Borealis Mining Commences Mobilization of Mining Equipment at Borealis Gold Mine

On January 21, 2026, Borealis Mining announced the mobilization of mining equipment to its Borealis Gold Mine in Nevada. The company has engaged Ledcor CMI Inc. as the mining contractor. In addition to equipment mobilization, confirmatory drilling has commenced to validate historical data and support detailed mine planning. Management anticipates the first production blast "in the coming weeks." This marks the transition from processing historical stockpiles (which began in late 2025) to active open-pit mining operations.

This news is Material - Positive as it serves as the immediate operational execution of the capital raised just six days prior (January 15, 2026). * Proof of Execution: The rapid deployment of contractors following the financing close validates management's timeline and indicates the project is truly "shovel ready." * Transition to Primary Mining: Moving from reprocessing stockpiles (low grade, low margin cleanup) to fresh blasting and mining is the critical step to achieving the production volumes necessary to justify the current market capitalization. * Risk Shift: While positive, this shifts the company from "financing risk" (which is now solved) to "execution risk." The success of the operation now depends on Ledcor's performance and the actual grade reconciliation compared to historical models.

• Borealis Gold Mine (Nevada): A fully permitted, historical heap leach mine. The project features an existing ADR (Adsorption-Desorption-Recovery) plant. The company spent late 2025 crushing historical stockpiles and is now restarting open-pit mining.
• Sandman Project (Nevada): Acquired from Gold Bull Resources in March 2025. This is a development-stage asset with a PEA, serving as a pipeline project to extend company life.
• Strategy: The company aims to self-fund exploration and expansion through cash flow generated by restarting the Borealis mine, leveraging the high gold price environment.