BOREALIS REPORTS Q1 FISCAL 2026 FINANCIAL AND OPERATING RESULTS US$1.54 Million In Revenues and US$0.89 Million Gross Profit Mining and Blasting Restart Planned For Early 2026
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
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BOREALIS REPORTS Q1 FISCAL 2026 FINANCIAL AND OPERATING RESULTS
US$1.54 Million In Revenues and US$0.89 Million Gross Profit
Mining and Blasting Restart Planned For Early 2026
Vancouver, British Columbia – December 23, 2025 – Borealis Mining Company Limited (TSXV: BOGO)
(OTCpink: BORMF) (FSE: L4B0) (the "Company" or "Borealis") reports its unaudited, auditor-reviewed
financial and operating results for the three months ended October 31, 2025. The Company’s interim
financial statements have been reviewed by its auditors in accordance with applicable professional
standards, as required in connection with the Company’s active short form prospectus.
Kelly Malcolm, President and CEO of Borealis Mining, commented: “During the first quarter of fiscal
2026, Borealis completed its transition from development activities into initial gold production from
historic stockpiles. The Company successfully completed its first gold pour from historic stockpiles,
generated meaningful revenues, and strengthened its balance sheet through warrant and option
exercises. Operational performance at the ADR plant was stable throughout the quarter, key permitting
milestones were achieved, and preparations continued for the planned restart of mining and blasting
in early 2026, subject to regulatory approvals and operational readiness.”
During the quarter, Borealis generated revenue from gold and silver production at the Borealis Mine in
Nevada, completed its first gold pour from historic stockpiles, strengthened its balance sheet, and
continued advancing preparations for the planned restart of open-pit mining and blasting in early 2026.
Financial Highlights
(Unaudited, auditor-reviewed – three months ended October 31, 2025)
• Revenue of US$1.54 million
• Gross profit of US$0.89 million
• Net loss of US$0.88 million, compared to a net loss of US$2.27 million in the prior-year period
• Cash balance of US$8.18 million at quarter end
• Working capital of US$11.87 million
• Work-in-progress inventory balance of US$3.55 million
• Total assets of US$15.60 million
The year-over-year improvement in net loss reflects the Company’s transition from pure exploration
activities to initial production from historic stockpiles, lower exploration expenditures compared to the
prior-year period, reduced share-based compensation expense, and the capitalization of operating
costs into inventory and cost of sales.
Operating Highlights
Processing of historic oxide stockpiles remained the primary source of gold production during the
quarter. Crushing, agglomeration, leaching, and ADR plant operations performed consistently following
mechanical and operational upgrades completed earlier in the year.
Approximately 123,000 tonnes of material were hauled to the leach pad during the quarter, bringing
cumulative stockpile placement to approximately 197,000 tonnes as of October 31, 2025.
The Company completed its first gold pour from the stockpile project on September 24, 2025. The pour
produced 956.8 troy ounces of doré grading 42.6% gold and 27.8% silver, resulting in approximately
406.9 payable gold ounces and 263.7 payable silver ounces.
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
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ADR plant operations were stable throughout the quarter, with no material interruptions. Minor
upgrades completed during the period improved pump reliability, instrumentation accuracy, and
overall control of solution chemistry.
Permitting, Development, and Exploration
During the quarter, Borealis continued preparations for the planned restart of open-pit mining and
blasting in early 2026, subject to regulatory approvals and operational readiness. Engineering reviews of
pit designs, strip ratios, haul roads, and blast patterns were completed, and workforce planning,
contractor engagement, and equipment planning progressed.
On October 21, 2025, the United States Forest Service approved the Company’s Minor Modification to
the Borealis Mine Plan of Operations, representing a key milestone in the mine restart process.
The Company has made a production decision to restart open-pit mining and blasting operations at
the Borealis Mine in early 2026. This production decision is not based on a feasibility study of mineral
reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and
a higher degree of economic and technical risk associated with the restart of mining operations,
including risks related to operating costs, recoveries, permitting, capital availability, and gold price
assumptions. There is no certainty that the restart of mining operations will result in a profitable or
economically viable operation.
Exploration activities during the quarter focused on mapping, geochemical sampling, and target
generation at the Borealis Project, including identification of new targets using VRIFY AI technology.
Notices of Intent were approved for trenching and drilling programs at Borealis, as well as at the
Company’s Sandman and Big Balds projects in Nevada .
Balance Sheet and Capital Position
As at October 31, 2025, Borealis held cash of US$8.18 million, compared to US$3.18 million at July 31, 2025.
The increase primarily reflects warrant and option exercises during the quarter.
Subsequent to quarter end, additional warrant and option exercises were completed.
Subsequent Events
Subsequent to October 31, 2025, Borealis completed a second gold pour and continued production
from remaining stockpile material, consistent with operating expectations. The Company also
continued contractor selection, regulatory coordination, and equipment planning in advance of the
planned resumption of mining and blasting in early 2026. No material environmental, safety, or
operational incidents were reported .
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 Mine
The Borealis mine property, located close to the town of Hawthorne, NV, is fully permitted and equipped
for present mine operations and future expansion, with existing open pits, heap leach pads, modern
infrastructure, and a functional ADR facility which p roduces doré bars. The project has historically
produced over 600,000 1 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’ efforts in 2024 and 2025 . The property
possesses high grade expansion potential with robust historical drilling results, along with a number of
Borealis Mining Company Limited.
410 West Georgia Street, 5th Floor
Vancouver, BC V6B 1Z3
TSXV: BOGO
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untested regional targets. 1Please see the Borealis 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 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 is a gold mining and exploration company focused on exploration and resumption of production
of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis
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
Office: (289) 371-3371
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