + 737 * Au (oz). The updated MRE benefits from additional drilling completed since the PEA, expanded gold and silver assay coverage from historical core, updated geological and geostatistical modelling, and revised metallurgical recovery assumptions based on the expanded metallurgical testwork database completed in support of the PFS. Data from 249 core holes totalling 66,229 metres of drilling and 59,215 metres of assaying has been used in the updated MRE. Mineralized domains were defined for the principal weathering and lithological units of the deposit. The grades for copper, molybdenum, silver, and gold were estimated using capped and composited assay data within a three-dimensional block model. Classification of Mineral Resources was based on drill spacing, geological continuity, and estimation confidence. The MRE is constrained by an open pit shell demonstrating reasonable prospects for eventual economic extraction using a net smelter return cut-off grade of CAD 8.00/t. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.