Borealis Mining
Borealis Mining is a Toronto-based gold producer restarting the fully permitted Borealis Mine in Nevada's Walker Lane Mineral Belt and developing the Sandman Gold Project. The company sells gold and silver doré bars to refiners and targets 100,000+ oz/year production via a hub-and-spoke model.
- Company typePublic
- Founded2024
- HeadquartersToronto, Canada
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Borealis Mining does
Borealis Mining Company Limited (TSXV: BOGO, OTCQB: BORMF, FSE: L4B0) is a gold mining and exploration company headquartered in Toronto, Canada, with primary operating assets in Nevada, USA. The company owns the Borealis Mine, a fully permitted open-pit heap leach operation near Hawthorne in the Walker Lane Mineral Belt, which historically produced over 600,000 ounces of gold through conventional cyanide heap leaching with on-site ADR processing. The company is currently restarting production from a ~327,000-ton mineralized stockpile and existing permitted pits, with U.S. Forest Service permit modification approval secured in October 2025 and the first production blast executed in January 2026.
Through the March 2025 acquisition of Gold Bull Resources Corp., Borealis added the advanced-stage Sandman Gold Project (433,000 oz Indicated + 60,800 oz Inferred; PEA showing ~105% IRR and US$203M after-tax NPV at $2,600/oz gold) and the early-stage Big Balds exploration project in Nevada. The company's stated strategy is to pursue a hub-and-spoke operating model leveraging the existing Borealis ADR facility to process ore from satellite deposits, with a long-term target of exceeding 100,000 ounces of annual gold production.
Revenue is generated entirely through the sale of gold and silver doré bars produced at the on-site ADR facility, sold at prevailing spot prices to refiners including Asahi Refining (Salt Lake City) and Just Refiners (USA) Inc. (Reno). Borealis reported record quarterly revenue of US$6.06 million in Q3 fiscal 2026 (329.6% sequential growth), record gross profit of US$1.83 million, with US$18.87 million in cash and US$26.61 million in working capital. The company has raised approximately C$45 million across multiple bought-deal financings and warrant exercises in 2025-2026 to fund production restart, ongoing exploration, and Sandman development activities.
Borealis Mining firmographics
Firmographics- Name
- Borealis Mining
- Legal name
- Borealis Mining Company Limited
- Website
- https://borealismining.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Borealis Mining is a Toronto-based gold producer restarting the fully permitted Borealis Mine in Nevada's Walker Lane Mineral Belt and developing the Sandman Gold Project. The company sells gold and silver doré bars to refiners and targets 100,000+ oz/year production via a hub-and-spoke model.
- Ownership category
- akta.pro rank
Borealis Mining industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Silver Mining (IMAKAEAB)
Keywords
Where Borealis Mining is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Borealis Mining business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D
Revenue model
- Gold and Silver Doré Sales: The company generates revenue through the sale of gold and silver doré bars produced from heap leaching operations at the Borealis Mine. Doré bars are sold to refiners such as Asahi Refining for final processing and sale.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels9 records
Borealis Mining product offering
Product offeringCore offering
Borealis Mining operates the fully permitted Borealis gold mine near Hawthorne, Nevada, extracting gold and silver through conventional open-pit mining and heap leaching, and processing loaded carbon at its on-site ADR facility into doré bars sold to refiners such as Asahi Refining. The company is advancing the Sandman Gold Project (with a PEA showing ~105% IRR and US$203M NPV at $2,600/oz gold) and the early-stage Big Balds Project, with a stated hub-and-spoke strategy leveraging existing permitted infrastructure toward >100,000 ounces of annual gold production.
Differentiator
Problem solved
Functional benefit
Products and services
- Borealis Mine A fully permitted gold mine located near Hawthorne, Nevada, featuring operational heap leach pads, an on-site ADR facility, and existing open pits. The mine has historically produced over 600,000 ounces of gold through conventional heap leaching and serves as the company's primary producing asset.
