Borealis Mining Company Limited【BOGO】株式ニュース

CORRECTION FROM SOURCE: Borealis Reports Record Quarterly Revenue of US$6.1 Million and Continued Operational Growth at the Borealis MineJune 23, 2026 9:38 AM
NewsfileMining, Crushing and Stacking Activities Continue to Expand; Strong Balance Sheet Supports Growth at Borealis and Advancement of SandmanRecord Quarterly Gross Profit of US $1.83 Million; Nine-Month Revenue of US $9.02 MillionMining, Crushing and Stacking Across Multiple Open Pits; 5,000 - Metre Drill Program Commenced at SandmanA Correction from Source is issued for the news release dated June 23rd 2026. The ounces of gold amount has been corrected from 664.787 to 1,265.189 ounces of gold.Vancouver, British Columbia--(Newsfile Corp. - June 23, 2026) - Borealis Mining Company Limited (TSXV: BOGO) (OTCQB: BORMF) (FSE: L4B0) (the "Company" or "Borealis") is pleased to report its unaudited, auditor-reviewed financial and operating results for the three and nine months ended April 30, 2026. 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 base shelf prospectus.Kelly Malcolm, President and CEO of Borealis, commented: "The quarter ended April 30, 2026 represented our strongest financial quarter to date, as we continued advancing our strategy of building a Nevada-focused gold production and development company. Quarterly revenue increased to US $6.1 million, up 329.6% from US $1.42 million in the preceding quarter and up 296% from US $1.54 million in the quarter ended October 31, 2025, with gross profit reaching a record US $1.82 million. Mining, crushing, stacking and gold recovery activities continued to increase throughout the quarter, while further strengthening our balance sheet and growing the mineralized inventory on the heap leach pad. We remain focused on increased production rates at the Borealis Mine while advancing the Sandman Gold Project through engineering, permitting, and technical programs.We remain focused on increasing production at the Borealis Mine while advancing the Sandman Gold Project through engineering, permitting and technical programs designed to support future development."Recent site photos of active mining, crushing, and stacking operations at the Borealis Mine are provided below.Figure 1 - Active mining in the East Ridge open pit as at June 16, 2026To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/302532_a0e2284504ce1a5c_001full.jpgFigure 2 - Initiation of mining and stripping at the Deep Ore Flats pit as of June 16, 2026To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/302532_a0e2284504ce1a5c_002full.jpgFigure 3 - Heap Leach Pad advancement as at June 16, 2026To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/302532_a0e2284504ce1a5c_003full.jpgQ3 Fiscal 2026 Highlights (Unaudited, auditor-reviewed - three months ended April 30, 2026)Record quarterly revenue of US$6.06 million, up 329.6% from the preceding quarterRecord quarterly gross profit of US$1.83 million, up 195% from the preceding quarterCash balance of US$18.87 million and working capital of US$26.61 million at quarter endWork-in-progress inventory of US$7.39 millionShareholders' equity of US$17.50 millionContinued production ramp-up across multiple open pits at the Borealis MineCompletion of Preliminary Economic Assessment and initiation of engineering and permitting at the Sandman Gold ProjectOperations UpdateMining and processing activities continued throughout the quarter as Borealis focused on initiating mining, expanding crushing throughput, and growing mineralized inventory under leach.During the three months ended April 30, 2026, the Company achieved the following:Mined 726,000 total tons of material.Crushed 119,560tons.Stacked 121,102 tons on the heap leach pad.Sold 1,265.189 ounces of gold.Added approximately 1,204 recoverable gold ounces to the leach pad.Ended the quarter with a total staff workforce of 27 personnel.Financial ResultsRevenue for the three months ended April 30, 2026 totalled US$6.06 million, compared to US$1.42 million during the preceding quarter and US$0.62 million during the comparative period in the prior year. The increase reflects the continued ramp-up of mining, crushing, and stacking activities at the Borealis Mine.Gross profit totalled US$1.83 million, compared to US$0.62 million during the preceding quarter.For the nine months ended April 30, 2026, revenue totalled US$9.02 million and gross profit totalled US$3.34 million.Work-in-progress inventory increased to US$7.39 million at quarter end, reflecting continued mining, crushing, and stacking activities. The inventory balance represents a growing foundation for future gold recovery and production.The Company reported a net loss of US$0.78 million during the quarter, a significant improvement from historical periods as production and revenue continued to increase.As at April 30, 2026, Borealis held:US$18.87 million in cashUS$26.61 million in working capitalUS$32.61 million in total assetsUS$17.50 million in shareholders' equityAs at April 30, 2026, Borealis held cash of US $18.87 million, working capital of US $26.61 million, total assets of US$32.61 million, and shareholders' equity of US $17.50 million Management believes the Company is well funded to continue increasing production at the Borealis Mine while advancing development activities at Sandman.Sandman Gold ProjectDuring the quarter, Borealis continued advancing the Sandman Gold Project following the release of the updated Preliminary Economic Assessment ("PEA") announced on February 19, 2026 (see press release).Subsequent to quarter end, the Company commenced a 5,000-metre drilling program focused on metallurgical, geotechnical, and engineering objectives, as announced on June 10, 2026 (see press release). The program is designed to support engineering studies, permitting activities, and development planning at Sandman.OutlookBorealis remains focused on increasing mining and crushing rates, growing gold production, and improving operating efficiencies at the Borealis Mine.At Sandman, engineering, metallurgical, geotechnical, and permitting activities are ongoing as the Company advances the project towards future development decisions.Management believes the combination of growing gold production and continued advancemement of the Sandman Gold Project positions the Company well for continued growth. No material environmental, safety, or operational incidents have been reported.Qualified PersonTechnical 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 produces doré bars. The project 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' efforts in 2024 and 2025. The property possesses high grade expansion potential with robust historical drilling results, along with a number of 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 BorealisBorealis 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
