BOGO on the KE Report: Nevada's Borealis Mine, 2 Gold PoursNevada's Borealis Mine; 2 Gold Pours Since Listing, Drill Results Coming - Summary of Borealis Mining (BOGO.v) on the KE Report:
https://www.youtube.com/watch?v=rI5jODSFE_E Company Overview
- Focus is on the Borealis Mine in Nevada, which has historic production and is currently pouring gold.
- Acquired the project in April 2023, and the mine has historically produced over 600,000 ounces of gold from oxide heap leach mining.
- Historical 2011 resource estimate of 1.8 million ounces of gold, with potential for significant expansion.
Strategic Plan and Drilling Focus
- Outlined a two-year plan:
- Resource Expansion: Drilling to confirm and expand the known resources, with results expected soon.
- Exploration Drilling: Targeting new areas on the property with untapped potential, based on historical data compilation.
- Borealis is investing heavily in data compilation from past records to guide future exploration.
Resource Insights
- The 2011 resource includes measured and indicated resources of 1.28 g/t gold, and an inferred resource of lower-grade 0.34 g/t gold.
- The focus is on both oxide (easier to process) and sulfide ore (which requires more processing), with significant drilling planned on high-grade sulfide targets.
- Fully permitted for commercial production, with infrastructure such as water wells, a substation, and a processing facility in place.
- Borealis estimates the value of existing infrastructure to be over $50 million.
Gold Pour and Revenue Generation
- The company has already completed its second gold pour in 2024 and is generating some revenue, although its primary focus remains on exploration and growth.
- Borealis aims to become a cash-flow-positive mining company, contrasting with typical exploration companies.
Team and Leadership
- Kelly Malcolm, President and CEO, is an exploration geologist with a finance background.
- The leadership team includes well-known mining figures like Tony Makuch, former President of Kirkland Lake Gold, and Bob Buchan, founder of Kinross Gold.
Share Structure and Financials
- Shares Outstanding: 83 million shares, with a fully diluted total of 103 million shares.
- Biggest shareholders are Rob McEwen (16.5% stake), Eric Sprott, and several mining-focused funds.
- Well-funded, with approximately $5 million worth of shares used to acquire the Borealis mine.
Outlook and Future Plans
- Borealis plans to continue drilling to expand resources and identify new deposits while exploring potential M&A opportunities to grow its portfolio.
- With infrastructure in place and ongoing revenue from gold production, the company is poised for growth both organically and through acquisitions.
Posted on Behalf of Borealis Mining Company Ltd.