Mr. Kelly Malcolm reports

BOREALIS FILES FINAL SHORT FORM PROSPECTUS IN CONNECTION WITH $10 MILLION BOUGHT DEAL OFFERING

Further to its press releases dated Feb. 3, 2025, and Feb. 4, 2025, Borealis Mining Company Ltd. has filed a final short form prospectus dated Feb. 21, 2025, with the securities commissions in all provinces of Canada, except Quebec, and has obtained a receipt therefor.

The final prospectus qualifies the distribution of an aggregate of 17,857,150 units, as described in the final prospectus, at a price of 56 cents per unit for gross proceeds to the company of $10,000,004. Closing is expected to occur on or about Feb. 26, 2025, and is subject to customary closing conditions, including the final acceptance of the TSX Venture Exchange.

Access to the final prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The final prospectus is accessible under the company's profile on SEDAR+. An electronic or paper copy of the final prospectus and any amendment may be obtained, without charge, from Haywood Securities Inc. at suite 700, 200 Burrard St., Vancouver, B.C., V6C 3L6, attention: ECM department, by telephone at 604-697-7126, or by e-mail at ECM@haywood.com, by providing the contact with an e-mail address or address, as applicable. Prospective investors should read the final prospectus in its entirety before making an investment decision.

The units are also being offered in 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.

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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