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Nicola Mining

Gold explorer, with a project stated to be in British Columbia.

British Columbia · Canada — as stated on the recordings

explorer gold British Columbia, Canada
Apr 2026 → May 2026Covered
9 of 10Topics on record
2Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 2 interviews with the company · 2 independent recordings
Stage
Explorer
Primary commodity
Gold
Jurisdiction
British Columbia
Deposit
Treasure Mountain: high-grade silver veins at surface
Latest appearance
27 May 2026
On record
2 interviews · 36 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
Dominion gold: around 5,000 to 10,000 tons production target
Management-stated Peter Espig Apr 2026
Grade
New Craigmont copper: highest grade major copper mine in North American history; intercepts well over 1% copper
Management-stated Peter Espig Apr 2026
Capital needed
approximately 250 million to build a mill
Management-stated Peter Espig May 2026
What happens next
engaged engineers to reopen Treasure Mountain silver mine in August
Management-stated Peter Espig May 2026
The main open question
Rick Rule sees capable management but says there is no evidence of a deposit large enough or economics strong enough to justify the risk.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
2 independent voices on record — 1 constructive, 1 cautious
Rick Rule, Rana Vig
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Permitting ? Wording changed No comparable date in one of the two statements 2 statements on record
22 Apr 2026
all projects fully permitted
“everything we own is permitted”
27 May 2026
Merritt mill permit allows Nicola Mining to accept and process gold and silver mill feed with 30 days notification to Ministry of Mining
“our permit reads, you know, Nicola Mining has the right to accept and process gold and silver mill feed subject to notifying the Ministry of Mining it's 30 days ahead.”
Shares outstanding ? Wording changed One statement carries no figure to compare 2 statements on record
22 Apr 2026
trading on TSX Venture under ticker NIM and Nasdaq under ticker NICM
“we trade on on the Canadian on the TSX Venture in Canada under the our ticker is NIM”
27 May 2026
Listed on Nasdaq with ticker NICM and on TSX Venture with ticker NIN
“we just recently listed on on Nasdaq with the ticker NICM.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Nicola Mining's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

2 independent voices — people who do not speak for the company — across 2 mentions.

1 constructive 1 cautious
  • Rick Rule “He likes the people but says he does not see a big deposit or enough reward to justify the risk.”
  • Rana Vig “Toll-mill partner used to process mineralized material and validate recovery.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the Merritt mill is the only permitted processor of gold and silver feed in British Columbia, giving Nicola a toll-milling monopoly while it develops Dominion gold (1 oz/ton at surface, July 2026 start) and Treasure…

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the Merritt mill is the only permitted processor of gold and silver feed in British Columbia, giving Nicola a toll-milling monopoly while it develops Dominion gold (1 oz/ton at surface, July 2026 start) and Treasure Mountain silver ($50M projected 2027 revenue). New Craigmont copper shows world-class grades over 1% with half a billion pounds in the historic halo. An outside investor noted the toll-mill partner validates recovery and de-risks the asset base.

▼ Bear case

Rick Rule sees capable management but says there is no evidence of a deposit large enough or economics strong enough to justify the risk.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Rick Rule sees capable management but says there is no evidence of a deposit large enough or economics strong enough to justify the risk. Technical risk remains: copper drilling at New Craigmont cannot guarantee mineralization; Treasure Mountain's $60M sunk cost was incurred when silver was $15, not justified then; and the company needs $250M to build its own mill, a capital cliff that growth cannot overcome at current projections.

◆ Watch next

Copper drilling at New Craigmont begins late April 2026 (first material test of porphyry); Dominion gold mining and Treasure Mountain silver exploration drilling commence May–July 2026 with milling August 2026; exploration results on both…

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Copper drilling at New Craigmont begins late April 2026 (first material test of porphyry); Dominion gold mining and Treasure Mountain silver exploration drilling commence May–July 2026 with milling August 2026; exploration results on both projects and 2026 earnings reports will show whether toll-milling economics work and whether silver production hits the $50M 2027 target management projects.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 18 statements

The deposit 8

Key takeaway. Management describes the company's deposits as having significant exploration upside across multiple projects.

