Boreal Gold completes $57,700 private placement closing

Executive Summary

• Boreal Gold Inc. has closed a non-brokered private placement raising a total of $57,700.
• The financing consists of 104,000 flow-through shares at $0.30 per share and 132,500 units at $0.20 per unit.
• Proceeds are designated for exploration activities, including ground geophysics, assay costs, and grid refurbishment across the Fay Lake, North Star, and Melgurd Lake properties.

Key Details

• Total Gross Proceeds: $57,700.
• Flow-Through Shares: 104,000 shares issued at $0.30 per share, generating $31,200 in proceeds.
• Units: 132,500 units issued at $0.20 per unit, generating $26,500 in proceeds.
• Warrant Terms: Each unit consists of one common share and one common share purchase warrant. The warrant entitles the holder to purchase one common share at an exercise price of $0.20 per warrant for a period of 24 months following issuance.
• Hold Period: Securities are subject to a four-month statutory hold period in Canada, ending on May 1, 2026.
• Use of Proceeds - Fay Lake:
  • Ground geophysical surveys over the western portion of the Fay Lake grid (previously uncovered) and the northeastern portion to follow the strike extension of the Sunrise conductor.
  • Assays for rock samples collected on the Fay grid, eastern extension of the Sunrise grid, and Koscielny Lake.
  • Creation of geological maps and reports detailing 2025 mapping, prospecting, and sampling work.
  • Drill testing of targets subject to confirmation of airborne conductors by ground geophysics and consultation with the Kiciwapa Cree Nation.
• Use of Proceeds - North Star:
  • Line cutting and refurbishing of old grids (specifically lines 46 N to 59 N between baselines 46 E and Tie Line 59 E) for mapping and drilling purposes.
  • Geological remapping and detailed sampling of grids from lines 59+50 N south to L 46 N, with emphasis on the section between North Star and Gold Rock deposits.
  • Pending results from 12 samples of quartz vein material collected from muck piles and underground development (previously assayed by Foran Mining in 2004 at 0.29 oz/t Au and 0.27 oz/t Au).
• Use of Proceeds - Melgurd Lake:
  • Assays and preparation of maps and reports from the summer 2024 mapping of the Keep Lake grid.
• Future Plans (North Star):
  • Planned selective infill and down plunge drilling on the Gold Rock vein in 2026 to complete a resource estimate and NI 43-101 technical report.
  • Objective is to define sufficient tonnes and grade to warrant a prefeasibility study.
  • Additional drill programs and financing may be required.

Notable Quotes

• None provided in the text.