Borealis Mining Boosts Nevada Gold Production with Gold Bull Acquisition

Borealis Mining Company Limited (TSXV: BOGO) has announced a strategic acquisition that will significantly enhance its Nevada gold production profile. The company has entered into a definitive agreement with Gold Bull Resources Corp. (TSXV: GBRC) to acquire all of the issued and outstanding shares of Gold Bull, adding high-margin ounces in Nevada to Borealis' future production profile. This acquisition is expected to deliver significant value to shareholders of both companies.

The acquisition of Gold Bull Resources by Borealis Mining is a compelling move for both parties. Borealis shareholders will benefit from the addition of a highly advanced and robust Nevada gold project with a low capex and extremely high IRR and NPV, particularly at today's gold prices. This project, the Sandman project, is expected to add 433,000 Indicated and 60,800 Inferred gold ounces to Borealis' portfolio, further strengthening its position in the Nevada gold market.

Gold Bull shareholders, on the other hand, will receive a significant premium with an acquisition price of approximately $0.60 per Gold Bull share, representing an 86.3% premium to Gold Bull's 30-day VWAP and a 71.1% premium to the 90-day VWAP. This acquisition allows Gold Bull shareholders to maintain exposure to the Sandman and Big Balds projects through a meaningful ownership stake in the combined company, while also gaining exposure to Borealis' fully permitted and near-term producing gold asset in Nevada.

The Borealis Mine and Sandman projects are synergistic, with the Borealis ADR facility able to process loaded carbon from the Sandman project as proposed in the 2023 PEA. This synergy dramatically lowers capex and permitting risks, making the acquisition even more attractive. The Sandman project benefits from a great location close to Winnemucca, NV, strong historical and recent metallurgical results, a massive historical dataset, and robust proximal infrastructure.

Borealis Mining's CEO, Kelly Malcolm, expressed his enthusiasm for the acquisition, stating, "We have been very interested in Gold Bull and in particular the Sandman project for many months now. Our team has internally validated both the existing 2021 mineral resource and the economics presented in the 2023 PEA and have seen potential near-term upside opportunities in both. We look forward to rapidly advancing the project to production, especially in light of the sensitivity analysis of the 2023 PEA which shows very exciting economics at current gold prices."

Cherie Leeden, CEO of Gold Bull, also praised the acquisition, noting, "We reviewed and analyzed numerous companies for potential mergers, and of those, Borealis stood out to us as the ideal partner. The Borealis board boasts extensive experience in planning, financing, building and operating mines. The merger allows our shareholders to maintain exposure to our Sandman and Big Balds Projects through a meaningful ownership stake in the combined company while gaining exposure to the Borealis Mine which is a fully permitted and near term producing gold asset, also located in Nevada. We are convinced that combining forces with Borealis will unlock significant value for all shareholders, as Borealis has committed to advance the Sandman Project through to Feasibility Study with the aim of getting Sandman into production as soon as possible."



The acquisition of Gold Bull Resources by Borealis Mining is a strategic move that is expected to create significant value for shareholders of both companies. The Sandman project's low capex and high IRR, combined with the synergies between the Borealis ADR facility and the Sandman project's heap leach operation, make this acquisition an attractive opportunity for Borealis to grow into a mid-tier gold producer. Gold Bull shareholders will also benefit from the premium received and the opportunity to maintain exposure to the Sandman and Big Balds projects through a meaningful ownership stake in the combined company.



In conclusion, the acquisition of Gold Bull Resources by Borealis Mining is a strategic move that is expected to create significant value for shareholders of both companies. The Sandman project's low capex and high IRR, combined with the synergies between the Borealis ADR facility and the Sandman project's heap leach operation, make this acquisition an attractive opportunity for Borealis to grow into a mid-tier gold producer. Gold Bull shareholders will also benefit from the premium received and the opportunity to maintain exposure to the Sandman and Big Balds projects through a meaningful ownership stake in the combined company.