Read the full summary

At New Craigmont, the company says it is targeting the main ore body (the "trunk") after identifying a branch (skarn) from which a historic mine extracted 900 million pounds, and notes this was the highest grade major copper mine in North American history with intercepts well over 1% copper. At Treasure Mountain, management reports high-grade silver veins at surface on the backside of a historic silver mine that has never been drilled, with over $60 million already spent on development and ready to start mining. For the Dominion gold project, the company cites a production target of around 5,000 to 10,000 tons of high-grade material at surface.

What was actually said
deposit type
Treasure Mountain: high-grade silver veins at surface
“we're really excited cuz the veins are at surface”
Peter Espig· 22 Apr 2026·
exploration upside
potential of two discoveries: copper porphyry at New Craigmont and backside of Treasure Mountain silver mine
“we actually have the potential of two discoveries. You know, drilling into the copper porphyry and then the backside of the silver mine”
Peter Espig· 22 Apr 2026·
exploration upside
Treasure Mountain silver project: over $60 million already spent in development, ready to start mining
“There's been over $60 million spent in getting the mine to where it is right now”
Peter Espig· 22 Apr 2026·
Show the other 5 statements
exploration upside
New Craigmont: targeting main ore body (trunk) after identifying branch (skarn); historic mine extracted 900 million pounds from skarn
“There was 900 million pounds taken of what what's called a skarn, which is like a branch of of a tree”
Peter Espig· 22 Apr 2026·
exploration upside
Treasure Mountain: exploration on backside of silver mine with veins at surface, never drilled in history
“There's never been a drill hole in history, and we're really excited cuz the veins are at surface”
Peter Espig· 22 Apr 2026·
grade
New Craigmont copper: highest grade major copper mine in North American history; intercepts well over 1% copper
“New Craigmont Copper, which by the way is the highest grade major copper mine in North American history”
Peter Espig· 22 Apr 2026·
grade
Dominion gold: high-grade at surface, announced gold per ton
“we will open and start mining the Dominion high-grade gold project. When I say high grade, I mean we're talking at surface announced gold per ton”
Peter Espig· 22 Apr 2026·
reserve size
Dominion gold: around 5,000 to 10,000 tons production target
“somewhere I would say five to 10,000 tons of like around 5,000 tons”
Peter Espig· 22 Apr 2026·

Jurisdiction 6

Key takeaway. Management highlights that its projects are located in British Columbia, Canada, and that as of April 2026 the company reports all its projects are fully permitted.

Read the full summary

The company notes that the Merritt mill permit allows Nicola Mining to accept and process gold and silver mill feed with 30 days' notification to the Ministry of Mining (as of May 2026). Regarding community agreements, the company reports that at its Dominion silver mine, the community holds a 75% economic interest for the first 10,000 tons and 100% thereafter (as of April 2026).

What was actually said
permit status
Merritt mill permit allows Nicola Mining to accept and process gold and silver mill feed with 30 days notification to Ministry of Mining
“our permit reads, you know, Nicola Mining has the right to accept and process gold and silver mill feed subject to notifying the Ministry of Mining it's 30 days ahead.”
Peter Espig· 27 May 2026·
region
British Columbia
“Everything we have is in British Columbia, everything we have is fully permitted, everything have is synergistic.”
Peter Espig· 27 May 2026·
community agreement
Dominion silver mine: 75% economic interest for first 10,000 tons, 100% after
“We we have 75% economic interest for the first 10,000 tons. And then 100% economic interest after that in a project called Dominion”
Peter Espig· 22 Apr 2026·
Show the other 3 statements
country
Canada
“everything we have is in in British Columbia”
Peter Espig· 22 Apr 2026·
permit status
all projects fully permitted
“everything we own is permitted”
Peter Espig· 22 Apr 2026·
region
British Columbia
“everything we have is in in British Columbia”
Peter Espig· 22 Apr 2026·

Technical risk 4

Key takeaway. Management states that the Treasure Mountain silver mine is assumed to be a low-cost mine (May 2026).

