Borealis Mining Company (BOGO) Q1 2026 earnings summary

Executive summary

• Transitioned from development to initial gold production from historic stockpiles, completing the first gold pour and generating meaningful revenues.

• Operational performance at the ADR plant was stable, with key permitting milestones achieved and preparations ongoing for mining and blasting restart in early 2026.

• Continued exploration and target generation at Borealis and Sandman projects, with regulatory approvals for trenching and drilling.

Financial highlights

• Revenue of US $1.54 million and gross profit of US $0.89 million for Q1 fiscal 2026.

• Net loss of US $0.88 million, improved from US $2.27 million net loss in the prior-year period.

• Cash balance of US $8.18 million and working capital of US $11.87 million at quarter end.

• Work-in-progress inventory of US $3.55 million and total assets of US $15.60 million.

Outlook and guidance

• Planned restart of open-pit mining and blasting in early 2026, subject to regulatory approvals and operational readiness.

• Second gold pour completed subsequent to quarter end, with continued production from stockpiles.