Upcoming Gold Production At The Borealis Gold Project

TORONTO - Borealis Mining Company Limited reported timing and plans for upcoming gold production at its fully permitted and built Borealis Gold Project in the Walker Lane trend of Nevada, with crushing and stacking of its mineralized stockpile to begin in June.

Kelly Malcolm, President and Chief Executive Officer, said, "This is a pivotal moment for Borealis as we advance toward very near-term gold production. With a fully permitted and built operation, a robust gold-laden stockpile ready for processing, and a skilled operations team in place, we are positioned to begin generating regular cash flow this summer. This is the beginning of an exciting new chapter for Borealis."

The Company has a large stockpile of oxide and transition material, totalling ~327,000 short tons. Borealis recently completed a 10 ton bulk sample of this stockpile, for the purposes of grade and metallurgical validation. The results of the testwork were largely in line with expectations, indicating an average grade of 0.016 oz/st Au (or 0.55 g/mt Au) with an expected recovery of ~70% through conventional heap leaching. Expected cyanide consumption is in line with industry standards with a target of 1.0 lbNaCn/ton. Borealis will liberally apply lime to the ore, targeting 8-10 lb/ton, to ensure stable pH in the event of the presence of transition or minor sulfide material. One of the more interesting findings of the study was that crushing to 2" minus resulted in very similar recoveries compared to the historical 5/8" minus crushing size, which should result in meaningful savings and operational efficiencies, utilizing a two-stage versus a three-stage crushing plant.

The crushing and stacking program will be completed. Crushing and stacking of the stockpiled mineralization will begin June 9th, 2025, with first pour expected towards the end of July and continuing regularly until at least Q2 of 2026. The Company will provide guidance on timing of resumption of genuine blasting and mining from its permitted open pits in due course, but is tentatively targeting Q4 of 2025 which should coincide well with the end of the stockpile crushing program and should result in a continued revenue stream going forward.