Borealis Mining Company Limited
BOGOBorealis Mining Company Limited engages in the acquisition and exploration of mineral properties in the United States. The company explores for gold and silver deposits. It holds a 100% interest in the Borealis project that includes 815 unpatented mining claims covering an area of approximately 16,900 acres and one unpatented mill site claim covering an area of 5 acres located in western Nevada. Borealis Mining Company Limited is headquartered in Toronto, Canada.
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Key Information
Legal Entity
Borealis Mining Company Limited
Sector
Precious Metal
Reporting Currency
CAD
Website
borealismining.comHeadquarters Address
217 Queen Street West , Toronto , ON M5V 0R2 , CA
Commodity Portfolio
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Videos
Borealis Is Mining. Guidance Comes Next | Kelly Malcolm
Key Highlights
detailed- Kelly Malcolm says Borealis is past its ramp-up after the first blast in February 2026, crushing a best month of about 130,000 tonnes, with throughput expected to keep rising.
- He says operational guidance, including throughput numbers, was delayed to finalize figures and should be out within about a month of the interview (as of September 2026), with the mine close to cash flow positive.
- Early crusher bottlenecks from blending soft clay with hard, high-grade siliceous ore have been resolved, and a water problem in one pit is largely fixed, with a second pit now stripped and hauling ore.
- Malcolm says the plant will not reach full capacity for at least two years, so Borealis is looking at toll treating to keep it running closer to full.
- Growth plans include a wall pushback at Freedom Flats (historically 200,000 ounces at 5 g/t oxide), permitting the high-grade JRCD area as a separate operation, an eastern exploration program under the US Forest Service, and new heap leach pads costing roughly $6-8 million per ~12 million tonnes.
Borealis has cleared start-up's hardest phase: crusher clay-blending resolved, pit water controlled, and a best month of 130,000 tonnes crushed. CEO Kelly Malcolm expects production and throughput guidance within a month, with positive cash flow close behind as the ramp completes. The ADR plant (where gold is stripped from carbon and poured) stays under-full for two years, so toll treating is on the table. Sandman's February 2026 PEA (preliminary economic assessment — an early mine economics study) showed US$203 million after-tax NPV and 105% IRR at $2,600 gold. Malcolm's path: mine-plan study by first-half 2027, Sandman permit around mid-2028, first production 2029, plus a new leach pad for under US$10 million.
Gold & Silver Miners, Macro Risks, and Investing Strategy | Don Durrett and John Feneck
Don Durrett calls junior gold and silver miners a once-in-a-generation asymmetric trade — entry prices vanish once gold crosses $5,500–$6,000. He values juniors on a 36-month forward gold/silver price ($7,000 and $200 today) instead of spot, capturing leverage before the metal moves. Build a portfolio pyramid — ETFs and majors form the foundation, junior miners sit on top with capped position sizes near 1% of capital. When the original thesis survives a 40% drawdown, add to the position — averaging down improves blended cost basis and removes emotion. The macro case rests on Fed intervention history from Greenspan through today and ongoing de-dollarization — both push investors into gold.
Silver47 Exploration ($AGA | $AAGAF) on Red Mountain's Critical Mineral Potential & Path to 2027 PEA
Key Highlights
brief- Don groups Borealis with Talisker and Blue Lagoon as small producers of roughly 10,000 to 20,000 ounces per year
- Don argues these small producers hold the resources to grow into mid-tier producers
A 22-cent EV per ounce on Silver47 Exploration's 246M silver-equivalent ounces screens 2-10x below peers like Blackrock Silver, framing a clear valuation gap. The CEO argues most ounces are inferred, but three high-grade US projects (Red Mountain, Hughes, Mogollon) underpin a 1B-oz aspiration and a 2027 PEA. With $45M Canadian in working capital and four rigs running, Silver47 plans roughly 20,000 meters of 2026 drilling across Alaska, Nevada, and New Mexico. Co-hosts Don Duret and John Fenwick frame a deep correction in US silver developers as a contrarian bottom-fishing setup before a potential second leg up. Near-term producers like 1911 Gold, Denarius, and LaHontan anchor a broader US silver thesis alongside Silver47, all riding a bipartisan critical-mineral policy tailwind.
#100 Digging for Dollars #28 The Game Has Changed Dan Earle and Access to Capital In the Mining Sect
Key Highlights
detailed- The host pitches an unnamed Nevada company, named in the segment as Borealis Resources, at roughly $170 million market cap, saying production of 15,000 to 20,000 ounces a year kicks off in about two weeks.
