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Surge Copper is advancing the Berg copper-molybdenum project in central British Columbia, alongside the Ootsa assets near the idled Huckleberry mine. In this interview with CEO Leif Nilsson, we cover the June 2025 metallurgy program, how those results feed design recoveries and the pre-feasibility study workplan, comminution and power trade-offs, geotechnical and ARD/ML programs, permitting strategy and Indigenous engagement in B.C., ARM’s 19.9% stake and its impact on PFS funding and offtake, district-level options involving Huckleberry, and what these items mean for funding, timelines and valuation discipline.

TLDR

1. Metallurgy
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   Higher recoveries were confirmed with conventional flotation. The metallurgical testwork program used large composites (hypogene, supergene, transitional) and 27 variability samples to run more than 60 flotation tests, including locked-cycle work. The results indicate conventional flotation can deliver high copper and molybdenum recoveries with clean concentrates and no specialty reagents. Leif says the PFS will carry higher, domain-weighted recoveries than the conservative formulas in the PEA, with separation of copper and molybdenum confirmed at bench scale.
2. Strategic
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   African Rainbow Minerals increased its holding to 19.9% via a structured placement intended to fund metallurgical, geotechnical and permitting work through pre-feasibility. The stake comes with a technical engagement channel, implying influence on flowsheet decisions and power/comminution trade-offs. The company presents the investment as runway to hard deliverables rather than a marketing exercise.
3. District Strategy
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   Berg is framed as a standalone copper-molybdenum project, but the Leif repeatedly anchored its value within the established central British Columbia mining corridor. The optionality around nearby processing infrastructure is treated as a real, if timing-dependent, path to de-risking schedule and capital intensity. Nilsson avoids promising shortcuts, stressing counterpart alignment and permitting scope as gating items.
4. Permitting
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   Surge is preparing for an environmental assessment sequence in British Columbia with expanded baseline work, ARD/ML programs, and Indigenous engagement. The message Leif left me with was rather pragmatic. He sid timelines are material, duplication must be managed, and any acceleration depends on meeting technical and social criteria, not rhetoric. The near-term emphasis is on getting PFS-grade data packages that withstand regulatory scrutiny.
5. Valuation
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   Nilsson argued that resource growth per share, improved recoveries, and stepwise engineering should compress the discount to project value outlined in the PEA. The plan is to publish data that links recovery improvements and operating assumptions to NSR per tonne, then let permitting progress and technical quality do the signalling. No promises on market timing, and emphasis on controllable workstreams.

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