Borealis Gold Mine in Nevada: Borealis Mining Guides Up to 19,250 oz for Fiscal 2027

Borealis Mining (TSXV: BOGO) expects the Borealis gold mine in Nevada to pour 15,250 to 19,250 ounces of gold in its fiscal 2027, the 12 months from August 1, 2026 to July 31, 2027. The company published the guidance on October 22, 2026. It covers the first full fiscal year since Borealis restarted open-pit mining at the site near Hawthorne in early 2026 (Borealis Mining, Oct. 22, 2026).

What the plan covers

Borealis plans to move about 6.0 million short tons of material, of which about 1.77 million tons is mineralized, at a strip ratio of roughly 2.4 tons of waste per ton of ore. Most of the year's gold is expected from the Deep Ore Flats pit, with East Ridge and Freedom Flats pits filling in.

The main operating change is run-of-mine (ROM) heap leaching. About 1.06 million tons of selected ore will go straight onto the leach pads without crushing, alongside about 718,000 tons of crushed ore. The aim is to get around a crusher bottleneck and put more material under leach. The company itself cautions that ROM ore may leach more slowly and recover less gold than crushed ore, and that test work may not match results at full scale (Borealis Mining, Oct. 22, 2026).

How big a step this is

The guidance is a large jump from anything the mine has reported recently. Nevada's Division of Minerals lists Borealis Mining at 614 ounces of gold in 2024, from its leach pad, with 14 company employees (Nevada Division of Minerals, Major Mines of Nevada 2024). Mining restarted with a first production blast in the East Ridge pit on January 28, 2026 (Borealis Mining, Jan. 29, 2026). In the quarter to April 30, 2026, Borealis sold about 1,265 ounces of gold for US$6.06 million in revenue (Borealis Mining, June 23, 2026).

By our calculation, the new range averages about 3,800 to 4,800 ounces a quarter, or roughly three to four times that April quarter's sales. The company says production will not come evenly through the year.

For scale, the guidance midpoint would be about 0.5% of Nevada's 3.48 million ounces in 2024. It is close to the 16,472 ounces that Fortitude Gold's Isabella Pearl mine, also in Mineral County, produced that year (Major Mines of Nevada 2024). Our Nevada gold mining explainer covers how the state's output is spread across its operators.

The key risk: no study behind the restart

Borealis states plainly that the mine has no current mineral resources or reserves under Canada's NI 43-101 rules, and that the restart and the fiscal 2027 plan rest on internal modelling, not a preliminary economic assessment or a pre-feasibility or feasibility study. It says this means greater uncertainty and a higher risk of technical or economic failure (Borealis Mining, Oct. 22, 2026).

That matters when reading the numbers. Without a reserve, there is no independent estimate of how much gold the pits hold or what it costs to recover. Heap-leach results also lag: gold stacked this year may come out next year. Quarterly ounces poured against the 15,250-ounce low end will be the clearest test. Our junior mining risks guide explains why production decisions without a study carry extra risk.

The site does have history and permits. The mine has produced more than 600,000 ounces in the past, according to a 2024 SRK technical report the company cites (Borealis Mining, Oct. 22, 2026). In October 2025 the U.S. Forest Service's Bridgeport Ranger District approved a permit modification that expanded mining in three pits and took the approved project area to 549.7 acres (Borealis Mining, Oct. 21, 2025).

What comes next

During fiscal 2027 Borealis plans to start engineering and permitting a new heap-leach pad of 8 million to 12 million short tons, and to upgrade its ADR (adsorption-desorption-recovery) plant (Borealis Mining, Oct. 22, 2026). It also aims to be ready to submit a mining permit application for its Sandman project in Humboldt County within the fiscal year. Sandman's February 2026 PEA outlined about 38,000 ounces a year over nine years, but it includes inferred resources and does not form part of this guidance (Borealis Mining, Feb. 19, 2026). First drilling is also planned at its Big Balds project.

The company had US$18.87 million in cash at April 30, 2026 (Borealis Mining, June 23, 2026). The fiscal 2027 figures are company targets, not results. This article is for information only and is not investment advice.

For more, see our gold and United States coverage and our company profiles.

How we checked this: AI-drafted from the sources linked above and checked against them by our AI editor.