info @paul314This news release may contain certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is 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 information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.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 release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302532 Original: CORRECTION FROM SOURCE: Borealis Reports Record Quarterly Revenue of US$6.1 Million and Continued Operational Growth at the Borealis Mine

Borealis Advances Sandman Toward Development with 5,000 Metre Drill ProgramJune 10, 2026 7:00 AM
NewsfileProgram designed to advance Sandman toward development through metallurgical and geotechnical testingInitial drilling to support engineering studies, mine planning and permitting activitiesFollow-up drilling to target resource expansion and district-scale exploration opportunitiesMetallurgical and geotechnical test work planned across all four Sandman depositsVancouver, British Columbia--(Newsfile Corp. - June 10, 2026) - Borealis Mining Company Limited (TSXV: BOGO) (OTCQB: BORMF) (FSE: L4B0) ("Borealis" or the "Company") is pleased to announce the commencement of a 5,000 metre drilling program at its wholly-owned Sandman Gold Project ("Sandman" or the "Project") in Humboldt County, Nevada. Drilling is expected to begin on or about June 19th, 2026 and continue for several months.The program represents the next phase in advancing Sandman toward development and is designed to generate the technical information required to support future engineering studies, mine planning, and permitting activities while continuing to evaluate opportunities to expand the project's resource base.Approximately 1,660 metres of the program will be dedicated to metallurgical and geotechnical drilling across the Silica Ridge, North Hill, Abel Knoll, and Southeast Pediment deposits, with the balance of the program focused on resource expansion and exploration drilling. The initial phase is intended to generate critical engineering, mine planning, and permitting data, while the second phase will evaluate opportunities to expand existing resources and test new exploration targets throughout the district.Figure 1: Sandman Property and Mineral Resource OutlinesTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/300801_fcad5008c4ccbaa9_001full.jpgSandman is an advanced-stage gold project located approximately 25 kilometres northwest of Winnemucca, Nevada. The project hosts a pit-constrained mineral resource containing 433,000 ounces of gold in the Indicated category grading 0.73 g/t gold and 60,800 ounces of gold in the Inferred category grading 0.58 g/t gold. The resource includes approximately 300,600 ounces of oxide gold, representing a significant portion of the project's potential heap-leach feed, and is distributed across four principal deposits: Silica Ridge, North Hill, Abel Knoll, and Southeast Pediment. A Preliminary Economic Assessment ("PEA") completed earlier this year demonstrated robust economics, including an after-tax NPV(6%) of approximately US$203 million and an IRR of approximately 105% at a gold price of US$2,600 per ounce. The PEA outlines a conventional open-pit, heap-leach operation producing approximately 38,000 ounces of gold annually over a nine-year mine life.Table 1: Sandman Mineral Resource Estimate (2021)CategoryIndicatedInferred
Tonnes (t)Grade (g/t)Gold (oz)Tonnes (t)Grade (g/t)Gold (oz)Oxide12,991,0000.63265,1002,377,0000.4635,500Fresh5,559,0000.94167,900869,0000.9125,300Total18,550,0000.73433,0003,246,0000.5860,800 The initial phase of drilling will focus on metallurgical and geotechnical testing across each of the four deposits. Metallurgical drilling will provide representative samples for recovery testing and future process optimization studies, while geotechnical drilling will collect information required for pit slope design, mine planning, infrastructure layout, and permitting activities.The Company believes this work will provide a critical technical foundation for evaluating future development scenarios at Sandman and advancing the project through key engineering and permitting milestones. The data generated from the program is expected to support future technical studies while helping define a potential pathway toward production.Following completion of the metallurgical and geotechnical program, Borealis plans to allocate the remaining metres toward resource expansion and exploration drilling. The program will test extensions of known mineralization adjacent to existing deposits and evaluate several high-priority exploration targets identified through compilation of historical exploration data and recent geological interpretation.Management Commentary"With production activities progressing well at the Borealis Mine, we are now focused on advancing the next phase of growth within our Nevada portfolio. Sandman already hosts nearly 500,000 ounces of gold, robust economics from our recently completed PEA, and substantial exploration upside. This program is designed to generate the technical information required to advance the project toward future development while continuing to evaluate opportunities to expand