Borealis Files Final Short Form Prospectus in Connection with $10 Million Bought Deal Offering

Borealis Mining Company Limited (TSXV: BOGO, FSE: L4B0) ("Borealis" or the "Company") has filed a final short form prospectus dated February 21, 2025, with the securities commissions in all provinces of Canada, except Quebec, and has obtained a receipt therefor. The final prospectus qualifies the distribution of an aggregate of 17,857,150 units (the "Units") at a price of C$0.56 per Unit, for gross proceeds to the Company of C$10,000,004 (the "Offering"). Closing is expected to occur on or about February 26, 2025, subject to customary closing conditions, including final acceptance of the TSX Venture Exchange.

The Units will be offered by way of short form prospectus in each of the provinces of Canada (other than Quebec), pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units may also be sold into the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and in such other jurisdictions outside of Canada and the United States as agreed, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

The Offering is a strategic move for Borealis, as the net proceeds from the sale of the Units will be used to fund exploration and development at the Company’s gold projects in Nevada, and for working capital and general corporate purposes. This aligns with the company's long-term strategic goals of expanding its mining operations and increasing its gold reserves. The Borealis Gold Project, located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization, and the funds raised can be used to explore and develop this project further.

The Offering also provides Borealis with access to capital markets, which can help the company to fund its exploration and development activities in Nevada. By obtaining the TSXV's approval, Borealis can tap into a larger pool of investors, including institutional investors, which can provide the company with the financial resources it needs to execute its business plan and achieve its long-term objectives.

In conclusion, Borealis's Offering is a strategic move that aligns with the company's long-term goals of expanding its mining operations, managing risks, and enhancing shareholder value. The funds raised will be used to fund exploration and development, working capital, and general corporate purposes, while also diversifying the company's funding sources. The regulatory environment, particularly the approval of the TSX Venture Exchange, is essential for the success and sustainability of the Offering, as it provides investors with confidence in the Offering's legitimacy, enhances the Offering's visibility and accessibility, and provides Borealis with access to capital markets.