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Surge Copper is advancing its Berg copper-molybdenum-silver project in British Columbia toward a prefeasibility study (PFS), aiming to convert inferred resources into minable inventory. CEO Leif Nilsson discussed their strategy around drilling, metallurgy, permitting, First Nations engagement, and capital markets. He highlighted that while the company is undervalued relative to peers, they’ve made meaningful progress in resource conversion and expect improved economics from recent metallurgical work. Surge maintains positive relationships with First Nations and sees growing importance in marketing as it nears key development milestones.
TL;DR
- 1. Project:
The flagship Berg project has 1 billion tonnes in measured and indicated resources and 542
million tonnes in inferred. The 2023 PEA included 978 million tonnes within the
minable shell, 80% of which was M&I. Upcoming drilling aims to convert more
inferred into M&I to support the PFS.
– - 2. Metallurgy:
Surge expects recoveries of over 90% from recent test work using conventional grind
sizes (~160 microns). Potential use of HPGR technology could improve energy
efficiency and reduce opex without major capex increases.
– - 3. BC Complexity:
Nilsson acknowledged the complexity of BC’s value-based permitting model, with
heavy First Nations involvement. However, he noted evolving provincial and federal
legislation, like BC’s Infrastructure Act, aimed at streamlining timelines for
strategic projects like Berg.
– - 4. First Nations:
Surge has over 15 years of positive engagement with multiple First Nations, with
communication and engagement agreements already in place. They view Indigenous
groups as “life-of-project partners” rather than parties to one-time agreements.
– - 5. Stock price:
Despite building value, Surge’s share price hasn’t reflected progress. Nilsson is
increasingly focused on outreach, stating he plans to “be in front of people digitally
or physically a lot more” as they approach the PFS. Marketing budgets remain
modest, but engagement is expected to ramp up.
Surge Copper CEO interview with CEO, Leif Nilsson
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