Optimo Research Ltd. has published a research report on Nicola Mining Inc., establishing a C$2.93 per-share price target and a sum-of-the-parts valuation of approximately C$766 million. The 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 and its exploration opportunities at the New Craigmont Copper Project.
The valuation breaks down into approximately C$357 million for precious metals mining and milling operations, C$250 million for the Merritt Mill, and C$125 million for New Craigmont. 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. These projections underscore the potential financial impact of Nicola's integrated business model.
Central to the thesis is the Merritt Mill, which Optimo values at C$250 million. The facility is being expanded from 200 to 500 tonnes per day, enhancing its ability to process third-party gold and silver ore from across British Columbia. This expansion supports Nicola's strategy of acquiring and developing smaller mineral projects, a key differentiator in the mining sector. The report highlights Dominion Creek, where mining began in 2026, and Treasure Mountain, where silver production is expected to resume in 2027 with an initial target of approximately 400,000 ounces. Additionally, Optimo identifies potential revenue contributions from milling and profit-sharing arrangements with Blue Lagoon Resources and Red Eye Resources.
At New Craigmont, Optimo assigns a C$125 million valuation, citing exploration results at the Jotun target and the potential for a larger porphyry copper system. The report notes that drilling identified geological characteristics consistent with a potentially larger mineralized system, and discusses exploration at the Draken target using geophysical surveys to identify additional drilling opportunities. The project's proximity to Highland Valley Copper, Canada's largest copper mine, adds strategic significance.
For investors, the report provides a detailed framework for valuing Nicola's diversified asset base. However, it is important to note that 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. The research was featured in coverage by Nicola Mining (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) and disseminated on behalf of Nicola Mining Inc. through platforms like Rocks & Stocks.
The full Sept. 21, 2026, research report by Optimo Research Ltd offers a comprehensive analysis of Nicola's assets. The company's shares trade on the TSX Venture Exchange and Frankfurt Stock Exchange, and it owns a fully permitted mill and tailings facility near Merritt, British Columbia. With the Merritt Mill expansion and exploration progress at New Craigmont, Nicola is positioned to capitalize on both precious metals and copper markets. The report's projections suggest substantial growth ahead, but investors should weigh the risks and the paid nature of the research. For more information on the dissemination of this report, see the https://ibn.fm/HUSIF newsroom and the https://RocksAndStocks.news/Disclaimer.
