Borealis Files Restated Q1 Interim Financial Statements

Rhea-AI Summary

Borealis Mining Company (TSXV: BOGO) has announced the restatement and re-filing of its unaudited interim financial statements for the period ending October 31, 2024. The restatement was necessary to correct the comparative column of the statements of loss and comprehensive loss and statements of cash flows for the three months ended October 31, 2023.

The company clarified that no adjustments were made to the statements of financial position or statements of changes in shareholders' deficiency. Additionally, all figures reported for the period ending October 31, 2024, remain unchanged, including the Consolidated Statement of Financial Position, Loss and Comprehensive Loss, Changes in Shareholders' Equity, and Cash Flows. The management's discussion and analysis also remains unaffected.

Positive

• None.

Negative

• Required restatement of financial statements indicates previous reporting inaccuracies
• Need to refile CEO and CFO certificates suggests potential internal control issues

Vancouver, British Columbia--(Newsfile Corp. - February 21, 2025) - Borealis Mining Company Limited (TSXV: BOGO) (FSE: L4B0) (the "Company" or "Borealis") announces that it has restated and re-filed its unaudited interim financial statements (the "Financial Statements") for the interim period ending October 31, 2024. The Financial Statements have been amended to correct the comparative column of the statements of loss and comprehensive loss and statements of cash flows for the three months ended October 31, 2023. The Company also updated certain disclosures to align with the Financial Statements. There were no adjustments to the statements of financial position or statements of changes in shareholders' deficiency.

No changes have been made to the balances reported in the Financial Statements for the period ending October 31, 2024. Specifically, there have been no changes to the figures reported in the Company's Consolidated Statement of Financial Position, Consolidated Statement of Loss and Comprehensive Loss, Consolidated Statement of Changes in Shareholders' Equity and Consolidated Statement of Cash Flows for the period ending October 31, 2024. There are also no changes required in the Company's management's discussion and analysis for the relevant period.

The Company has also refiled the certificates of its Chief Executive Officer and Chief Financial Officer in respect of its restated filing for the period ending October 31, 2024.

The documents are available under the Company's SEDAR+ profile at www.sedarplus.ca.

About Borealis

Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted minesite, 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 751 unpatented mining claims of approximately 20 acres each totalling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. 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
Email: info@BorealisMining.com
Office Tel: (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/241937

FAQ

What changes were made in Borealis Mining's (BOGO) Q1 2024 financial restatement?

The restatement only corrected the comparative column for the three months ended October 31, 2023, with no changes to the October 31, 2024 figures or financial position statements.

Did Borealis Mining's (BOGO) financial restatement affect its 2024 financial position?

No, the restatement did not affect any balances or figures reported for the period ending October 31, 2024.

Were there changes to Borealis Mining's (BOGO) management discussion and analysis?

No, the company confirmed that no changes were required to the management's discussion and analysis for the relevant period.

What documents did Borealis Mining (BOGO) refile with the restatement?

Borealis refiled the interim financial statements and the certificates of its Chief Executive Officer and Chief Financial Officer.