# Borealis Mining Announces Updated NI 43-101 Preliminary Economic Assessment for the Sandman Gold Project Highlighting Strong Stand-Alone Economics, ADR-Enabled Capital Efficiency and Substantial Leverage to Gold Prices Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/borealis-mining-announces-updated-ni-43-101-preliminary-economic-assessment-for--0a6c03f5-fe2a-49b1-ac9f-2ce518a6613a Original source: https://money.tmx.com/en/quote/BOGO/news/6294230747193740/borealis-mining-announces-updated-ni-43-101-preliminary-economic-assessment-for- Publisher: tmx Original announcement: 2026-02-19T12:00:00.000Z 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 15:09:04 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Borealis Mining has released an updated Preliminary Economic Assessment \(PEA\) for the Sandman Gold Project in Nevada, showing a base-case NPV of US$203 million and an IRR of 105% at US$2,600 gold. The update highlights strong leverage to gold prices and capital efficiency through the use of existing ADR infrastructure, although the project remains based on inferred mineral resources. Reasoning: The updated PEA demonstrates substantial economic uplift due to higher gold price assumptions and improved cost modeling, despite using the same underlying inferred resource. - Positive factor: Strong base-case economics with US$203M NPV and 105% IRR - Positive factor: Significant leverage to gold price \(NPV increases to US$696M at US$4,550 gold\) - Positive factor: Rapid payback period of 1.1 years - Positive factor: Utilization of existing ADR infrastructure for capital efficiency - Negative factor: Economics based on Inferred resources which are geologically speculative - Negative factor: Sensitivity to cost inflation noted Facts used in scoring: 1 ## Classification and evidence **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 is based on inferred mineral resources which are considered too speculative for reserves. Evidence · text > The PEA 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 technical report is an updated NI 43-101 Preliminary Economic Assessment. Evidence · text > updated NI 43-101 Preliminary Economic Assessment **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: Jerod Eastman, an independent Qualified Person, is responsible for and has approved the PEA. Evidence · text > prepared by Jerod Eastman, President of DJ 6E Consulting LLC, an independent Qualified Person ## 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-mining-announces-updated-ni-43-101-preliminary-economic-assessment-for--0a6c03f5-fe2a-49b1-ac9f-2ce518a6613a#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 - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jerod Eastman - Resource group id: resource:2817e911d8e4b4f7b297 - Deposit or zone: Sandman - Mining method: open\_pit #### Resource Data - Category: inferred - Contained Metal: 340000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: The resource is stated as Inferred, which carries high geological uncertainty. - Positive factor: Forms the basis of the updated PEA - Negative factor: Inferred resources are considered too speculative geologically to be categorized as reserves Evidence · text > The PEA includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them #### 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.