# 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-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8

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: 2026-08-20 21:52:50 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Surge Copper announced robust results from its Pre-Feasibility Study for the Berg Copper Project, reporting an after-tax NPV8% of C$4.6 billion and an IRR of 24%. The study includes a maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes and an updated Mineral Resource Estimate, outlining a 28-year mine life with significant copper, molybdenum, silver, and gold production. The project benefits from conventional open pit mining, access to hydroelectric power, and strong metallurgical recoveries for its primary metals.

Reasoning: The Pre-Feasibility Study for the Berg Copper Project demonstrates robust economics with a C$4.6 billion after-tax NPV8% and 24% IRR, supported by a maiden Proven & Probable Mineral Reserve and an updated Mineral Resource Estimate. The project features a long mine life, low operating costs, and strong recoveries for its primary copper and molybdenum products, positioning it as a significant critical minerals development.

- Positive factor: Strong economic metrics \(NPV, IRR, payback\)

- Positive factor: Maiden Proven & Probable Mineral Reserve established

- Positive factor: Updated Mineral Resource Estimate with additional drilling

- Positive factor: Long mine life \(28 years\)

- Positive factor: Low C1 cash costs

- Positive factor: Conventional open pit mining and processing

- Positive factor: Access to low-carbon hydroelectric power

- Positive factor: Strong community and First Nations engagement

- Positive factor: Strong recoveries for molybdenum

- Positive factor: Moderate recoveries for copper

- Positive factor: Clean concentrate specifications

- Positive factor: Comprehensive metallurgical testwork \(locked-cycle, variability composites\)

- Negative factor: Lower recoveries for byproduct silver and gold

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 16

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The Pre-Feasibility Study was prepared in accordance with National Instrument 43-101.

Evidence · text

> prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(“NI 43-101”\)

**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: Independent Qualified Persons, Sue Bird, P.Eng., and Marc Schulte, P.Eng., completed the Mineral Resource Estimate and Mineral Reserve estimate, respectively.

Evidence · text

> Block model estimation was completed by Sue Bird, P.Eng., of MMTS, an independent Qualified Person as defined by NI 43-101. ... The mine plan and Mineral Reserve estimate was completed by Marc Schulte, P.Eng., of MMTS, an independent Qualified Person as defined by NI 43-101.

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document announces a 'Maiden Proven & Probable Mineral Reserve'.

Evidence · text

> Maiden Proven & Probable Mineral Reserve

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document includes an 'Updated Mineral Resource Estimate'.

Evidence · text

> Updated Mineral Resource Estimate

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The cut-off grades for both the Mineral Resource Estimate \(C$8.00/t NSR\) and Mineral Reserve \(C$9.25/t NSR\) are clearly stated.

Evidence · text

> net smelter return cut-off grade of C$8.00/t

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: The document is an announcement of the results of a Pre-Feasibility Study.

Evidence · text

> Surge Copper Announces Results of Berg Pre-Feasibility Study

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: Life of mine average recovery for silver is 56% and for gold is 52%, which are weak recoveries for a flotation circuit.

Evidence · table

> 56%

Context: Silver

**Locked Cycle Test**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Metallurgical testwork included locked cycle testing.

Evidence · text

> Locked cycle testing returned recoveries of up to 90.7% copper and 93.0% molybdenum

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The processing flowsheet is described as a 'conventional flotation circuit'.

Evidence · text

> conventional flotation circuit comprising primary grinding, rougher and cleaner flotation stages

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The testwork confirmed 'minimal regrind requirements and no dependence on speciality reagents' and 'clean and within commercial specifications' for concentrates.

Evidence · text

> minimal regrind requirements and no dependence on speciality reagents. ... Final representative copper and molybdenum concentrate products were confirmed to be clean and within commercial specifications.

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 27 variability composites were tested to assess recovery performance across a broad range of mineralogical and spatial conditions.

Evidence · text

> 27 variability composites were tested to assess recovery performance and comminution characteristics across a broad range of mineralogical and spatial conditions

**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 of 1.0 billion tonnes'.

Evidence · text

> additional Inferred Mineral Resources of 1.0 billion tonnes

## Extracted facts

Stored fact records: 16. Some facts used in scoring do not have a stored record.

## Resource Estimates (16)

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: probable
- Tonnes: 1200000000
- Grade: 0.22
- Grade Unit: %
- Contained Metal: 5800000000
- Contained Unit: lbs
- Cutoff Grade: 9.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: This is a maiden Proven & Probable Mineral Reserve for copper, indicating a significant and economically viable resource for the project.

- Positive factor: Maiden Mineral Reserve

- Positive factor: Large contained metal

- Positive factor: Good grade for open pit copper

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: probable
- Tonnes: 1200000000
- Grade: 0.026
- Grade Unit: %
- Contained Metal: 687000000
- Contained Unit: lbs
- Cutoff Grade: 9.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: This is a maiden Proven & Probable Mineral Reserve for molybdenum, contributing significantly to the project's overall value.

- Positive factor: Maiden Mineral Reserve

- Positive factor: Significant contained metal

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: probable
- Tonnes: 1200000000
- Grade: 4.1
- Grade Unit: g/t
- Contained Metal: 160000000
- Contained Unit: oz
- Cutoff Grade: 9.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: This is a maiden Proven & Probable Mineral Reserve for silver, adding to the project's polymetallic nature.

