Reported Earnings • Jun 23
Third quarter 2026 earnings released: US$0.005 loss per share (vs US$0.016 loss in 3Q 2025) Third quarter 2026 results: US$0.005 loss per share (improved from US$0.016 loss in 3Q 2025). Revenue: US$6.06m (up US$5.44m from 3Q 2025). Net loss: US$779.9k (loss narrowed 57% from 3Q 2025). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Metals and Mining industry in Canada. Announcement • Jun 10
Borealis Mining Company Limited Commences 5,000 Metre Drilling Program At Sandman Gold Project Borealis Mining Company Limited announced the commencement of a 5,000 metre drilling program at its wholly-owned Sandman Gold Project in Humboldt County, Nevada. Drilling is expected to begin on or about June 19th, 2026 and continue for several months. The program represents the next phase in advancing Sandman toward development and is designed to generate the technical information required to support future engineering studies, mine planning, and permitting activities while continuing to evaluate opportunities to expand the project’s resource base. Approximately 1,660 metres of the program will be dedicated to metallurgical and geotechnical drilling across the Silica Ridge, North Hill, Abel Knoll, and Southeast Pediment deposits, with the balance of the program focused on resource expansion and exploration drilling. The initial phase is intended to generate critical engineering, mine planning, and permitting data, while the second phase will evaluate opportunities to expand existing resources and test new exploration targets throughout the district. Sandman is an advanced-stage gold project located approximately 25 kilometres northwest of Winnemucca, Nevada. The project hosts a pit-constrained mineral resource containing 433,000 ounces of gold in the Indicated category grading 0.73 g/t gold and 60,800 ounces of gold in the Inferred category grading 0.58 g/t gold. The resource includes approximately 300,600 ounces of oxide gold, representing a significant portion of the project’s potential heap-leach feed, and is distributed across four principal deposits: Silica Ridge, North Hill, Abel Knoll, and Southeast Pediment. A Preliminary Economic Assessment completed earlier this year demonstrated robust economics, including an after-tax NPV(6%) of approximately USD 203 million and an IRR of approximately 105% at a gold price of USD 2,600 per ounce. The PEA outlines a conventional open-pit, heap-leach operation producing approximately 38,000 ounces of gold annually over a nine-year mine life. The initial phase of drilling will focus on metallurgical and geotechnical testing across each of the four deposits. Metallurgical drilling will provide representative samples for recovery testing and future process optimization studies, while geotechnical drilling will collect information required for pit slope design, mine planning, infrastructure layout, and permitting activities. The Company believes this work will provide a critical technical foundation for evaluating future development scenarios at Sandman and advancing the project through key engineering and permitting milestones. The data generated from the program is expected to support future technical studies while helping define a potential pathway toward production. Following completion of the metallurgical and geotechnical program, Borealis plans to allocate the remaining metres toward resource expansion and exploration drilling. The program will test extensions of known mineralization adjacent to existing deposits and evaluate several high-priority exploration targets identified through compilation of historical exploration data and recent geological interpretation. New Risk • Jun 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$138.7m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Revenue is less than US$5m (US$4.8m revenue). Market cap is less than US$100m (CA$138.7m market cap, or US$99.4m). 
