Borealis Mining Announces First Production Blast at Borealis GOLD MINE, Nevada
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
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BOREALIS MINING ANNOUNCES FIRST PRODUCTION BLAST AT BOREALIS GOLD MINE, NEVADA
Vancouver, British Columbia – January 29, 202 6 – Borealis Mining Company Limited (TSXV: BOGO)
(OTCpink: BORMF) (FSE: L4B0) (the " Company" or " Borealis Mining") is pleased to announce the
successful completion of its first production blast at the Borealis Gold Mine, located near Hawthorne,
Nevada. The blast, completed on Wednesday, January 28, 2026, marks a key milestone in the restart of
the Borealis Gold Mine and the transition into sustained mining operations.
The inaugural production blast was completed within the permitted East Ridge open pit and successfully
fragmented approximately 40,000 short tons of material. This blast represents the first large -scale
production shot since the initiation of the Company’s mine restart program and confirms operational
readiness following site preparation, contractor mobilization, and commissioning activities.
“The completion of our first blast is a defining operational milestone for Borealis,” said Andreas
Steckenborn, Chief Operating Officer of Borealis. “It reflects the successful execution of our restart plan
and the efforts of our site team and contractors. With this milestone achieved, we are focused on safely
advancing toward consistent, sustained mining operations.”
Please see Figure 1 for an aerial video of the blast at the East Ridge open pit or see the following link for
a brief video of the blast: https://www.youtube.com/watch?v=QNTK8HGISZk.
Figure 1: First production blast at the East Ridge pit on January 28, 2026
Following the successful blast, material will be excavated and hauled to the heap leach pad as part of the
Company’s planned mining sequence. Initial stacking activities are expected to occur as mining
advances, followed by leaching and solution processing through the on -site ADR facility. Borealis is
advancing the restart in a staged manner, prioritizing safety, operating discipline, and steady execution
as the operation ramps up.
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
The Borealis Gold Mine benefits from substantial existing infrastructure, including multiple permitted
open pits, a permitted heap leach pad, and an on-site ADR plant. This infrastructure significantly reduces
restart risk and capital intensity compared to a greenfield development and allows the Company to
advance toward gold production using a conventional open-pit, heap-leach operating model.
The Borealis Gold Mine is located within a well -established Nevada mining jurisdiction with access to
infrastructure, skilled labor, and experienced service providers. The Company believes the successful
completion of the first production blast demonstrate s the effectiveness of its restart strategy and
reinforces Borealis’ position as a growing gold producer in Nevada.
Borealis remains focused on safe operations, disciplined execution, and long -term value creation as it
advances the Borealis Gold Mine toward sustained production, while continuing to evaluate regional
exploration opportunities and operational synergies within its broader Nevada asset portfolio.
Qualified Person
Technical information contained in this press release has been reviewed and approved by Kelly Malcolm,
P.Geo., a non-independent Qualified Person as defined under National Instrument 43-101.
Borealis Gold Mine
The Borealis Gold Mine property, located close to the town of Hawthorne, NV, is fully equipped for present
mine operations and future expansion, with existing open pits, heap leach pads, modern infrastructure,
and a functional ADR facility which produces doré bars. The proje ct has historically produced over
600,0001 ounces of gold from an open pit heap leach operation. It is an under-explored property and has
not been drilled since 2011 , aside from Borealis Mining’s modest efforts in 2024 and 2025 . The prop erty
possesses high grade expansion potential with robust historical drilling results, along with a number of
untested regional targets. 1Please see the Borealis Gold Mine technical report entitled “NI 43-101 Technical
Report, Project Status Report , Borealis Mine, Nevada, U.S.A.” authored by Douglas Reid, P.Eng. of SRK
Consulting, dated February 16, 2024. The report can be found on SEDAR+ or the Borealis website.
The Borealis Gold Mine project holds existing federal and state permits for mining and processing
operations. However, certain permit modifications may be required for expanded production, and the
timeline for such approvals is subject to regulatory review. The Company cannot guarantee the timing
or success of any permit modifications that may be required for future expansions.
About Borealis
Borealis Mining is a gold mining and exploration company focused on exploration and resumption of
production of the Borealis Gold Mine in Nevada and the advancement of its Sandman project also in
Nevada. The Borealis Gold Mine is a fully permitted mine site, equipped with active heap leach pads, an
ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition
to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each
totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in
western Nevada, is highly prospective for additional high -sulfidation gold mineralization. The Sandman
project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration
project with a recently completed (2021) NI 43 -101 compliant resource and a recent (2023) Preliminary
Economic Assessment which indicates compelling economics, particularly in light of the increase in
commodity prices since publication of the study. Borealis is led by a strong board and management team,
many of whom have founded, managed, and sold highly successful mining and exploration companies.
For further information, please contact:
Kelly Malcolm
President and Chief Executive Officer
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
____________________________________________________________________________________
Office: (289) 371-3371
This press release includes "forward looking statements", within the meaning of applicable securities
legislation, which are based on the opinions and estimates of management and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or results to differ materially
from those projected in the forward looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar words suggesting future outcomes or statements regarding an outlook.
Such risks and uncertaintie s include, but are not limited to, risks associated with the mining industry
(including operational risks in exploration development and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the uncertainties involved in the
discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and
reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of
estimates and projecti ons in relation to production, costs and expenses; the uncertainty surrounding
the ability of the Company to obtain all permits, consents or authorizations required for its operations
and activities; and health and safety and environmental risks), the risk of commodity price and foreign
exchange rate fluctuations, the ability of the Company to fund the capital and operating expenses
necessary to achieve the business objectives of the Company, the uncertainty associated with
commercial negotiations and negotiating with foreign governments and risks associated with
international business activities, as well as those risks described in public disclosure documents filed by
the Company. Due to the risks, uncertainties and assumptions inherent in forward-looking statements,
prospective investors in securities of the Company should not place undue reliance on these forward -
looking statements.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive.
The forward-looking statements contained in this press release are made as of the date hereof and the
Company undertakes no obligation to update p ublicly or revise any forward -looking statements
contained in this press release or in any other documents filed with Canadian securities regulatory
authorities, whether as a result of new information, future events or otherwise, except in accordance
with applicable securities laws. The forward -looking statements contained in this press release are
expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
The decision to increase production at the Borealis Gold Mine and the Company's ongoing mining
operations as referenced herein (the " Production Decision and Operations ") are based on internal
models prepared by the Company in conjunction with management's knowledge of the property. The
Production Decision and Operations are not based on a preliminary economic assessment, a pre -
feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability.
Accordingly, there is increased uncertainty and economic and technical risks of failure associated with
the Production Decision and Operations, in particular: the risk that mineral grades will be lower than
expected; the risk that ongoing mining operations are more difficult or more expensive than expected;
and production and economic variables ma y vary considerably, due to the absence of a detailed
economic and technical analysis in accordance with National Instrument 43-101.