New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 85% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (29% average weekly change). Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Market cap is less than US$10m (CA$8.83m market cap, or US$6.48m). Announcement • Feb 14
Boreal Gold Inc. announced that it has received CAD 2.99998 million in funding from Northfield Capital Corporation and other investor. On February 13, 2026, the Boreal Gold Inc closed the transaction. In connection with the closing of the Offering, the Company paid certain cash finders fees and issued an aggregate of 228,000 finder’s warrants. Insiders of the Company acquired an aggregate of 420,000 FT Shares in the Offering. Northfield Capital Corporation participated in the Offering and acquired an aggregate of 2,040,000
Units. Immediately prior to the closing of the Offering, Northfield beneficially owned and exercised control and direction over an aggregate of 445,000 Class A Shares and an aggregate of 208,500 Warrants, representing approximately 2.5% of the issued and outstanding Class A Shares immediately prior to the closing of the Offering Immediately following the Closing, Northfield beneficially owns and exercises control and direction over an aggregate of 2,485,000 Class A Shares and an aggregate of 1,228,500 Warrants, representing approximately 8.5% of the issued and outstanding Class A Shares upon closing of the Offering Announcement • Jan 24
Boreal Gold Inc. Receives Silver, Zinc and Copper Assays Results from 12 Samples Collected from the Bulk Sample Pit Boreal Gold Inc. has received silver, zinc and copper assay results from 12 samples collected from the bulk sample pit where underground vein material extracted from a sill 224m long at the 100-foot vertical level was stored on surface. The first milestone was the acquisition of the large Fay Lake Property (2719 Ha) located between Hudbay's Vamp Lake Deposits and Minnova's Puffy Lake Gold Mine which was covered by a new airborne EM survey. Boreal Gold is now poised to bring real growth, (the fourth milestone to be obtained) by drilling the selected targets on its Fay Lake Property, but more importantly further drilling to enhance and grow the Gold Rock Deposit as well as other targets on this structure that could lead to a new discovery. In 2026, gold exploration will be mainly focussed on Boreal Gold's North Star and Gold Rock gold deposits located west of Snow Lake, with the first phase focused of the Gold Rock vein structures: Drilling is planned for this winter and spring, subject to financing and permitting with additional prospecting and detailed mapping in the summer of 2026 to locate additional drill targets along the under explored one km intervening area between the North Star and Gold Rock Deposits respectively located at the north and south ends of the 2 km long structure. 
