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About Borealis Explora (BOREF)
Borealis Explora (trading as BOREF) is a gold mining and exploration company focused on the development, production, and exploration of precious metals, primarily gold and silver. Headquartered in Vancouver, Canada, the company’s flagship asset is the Borealis Mine, located in the prolific Walker Lane trend of Nevada, USA. This region is renowned for its high-grade gold deposits and favorable mining jurisdiction, making it a strategic location for resource extraction and development.
Core Operations
The Borealis Mine is a fully permitted and operational gold mining site equipped with modern infrastructure, including heap leach pads, an ADR (Adsorption-Desorption-Recovery) facility, and open-pit mining capabilities. The mine has historically produced over 600,000 ounces of gold through open-pit heap leach operations, demonstrating its viability as a revenue-generating asset. Borealis leverages its existing infrastructure to conduct residual leaching operations, extracting gold and silver from previously processed material, while preparing for the resumption of full-scale mining activities.
Revenue Model
Borealis generates revenue through the extraction, processing, and sale of gold and silver doré bars. The company also capitalizes on its ~330,000-ton stockpile of mineralized oxide material, which is slated for crushing and leaching to enhance production volumes. By maintaining a fully operational and permitted mine, Borealis avoids the lengthy permitting processes that often delay junior mining companies, enabling quicker revenue realization.
Exploration and Growth Potential
Beyond its existing operations, Borealis is actively exploring its expansive property, which spans approximately 15,020 acres and includes 751 unpatented mining claims. The site is highly prospective for additional high-sulfidation gold mineralization, with numerous untested regional targets and historical drill results indicating significant expansion potential. Recent acquisitions of adjacent claims further enhance the company’s exploration pipeline.
Competitive Advantages
- Fully Permitted Mine: Borealis stands out among junior miners due to its fully permitted and operational mine, reducing regulatory and operational risks.
- Revenue-Generating Operations: Unlike many of its peers, Borealis generates revenue through residual leaching and doré sales, providing financial stability.
- Strategic Location: Situated in Nevada, a top-tier mining jurisdiction, the company benefits from excellent infrastructure, skilled labor, and supportive regulatory frameworks.
- Experienced Leadership: Borealis is led by a team with decades of experience in mining operations, exploration, and financial management, ensuring efficient execution of its business strategy.
Industry Context
The gold mining industry is characterized by cyclical commodity prices, high capital costs, and stringent environmental regulations. Borealis navigates these challenges by leveraging its existing infrastructure, focusing on low-cost heap leach mining, and maintaining a diversified revenue stream through exploration and production. The company’s emphasis on sustainable and efficient operations positions it well within the competitive landscape.
Future Outlook
Borealis aims to transition from residual leaching to full-scale mining operations, supported by its robust exploration program and strategic acquisitions. The company’s long-term goal is to establish itself as a mid-tier gold producer, leveraging its Nevada-focused portfolio to deliver consistent value to stakeholders.
Borealis Mining Company (TSXV: BOGO) has announced significant drill results from its Borealis Gold Project in Nevada's Walker Lane trend. Notable oxide intercepts include 30.5m of 4.48 g/t Au & 20.5 g/t Ag (including 6.1m of 15.16 g/t Au) at the Cerro Duro deposit.
The drilling program confirmed and exceeded historical assay results near historic open pits, with additional findings in historical backfill material showing potential for heap-leachable gold. The Cerro Duro deposit, classified as a high-sulfidation epithermal system, contains historical resources of 95,600 ounces of gold and 476,500 ounces of silver in the Measured and Indicated categories.
The company plans to continue exploration throughout 2025 and aims to submit a permit application to the Bureau of Land Management in early 2026. The project benefits from existing infrastructure, including open pits, heap leach pads, and an ADR facility, with historical production exceeding 600,000 ounces of gold.
Borealis Mining Company (TSXV: BOGO) has announced the restatement and re-filing of its unaudited interim financial statements for the period ending October 31, 2024. The restatement was necessary to correct the comparative column of the statements of loss and comprehensive loss and statements of cash flows for the three months ended October 31, 2023.
The company clarified that no adjustments were made to the statements of financial position or statements of changes in shareholders' deficiency. Additionally, all figures reported for the period ending October 31, 2024, remain unchanged, including the Consolidated Statement of Financial Position, Loss and Comprehensive Loss, Changes in Shareholders' Equity, and Cash Flows. The management's discussion and analysis also remains unaffected.
