Nicola Mining Reopens Portals 1 and 2 at Treasure Mountain Silver Mine with Intention to Recommence Operations in 2027
Nicola reopens portals at its idle silver mine, though a 2027 restart remains uncertain due to unresolved capital expenditure and reserve requirements.
Nicola Mining Inc. (NIM) released an independent underground inspection and factual assessment of the Treasure Mountain Silver Mine, prepared by McElhanney Ltd. The inspection was conducted on July 27, 2026, and covered Portal 1 (Level 1), Portal 2 (Level 2), underground workings, and surface infrastructure.
Key findings indicated that both portals are accessible and generally intact, with access roads passable by pickup. There were no flooded workings or major collapse zones, and atmospheric conditions were deemed acceptable. Extensive historical development remains accessible, including drifts, crosscuts, stopes, raises, draw points, diamond-drill bays, remuck stations, and sumps. Ground support is mostly functional, though localized rehabilitation, scaling, and support replacement are needed, especially near Portal 2. Natural ventilation is working via connected raises, while compressed-air, water, and electrical infrastructure remains but requires assessment and upgrading.
A significant volume of muck was observed near the Level 1 portal and will be sampled and assayed to determine whether it is broken ore that could become processing feed. Next steps include a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping reconciled to historical mine plans. Management states an intention to recommence operations in 2027, starting with safe access, then mining on Level 1 and Level 2 before exploration.
Not reported: restart capex, mine plan, production rate, AISC, mill recovery, silver/lead/zinc grades, resource/reserve estimate, or financing source for restart.
Nicola Mining Inc. (NIM) released a first-stage technical and engineering assessment for its Treasure Mountain project, confirming that the site’s physical condition is better than expected after 13 years of care and maintenance. The report also flagged the possibility of using unprocessed muck as early feed. However, the assessment does not include new production, cost, cash flow, or reserve data.
The company stated it intends to reopen the mine in 2027, but the economic viability of a restart remains unknown. The announcement did not provide a restart budget, an economic study, resource or reserve estimates, production guidance, all-in sustaining costs (AISC), or recovery and grade data.
Following the release at 09:01, the market showed little reaction. NIM’s share price closed unchanged at CAD 0.77 on September 9. The stock remains approximately 40% below its February 2026 high.
Nicola Mining Inc. (NIM) is a junior mining company listed on the Nasdaq (NICM), TSXV (NIM), and FSE (HLIA). The company holds 100% ownership of the Merritt Mill and tailings facility near Merritt, BC. This facility is fully permitted to process gold and silver via gravity and flotation and is described as the only facility in British Columbia permitted to accept third-party gold and silver mill feed.
The company’s portfolio includes the New Craigmont Project, a 100% owned high-grade copper property spanning more than 10,800 hectares and located adjacent to Highland Valley Copper. It also owns the Treasure Mountain project, which consists of 30 mineral claims and a mineral lease covering more than 2,200 hectares. This site is a fully permitted historic underground silver-lead-zinc mine that has been in care and maintenance since 2013. Additionally, Nicola Mining holds a 75% economic interest in the Dominion Gold Project, with a path to 100% ownership. This project features high-grade gold veins and holds a permit for a 10,000-tonne bulk sample.
Through its Lower Nicola Site Services division, the company operates an aggregate business comprising a gravel pit, rock quarry, and cement ready-mix plant. These operations hold permits for up to 3 million tonnes of extraction and include supply contracts such as those for Teck’s Highland Valley expansion. Key counterparties for the company include Blue Lagoon Resources, Red Eye Resources, Talisker Resources, and Ocean Partners U.K.