# Borealis Files NI 43-101 Technical Report for the Sandman Gold Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/borealis-files-ni-43-101-technical-report-for-the-sandman-gold-project--03beccbc-1d62-4939-8144-e7277549e4de Original source: https://money.tmx.com/en/quote/BOGO/news/8712870715178273/borealis-files-ni-43-101-technical-report-for-the-sandman-gold-project Publisher: tmx Original announcement: 2026-04-02T21:58:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Borealis Mining Company Limited - Ticker: BOGO - Exchange: TSX - Region: Nevada, USA - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-15 15:00:57 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Borealis Mining Company Limited has filed a NI 43-101 Technical Report supporting a Preliminary Economic Assessment \(PEA\) for the Sandman Gold Project in Nevada. The PEA indicates a post-tax NPV of approximately US$203 million and an IRR of 105% based on a US$2,600/oz gold price, utilizing a conventional open-pit heap-leach operation. Reasoning: The filing of the NI 43-101 Technical Report formalizes the Sandman Gold Project PEA, confirming strong economic indicators \(NPV US$203M\) and a clear processing pathway via existing infrastructure, though it relies on older resource data. - Positive factor: Strong PEA economics with US$203M NPV and 105% IRR - Positive factor: Low strip ratio of 2.2:1 - Positive factor: Strategic advantage of using existing ADR facility - Positive factor: High sensitivity to gold price leverage - Negative factor: PEA is preliminary and includes speculative inferred resources - Negative factor: Economic analysis based on 2021 Mineral Resource Estimate Facts used in scoring: 1 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The technical report supports a Preliminary Economic Assessment \(PEA\) for the Sandman Gold Project. Evidence · text > supporting the previously announced Preliminary Economic Assessment \(" PEA "\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PEA includes inferred mineral resources that are considered too speculative for reserves. Evidence · text > includes inferred mineral resources that are considered too speculative geologically **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The company filed a NI 43-101 technical report. Evidence · text > announces that it has filed on SEDAR+ the National Instrument 43-101 \(" NI 43-101 "\) technical report ## Extracted facts Stored fact records: 1. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/borealis-files-ni-43-101-technical-report-for-the-sandman-gold-project--03beccbc-1d62-4939-8144-e7277549e4de#fact-resource-facts-0) Sandman Gold Project · gold #### Identity - Project: Sandman Gold Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: BOGO #### Resource scope - Estimate type: resource - Effective date: 2026-01-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jerod Eastman - Resource group id: resource:fff2cc6418219a97d211 - Deposit or zone: Sandman Gold Project - Mining method: open\_pit #### Resource Data - Category: inferred - Contained Metal: 340000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-02T00:00:00.000Z Reasoning: The PEA highlights 340,000 oz of gold production, but notes these are based on inferred resources which carry higher geological risk. - Positive factor: Life-of-mine production of 340,000 ounces - Negative factor: Inferred resources are considered too speculative to be categorized as reserves Evidence · text > Life-of-mine gold production: approximately 340,000 ounces over ~9 years #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.