Nicola Mining Provides Merritt Mill Operational Update

Nicola Mining Inc. (NIM) issued an operations update on September 2026, providing details on activities at its Red Eye Resources, Dominion Gold Project, and Blue Lagoon Resources properties. The release contains no financial statements, tonnage, grade, recovery rates, concentrate volumes, costs, or revenue figures.

At Red Eye Resources, material sourced from stockpiles was processed in September 2026. Concentrate assay results are pending, and no product has been sold. Under the 50/50 milling profit-share agreement signed on August 17, 2026, revenue is expected to be recognized in the fourth quarter of 2026, subject to final assays, sales, and applicable revenue-recognition requirements. No dollar amounts, tonnage, or grades were provided.

At the Dominion Gold Project, the company initiated arrangements to transport and process approximately 1,300 tonnes of mineralized material at the Merritt Mill. Additional gold- and silver-bearing veins were identified during development, with their significance subject to further geological evaluation and assay results. The update did not provide a grade, a schedule for completion, or a statement on the status of the 10,000-tonne bulk sample.

Blue Lagoon Resources activity was described as a restatement of previous information. The company reiterated the August 10, 2026, $10.0 million financing commitment, with Nicola’s share totaling $5.0 million. Blue Lagoon stated it has continued to advance mine development, grade-control activities, and production ramp-up, supporting an expanding pipeline of material for processing. No tonnes, grades, or confirmed ramp rates were disclosed.

The release references three embedded graphics titled "Mill Feed Production / Red Eye Stockpile," "Dominion Bulk Sample Surface Vein," and "Blue Lagoon Stockpile and Nicola / Blue Lagoon Concentrate," which are not accessible in the text. Any hard numbers contained within those images are not present in the auditable text.

CEO commentary noted that while the timing and magnitude of revenue remain subject to assays, logistics, and sales, the operational progress achieved in 2026 provides a considerably stronger foundation for 2027.

Nicola Mining Inc. (NIM) released a routine operations update on October 22, 2026, restating three previously announced items and confirming that the Dominion project’s extraction start is materially behind schedule. The company did not disclose new financial data, grade, tonnage, or cost figures, and the update does not alter the net asset value of any asset.

The release highlights a transport figure of approximately 1,300 tonnes for the Dominion project and implicitly confirms that the July 2026 extraction start date was not met. Other details remain unchanged from prior disclosures, including the Red Eye profit-share agreement, the $10.0 million Blue Lagoon financing, the permitting status of the Merritt Mill, and the ambition to restart Treasure Mountain in 2027.

Shares of Nicola Mining Inc. closed at $0.57 on October 22, 2026, marking the low of the provided 12-month window and a fresh 52-week low printed the day before the release. The stock has declined approximately 56% from its February 2026 peak of $1.30 and about 30% since the Q1-2026 reporting period in mid-May 2026, when the price ranged between $0.78 and $0.84. Given that the chart already reflects a deep discount, the qualitative update is unlikely to move the stock 15% on its own.

Nicola Mining Inc. (NIM) owns the Merritt Mill and tailings facility near Merritt, British Columbia. Described by the company as the only facility in the province permitted to accept third-party gold and silver mill feed, the site features gravity and flotation circuits. Processing transitioned to flotation-only in February 2026 for sulphide-hosted feed, and fundraising has been directed at expanding capacity toward approximately 500 tonnes per day.

The company’s New Craigmont Project is 100% owned and comprises more than 10,800 hectares along the southern end of the Guichon Batholith, adjacent to Highland Valley Copper. The property features a copper skarn with porphyry potential and includes two targets, Draken and Jotun. A MYAB permit was received in November 2022.

Nicola Mining also holds the 100% owned Treasure Mountain Property, which consists of more than 2,200 hectares across 30 mineral claims and a mineral lease. The site is a historical high-grade silver mine, with portals reopened in September 2026 and a restart evaluation targeted at 2027. The mine lease is extended through April 26, 2032, and a multi-year area-based exploration permit was issued on June 9, 2025.

The Dominion Gold Project, located approximately 43 km northeast of Wells, BC, carries a 75% economic interest that rises to 100% upon completion of agreement terms. The property includes 9 mineral claims (55 units) covering approximately 1,058 hectares and holds a 10,000-tonne bulk sample permit, MX-100000488.

Ancillary operations include gravel and rock quarry and cement ready-mix activities, which have received $5.0 million in investment under Permit G1519 and produce diversified non-mining revenue. The company maintains partner relationships with Blue Lagoon Resources, involving Dome Mountain feed, an equity investment, and a line of credit, as well as Red Eye Resources, with a 50/50 milling profit share. Nicola Mining Inc. is listed on the TSXV under NIM, Nasdaq under NICM, FSE under HLIA, and OTCQB under HUSIF.