Borealis Announces Contractor Mobilization at Borealis Mine

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.

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