Business
Borealis Reports Q1 Fiscal 2026 Financial and Operating Results
US$1.54 Million In Revenues and US$0.89 Million Gross Profit Mining and Blasting Restart Plann...
About this update from Borealis Mining Company Limited
[{"type":"text","content":"Borealis Reports Q1 Fiscal 2026 Financial and Operating ResultsUS$1.54 Million In Revenues and US$0.89 Million Gross ProfitMining and Blasting Restart Planned For Early 2026Vancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - Borealis Mining Company Limited (TSXV: BOGO) (OTC Pink: BORMF) (FSE: L4B0) (the \"Company\" or \"Borealis\") reports its unaudited, auditor-reviewed financial and operating results for the three months ended October 31, 2025. The Company's interim financial statements have been reviewed by its auditors in accordance with applicable professional standards, as required in connection with the Company's active short form prospectus.Kelly Malcolm, President and CEO of Borealis Mining, commented: \"During the first quarter of fiscal 2026, Borealis completed its transition from development activities into initial gold production from historic stockpiles. The Company successfully completed its first gold pour from historic stockpiles, generated meaningful revenues, and strengthened its balance sheet through warrant and option exercises. Operational performance at the ADR plant was stable throughout the quarter, key permitting milestones were achieved, and preparations continued for the planned restart of mining and blasting in early 2026, subject to regulatory approvals and operational readiness.\"During the quarter, Borealis generated revenue from gold and silver production at the Borealis Mine in Nevada, completed its first gold pour from historic stockpiles, strengthened its balance sheet, and continued advancing preparations for the planned restart of open-pit mining and blasting in early 2026.Financial Highlights(Unaudited, auditor-reviewed - three months ended October 31, 2025)Revenue of US$1.54 millionGross profit of US$0.89 millionNet loss of US$0.88 million, compared to a net loss of US$2.27 million in the prior-year periodCash balance of US$8.18 million at quarter endWorking capital of US$11.87 millionWork-in-progress inventory balance of US$3.55 millionTotal assets of US$15.60 millionThe year-over-year improvement in net loss reflects the Company's transition from pure exploration activities to initial production from historic stockpiles, lower exploration expenditures compared to the prior-year period, reduced share-based compensation expense, and the capitalization of operating costs int...