Optimo Research Ltd. has published a research report on Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA), establishing a C$2.93 per-share price target based on a sum-of-the-parts valuation of approximately C$766 million. The Sept. 21, 2026, report, authored by analyst Dr. Michael Green, examines Nicola’s strategy of consolidating high-grade gold and silver projects through its wholly owned Merritt Mill, alongside exploration opportunities at its New Craigmont Copper Project.
Optimo projects revenue of C$17 million in 2026 and C$109 million in 2027, with net profit forecasts of C$1.4 million and C$58 million, respectively. The report values the Merritt Mill at C$250 million, citing its ability to process third-party gold and silver ore from across British Columbia. The facility is being expanded from 200 to 500 tonnes per day, supporting Nicola’s strategy of acquiring and developing smaller mineral projects. According to the Sept. 21, 2026, research report by Optimo Research Ltd, this expansion underpins the company’s ability to generate cash flow from milling operations while advancing its own resource projects.
The report highlights Dominion Creek, where mining began in 2026, and Treasure Mountain, where silver production is expected to resume in 2027. Optimo identifies potential revenue contributions from milling and profit-sharing arrangements with Blue Lagoon Resources and Red Eye Resources. At Dominion Creek, Nicola holds a 75% economic interest in the initial 10,000-tonne bulk sample, followed by full ownership. At Treasure Mountain, the company plans to resume silver extraction from existing underground workings, with an initial target of approximately 400,000 ounces.
Optimo assigns a C$125 million valuation to the New Craigmont Copper Project, citing exploration results at the Jotun target and the potential for a larger porphyry copper system. The report also discusses exploration at the Draken target and the use of geophysical surveys to identify additional drilling opportunities. New Craigmont encompasses more than 10,800 hectares along the southern margin of the Guichon Batholith, adjacent to Highland Valley Copper, Canada’s largest copper mine.
The valuation assigns approximately C$357 million to precious metals mining and milling operations, C$250 million to the Merritt Mill and C$125 million to New Craigmont. The report constitutes paid, non-independent research. Nicola Mining is a client of Optimo Research and paid for the report’s production. Optimo states that its price target represents an estimated valuation rather than a recommendation to buy or sell shares, and its financial projections are subject to geological, operational, commodity price and execution risks.
For readers tracking the mining sector, the report provides a detailed framework for valuing integrated milling and exploration companies. Nicola Mining Inc. is a British Columbia-based mining and exploration company listed on the TSX Venture Exchange and Frankfurt Stock Exchange. The company owns a fully permitted mill and tailings facility near Merritt, capable of processing gold- and silver-bearing mill feed using gravity and flotation circuits. Through mining and milling profit-sharing agreements with high-grade gold projects, Nicola seeks to leverage this infrastructure to generate operating opportunities while advancing its broader mineral asset portfolio.
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