Mr. Kelly Malcolm reports

BOREALIS ANNOUNCES CONTRACTOR MOBILIZATION AT BOREALIS MINE

Borealis Mining Company Ltd. has mobilized contractors at the Borealis gold project in Nevada, on schedule to start crushing the approximately 327,000-tonne mineralized stockpile at the site on June 9, 2025. The first gold pour from this material is expected in late July.

Bulk sample results from 2024 suggest an average grade of 0.016 ounce per short ton gold (0.55 gram per tonne gold) and an expected recovery of approximately 70 per cent by conventional heap leaching. The two-stage crushing is targeted to continue through to Q4 2025 while gold pours are expected to continue to mid-2026, at the least. While Borealis expects to issue guidance on the restart of blasting and mining separately, the tentative target for this restart is also Q4 2025.

Andreas Steckenborn, chief operating officer of Borealis, stated: "We're very pleased with the smooth contractor mobilization and excited to begin crushing fresh material at the Borealis mine. This milestone reflects the hard work and co-ordination of our operations and health and safety teams over the past several months. During this period, we successfully refurbished our absorption desorption recovery (ADR) plant -- including repairs to carbon columns and the installation of a new carbon fines capture system. On the environmental side, our solution ponds have been fully inspected, repaired and are now ready for cyanide introduction into the leaching circuit."

Mr. Steckenborn continued: "These upgrades position Borealis for a successful stockpile processing campaign and lay the groundwork for our broader mine restart. With all gold production to date sourced from previously crushed and stacked material, this stockpile represents a fresh revenue stream and an important step toward resuming full-scale mining from our fully permitted open pits."

Please see the company's April 22, 2025, press release for details on the bulk sample and details on plans for coming production from the Borealis mine.

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 and a qualified person as defined by the 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 that produces dore bars. The project has historically produced over 600,000 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.

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, comprising 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) NI 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, many of whom have founded, managed and sold highly successful mining and exploration companies.

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