en.Wedoany.com Reported - Borealis Mining Company Limited (USA) announced its unaudited financial and operating results for the three and nine months ended April 30, 2026. Quarterly revenue reached $6.06 million, a 329.6% increase from the previous quarter ($1.42 million) and a 296% increase from the quarter ended October 31, 2025 ($1.54 million); gross profit hit a record $1.83 million, up 195% from the prior quarter ($0.62 million). The company issued a correction to its previous press release dated June 23, 2026: gold ounces sold were revised from 664.787 ounces to 1,265.189 ounces.

During the three months ended April 30, 2026, the company mined a total of 726,000 tonnes of material, crushed 119,560 tonnes, stacked 121,102 tonnes on the leach pad, sold 1,265.189 ounces of gold, and added approximately 1,204 ounces of recoverable gold to the leach pad. At quarter-end, work-in-process inventory increased to $7.39 million, cash balance stood at $18.87 million, working capital was $26.61 million, shareholders' equity was $17.50 million, and total employees numbered 27.

Mining, crushing, stacking, and gold recovery activities at the Borealis mine continued to ramp up throughout the quarter, while the company advanced engineering, permitting, and technical programs for the Sandman gold project. Following the completion of a preliminary economic assessment, a 5,000-meter drilling program was initiated, focusing on metallurgical, geotechnical, and engineering targets to support development decisions for the Sandman project.

For the nine months ended April 30, 2026, the company reported total revenue of $9.02 million and gross profit of $3.34 million. The quarterly net loss was $0.78 million, but management believes that with continued growth in production and revenue, the company is well-funded to further increase output at the Borealis mine and advance Sandman development activities. Located near the town of Hawthorne, Nevada, the Borealis mine features existing open pits, a leach pad, and an adsorption-desorption-recovery facility, having historically produced over 600,000 ounces of gold through heap leach operations. The Sandman project is an advanced exploration project with NI 43-101 compliant resources and a preliminary economic assessment.

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