Mr. Kelly Malcolm reports

BOREALIS FILES RESTATED Q1 INTERIM FINANCIAL STATEMENTS

Borealis Mining Company Ltd. has restated and refiled its unaudited interim financial statements for the interim period ending Oct. 31, 2024. The financial statements have been amended to correct the comparative column of the statements of loss and comprehensive loss and statements of cash flows for the three months ended Oct. 31, 2023. The company also updated certain disclosures to align with the financial statements. There were no adjustments to the statements of financial position or statements of changes in shareholders' deficiency.

No changes have been made to the balances reported in the financial statements for the period ending Oct. 31, 2024. Specifically, there have been no changes to the figures reported in the company's consolidated statement of financial position, consolidated statement of loss and comprehensive loss, consolidated statement of changes in shareholders' equity, and consolidated statement of cash flows for the period ending Oct. 31, 2024. There are also no changes required in the company's management's discussion and analysis for the relevant period.

The company has also refiled the certificates of its chief executive officer and chief financial officer in respect of its restated filing for the period ending Oct. 31, 2024.

The documents are available under the company's SEDAR+ profile.

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.

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