Borealis Announces Contractor Mobilization at Borealis Mine

Rhea-AI Summary

Borealis Mining Company has announced the mobilization of contractors at its Borealis Gold Project in Nevada, with crushing operations of a 327,000-ton mineralized stockpile scheduled to begin on June 9, 2025. The stockpile has an average grade of 0.016 oz/st Au and expected recovery of 70% through heap leaching. Initial gold pour is anticipated in late July, with crushing continuing through Q4 2025 and gold production extending to mid-2026. The company has completed key infrastructure upgrades, including refurbishment of the ADR plant and repairs to solution ponds. The historically productive Borealis mine, located near Hawthorne, NV, has previously yielded over 600,000 ounces of gold and is fully permitted for current operations, though future expansions may require permit modifications.

Positive

• Imminent start of crushing operations with first gold pour expected in July 2025
• Significant stockpile of 327,000 tons with 0.016 oz/st Au grade and 70% expected recovery rate
• Successfully completed infrastructure upgrades including ADR plant refurbishment
• Fully permitted for current operations with existing infrastructure in place
• Historical production of over 600,000 ounces of gold demonstrates proven potential

Negative

• Permit modifications may be required for future expanded production
• Limited recent drilling data with no exploration between 2011-2024
• Relatively low gold grade at 0.016 oz/st Au

Toronto, Ontario--(Newsfile Corp. - June 3, 2025) - Borealis Mining Company Limited (TSXV: BOGO) (FSE: L4B0) (the "Company" or "Borealis") is pleased to announce the mobilization of contractors at the Borealis Gold Project in Nevada, on schedule to start crushing the ~327,000 ton mineralized stockpile at the site on June 9, 2025. The first gold pour from this material is expected in late July.

Bulk sample results from 2024 suggest an average grade of 0.016 oz/st Au (0.55 g/mt Au) and an expected recovery of ~70% via conventional heap leaching. The two-stage crushing is targeted to continue through to Q4 2025, while gold pours are expected to continue to mid-2026, at the least. While Borealis expects to issue guidance on the restart of blasting and mining separately, the tentative target for this restart is also Q4 2025.

Andreas Steckenborn, Chief Operating Officer of Borealis, states, "We're very pleased with the smooth contractor mobilization and excited to begin crushing fresh material at the Borealis Mine. This milestone reflects the hard work and coordination of our Operations and Health & Safety teams over the past several months. During this period, we successfully refurbished our Absorption Desorption Recovery (ADR) plant-including repairs to carbon columns and the installation of a new carbon fines capture system. On the environmental side, our solution ponds have been fully inspected, repaired, and are now ready for cyanide introduction into the leaching circuit."

Mr. Steckenborn continued, "These upgrades position Borealis for a successful stockpile processing campaign and lay the groundwork for our broader mine restart. With all gold production to date sourced from previously crushed and stacked material, this stockpile represents a fresh revenue stream and an important step toward resuming full-scale mining from our fully permitted open pits."

Please see the Company's April 22, 2025 press release for details on the bulk sample and details on plans for upcoming production from the Borealis Mine.

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 600,000 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254246

FAQ

When will Borealis Mining (BOREF) begin crushing operations at the Borealis Mine?

Borealis will begin crushing operations at the Borealis Mine on June 9, 2025, with the first gold pour expected in late July 2025.

What is the size and grade of the Borealis Mine stockpile?

The Borealis Mine stockpile contains approximately 327,000 tons of mineralized material with an average grade of 0.016 oz/st Au (0.55 g/mt Au) and an expected recovery rate of 70%.

How long will the current crushing operations at Borealis Mine continue?

The two-stage crushing operations are scheduled to continue through Q4 2025, with gold pours expected to continue until mid-2026.

What infrastructure improvements has Borealis completed at the mine?

Borealis has refurbished the ADR plant, including repairs to carbon columns, installation of a new carbon fines capture system, and completed repairs to solution ponds for cyanide leaching.

What is the historical production of the Borealis Mine?

The Borealis Mine has historically produced over 600,000 ounces of gold from its open pit heap leach operation.