- He says that production comes from low-grade oxide of 0.2 to 0.3 grams per tonne across a 300,000-ounce resource, with infrastructure and payments already in place and roughly $20 to $40 million a year of earnings expected, plus oxide that has previously produced up to 5 grams per tonne.
- He cites about 2 million ounces of refractory transitional material below the oxide at just under 2 grams per tonne as evidence the system extends deeper.
- A second asset two hours north near Reno carries a PEA he puts at $750 million NAV at $4,000 gold, needing only about $60 million of capex for a 12-year mine life and up to 80,000 ounces a year, with oxide that could be trucked to the first site.
- He says the company holds $30 million in the bank and adds that its chairman is someone who founded Kinross; both other panelists said they would dig into the pitch.
Access to capital, once a junior miner's edge, is no longer an advantage now that participation in resource equities has broadened. Cost of capital has collapsed: Lundin Gold financed Frida del Norte near 20%, while juniors now issue bonds below 9%. Big raises remove junior mining's top risk — getting through the valley of death — which makes dilution a secondary worry. Dan Earle argues investors anchored to prior cycles misread today's deals; newcomers without fixed priors often perform better. Three rapid pitches: a Nevada producer with a $750M NAV second asset, a $6M Peru silver explorer, and a fresh copper find.
Chris Temple–Macroeconomic Movers, Outlook On US Equity Markets, Precious Metals & Critical Minerals
Chris Temple warns of a medium-term US equity pullback driven by record sovereign debt, persistent inflation, and excessive money printing, which could initially drag commodity stocks lower. Precious metals are experiencing a corrective phase due to central bank and momentum investor selling, but Temple expects PMs to rebound faster and stronger after a market liquidity event. Critical minerals cannot be painted with a broad brush; Temple favors uranium, fertilizers, magnesium, tungsten, titanium, copper, and zinc over lithium, cobalt, and nickel.
#98 Digging for Dollars #26 Wait for the Trickle Down Effect on Junior Miners
Key Highlights
brief- The host argues Borealis is "very, very cheap" compared to its peers considering the economics it published for Sandman.
- He names it among the fund's larger, long-voiced positions selling off on a down day while "nothing has changed fundamentally with the company."
EarthLabs closed its year with $80 million in cash and securities, up from $39 million, without borrowing or raising new capital. Producer and mid-tier strength has not yet trickled down to juniors and privates — the flow the hosts say is just getting started. Kirkland Lake Discoveries bought the forgotten 442,000-ounce Mirado gold project for about $9 million; eight pending drill holes could re-rate the stock. Drilling is paused roughly three weeks for river-crossing safety; a magnetotellurics survey and till sampling will probe ground hidden beneath glacial cover. Portfolio discipline from the show: cap privates near 20% for liquidity, keep funds under $150-200 million, and benchmark returns.
#96 Digging for Dollars #24 Raising $100M, Execution is Everything
Key Highlights
detailed- The hosts spotlight the Sandman PEA's NAV-to-capex ratio — about $60 million of capex against a roughly $700 million NAV at $4,000 gold — as the kind of durable project math they like.
- Borealis carries a market cap around $180 million with about $30 million in cash while Kelly pushes ahead with engineering work at Sandman.
- They argue the sub-1 g/t grade in Nevada still works because of a low strip ratio, saying a 1:1 strip with okay grade often beats a 5:1 strip with good grade in an open pit.
- The hosts note the project's high IRR and say they look forward to following the coming drill program.
Amex Exploration's Perron feasibility study shows how grade and low capex create value: $1.13B after-tax NPV at $3,500 gold and about a half-year payback. AISC (all-in sustaining cost — what an ounce really costs to produce) near $910 and third-party toll milling keep Perron buildable without heavy upfront infrastructure. Tectonic Metals founder Tony Reda explains raising roughly $100M after one drill year at the Flat project, a camp-scale Alaska gold play beside 40M-ounce Donlin. Dig This Deal pitches: Kootenay Silver offers 400M silver ounces ahead of its first PEA (preliminary economic assessment); copper picks highlight jurisdiction risk. Takeaways for any junior: net asset value (NAV) to capex ratios gauge financeability, strip ratios rival grade, and buildable projects make the best takeover candidates.
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