Nicola Mining Announces NASDAQ Listing and Pricing of US$6.0 Million Offering

Nicola Mining Inc. announced on April 13, 2026, the pricing of a US underwritten public offering consisting of 930,233 American Depositary Shares (ADSs) at US$6.45 per ADS. Each ADS represents 12 common shares. The transaction is expected to generate gross proceeds of approximately US$6.0 million before expenses. Net proceeds are designated for mill expansion, property-plant-equipment expenditures, and working capital. The offering includes warrants to purchase an equal number of ADSs at a CAD$12.2213 exercise price, exercisable immediately with a five-year term. Trading on the NASDAQ Capital Market under ticker "NICM" is slated to commence April 13, 2026, with closing expected April 14, 2026. This follows previous announcements in October 2025 and March 2026 regarding the intent to uplist to NASDAQ.

The news is categorized as Routine - Positive. While securing a US listing and raising capital is fundamentally positive for liquidity and operational funding, this event was anticipated based on prior disclosures (October 2025 filing, March 2026 update). The offering price implies an effective common share price of approximately US$0.5375 per share (US$6.45 / 12), which converts to roughly C$0.72 assuming a 1.35 CAD/USD exchange rate. This represents a discount to the recent trading range of C$0.93–C$1.00, indicating dilution for existing shareholders. The capital raise is necessary given the company's cash burn rates observed in the September 2025 financials (Operating Cash Flow -C$4.2M over nine months), but it does not fundamentally alter the investment thesis beyond executing a previously stated strategy to expand milling capacity and access US investors.

Nicola Mining Inc. operates a diversified portfolio focused on milling operations and exploration. The flagship asset is the Merritt Mill & Tailings facility in British Columbia, which serves as a third-party processing hub for partners like Blue Lagoon Resources (Dome Mountain) and Talisker Resources. Exploration assets include the New Craigmont Copper Project (historic high-grade skarn/porphyry), Treasure Mountain Silver Mine (permitted but care-and-maintenance), and Dominion Creek Gold Project (bulk sample phase). The company is transitioning from a pure explorer to an operating miller with revenue streams from toll milling and concentrate sales.