New Risk • Apr 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Apr 28
Surge Copper Corp. announced that it has received CAD 20 million in funding from African Rainbow Minerals Limited and other investors. On April 27, 2026, Surge Copper Corp. closed the transaction. The company issued 7,960,000 units at a price of CAD 0.50 for gross proceeds of CAD 3,980,000. Each Unit will comprise one common share of the Company and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of CAD 1.00 per share for a period of three years from the date of issuance. The second and final tranche of the Offering consisted of a single subscription from African Rainbow Minerals Limited, an insider of the Company. No finder’s fees were paid in connection with the second tranche of the Offering. Announcement • Mar 31
Surge Copper Provides Corporate and Operational Update Surge Copper Corp. provided a corporate update on progress toward the completion of the Pre-Feasibility Study (“PFS”) for the Berg Copper Project (“Berg” or the “Project”), upcoming investor events, and the second tranche of the previously announced private placement. Operational Update: The Company continues to make progress toward the completion of the PFS for Berg, with the study remaining on track for completion in the second quarter of 2026. The PFS is expected to further refine the Project’s development plan and provide important inputs for the next stage of technical and regulatory advancement. Preparation is also underway for the 2026 field program at Berg, which is expected to include additional geotechnical and resource drilling, as well as environmental field studies. These programs are intended to support ongoing technical de-risking, future project planning, and continued advancement of the Project through the environmental assessment, permitting, and further study stages. In addition, Surge continues to advance its engagement efforts with First Nations and local communities as the Company advances the Project toward the regulatory environmental assessment process. This work remains focused on building constructive, long-term relationships, through early engagement, open dialogue, and transparent communication as project planning progresses. 
