Companies · Mining & Resources

Borealis Mining Co Ltd

TORONTO · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Borealis Mining Co Ltd — recommendation, valuation, rhythm, risks.
$2.4M
Total raised · real
3
Rounds
5.9×
Latest step-up
Top 48%
Sector rank · raised
Seed
Latest stage · inferred · Thu Apr 04 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Borealis Mining Co Ltd looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.59× the median modeled value of Seed Mining & Resources companies in 2022–2024 (63 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.2 yr ago; this sector typically re-raises about every 11 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Borealis Mining Co Ltd is one of 701 Mining & Resources companies tracked from TORONTO. By capital raised it ranks mid-pack (ahead of 53% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2022
Year incorporated
2024-04-04
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3M$2.5M$3.8M$5.0MSeed · 2023-09-14 Raised $1.5M (real) Modeled valuation $4.6M (est)$1.5M$4.6MSeed2023Seed · 2024-01-03 Raised $127K (real) Modeled valuation $372K (est)$127K$372KSeed2024Seed · 2024-04-04 Raised $752K (real) Modeled valuation $2.1M (est)$752K$2.1MSeed2024+$127K+$752KCumulative $2.4M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$1.5M · 2023
Seed extension$127K · 2024
Seed extension$752K · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$2.1M
Base estimate est.
$643K
Conservative case
$6.0M
Upside case
$3.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Seed · modeled $4.6M · 2023-09-142023Seed · modeled $372K · 2024-01-03Seed · modeled $2.1M · 2024-04-042024
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
38%
Survival probability
17% low · 59% high
1.19×/yr
Annual markup
1.56×/yr upside case
2.2 yr
Elapsed time used
2.2 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
3 mo
Avg between rounds
$4.2M/yr
Capital velocity
2.8 yr
On record since
2023
First round
3
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1.0× above median
This company$2.4M
Sector median$2.3M
Latest round — vs other Seed rounds in sector (real $, this stage) 0.7× of median
This company$752K
Sector median$1.1M
Modeled value — vs sector median (estimate, all stages) 0.8× of median
This company$2.1M
Sector median$2.5M

Raised more than 53% of sector peers (real $). Modeled value above 48% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #43 of 63.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Medusa Mining Ltd · Seed Raised $3.8M · modeled $15.6M (est)HighGold Mining Inc. · Seed Raised $12.5M · modeled $13.2M (est)Modern Mining Technology Corp. · Seed Raised $3.3M · modeled $13.2M (est)Only Gold Development Ltd Liability Co · Seed Raised $3.5M · modeled $12.9M (est)Rex Gold Partners, LLC · Seed Raised $3.5M · modeled $12.7M (est)Cornish Metals Inc. · Seed Raised $3.2M · modeled $12.6M (est)Newport Mining LLC · Seed Raised $3.0M · modeled $11.6M (est)Quartz Lake Mining, Inc · Seed Raised $3.0M · modeled $10.0M (est)Transatlantic Gold, Corp. · Seed Raised $2.5M · modeled $9.5M (est)Military Metal Art HoldCo, LLC · Seed Raised $3.1M · modeled $8.8M (est)Snowline Gold Corp. · Seed Raised $3.1M · modeled $8.5M (est)Northern Vertex Mining Corp. · Seed Raised $2.8M · modeled $7.8M (est)Borealis Mining Co Ltd (this company) Raised $2.4M · modeled $2.1M (est)Borealis Mining Co Ltd
CompanyStageRaised · realValue · estvs peer med.
Medusa Mining LtdSeed$3.8M$15.6M4.35×
HighGold Mining Inc.Seed$12.5M$13.2M3.69×
Modern Mining Technology Corp.Seed$3.3M$13.2M3.68×
Only Gold Development Ltd Liability CoSeed$3.5M$12.9M3.59×
Rex Gold Partners, LLCSeed$3.5M$12.7M3.55×
Cornish Metals Inc.Seed$3.2M$12.6M3.51×
Newport Mining LLCSeed$3.0M$11.6M3.24×
Quartz Lake Mining, IncSeed$3.0M$10.0M2.79×
Transatlantic Gold, Corp.Seed$2.5M$9.5M2.65×
Military Metal Art HoldCo, LLCSeed$3.1M$8.8M2.45×
Snowline Gold Corp.Seed$3.1M$8.5M2.38×
Northern Vertex Mining Corp.Seed$2.8M$7.8M2.19×
Borealis Mining Co Ltd this companySeed$2.4M$2.1M0.59×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$1.5M2023-09-14$7.4M$4.6M90%
Seed$127K2024-01-03$636K$372K90%
Seed$752K2024-04-04$3.8M$2.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$1.5M2023-09-14
    • First recorded raise — entered as Seed.
    • 2 investors on this round.
  2. Seed$127K2024-01-03
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 11.6× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Seed$752K2024-04-04
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 5.9× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2024 ~Q3
Modeled next raise · ~3mo cadence
$2.3M
Modeled next size est.range $1.5M$3.6M
5.9×
Last step-up
$4.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Richard Patricio10 other2023-09
Anthony Makuch6 other2023-09
Greg Gibson5 other2023-09
Jennifer Thor2 other2023-09
Robert Buchan2 other2023-09
Kelly Malcolm1 other2023-09
Mike Dai1 other2023-09
Registry & provenance

Borealis Mining Co Ltd is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1994238
SEC CIK
2022
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Borealis Mining Co Ltd (BC)Mining & ResourcesPre-Seed$156K$341Knetwork6 shared operators · same sector
Mega Uranium Ltd.Mining & ResourcesSeed$3.1M$2.4Mnetwork1 shared operator · same sector · same stage
Sterling Metals Corp.Mining & ResourcesPre-Seed$986K$723Knetwork2 shared operators · same sector
Mogotes Metals Inc.Mining & ResourcesSeed$7.8M$2.6Mnetwork1 shared operator · same sector · same stage
West Red Lake Gold Mines Ltd.Mining & ResourcesSeed$12.9M$5.8Mnetwork1 shared operator · same sector · same stage
Aftermath Silver Ltd.Mining & ResourcesSeed$2.4M$834Ksame sector · same stage
Blackrock Gold Corp.Mining & ResourcesSeed$2.3M$552Ksame sector · same stage
Marifil Mines LtdMining & ResourcesSeed$2.3M$756Ksame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Borealis Mining Co Ltd (BC)Mining & ResourcesPre-Seed$341K97%
Trimetals Mining Inc.Mining & ResourcesPre-Seed$893K81%
Goldrich Mining CoMining & ResourcesSeed$648K80%
Maple Gold Mines Ltd.Mining & ResourcesPre-Seed$340K80%
Hunt Mining CorpMining & ResourcesPre-Seed$1.6M80%
Compass Mining, Inc.Mining & ResourcesSeed$8.2M80%
Candelaria Mining Corp.Mining & ResourcesSeed$1.4M80%
Verdant Minerals LtdMining & ResourcesPre-Seed$3.8M80%
Frequently asked
How much funding has Borealis Mining Co Ltd raised?
Borealis Mining Co Ltd has raised approximately $2.4M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Borealis Mining Co Ltd's estimated valuation?
Provath's modeled valuation for Borealis Mining Co Ltd is approximately $2.1M (modeled range $643K–$6.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Borealis Mining Co Ltd at?
Borealis Mining Co Ltd's latest modeled financing stage is Seed. Its most recent recorded round closed around Thu Apr 04.
What does Borealis Mining Co Ltd do and where is it based?
Borealis Mining Co Ltd operates in the Mining & Resources sector, based in TORONTO.
Explore related

See where Borealis Mining Co Ltd sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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