Toronto, Ontario–(Newsfile Corp. – November 12, 2025) – Borealis Mining Company Limited (TSXV: BOGO) (OTC Pink: BORMF) (FSE: L4B0) (the “Company” or “Borealis“) is pleased to announce that it has successfully completed its second pour of gold and silver doré from the previously announced stockpile crushing and heap leaching at the Borealis minesite. A total of 42.83 pounds, equivalent to 617 troy ounces of doré, was poured as shown in Figure 1.
Borealis is awaiting assay results from the pour to determine the grade and value of the doré but preliminary results indicate roughly a 50-50 gold-silver ratio, plus some additional waste metal. Heap leaching and crushing of the stockpile of oxide material continues, with approximately 153,000 tons crushed to date. Gold and silver are actively being collected in Borealis’ carbon columns and the Company anticipates additional pours before year-end. In conjunction with this pour, the Company completed its annual stack testing, a regulatory requirement that ensures the plant is operating within environmental standards.
Figure 1: Gold and silver doré from the second pour at the Borealis mine from production of previously mined stockpile material.
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Grant of Stock Options and RSUs
In addition, the Company is pleased to announce that it has granted an aggregate of 2,300,000 stock options to purchase common shares in the capital of the Company and an aggregate of 158,500 restricted share units (“RSUs“) convertible into common shares of the Company to certain officers, directors, employees and consultants of the Company and a company performing investor relation activities to the Company in accordance with the omnibus long term incentive plan of the Company. The stock options are exercisable at a price of $1.63 per common share for a period of five (5) years. The RSUs vest on the date that is one (1) year from the date of grant. The common shares issuable upon exercise of the stock options are subject to a four month hold period from the original date of grant.
Qualified Person and QA&QC
The scientific and technical content of this news release was reviewed, verified, and approved by Kelly Malcolm, P.Geo., Chief Executive Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 excellent 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 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
info@BorealisMining.com
Office: (289) 371-3371
This 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.
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