Nicola Mining Provides Update on Exploration Activities and Successfully Confirms New Poprphy Target at Its New Craigmont Copper Project

Nicola Mining Inc. (NIM) has completed its inaugural drill hole, JT-26-001, at the newly identified Jotun porphyry copper target, confirming highly prospective geological characteristics. The 840-metre hole intersected predominantly hornblende diorite of the Guichon Creek Border Phase, displaying dynamic hydrothermal alteration transitioning between propylitic, sericitic, and potassic assemblages. Multiple fault zones and fractured intervals contain clay gouge, hematite-limonite alteration, and remobilized copper, with visible native copper observed along fractures. Mineralization consists primarily of bornite-bearing veins with subordinate chalcopyrite-bornite assemblages, suggesting transitional porphyry-style and skarn-related characteristics. The top 186 metres displayed the strongest porphyry-style alteration to date at New Craigmont, characterized by a high abundance of quartz-K-feldspar veins.

A comprehensive Mobile Magnetotelluric (Mobile MT) geophysical survey was completed across the entire property (~1,436 line-kms) to refine subsurface resistivity features. Mobile Metal Ion (MMI) soil sampling covered ~8.75 sq km at the Draken target, collecting ~1,000 soil samples. Future exploration plans include drilling the Treasure Mountain silver project before returning to New Craigmont later in the season, alongside compiling a historical drilling database and processing pXRF/SWIR geochemical datasets.

Nicola Mining Inc. (NIM) released an exploration update rather than an earnings report, meaning the findings do not immediately alter production guidance, cost structure, or cash flow projections. The confirmation of porphyry-style alteration and bornite mineralization at Jotun validates the district-scale exploration model and supports the long-term thesis for New Craigmont.

Despite these geological validations, the company faces near-term financial realities, including cash burn, a going concern flag, and the absence of a defined resource or reserve for the Jotun target. The market has already priced in dilution and operational delays, evidenced by the approximately 48% stock decline from February highs. This update is considered incremental and expected by exploration-focused investors.

Nicola Mining Inc. (NIM) operates the fully permitted Merritt Mill in British Columbia, transitioning from toll milling to a dedicated gold and silver processing hub. The company’s flagship asset is the New Craigmont Copper Project, a 10,800-hectare property historically known as a high-grade copper skarn mine that is now being re-evaluated for porphyry systems.

Secondary assets include the Dominion Creek Gold Project, where Nicola holds a 75% economic interest and is in the bulk sample phase, and the Treasure Mountain Silver Project, which is permitted and under care and maintenance. The company also operates a gravel pit and cement ready-mix plant. Strategic partnerships include long-term milling agreements with Blue Lagoon Resources for the Dome Mountain project and Talisker Resources, providing diversified feed sources and revenue streams.