Mr. Kelly Malcolm reports

BOREALIS ANNOUNCES UPSIZED $10 MILLION BOUGHT DEAL OFFERING

In connection with its previously announced bought deal public offering, Borealis Mining Company Ltd. has entered into an amended agreement with Haywood Securities Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, to increase the size of the offering to 17,857,150 units of the company at a price of 56 cents per unit for gross proceeds to the company of $10,000,004.

Each unit will consist of one common share of the company and one-half common share purchase warrant exercisable at a price of 78 cents per share for a period of 24 months following the closing of the offering. The net proceeds from the sale of the units will be used by the company to finance exploration and development at the company's gold projects in Nevada, and for working capital and general corporate purposes.

The units will be offered by way of short form prospectus in each of the provinces of Canada (other than Quebec), pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions. The units may also be sold into the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada and the United States as agreed, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

The offering is scheduled to close on or about Feb. 25, 2025, subject to customary closing conditions, including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

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. The Borealis mine is a fully permitted mine site, equipped with active heap-leach pads, an ADR (adsorption, desorption and recovery) facility and all necessary infrastructure to support a heap-leach gold mining operation. In addition to the mine, the property, comprising 751 unpatented mining claims of approximately 20 acres each (totalling approximately 15,020 acres) and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulphidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed and sold highly successful mining and exploration companies.

We seek Safe Harbor.