Core Viewpoint - Borealis Mining Company Limited has transitioned from development activities to initial gold production, achieving significant revenue and preparing for a planned restart of mining operations in early 2026 [2][8]. Financial Highlights - The company reported revenues of US$1.54 million and a gross profit of US$0.89 million for the three months ended October 31, 2025 [14]. - The net loss decreased to US$0.88 million from US$2.27 million in the prior-year period, reflecting improved operational performance [3][14]. - Cash balance increased to US$8.18 million from US$3.18 million at the end of July 2025, primarily due to warrant and option exercises [10][14]. Operating Highlights - The primary source of gold production was the processing of historic oxide stockpiles, with approximately 123,000 tonnes of material hauled to the leach pad during the quarter [4]. - The first gold pour from historic stockpiles produced 956.8 troy ounces of doré, resulting in approximately 406.9 payable gold ounces [5]. - ADR plant operations remained stable with no material interruptions, and minor upgrades improved operational reliability [5]. Permitting, Development, and Exploration - Preparations for the restart of open-pit mining and blasting in early 2026 are ongoing, with key engineering reviews and workforce planning completed [6][8]. - The United States Forest Service approved a Minor Modification to the Borealis Mine Plan of Operations on October 21, 2025, marking a significant milestone [7]. Subsequent Events - Following the quarter end, the company completed a second gold pour and continued production from remaining stockpile material [11]. - Ongoing contractor selection and regulatory coordination are in progress in anticipation of the planned resumption of mining operations [11].