Surge Copper Releases PFS for Berg Project, Post-Tax NPV Increases to C$4.6 Billion

Lobito Atlantic Railway (LAR) has resumed operations on a key section of its rail corridor and received its first copper shipment from the Democratic Republic of Congo since repairing flood-damaged infrastructure. The rail link between the Port of Lobito and Huambo had been disrupted for approximately two months due to severe flooding. During the outage, LAR maintained cargo movements through a contingency plan involving rail and truck transfers. The Lobito Corridor is a major export route for copper and cobalt from the DRC to the Atlantic coast, and the restoration of rail traffic is expected to improve logistics efficiency for critical minerals exports from Central Africa.

MMG Ltd plans to raise approximately US$1.6 billion through a share placement and the issuance of convertible bonds to strengthen its balance sheet and support future growth. The company intends to raise about US$800 million through a new share placement priced between HK$8.86 and HK$9.15 per share, alongside US$800 million in zero-coupon convertible bonds due in 2027. According to the company, the proceeds will be used to refinance shareholder and external loans, fund existing projects and expansion plans, pursue potential acquisitions and investments, and provide additional working capital. The financing will enhance MMG’s financial flexibility and support future mine development and growth initiatives.