Borealis Mining Company Limited

Borealis Mining (BOGO) scores 17 — a high-end WATCH, one reclassification catalyst away from a BUY. The company combines an active, cash-generating Nevada gold mine (Borealis Mine, now in open-pit restart since January 2026) with a development-stage Sandman asset whose PEA economics are highly leveraged to the current gold price environment (spot ~US$4,830/oz versus the US$2,600 PEA base case). Composite score: 17/25.

The geology story is bifurcated: Sandman's 2021 NI 43-101 resource (494,000 oz total; 433,000 oz Indicated at 0.73 g/t + 61,000 oz Inferred at 0.58 g/t) underpins a February 2026 PEA with a post-tax NPV(6%) that extrapolates to approximately US$730M at today's spot price. Sandman is at PEA study level only with no Mineral Reserves declared; the Borealis Mine is producing but lacks a current NI 43-101 compliant resource estimate. Applying a 50% PEA-stage discount yields a risk-adjusted NAV per share of approximately CAD$3.25 — the stock at CAD$1.35 implies a P/NAV of ~0.42x, a meaningful discount.

The insider base (Rob McEwen at 14%, insiders collectively at 38%, Eric Sprott at 8%+) is one of the stronger alignment profiles on the TSXV. The principal upgrade triggers: (1) release of a current NI 43-101 compliant resource at the Borealis Mine itself; (2) a Sandman PFS announcement converting Inferred ounces to Reserves; and (3) continued execution at the Borealis Mine restart. Watch for the Cerro Duro drill results and any Sandman permitting updates as near-term catalysts.