Borealis Acquires Gold Bull Resources to Bolster Nevada Gold Production

Borealis Mining and Gold Bull Resources have formalized an agreement for Borealis to acquire all Gold Bull shares through a plan of arrangement, aiming to enhance Borealis's future gold production in Nevada. This strategic acquisition promises to deliver Borealis a low-capital expenditure, high-marginal Nevada gold project and significant economic benefits, aligning with Borealis's goal to transition into a mid-tier gold producer. Gold Bull shareholders receive a premium of $0.60 per share in the transaction, which equates to a 0.93 Borealis share exchange per Gold Bull share. This collaboration anticipates near-term production advancements through Borealis's permitted infrastructure, particularly benefiting the Sandman project—a project with promising PEA results presenting low initial capex and high IRR and NPV projections. These synergies further aim at advancing the Sandman project to a feasibility study and production. The joint boards have endorsed the transaction, with Gold Bull's board urging shareholders’ approval, amidst traditional closing conditions and regulatory checks targeting a completion date in early 2025.