Mr. Eric Sprott, an investor, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN BOREALIS MINING COMPANY LTD

On Sept. 12, 2025, 2176423 Ontario Ltd., a corporation Eric Sprott beneficially owns, exercised two million common share purchase warrants of Borealis Mining Company Ltd. at 75 cents per common share for aggregate consideration of $1.5-million.

Prior to such exercise, Mr. Sprott beneficially owned and controlled 7,571,400 shares and 3,785,700 warrants, representing approximately 6.6 per cent of the outstanding shares on a non-diluted basis and approximately 9.5 per cent on a partially diluted basis assuming the exercise of all such warrants. Mr. Sprott now beneficially owns 9,571,400 shares and 1,785,700 warrants, representing approximately 8.2 per cent of the outstanding shares on a non-diluted basis and approximately 9.5 per cent on a partially diluted basis assuming the exercise of all such warrants. The exercise of warrants, combined with previous new share issuances by Borealis Mining, resulted in an ownership decrease, on a partially diluted basis, of approximately 1.3 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario ceased to be insiders of Borealis Mining.

The shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Borealis Mining's address is 410 West Georgia St. (fifth floor), Vancouver, B.C., V6B 1Z3. A copy of the early warning report with respect to the foregoing will appear on Borealis Mining's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. E, Suite 1106, Toronto, Ont., M5C 3C5).