Mr. Kelly Malcolm reports

BOREALIS ANNOUNCES GOLD POUR AND GRANT OF OPTIONS

Borealis Mining Company Ltd. has completed its second pour of gold and silver dore from the previously announced stockpile crushing and heap leaching at the Borealis mine site. A total of 42.83 pounds, equivalent to 617 troy ounces of dore, were poured.

Borealis is awaiting assay results from the pour to determine the grade and value of the dore, but preliminary results indicate roughly a 50-50 gold-silver ratio, plus some additional waste metal. Heap leaching and crushing of the stockpile of oxide material continue, with approximately 153,000 tons crushed to date. Gold and silver are actively being collected in Borealis's carbon columns, and the company anticipates additional pours before year-end. In conjunction with this pour, the company completed its annual stack testing, a regulatory requirement that ensures the plant is operating within environmental standards.

Grant of stock options and restricted share units

In addition, the company is pleased to announce that it has granted an aggregate of 2.3 million stock options to purchase common shares in the capital of the company and an aggregate of 158,500 restricted share units convertible into common shares of the company to certain officers, directors, employees and consultants of the company and a company performing investor relations activities to the company in accordance with the omnibus long-term incentive plan of the company. The stock options are exercisable at a price of $1.63 per common share for a period of five years. The RSUs vest on the date that is one year from the date of grant. The common shares issuable upon exercise of the stock options are subject to a four-month hold period from the original date of grant.

Qualified person and quality assurance/quality control

The scientific and technical content of this news release was reviewed, verified and approved by Kelly Malcolm, PGeo, chief executive officer of the company, a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Borealis mine

The Borealis mine property, located close to the town of Hawthorne, Nev., is fully permitted and equipped for present mine operations and future expansion, with existing open pits, heap leach pads, modern infrastructure and a functional ADR facility which produces dore bars. The project has historically produced over 600,000 (1) ounces of gold from an open-pit heap leach operation. It is an underexplored property and has not been drilled since 2011, aside from Borealis's efforts in 2024 and 2025. The property possesses high-grade expansion potential with excellent historical drilling results, along with a number of untested regional targets.

(1) Please see the Borealis mine technical report entitled "NI 43-101 Technical Report, Project Status Report, Borealis Mine, Nevada, U.S.A.," written by Douglas Reid, PEng, of SRK Consulting, dated Feb. 16, 2024. The report can be found on SEDAR+ or the Borealis website.

The Borealis project holds existing federal and state permits for mining and processing operations. However, certain permit modifications may be required for expanded production, and the timeline for such approvals is subject to regulatory review. The company cannot guarantee the timing or success of any permit modifications that may be required for future expansions.

About Borealis Mining Company Ltd.

Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, composed of 815 unpatented mining claims of approximately 20 acres each totalling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulphidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) National Instrument 43-101-compliant resource and a recent (2023) preliminary economic assessment, which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, which has founded, managed and sold highly successful mining and exploration companies.

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