- Sandman Gold Project An advanced-stage gold project in Humboldt County, Nevada, approximately 25 km northwest of Winnemucca. The project hosts four known deposits (North Hill, Silica Ridge, Southeast Pediment, and Abel Knoll) with 433,000 ounces of Indicated and 60,800 ounces of Inferred gold resources; PEA indicates approximately 105% IRR and US$203 million NPV at $2,600/oz.
- Big Balds Project An early-stage gold exploration project located in Nevada near the Bald Hills gold mine, proximal to Elko, providing additional exploration upside within the company's Nevada portfolio.
- ADR Processing Facility An adsorption-desorption-recovery facility at the Borealis Mine that processes gold-laden carbon into doré bars. The facility is fully permitted and operational, with potential to also process loaded carbon from the Sandman project to reduce capital requirements.
- Heap Leach Operations Conventional heap leach gold extraction operations at the Borealis Mine, utilizing cyanide solution application on crushed mineralized material to dissolve and capture gold, with carbon columns collecting the gold for processing at the ADR facility.
Quantifiable outcome
- Record quarterly revenue of US$6.06 million in Q3 fiscal 2026, representing 329.6% increase from preceding quarter
- +5 more outcomes
Companies that use Borealis Mining
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Borealis Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Borealis Mining partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core, supporting and minor.
- M3 Engineering & Technology CorporationcoreEngaged as lead engineering firm responsible for overall coordination of engineering design and study activities for the Sandman Gold Project. Supporting detailed engineering and development planning.
- RESPEC Company, LLCcoreEngaged to support mining, geology, resource modeling, hydrogeology, geotechnical work, and environmental inputs to the integrated development plan for Sandman.
- Sunstone Environmental SolutionssupportingEngaged to advance environmental baseline studies for the Sandman Gold Project, supporting permitting activities.
- Hunton Andrews Kurth LLPsupportingRetained as U.S. permitting counsel to guide federal and state permitting strategy for Sandman and the Borealis Mine.
- Atrium Research CorporationsupportingCompany sponsored research firm engaged to publish research reports on Borealis and host management interviews. Receiving $12,000 per quarter for services.
- Plutus Invest & Consulting GmbHsupportingStrategic consulting services focused on market analysis and financial advisory for Borealis business initiatives. CAD$125,000 fee for six-month engagement.
- KE ReportsupportingProvides web content and radio content services for investor awareness. CAD$12,000 fee for six-month engagement.
- Junior Mining Media Inc.supportingDigital content creation services provider. USD$24,000 fee for one-year engagement.
- i2i Marketing Group, LLCsupportingOnline marketing agreement for social media management, content creation, distribution, digital marketing and advertising. US$250,000 total consideration.
- OGIB Corporate BulletinsupportingDigital marketing services including content creation, distribution and market awareness campaigns. CAD$40,000 for nine-month term.
- Just Refiners (USA) Inc.supportingProcesses spent carbon fines and gold-laden carbon from Borealis operations at their Reno, NV facility.
- Bolinder Resources LLCsupportingContract crushing company engaged for stockpile crushing program at Borealis Mine. Specialized contract crushing and mining services.
- RemingtonsupportingContract crushing services for the stockpile processing campaign at Borealis Mine.
- McClelland Laboratories Inc.supportingMetallurgical testing laboratory in Sparks, NV that conducted bulk sample analysis for Borealis stockpile validation.
- Newmont CorporationminorHeadwater Gold is operating under an earn-in agreement with Newmont on claims adjacent to Borealis' expanded property in Nevada.
Scale indicators16 records
Recent moves8 records
Expansion highlights6 records
Borealis Mining competitors and assessment
Company assessmentDirect peers
- i-80 Gold Corp: i-80 Gold is a Nevada-focused gold producer advancing multiple assets in the state, including underground and open-pit operations. Direct peer because both companies are Nevada gold producers pursuing hub-and-spoke processing strategies in similar Walker Lane / Battle Mountain geology.
- Paramount Gold Nevada Corp. Paramount Gold Nevada is a junior gold developer with assets (Grassy Mountain, Sleeper) in the same Nevada jurisdiction. Direct peer because both companies operate Nevada gold projects targeting heap leach or milling production with PEA-stage assets.
