Optimo Research Ltd. has published a Sept. 21, 2026, research report on Nicola Mining (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 report, authored by analyst Dr. Michael Green, examines the British Columbia-based mining and exploration company'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 Nicola's revenue at 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 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.
Central to the valuation is the Merritt Mill, which Optimo values 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. The company's milling and profit-sharing arrangements with Blue Lagoon Resources and Red Eye Resources are identified as potential sources of additional mill feed and cash flow.
The report highlights Dominion Creek, where mining began in 2026, as an example of Nicola's acquisition strategy. Nicola holds a 75% economic interest in the initial 10,000-tonne bulk sample, followed by full ownership. At Treasure Mountain, Optimo notes plans to resume silver extraction from existing underground workings, with an initial target of approximately 400,000 ounces expected in 2027.
For the New Craigmont Copper Project, Optimo cites exploration results at the Jotun target, where drilling identified geological characteristics consistent with a potentially 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 Optimo report is 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 report is available for review in full via the Sept. 21, 2026, research report by Optimo Research Ltd. The announcement was disseminated on behalf of Nicola Mining Inc. through Rocks & Stocks, a specialized communications platform within the Dynamic Brand Portfolio at IBN. The platform provides wire solutions via InvestorWire and other communications services. Full terms of use and disclaimers are available at https://RocksAndStocks.news/Disclaimer.
