Mr. Kelly Malcolm reports

BOREALIS MINING ANNOUNCES FIRST PRODUCTION BLAST AT BOREALIS GOLD MINE, NEVADA

Borealis Mining Company Ltd. has successfully completed its first production blast at the Borealis gold mine, located near Hawthorne, Nev. The blast, completed on Wednesday, Jan. 28, 2026, marks a key milestone in the restart of the Borealis gold mine and the transition into sustained mining operations.

The inaugural production blast was completed within the permitted East Ridge open pit and successfully fragmented approximately 40,000 short tons of material. This blast represents the first large-scale production shot since the initiation of the company's mine restart program and confirms operational readiness following site preparation, contractor mobilization and commissioning activities.

"The completion of our first blast is a defining operational milestone for Borealis," said Andreas Steckenborn, chief operating officer of Borealis. "It reflects the successful execution of our restart plan and the efforts of our site team and contractors. With this milestone achieved, we are focused on safely advancing toward consistent, sustained mining operations."

Following the successful blast, material will be excavated and hauled to the heap-leach pad as part of the company's planned mining sequence. Initial stacking activities are expected to occur as mining advances, followed by leaching and solution processing through the on-site ADR (adsorption, desorption and recovery) facility. Borealis is advancing the restart in a staged manner, prioritizing safety, operating discipline and steady execution as the operation ramps up.

The Borealis gold mine benefits from substantial existing infrastructure, including multiple permitted open pits, a permitted heap-leach pad and an on-site ADR plant. This infrastructure significantly reduces restart risk and capital intensity compared with a greenfield development and allows the company to advance toward gold production using a conventional open-pit, heap-leach operating model.

The Borealis gold mine is located within a well-established Nevada mining jurisdiction with access to infrastructure, skilled labour and experienced service providers. The company believes the successful completion of the first production blast demonstrates the effectiveness of its restart strategy and reinforces Borealis's position as a growing gold producer in Nevada.

Borealis remains focused on safe operations, disciplined execution and long-term value creation as it advances the Borealis gold mine toward sustained production while continuing to evaluate regional exploration opportunities and operational synergies within its broader Nevada asset portfolio.

Qualified person

Technical information contained in this press release has been reviewed and approved by Kelly Malcolm, PGeo, a non-independent qualified person as defined under National Instrument 43-101.

Borealis gold mine

The Borealis gold mine property, located close to the town of Hawthorne, Nev., is fully 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 Mining's modest efforts in 2024 and 2025. The property possesses high-grade expansion potential with robust historical drilling results, along with a number of untested regional targets.

Please see the Borealis gold 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 gold mine 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 Mining is a gold mining and exploration company focused on exploration and resumption of production of the Borealis gold mine in Nevada and the advancement of its Sandman project, also in Nevada. The Borealis gold 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) 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, many of whom have founded, managed and sold highly successful mining and exploration companies.

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