- Hycroft Mining Holding Corporation: Hycroft Mining operates the Hycroft mine in Nevada, a large-scale gold and silver heap leach operation. Direct peer because both companies run heap leach precious-metals operations in Nevada and are scaling production through oxide/transition ores.
- McEwen Mining Inc. McEwen Mining is a gold and silver producer with Nevada assets (Gold Bar) and operates the Fox Complex. Direct peer because both are Nevada-focused precious-metals producers of comparable scale, and McEwen shares the same controlling-investor lineage (Robert McEwen/Evanachan).
Broad incumbents
- Coeur Mining, Inc. Coeur Mining is a diversified precious-metals producer with significant Nevada operations (Silvertip/Silver). Broad incumbent peer because it overlaps in gold/silver doré production and refining off-take relationships, but operates a multi-asset portfolio across North America.
- Hecla Mining Company: Hecla Mining is a large U.S.-based silver and gold producer with Nevada assets (Lucky Friday, Hollister). Broad incumbent peer because both companies produce gold/silver doré sold to third-party refiners, though Hecla is significantly larger and more diversified.
- Equinox Gold Corp. Equinox Gold is a multi-asset gold producer with operations in the Americas including Nevada exposure. Broad incumbent peer because both target mid-tier gold production, but Equinox is meaningfully larger and geographically diversified.
- Centerra Gold Inc. Centerra Gold is a mid-tier gold producer with North American operations. Broad incumbent peer because both pursue scale in gold production, but Centerra operates multiple producing mines across several jurisdictions and is significantly larger.
Others
- Sandstorm Gold Ltd. Sandstorm Gold is a gold royalty and streaming company that finances and acquires royalties on mining projects. Adjacent peer rather than direct competitor, because it monetizes production from similar Nevada-style gold assets without operating them, but competes for capital and acquisition opportunities in the same regional ecosystem.
Emerging players
- Gold Standard Ventures Corp. Gold Standard Ventures develops the Pinion and Dark Star oxide gold deposits in Nevada's Carlin trend. Emerging player peer because both companies target open-pit oxide/heap-leach gold in Nevada, though Gold Standard is more exploration-focused and at earlier stage than Borealis.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Borealis Mining social profiles
Digital presenceBorealis Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Borealis Mining leadership team
Management profileNumber of profiles
Profiles8 records
Borealis Mining subsidiaries and ownership
Company hierarchySubsidiaries1 record
Borealis Mining funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Borealis Mining M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Borealis Mining
What does Borealis Mining do?
Borealis Mining operates the fully permitted Borealis gold mine near Hawthorne, Nevada, extracting gold and silver through conventional open-pit mining and heap leaching, and processing loaded carbon at its on-site ADR facility into doré bars sold to refiners such as Asahi Refining. The company is advancing the Sandman Gold Project (with a PEA showing ~105% IRR and US$203M NPV at $2,600/oz gold) and the early-stage Big Balds Project, with a stated hub-and-spoke strategy leveraging existing permitted infrastructure toward >100,000 ounces of annual gold production.
Is Borealis Mining a public or private company?
Borealis Mining is a public company. It is classified as public and is currently operating.
When was Borealis Mining founded?
Borealis Mining was founded in 2024. It employs 501 to 1,000 people.
Where is Borealis Mining based?
Borealis Mining is headquartered in Toronto, Canada, in the North America region.
How does Borealis Mining make money?
One revenue line is on record: gold and Silver Doré Sales.
Who are Borealis Mining's main competitors?
Direct peers on record are i-80 Gold Corp, Paramount Gold Nevada Corp., Hycroft Mining Holding Corporation and McEwen Mining Inc.. Broad incumbents are Coeur Mining, Inc., Hecla Mining Company, Equinox Gold Corp. and Centerra Gold Inc.. Sandstorm Gold Ltd. is listed as an others. Gold Standard Ventures Corp. is listed as an emerging player.
Does Borealis Mining have an API?
No public API is recorded for Borealis Mining.
What industry is Borealis Mining in?
Borealis Mining's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAB, Silver Mining. Its NAICS code is 21222 and its SIC code is 1040.