the resource base and unlock additional value across the district. We believe the combination of an established resource, a significant oxide component, strong infrastructure, and exploration upside positions Sandman as a compelling future growth asset within our Nevada portfolio."The Company will provide additional updates as drilling progresses and analytical results become available.Atrium Research EngagementThe Company also announces that it has entered into an agreement dated June 9, 2026, with an effective date of June 1, 2026, to engage the services of Atrium Research Corporation ("Atrium"), a leading company sponsored research firm. Atrium will publish various research reports on Borealis based on publicly available information, industry data, and discussions with management. Atrium will also host two recorded interviews with Borealis's management team to present the investment case in an interview format. In exchange for its research services, Atrium will receive cash compensation in the amount of $12,000 per quarter for the services listed above. The services will be provided for 12 months. At the end of the 12 month term, the agreement will be deemed to remain in place and be extended on a quarter-to-quarter basis at $12,000 per quarter, unless otherwise agreed to by the parties or the agreement is terminated by either party. This engagement is subject to the approval of the TSX Venture Exchange.Atrium and the Company are arm's-length parties, and neither Atrium nor its insiders holds any shares or options to purchase shares in the issued and outstanding capital of the Company.About Atrium ResearchAtrium Research provides institutional quality company sponsored research on public equities in North America. Its investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Its research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, and an in-depth valuation analysis. Atrium Research is wholly owned and operated by its Co-Founders, Ben Pirie and Nicholas Cortellucci.About the Sandman Gold ProjectSandman is a conventional open-pit, heap-leach gold project located in Humboldt County, Nevada, approximately 12 miles northwest of Winnemucca. The Project hosts four known deposits—North Hill, Silica Ridge, Southeast Pediment, and Abel Knoll—and benefits from proximity to infrastructure and Borealis' existing operations.A 2026 PEA demonstrates robust project economics for a conventional, low-strip, heap-leach development scenario. At a base case gold price of US$2,600 per ounce, the Project generates an estimated after-tax net present value (6% discount rate) of approximately US$203 million and an internal rate of return of approximately 105%, with average annual production of approximately 38,000 ounces of gold over an approximately nine-year mine life. Life-of-mine gold production is estimated at approximately 340,000 ounces, with all-in sustaining costs of approximately US$1,823 per ounce and initial capital of approximately US$36 million.The PEA also highlights strong leverage to gold prices, with materially higher returns at prices above the base case.The Project is designed as a phased, capital-efficient development with the potential to utilize Borealis' existing adsorption–desorption–recovery ("ADR") facility, providing a credible pathway toward reduced capital intensity and accelerated development.Qualified Person and Cautionary StatementThe scientific and technical information contained in this news release has been reviewed and approved by Kelly Malcolm, P.Geo., President, Chief Executive Officer and a director of the Company, who is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Malcolm is not independent of the Company.The technical information relating to the Sandman Gold Project is based on the Company's previously disclosed NI 43-101 technical report titled "NI 43-101 Technical Report – Sandman Gold Property, Nevada, USA – Preliminary Economic Assessment", with an effective date of January 5, 2026 and a report date of February 19, 2026, prepared by Jerod Eastman, P.Geo., an independent Qualified Person.The PEA referenced herein is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.This news release contains references to ongoing engineering, technical and permitting activities intended to advance the Sandman Gold Project. There is no certainty that such activities will result in the definition of mineral reserves, completion of a feasibility study, or that the Project will be placed into production. Advancement of the Project is subject to a number of risks and uncertainties, including but not limited to technical results, permitting outcomes, availability of financing, commodity price fluctuations, and general economic and market conditions.About BorealisBorealis Mining is a gold mining and exploration company focused on the advancement of its Nevada-based assets, including ongoing mining and production activities at the Borealis Gold Mine and the development of its Sandman Gold Project. 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, previously 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 (2026) Preliminary Economic Assessment which indicates compelling economics, particularly relative to the base case assumptions used in 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
info @paul314Certain statements in this news release, including statements regarding the results of the Sandman PEA and the Company's ongoing production decision and operations at the Borealis Gold Mine, constitute forward-looking statements within the meaning of applicable securities legislation. Such forward-looking statements 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 uncertainties 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 projections 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 publicly 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 may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300801 Original: Borealis Advances Sandman Toward Development with 5,000 Metre Drill Program