Vancouver, British Columbia–(Newsfile Corp. – April 2, 2026) – Borealis Mining Company Limited (TSXV: BOGO) (OTCQB: BORMF) (FSE: L4B0) (“Borealis” or the “Company“) announces that it has filed on SEDAR+ the National Instrument 43-101 (“NI 43-101“) technical report (the “Technical Report“) supporting the previously announced Preliminary Economic Assessment (“PEA“) for its Sandman Gold project (“Sandman” or the “Project“) located in Humboldt County, Nevada, USA. All dollar amounts in this press release are in United States dollars unless indicated otherwise.
The Technical Report, titled “NI 43-101 Technical Report – Sandman Gold Property, Nevada, USA – Preliminary Economic Assessment”, has an effective date of January 5, 2026 and is dated February 19, 2026. The Technical Report is available under the Company’s profile on SEDAR+ and on its website.
The Technical Report supports the results previously disclosed in the Company’s February 19, 2026 news release and there are no material differences from those results.
PEA Highlights (Post-Tax, Base Case at US$2,600/oz Gold)
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Net Present Value (6% discount rate): approximately US$203 million
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Internal Rate of Return: approximately 105%
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Payback period: approximately 1.1 years from first production
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Undiscounted cumulative cash flow: approximately US$290 million
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Average annual cash flow: approximately US$36 million
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All-in sustaining cost: approximately US$1,823 per ounce
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Initial capital: approximately US$36 million
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Total life-of-mine capital: approximately US$57 million
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Life-of-mine gold production: approximately 340,000 ounces over ~9 years
The PEA outlines a conventional open-pit, heap-leach operation with a low strip ratio of approximately 2.2:1 and average annual production of approximately 38,000 ounces of gold.
The economic analysis remains based on the 2021 Mineral Resource Estimate and the same mine plan, processing approach and metallurgical assumptions used in the prior study.
Sensitivity to Gold Price
The PEA demonstrates strong leverage to gold price. At a gold price of approximately US$4,550 per ounce, the Project generates:
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Net Present Value (6% discount rate) post-tax: approximately US$696 million
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Internal Rate of Return post-tax: approximately 289%
Strategic Advantage
The study continues to highlight the potential to utilize Borealis’ existing adsorption–desorption–recovery (“ADR”) facility at the Borealis Mine to process loaded carbon from Sandman, providing a capital-efficient pathway to potential development.
Qualified Person and Cautionary Statement
The scientific and technical information contained in this news release is based on, and fairly represents, information prepared by Jerod Eastman, President of DJ 6E Consulting LLC, an independent Qualified Person as defined under NI 43-101. Mr. Eastman is responsible for the entirety of the updated Technical Report and PEA and has reviewed and approved this news release.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
About Borealis
Borealis Mining is a gold mining and exploration company focused on exploration and the resumption of production of the Borealis Gold Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Gold 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, previously 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 (2026) Preliminary Economic Assessment which indicates compelling economics, particularly relative to the base case assumptions used in 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
Certain statements in this news release, including statements regarding the results of the Sandman PEA and the Company’s ongoing production decision and operations at the Borealis Gold Mine, constitute forward-looking statements within the meaning of applicable securities legislation. Such forward-looking statements are based on the opinions and estimates of management and are 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 statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by the Company. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of the Company should not place undue reliance on these forward-looking statements.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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 press release.
The decision to increase production at the Borealis Gold Mine and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations“) are based on internal models prepared by the Company in conjunction with management’s knowledge of the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.
