Borealis Provides Fiscal 2027 Production and Operating Guidance

Borealis Mining Company Limited (BOGO) has issued its first annual production and operating guidance for Fiscal 2027, covering the period from August 1, 2026, to July 31, 2027. The company is not releasing earnings alongside this guidance.

Borealis projects gold production of 15,250 to 19,250 poured troy ounces, with a midpoint of 17,250 oz. The mining plan involves moving 6,012,170 short tons in total, comprising 1,773,800 st of mineralized material and 4,238,360 st of waste, resulting in an overall strip ratio of 2.4:1. The stacking plan calls for placing 717,960 st of crushed mineralized material and 1,055,850 st of run-of-mine (ROM) material, totaling 1,773,800 st of heap placement.

A new operating element for the year is the introduction of ROM heap leaching, implemented following size-fraction analyses and column leach testwork. Management states this change aims to bypass the crusher bottleneck and increase stacking volumes. However, the company explicitly cautions that ROM may result in lower ultimate recoveries and slower leach kinetics, and notes that the testwork may not represent operating scale.

The majority of FY2027 gold production is expected to come from the Deep Ore Flats pit, supplemented by the East Ridge and Freedom Flats areas. Regarding capital projects, Borealis will commence engineering and permitting for a new heap-leach pad targeting 8–12 million short tons of stacking capacity, with construction planned after approvals. The company is also undertaking ADR upgrades to increase stripping-vessel, electrowinning cell, and furnace capacity.

At Sandman, the company is conducting metallurgical testing, engineering and mine planning, permitting, and development planning. Borealis expects to be in a position to submit a mining permit application within Fiscal 2027. The Preliminary Economic Assessment’s estimate of approximately 38,000 oz/yr over nine years is explicitly excluded from the FY2027 guidance.

Exploration activities include permitting an eastern Borealis exploration program, evaluating resource expansion at Sandman, and conducting inaugural drilling at Big Balds under a Notice of Intent.

The guidance omits several key metrics, including AISC or cash-cost guidance, head grade, capex budgets for the pad or ADR upgrades, cash-flow guidance, and quarterly production splits. The release includes a structural caveat stating that the Borealis Mine does not have current mineral resources or mineral reserves established in accordance with National Instrument 43-101. The plan relies on internal modelling and management's understanding of the property, with no preliminary economic assessment, pre-feasibility study, or feasibility study supporting the production decision. The company notes that the plan carries greater uncertainty and a higher risk of technical or economic failure.

Borealis Mining Company Limited (BOGO) has released its first quantified annual production target for the Borealis Mine, alongside a new processing method known as ROM stacking and two capital projects. This represents the first modelable production guidance from the company. However, the release lacks cost, grade, capital expenditure, or cash-flow figures. Without an All-In Sustaining Costs (AISC) number, the production guide cannot be converted into a margin, earnings estimate, or valuation, marking the single largest deficiency in the announcement.

The market’s revealed expectation, derived from price action, remains skeptical. There is no prior numeric guidance to beat. The stock is currently 57% below its 52-week high of C$1.98. It has declined roughly 23% in the month leading into this release, falling from C$1.12 on Sept 18 to C$0.86 on Oct 21. This price level is approximately where the stock traded on June 23, 2026 (C$0.88), despite a "record" Q3 print occurring in between.

Regarding scale, the deck states that the ADR plant capacity is roughly 55,000–60,000 oz/annum without upgrades. The 15,250–19,250 oz guidance implies only roughly 28–33% utilization of recovery capacity in FY2027. This suggests the constraint is crusher and stacking throughput rather than the ADR circuit, framing the year as a partial-capacity ramp rather than a step-change in plant utilization.

The only FY2026 production visible across previous releases is small. Approximately 407 payable gold ounces were produced from the Sept 24, 2025 first pour. Roughly 300 oz Au came from the Nov 2025 pour, consisting of 617 oz doré at a ~50/50 Au-Ag split. Additionally, 664.787 oz of gold were sold in the quarter ended April 30, 2026. Q4 FY2026 production is undisclosed. The FY2027 guide therefore implies a multiple-fold increase on the visible base, delivered under a plan with no reserve, no feasibility study, and a brand-new, unproven ROM leach stream.

Borealis Mining Company Limited (TSXV: BOGO; OTCQB: BORMF; FSE: L4B0) is a Nevada-focused gold producer and explorer headquartered in Vancouver. The company’s primary asset is the Borealis Mine in Mineral County, Nevada, located near Hawthorne. This fully permitted open-pit, heap-leach operation features existing pits, approximately 50 acres of permitted heap-leach pads, waste rock facilities, an operating ADR plant, and roughly $70 million of in-place infrastructure. Historical production at the site has exceeded 600,000 oz Au, with drilling activity limited to the company’s 2024–2025 work following a pause since 2011. The ADR plant has a stated capacity of approximately 55,000–60,000 oz/annum without upgrades, and expected heap-leach recovery is around 70%. This mine generates all current revenue and all of the FY2027 guidance.

The company also holds the Sandman Project in Humboldt County, Nevada, situated approximately 10 km west of Kinross’ Bald Mountain. This 117 km² consolidated package is in the development stage, with a 2026 PEA completed and a 5,000 m drill program currently underway. A permit application is targeted for submission within FY2027. Additionally, the Big Balds Project, located at the Carlin/Battle Mountain structural intersection in Nevada, is drill-ready. The company has obtained Notice of Intent authorization and plans an inaugural drill program.

Management and board leadership include Kelly Malcolm as President & CEO and P.Geo., who also serves as the non-independent Qualified Person who reviewed and approved the technical information in today's release. Other executives include Andreas Steckenborn (COO), Lisanna Lewis (CFO), and Iain Campbell (VP Exploration). The board includes Chairman Bob Buchan, a founder and former CEO of Kinross Gold, alongside Richard Patricio, Christina McCarthy, and Greg Gibson.

Asset concentration remains a key feature of the company's profile, with essentially all near-term cash flow derived from a single mine, one processing route (heap leach), one contractor relationship, and one jurisdiction.