Borealis Mining (BOGO:TSXV)
Borealis is advancing a Nevada-based portfolio with gold production targeted for over 100Kozpa.
Mining has commenced at the Borealis Mine and continues to ramp up, which hosts an ADR facility with potential to support +100Kozpa.
Engineering and permitting has begun at the Sandman Project following a February updated PEA, with first production forecast for 2028.
Shares currently trade at ~0.13x our NAV estimate, well below peers, with significant upside in delivering on 100Kozpa.
Investment Summary
Company Description
Borealis Mining is a gold mining and exploration company focused on the advancement of its Nevada-based assets, including ongoing mining and production activities at the Borealis Gold Mine and the development of its Sandman Gold Project. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
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