Borealis Mining Company has announced significant gold production updates from its Borealis Mine. The company sold its final 2024 doré shipment to Asahi Refining, containing 190.79 troy oz of gold and 119.88 troy oz of silver. Additionally, approximately 24 tonnes of spent gold-laden carbon was shipped to Just Refiners, containing an estimated 368 troy oz of gold and 997 troy oz of silver.
The company plans to increase gold production in 2025 by crushing its ~330,000 ton stockpile of mineralized oxide material. To prepare for this, Borealis is replacing the carbon in its ADR circuit to improve loading capacity and leaching efficiency. The Borealis mine, located near Hawthorne, NV, is fully permitted and equipped with existing open pits, heap leach pads, modern infrastructure, and a functional ADR facility. The project has historically produced over 600,000 ounces of gold from open pit heap leach operations.
Borealis Mining Company has entered into a definitive agreement to acquire Gold Bull Resources through a share exchange ratio of 0.93 Borealis shares for each Gold Bull share, valuing Gold Bull at approximately $0.60 per share. The transaction represents a significant premium of 86.3% to Gold Bull's 30-day VWAP.
The acquisition adds Gold Bull's Sandman Project in Nevada, which contains 433,000 Indicated and 60,800 Inferred gold ounces. The 2023 PEA for Sandman shows promising economics with a post-tax IRR of 81%, NPV of US$121 million, and average annual gold production of 37.9k oz at US$1,800/oz gold price. The project requires low initial capital of US$31.5 million.
Upon completion, existing Borealis and Gold Bull shareholders will own approximately 86% and 14% of the combined entity, respectively. The transaction is expected to close in late January or early February 2025, subject to shareholder and regulatory approvals.
Borealis Mining Company has announced an agreement with ICP Securities to provide automated market making services. The agreement includes the use of ICP's proprietary algorithm, ICP Premium™, in compliance with TSX Venture Exchange policies. Under the terms, ICP will receive a monthly fee of $7,500 for an initial four-month term, with no performance-based compensation or stock options. ICP's primary role will be addressing temporary supply and demand imbalances in Borealis shares, with ICP bearing all costs related to trading activities.
Borealis Mining has announced significant drill results from its Graben target at the Borealis Gold Project in Nevada. Key highlights include drillhole DHBM011 yielding 2.25 g/t Au over 99.1m including 4.06 g/t Au over 21.3m, and DHBM013 returning 2.11 g/t Au over 36.6m including 8.24 g/t Au over 4.6m. The Graben historical gold deposit shows large widths of consistent gold mineralization within a silicified and sulfidized body. The company plans to return to the Graben area in early 2025 for additional testing and is permitted for a 55,000-tonne underground bulk sample.
Borealis Mining has expanded its Nevada property by adding 3.66 square miles through claim staking, bringing the total package to 26.56 square miles. The new claims include 14 historical drillholes with significant gold mineralization, featuring intercepts such as 20m of 0.55g/t gold and 12m of 0.62g/t gold. Historical surface samples show gold grades between 0.3g/t and 1.57g/t, with silver grades up to 5 ounces per tonne. The expansion is located near Headwater Gold's recently staked claims, which operate under a Newmont earn-in agreement. The Borealis mine has historically produced over 600,000 ounces of gold from open pit heap leach operations.
Borealis Mining Company (TSXV: BOGO) (FSE: L4B0) has completed its second gold pour of 2024 at its on-site ADR facility. The pour resulted in doré bars weighing ~1,625 troy ounces containing 14.116% Au and 9.954% Ag, equating to approximately 229 troy ounces of gold and 162 troy ounces of silver. The company has begun introducing fresh cyanide to a previously un-leached section of the leach pad, expecting higher gold percentage doré in future pours.
Borealis has also listed its common shares on the Frankfurt Stock Exchange under the symbol L4B0. The company has engaged several firms for strategic consulting, web content, and digital content creation services. Borealis is actively participating in upcoming investor conferences and events, including roadshows in Europe and mining showcases in Toronto, Sydney, and Zurich.
Borealis Mining Company (TSXV: BOGO) has announced its first gold pour of 2024 at its on-site ADR facility. The pour resulted in doré bars weighing ~651 troy ounces, containing 21.968% Au and 20.169% Ag, equating to approximately 143 troy ounces of gold and 131 troy ounces of silver. The company plans to strip the remaining 7.5 carbon columns and introduce fresh cyanide to a new section of the leach pad.
Borealis has appointed Lisanna Lewis as Chief Financial Officer, replacing Mike Dai. The company has also engaged Velocity Trade Capital to provide market liquidity services starting September 1, 2024. Additionally, Borealis has granted 4,500,000 stock options and 175,000 restricted share units to officers, directors, employees, and consultants.
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