Surge Copper Announces C$3.8 Million Strategic Investment by African Rainbow Minerals Limited - Seite 2

The net proceeds from the Strategic Placement will be used to fund the advancement of the Berg Project, exploration, and for working capital and general corporate purposes. Closing of the Strategic Placement is subject to certain customary conditions, including acceptance by the TSX Venture Exchange and is also subject to receipt by ARM of South African Reserve Bank approval. ‎The Strategic Placement is expected to close in approximately four to six weeks. The Strategic ‎Placement Common Shares will be subject to a statutory hold period of four months and one day ‎from the date of issuance.‎

Qualified Person

Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa and Berg projects as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.

About ARM

ARM is a leading South African diversified mining and minerals company with long-life operations in key commodities in ‎South Africa and Malaysia. ARM, its subsidiaries, joint ventures, joint operations, and associates explore, develop, operate, and hold interests in the mining and minerals industry. Its business has grown through a series of operating partnerships ‎with a wide range of international mining enterprises. ARM’s current operational focus is on precious metals, base metals, ferrous metals and alloys, which include platinum group metals, nickel, coal, iron ore, manganese ore, and ferromanganese. ARM also has an investment in Harmony Gold Mining Company Limited. In ARM’s ‎fiscal 2023 year, it employed approximately 23,000 employees and contractors, and generated total ‎revenue of ZAR 16.1 billion (approximately US$906 million) and profit of ZAR 9.3 billion ‎‎(approximately US$525 million).

About the Berg Project

The Berg deposit is situated in the northwestern portion of the Company’s 100%-owned 125,499 hectare contiguous land package in the Berg-Huckleberry-Ootsa district. Surge announced an NI 43-101 compliant Preliminary Economic Assessment (“PEA”) and an accompanying Mineral Resource Estimate (“MRE”) on the Berg Project in June 2023 (see June 13, 2023 Press Release)¹. The PEA outlined a large-scale, stand-alone greenfield development project with a simple design and high outputs of critical metals located in a safe jurisdiction with world-class infrastructure. Highlights from the PEA include: