Borealis Mining Posts $12.65 Million Fiscal 2026 Revenue as Open-Pit Mining Resumes

Borealis Mining Company Ltd reported fiscal 2026 revenue of $12.65 million, up approximately 234% from $3.78 million a year earlier, as open-pit mining resumed and commercial production began at its Nevada gold mine. Stock Titan reported the results for the year ended July 31, 2026.

Borealis Swings to $4.95 Million Gross Profit

Borealis is a Nevada-focused gold mining and exploration company that operates the Borealis Mine near Hawthorne and is advancing the Sandman gold project. Gross profit rose to $4.95 million from $0.49 million, lifting gross margin to 39.1% from 13.0%. The net loss narrowed to $4.74 million from $14.87 million, a smaller figure the company attributed to the absence of the $6.89 million exploration and evaluation acquisition expense recognized in fiscal 2025 for the Gold Bull Resources transaction.

A first production blast was completed at the East Ridge open pit on January 28, 2026, and mining advanced across the East Ridge and Deep Ore Flats pit areas. For the fourth quarter, revenue was approximately $3.63 million, gross profit approximately $1.61 million and gross margin 44.2%. Gold poured for the year totaled 2,870 ounces and gold sold 2,847 ounces, at a realized gold price of $4,379.28 per ounce.

Kelly Malcolm, President and CEO, said: "Fiscal 2026 marked the transition from processing historical stockpiles to active open-pit mining and commercial production at the Borealis gold mine." Year-end cash stood at $16.35 million and inventory at $12.55 million, comprising $4.6 million of stockpiled material and $8 million of work in progress.

Borealis Financing and Sandman Records

According to akta.pro company records, Borealis closed a C$23.0 million bought deal private placement in January 2026 led by Stifel Canada, with Haywood and Red Cloud, at C$1.50 per share. The same records list a first production blast at the Borealis Gold Mine in January 2026 with contractor Ledcor CMI and an updated preliminary economic assessment for Sandman published in February 2026 showing a post-tax net present value of US$203 million and an internal rate of return of approximately 105% at US$2,600 per ounce gold.

Resouro Loss Widens as AngloGold Generates Cash

Peer results this month included Resouro Strategic Metals, which reported a three-month comprehensive loss of CAD 1.44 million for the period ended September 30, 2026, a 99% year-over-year widening. FinanzNachrichten.de reported that AngloGold Ashanti generates billions in free cashflow, while IAMGOLD invests in mines and buys back royalties.

Borealis Sets Fiscal 2027 Gold Target

Borealis is targeting production of 15,250-19,250 ounces of gold from the Borealis Mine for the fiscal year ending July 31, 2027, as announced on October 22, 2026. The company said advancement of Sandman remains subject to technical results, permitting and financing, and that it continues to incur operating losses and negative operating cash flow.