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Borealis Mining Company Limited reports on Nevada gold mining and development activity tied to the Borealis Mine and the Sandman Gold Project in Humboldt County. Recurring updates include NI 43-101 technical reports, preliminary economic assessments, engineering work, metallurgy, permitting, resource modeling, geotechnical studies and environmental inputs for Sandman.
Company news also addresses the use of Borealis' existing adsorption-desorption-recovery facility in project planning, along with capital-structure disclosure, governance matters, operating results and foreign-issuer security disclosures connected with BORMF.
Borealis Mining (OTCQB: BORMF) has initiated detailed engineering, permitting and technical programs at the Sandman Gold Project in Humboldt County, Nevada to advance toward a construction decision.
The company engaged M3 and RESPEC for engineering and technical work, retained Sunstone for environmental baseline studies and Hunton Andrews Kurth for U.S. permitting, and is evaluating use of its existing ADR facility (~220 miles) to reduce initial capital.
Borealis (OTCQB: BORMF) filed an NI 43-101 Technical Report effective January 5, 2026 and dated February 19, 2026 for the Sandman Gold Project in Humboldt County, Nevada.
PEA (post-tax, US$2,600/oz): NPV (6%) ~US$203M, IRR ~105%, payback ~1.1 years, initial capital ~US$36M, LOM production ~340,000 oz over ~9 years, AISC ~US$1,823/oz.
Borealis (OTCQB: BORMF) reported Q2 fiscal 2026 results and operational ramp-up at the Borealis Mine in Nevada. Key items: Q2 revenue US$1.42M, gross profit US$0.62M, cash US$21.13M, and working capital ~US$26.7M. Mining activity includes 602,000 tons moved and 45,000 tons crushed; operations are fully staffed and crushing has begun after contractor transition.
The company cautioned the restart is a production decision not based on a feasibility study, noting increased technical and economic risk for the restart.
Borealis Mining (OTC: BORMF) released an updated NI 43-101 PEA for the Sandman gold project (Nevada) showing a post-tax NPV(6%) of US$203 million and an IRR of ~105% at a base-case gold price of US$2,600/oz. The study models ~9-year mine life, avg. annual production ~38,000 oz, LOM 340,000 oz, initial capital ~US$36 million, total LOM capital ~US$57 million, payback ~1.1 years and AISC ~US$1,823/oz.
The PEA leverages Borealis' existing ADR capacity to reduce standalone capital, reflects the C$8.9 million acquisition in March 2025 and follows a C$23 million financing in January 2026.
Borealis Mining (OTC: BORMF) announced its first production blast at the Borealis Gold Mine near Hawthorne, Nevada on January 28, 2026. The East Ridge open pit blast fragmented ~40,000 short tons, marking a restart milestone as material will be hauled to the heap leach pad for stacking, leaching and ADR processing.
The project benefits from existing permitted pits, a permitted heap leach pad and an on-site ADR plant, and historically produced over 600,000 ounces of gold. Permit modifications may be required for expansion and timelines are subject to regulatory review.
Borealis Mining (OTC: BORMF) has commenced mobilization of heavy mining equipment to the Borealis Gold Mine in Nevada, marking a move toward restarting open-pit gold operations. The company engaged Ledcor CMI as mining contractor to handle development, production drilling, blasting, material movement, crushing, stacking on the leach pad, and operational support.
Confirmatory drilling began in early January to validate historical data and support short-term mine planning; the first production blast is anticipated in the coming weeks, subject to scheduling and readiness. The project is fully permitted for current operations, though permit modifications may be needed for expanded production.
Borealis (OTC: BORMF) reported Q1 fiscal 2026 results for the three months ended October 31, 2025: revenue US$1.54M, gross profit US$0.89M, and net loss US$0.88M (improved from US$2.27M year‑ago).
Cash was US$8.18M and working capital US$11.87M at quarter end. Operations focused on processing historic oxide stockpiles; the company completed its first gold pour (956.8 oz doré on September 24, 2025; ~406.9 payable gold oz) and reported stable ADR plant performance.
Borealis made a production decision to restart open‑pit mining and blasting in early 2026, subject to regulatory approvals; the company notes this decision is not based on a feasibility study and carries increased economic and technical risk.
Borealis Mining Company (OTC Pink: BORMF) announced completion of a second pour of gold and silver doré from stockpile crushing and heap leaching at the Borealis minesite on November 12, 2025. A total of 42.83 lb (617 troy ounces) of doré was poured; assays are pending to determine grade and value, with preliminary ~50:50 gold-silver ratio. Heap leaching continues with approximately 153,000 tons crushed to date and additional pours expected before year-end. The company also granted 2,300,000 stock options at $1.63 exercisable for five years and 158,500 RSUs vesting in one year. The mine is fully permitted for current operations, though permit modifications may be required for expansion.
Borealis Mining Company (OTC Pink: BORMF) is featured in Episode 7 of EarthLabs Expeditions, released November 4, 2025, which visits Nevada's Walker Lane Trend and the fully permitted Borealis operation.
The episode documents the project's move toward production—describing blasting and hauling plans, a first official gold pour from freshly crushed and stacked oxide ore, and on-site use of a high-tech heap leach and ADR plant. The video is a paid advertisement funded by Borealis.
Borealis Mining (OTC: BORMF) received U.S. Forest Service approval for a Minor Modification to its Borealis Plan of Operations, signed October 16, 2025, clearing a final regulatory step toward a full mine restart.
The modification adds 68.3 acres of disturbance (total approved area 549.7 acres) and permits expanded pit work, new waste facility development, road construction, and relocation of infrastructure. Borealis is debt-free, says it is fully financed, and plans contractor mobilization in December 2025–January 2026 with drill and blast activities in early January 2026.
Ongoing stockpile crushing and heap leach operations continue, with the ADR plant producing gold and silver recoveries to generate near-term revenues.