TSXV: BOGO | OTC: BORMF | FSE: L4B0
Recorded on February 25, 2026
Borealis Mining CEO Kelly Malcolm joins Andy Millette for a hard-nosed update on what matters most right now: real gold pours, real operating momentum, and a project that is heavily levered to the gold price. Kelly explains why Borealis expects gold pours to increase in frequency (and hopefully size) as more ore hits the leach pad, and why the company intentionally avoids “value-of-the-bar” style announcements that can get dicey with timing and pricing. The conversation then turns to the updated Sandman economics—what stayed the same, what was updated, and why the cost inputs are now tighter after working through restart realities and fresh contractor quotes. They break down the base-case framework at $2,600 gold, the sensitivity table logic, and why Sandman’s upside torque to higher gold prices is the part the market tends to reward. Finally, Kelly lays out near-term catalysts across financials, production, drilling, permitting/engineering, and Borealis’ appetite for 2026 M&A if the right deal shows up. #Millettian
Key topics discussed
Gold pours, leach pad ramp-up, and production momentum
Why Borealis limits “pour value” announcements
Sandman updated economics: what changed vs what didn’t
Base-case assumptions, sensitivity tables, and leverage to gold
AISC leverage dynamics as gold moves higher
Engineering, permitting pathway, and mine plan of operations
Funding optionality: treasury, cash flow, and minimal dilution approach
Exploration plans, drill targets, and staffing
2026 M&A appetite and “another horse in the stable”
Borealis Mining links
Website: https://borealismining.com/
Sandman Project: https://borealismining.com/the-sandman-project/
News: https://borealismining.com/news/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
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X https://x.com/theandymillette
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Chapters
00:00 Cold open: gold pours + Sandman torque
01:51 Welcome Kelly Malcolm back
02:37 The dip, financing, and momentum reset
02:56 Blasting, pouring, and ramping the operation
04:00 Why Borealis stopped announcing pour values
06:03 Sandman PEA update: what changed, what didn’t
07:12 Base-case economics at $2,600 gold
08:22 Sensitivity tables + downside still works
08:57 Upside case: extreme leverage to higher gold
09:37 AISC leverage as a producer
10:11 Next steps: engineering + permitting
11:26 Funding Sandman with cash flow/treasury
12:22 Disclosure + sponsor note
12:56 Next-quarter catalysts: financials + production + drills
14:15 M&A appetite and 2026 deal landscape
15:33 Where to find Borealis + tickers
16:44 Wrap-up
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