- Positive factor: Maiden Mineral Reserve

- Positive factor: Significant contained metal

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: probable
- Tonnes: 1200000000
- Grade: 0.02
- Grade Unit: g/t
- Contained Metal: 800000
- Contained Unit: oz
- Cutoff Grade: 9.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: This is a maiden Proven & Probable Mineral Reserve for gold, contributing as a byproduct to the project.

- Positive factor: Maiden Mineral Reserve

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: indicated
- Tonnes: 1400000000
- Grade: 0.21
- Grade Unit: %
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Measured and Indicated Mineral Resource for copper provides a strong foundation for the project, with a large tonnage and good grade.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: Large tonnage

- Positive factor: Good grade for open pit copper

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: indicated
- Tonnes: 1400000000
- Grade: 0.025
- Grade Unit: %
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Measured and Indicated Mineral Resource for molybdenum adds to the project's value as a significant byproduct.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: Significant tonnage

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: indicated
- Tonnes: 1400000000
- Grade: 4
- Grade Unit: g/t
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Measured and Indicated Mineral Resource for silver contributes to the project's polymetallic profile.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: indicated
- Tonnes: 1400000000
- Grade: 0.02
- Grade Unit: g/t
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Measured and Indicated Mineral Resource for gold provides additional byproduct value.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

Evidence · text

> 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: inferred
- Tonnes: 1000000000
- Grade: 0.16
- Grade Unit: %
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Inferred Mineral Resource for copper indicates significant potential for future conversion, though it carries lower confidence.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: Large tonnage

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

- Negative factor: Inferred category

Evidence · text

> additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: inferred
- Tonnes: 1000000000
- Grade: 0.027
- Grade Unit: %
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Inferred Mineral Resource for molybdenum provides additional potential, but requires further drilling for higher confidence.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

- Negative factor: Inferred category

Evidence · text

> additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: inferred
- Tonnes: 1000000000
- Grade: 4.3
- Grade Unit: g/t
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Inferred Mineral Resource for silver adds to the project's overall potential, but is a speculative category.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

- Negative factor: Inferred category

Evidence · text

> additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#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 Data

- Category: inferred
- Tonnes: 1000000000
- Grade: 0.01
- Grade Unit: g/t
- Cutoff Grade: 8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: The updated Inferred Mineral Resource for gold provides additional byproduct potential, but is the lowest confidence category.

- Positive factor: Updated Mineral Resource Estimate

- Positive factor: QP/CP signed

- Positive factor: NI 43-101 compliant

- Negative factor: Inferred category

Evidence · text

> 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

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#fact-resource-facts-12)

Berg Copper Project · copper

#### Identity

- Project: Berg Copper Project
- Commodity: copper
- Region: canada\_bc
- Reported Region: British Columbia
- Ticker: SURG

#### Lab

- Laboratory: ALS Metallurgy Kamloops

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: Life of mine average recovery for copper is 84%, which is a moderate recovery for a flotation circuit, supported by detailed locked-cycle testwork.

- Positive factor: Moderate recovery for flotation

- Positive factor: Locked-cycle testwork

- Positive factor: Comprehensive testwork

Evidence · table

> 84%

Context: Copper

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#fact-resource-facts-13)

Berg Copper Project · molybdenum

#### Identity

- Project: Berg Copper Project
- Commodity: molybdenum
- Region: canada\_bc
- Reported Region: British Columbia
- Ticker: SURG

#### Lab

- Laboratory: ALS Metallurgy Kamloops

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: Life of mine average recovery for molybdenum is 88%, which is a strong recovery for a flotation circuit, supported by detailed locked-cycle testwork.

- Positive factor: Strong recovery for flotation

- Positive factor: Locked-cycle testwork

- Positive factor: Comprehensive testwork

Evidence · table

> 88%

Context: Molybdenum

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#fact-resource-facts-14)

Berg Copper Project · silver

#### Identity

- Project: Berg Copper Project
- Commodity: silver
- Region: canada\_bc
- Reported Region: British Columbia
- Ticker: SURG

#### Lab

- Laboratory: ALS Metallurgy Kamloops

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: Life of mine average recovery for silver is 56%, which is a weak recovery for a flotation circuit, indicating potential challenges for this byproduct.

- Positive factor: Locked-cycle testwork

- Positive factor: Comprehensive testwork

- Negative factor: Low recovery for flotation

Evidence · table

> 56%

Context: Silver

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8--150020f0-c117-4f14-935b-a6fa19edace8#fact-resource-facts-15)

Berg Copper Project · gold

#### Identity

- Project: Berg Copper Project
- Commodity: gold
- Region: canada\_bc
- Reported Region: British Columbia
- Ticker: SURG

#### Lab

- Laboratory: ALS Metallurgy Kamloops

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-15T00:00:00.000Z

Reasoning: Life of mine average recovery for gold is 52%, which is a weak recovery for a flotation circuit, suggesting limited economic contribution from this byproduct.

- Positive factor: Locked-cycle testwork

- Positive factor: Comprehensive testwork

- Negative factor: Low recovery for flotation

Evidence · table

> 52%

Context: Gold

## 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.