Added to YB: 2025-08-12
Pitch date: 2025-08-11
BOGO.V [bullish]
Borealis Mining Company Limited
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
Company Info
Borealis Mining Company Limited engages in the acquisition and exploration of mineral properties in the United States.
Market Cap
CAD 115.8M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-8.39
P/E
-6.88
EV/Sales
19.82
Sector
Metals and Mining
Category
value
Borealis Mining: Turning Nevada Gold into Cash
BOGO.V: Nevada oxide gold producer w/ built ADR plant, 327k tons on heap leach pad, 1st pour Aug '25 (~3.7k oz = ~$11M rev). 1.2M+ oxide oz across Borealis (800k historic) & Sandman (494k NI 43-101). Sandman PEA: 38k oz/yr, 81% IRR, $121M NPV @$1.8k Au, FS late '26. Hub-spoke model targets 100-150k oz/yr w/o new plant capex. Tight structure: 115M shares, $9.5M cash, zero debt, $11M warrant cash; Sprott 10.8%, McEwen 13%. Trading 0.45x NAV, $35-40/oz vs peers $60-120/oz. Catalysts: 1st pour Q3, permit amendment, late '25 drilling, '26 resource update. Risks: stockpile performance, historic resource, Sandman timeline.
Read full article (13 min)