Nicola Mining's Dominion Gold Project Assays Return up to 113 Grams / 3.65 Oz Gold per Tonne

On November 10, 2025, Nicola Mining announced the final assay results from its 2025 chip sampling program at the Dominion Gold Project. The results included exceptionally high-grade gold values from exposed veins, with assays up to 113.51 g/t Au (3.65 oz/t).

Key assay highlights include: - Pit Vein: 55.17 g/t Au over 1.5m, 29.25 g/t Au over 1.2m, and 113.51 g/t Au over 1.0m. - 16 Vein: 37.2 g/t Au over 1.4m. - Other veins returned lower grades, including the West Vein (0.526 g/t Au over 2.0m) and Mid West Vein (0.433 g/t Au over 0.8m).

The purpose of this sampling was to determine the average grade of exposed veins ahead of a planned bulk sample program. CEO Peter Espig stated the results confirmed their expectations for high grades and that the scale and new vein discoveries were "unanticipated exciting revelations." The company plans to focus on bulk sample extraction and defining the project's scale in 2026.

Concurrently, the company announced it has given 60 days' notice to Talisker Resources Inc., after which it will no longer accept Talisker's ore for processing at its Merritt facility.

The headline assay results are undeniably impressive and confirm the high-grade nature of select veins at the Dominion Gold Project. From a risk-averse perspective, it is crucial to note that these are selective chip samples from surface exposures, not systematic drill intercepts, and may not be representative of the entire mineralized system. The widths are also relatively narrow (1-1.5 metres for the high-grade hits). However, these bonanza grades significantly de-risk the potential of the upcoming 10,000-tonne bulk sample planned for 2026 and provide a strong proof-of-concept for the project.

This news follows the November 4, 2025, update which announced the discovery of new veins and confirmed the plan to recommence the bulk sample program in July 2026. The assays give substance to that earlier update.

The second part of the news, the termination of the milling agreement with Talisker, is a significant operational development. Historical news from September 9, 2025, showed this agreement was generating substantial revenue (707 oz gold sold for US$2.3M in August). Giving 60 days' notice means this revenue stream will cease around mid-January 2026. Nicola's own bulk sample at Dominion is not scheduled to begin until July 2026, creating a potential six-month revenue gap at the mill.

The company is likely planning to fill this capacity with ore from Blue Lagoon Resources, with whom they signed a 10-year milling agreement (announced September 29, 2025). Blue Lagoon targeted first gold sales in Q4 2025. This transition from one client (Talisker) to another (Blue Lagoon, in which Nicola is a shareholder) introduces operational risk. The profitability and consistency of this new arrangement are unproven.

Overall, the market will likely react very positively to the headline gold grades, as high-grade discoveries are rare and highly sought after. This exploration success is material. However, the operational change at the mill introduces a new uncertainty regarding near-term cash flow, a critical point for a company with a history of negative working capital. The positive exploration news outweighs the operational risk in terms of immediate market impact and sentiment.

Nicola Mining Inc. is a junior mining company operating in British Columbia. Its strategy is to leverage its wholly-owned Merritt Mill and tailings facility to generate cash flow through third-party ore processing agreements, which in turn funds exploration on its portfolio of projects. This "hub-and-spoke" model aims to minimize shareholder dilution.

The company has three primary mineral projects: 1. New Craigmont Project (Copper): A large, 10,800-hectare property adjacent to the Highland Valley Copper mine. It hosts the historic Craigmont Mine, which produced 34 million tonnes at 1.28% Cu. The company is exploring for a larger porphyry copper system. 2. Treasure Mountain Project (Silver): A fully permitted, past-producing high-grade underground silver mine. The company is re-evaluating the project amid higher silver prices. 3. Dominion Gold Project (Gold): A high-grade gold-silver project where the company holds a 75% economic interest and is advancing towards a 10,000-tonne bulk sample. The recent high-grade assays make this the company's most immediate and exciting exploration asset.