Borealis Mining Company Ltd. (TSXV:BOGO) - Busy but Quiet: Production Guidance Nears and Sandman Advances - Research Portal

Borealis Mining Company Ltd. (TSXV:BOGO) - Busy but Quiet: Production Guidance Nears and Sandman Advances - Research Portal

We caught up with Borealis (BOGO) CEO Kelly Malcolm for an update on activity at the company's 100% owned Borealis mine in NW Nevada and the Sandman project. BOGO has been quiet since it reported record Q3/26 (ended Apr 30) revenue of US$6.06M. The Company advised us that it expects to issue annual production guidance for fiscal 2027 (Aug/26 to Jul/27) shortly, ahead of its fiscal 2026 year-end financials. Mining continues at the East Ridge, Deep Ore Flats, and Borealis open pits, with gold poured regularly, although the mine has not yet reached commercial production. In our view, the upcoming guidance is the next re-rating catalyst for BOGO, giving investors their first issued production baseline and clearer visibility on the ramp. We forecast Borealis output of ~22koz Au in FY27, up from FY26 as the mine ramps.