Borealis Mining Company (BOGO) Q2 2026 earnings summary

Executive summary

• Transitioned to active mining with 602,000 tons moved and 45,000 tons crushed as of March 30, 2026.

• Fully staffed operations team in place, supporting ramp-up and steady-state operations.

• Revenue generated from gold and silver production through processing historic stockpiles and new mining activities.

Financial highlights

• Q2 FY2026 revenue of US$1.42 million; gross profit of US$0.62 million.

• Net loss of US$2.96 million for the quarter, compared to US$2.87 million in the prior-year period.

• Cash balance of US$21.13 million and working capital of approximately US$26.7 million at quarter end.

• Six-month revenue of US$2.96 million and gross profit of US$1.51 million; net loss of US$3.84 million, improved from US$5.14 million year-over-year.

• Inventory balance of US$5.37 million; total assets of US$31.82 million.

Outlook and guidance

• Focus on maintaining operational consistency and building throughput as ramp-up continues.

• Ongoing engineering, contractor coordination, and workforce execution aligned with ramp-up.

• Exploration updates for Borealis and Sandman projects expected in coming weeks.