Borealis Mining Company Limited (OTC: BORMF) has announced its first-quarter fiscal year 2026 results, marking a significant transition from development to initial gold production. The company reported revenues of $1.54 million and a gross profit of $0.89 million for the three months ending October 31, 2025. While a net loss of $0.88 million was recorded, this represents a substantial improvement from the $2.27 million net loss in the prior-year period, signaling progress in its operational turnaround.
The company’s operational focus during the quarter centered on processing historic oxide stockpiles. This strategy yielded its first gold pour on September 24, 2025, producing 956.8 ounces of doré, with approximately 406.9 payable gold ounces. The on-site Acid Detoxification and Recovery (ADR) plant demonstrated stable performance throughout this period, a testament to recent mechanical and operational upgrades.
Financially, Borealis bolstered its position with a cash balance of $8.18 million and working capital of $11.87 million at the close of the quarter. This improved liquidity is partly attributed to warrant and option exercises, demonstrating continued investor confidence.
Looking ahead, Borealis has made a strategic decision to recommence open-pit mining and blasting operations in early 2026. This move, however, comes with a crucial caveat: the decision is not underpinned by a comprehensive feasibility study. Management acknowledges that this approach inherently carries elevated economic and technical risks, including uncertainties related to operating costs, recovery rates, and the capital required to bring the mine back to full operational capacity. The restart is also contingent upon securing the necessary regulatory approvals and achieving operational readiness.
A significant permitting milestone was achieved on October 21, 2025, when the United States Forest Service approved a Minor Modification to the Borealis Mine Plan of Operations. This approval is a critical step in the process for restarting mining activities.
Exploration efforts have also been ongoing, with a focus on mapping, geochemical sampling, and identifying new targets at the Borealis Project. The company has also secured approvals for trenching and drilling programs at its Sandman and Big Balds projects in Nevada, indicating a broader strategy for growth beyond the immediate production restart.
The Borealis Mine itself, located in Nevada, is a fully permitted site with existing infrastructure, including open pits, heap leach pads, and a functional ADR facility. Historically, the mine has produced over 600,000 ounces of gold. Borealis aims to leverage this existing infrastructure while exploring its expansion potential, supported by robust historical drilling data and numerous untested regional targets. The company is also advancing its Sandman project, which features a recently completed NI 43-101 compliant resource estimate and a Preliminary Economic Assessment that suggests compelling economics, especially considering the current commodity price environment.
Borealis is led by an experienced management team with a track record of successfully founding, managing, and divesting mining and exploration companies, adding another layer of confidence for stakeholders evaluating the company’s ambitious plans.
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