Borealis Mining Announces First Production Blast at Borealis Gold Mine, Nevada

Vancouver, British Columbia–(Newsfile Corp. – January 29, 2026) – Borealis Mining Company Limited (TSXV: BOGO) (OTC Pink: BORMF) (FSE: L4B0) (the “Company” or “Borealis Mining“) is pleased to announce the successful completion of its first production blast at the Borealis Gold Mine, located near Hawthorne, Nevada. The blast, completed on Wednesday, January 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.”

Please see Figure 1 for an aerial video of the blast at the East Ridge open pit or see the following link for a brief video of the blast: https://www.youtube.com/watch?v=QNTK8HGISZk.

Figure 1: First production blast at the East Ridge pit on January 28, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/282008_de1fe27e848ca99f_001full.jpg

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 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 to 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 labor, 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’ 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, P.Geo., 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, NV, is fully equipped for present mine operations and future expansion, with existing open pits, heap leach pads, modern infrastructure, and a functional ADR facility which produces doré bars. The project has historically produced over 600,000¹ ounces of gold from an open pit heap leach operation. It is an under-explored 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. ¹Please see the Borealis Gold Mine technical report entitled “NI 43-101 Technical Report, Project Status Report, Borealis Mine, Nevada, U.S.A.” authored by Douglas Reid, P.Eng. of SRK Consulting, dated February 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

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, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation 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.

This press release includes “forward-looking statements”, within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by the Company. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of the Company should not place undue reliance on these forward-looking statements.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

The decision to increase production at the Borealis Gold Mine and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations“) are based on internal models prepared by the Company in conjunction with management’s knowledge of the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with National Instrument 43-101.

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