Read the full summary

At New Craigmont, the company reports discovering an impairment zone with "world class grade" and intercepts well over 1% copper, and notes a targeted large copper anomaly with a historic halo of half a billion pounds of copper around the property (April 2026). However, management also cautions that it cannot guarantee copper mineralization exists within that anomaly.

What was actually said
key assumption
Treasure Mountain silver mine is a low-cost mine
“It's a low-cost mine. It's a low-cost mine, but we just it didn't make sense depleting your resource when silver was $15.”
Peter Espig· 27 May 2026·
key assumption
large copper anomaly at New Craigmont targeted; historic halo of half a billion pounds of copper around New Craigmont
“there was a halo of half a billion pounds of copper. So, we know we knew that there was copper there”
Peter Espig· 22 Apr 2026·
key assumption
New Craigmont discovered impairment zone with world class grade and intercepts well over 1% copper
“The very first drill hole that we did was we discovered a zone called the impairment zone. So, and that's that's world class grade”
Peter Espig· 22 Apr 2026·
Show the other 1 statement
stated risk
New Craigmont copper drilling: cannot guarantee copper mineralization in anomaly
“I I can't guarantee that um it's going to be copper mineralized”
Peter Espig· 22 Apr 2026·

Economics 5 statements

Economics 4

Key takeaway. Regarding project economics, management provided operating cost estimates for Dominion gold of $180/ton for mining, $100/ton for trucking and $50/ton for milling, with approximately one ounce of gold per ton of ore (April 2026).

Read the full summary

The company also noted that Treasure Mountain silver is projected to add $50 million in revenue in 2027, and cited an analyst report projecting 2026 revenues close to $92 million (April 2026).

What was actually said
operating cost
Dominion gold: approximately 1 ounce per ton of ore
“it runs an ounce of gold. So, you know, there's a lot of profit driven from there”
Peter Espig· 22 Apr 2026·
operating cost
Dominion gold: mining $180/ton, trucking $100/ton, milling $50/ton
“our cost of mining is is estimated around $180 a ton, trucking is $100 a ton, milling is $50 a ton”
Peter Espig· 22 Apr 2026·
price assumption
2026 revenues projected close to 92 million by analyst report
“2026, I mean, I I'll just go off what an analyst report has that they have us they project revenues close to 92 million”
Peter Espig· 22 Apr 2026·
Show the other 1 statement
price assumption
Treasure Mountain silver: projected to add $50 million revenue in 2027
“that will add another $50 million into 2027”
Peter Espig· 22 Apr 2026·

Financing 1

What was actually said
capital needed
approximately 250 million to build a mill
“you can never justify building a mill for 250 million cuz building our mill would cost you that much now.”
Peter Espig· 27 May 2026·

Timeline 9 statements

Timeline 7

Key takeaway. Management says Nicola Mining is targeting a busy second quarter and summer 2026 across its projects.

Read the full summary

The company reports gold mining at Dominion will commence in July 2026 and that it will start extracting high-grade gold that month, with milling of material beginning in August. On the silver side, management states Treasure Mountain exploration drilling will start in May 2026, with the mine reopening targeted for July/August 2026. Meanwhile, the company says copper drilling at New Craigmont is scheduled to begin the week of 27 April 2026.

What was actually said
milestone
engaged engineers to reopen Treasure Mountain silver mine in August
“in August, we we've already engaged the the engineers to to reopen our silver mine, which is Treasure Mountain silver mine.”
Peter Espig· 27 May 2026·
milestone
commence operations at Dominion Gold project in July
“in July we will commence the operations at at the Dominion Gold project.”
Peter Espig· 27 May 2026·
milestone
start extracting high-grade gold in July and start milling material in August
“we're getting ready right now to start extracting high-grade gold in July and start milling that material in August.”
Peter Espig· 27 May 2026·
Show the other 4 statements
milestone
Treasure Mountain silver mining opens July/August 2026
“concurrent or July August be opening our high-grade silver mine, which is called Treasure Mountain”
Peter Espig· 22 Apr 2026·
milestone
copper drilling at New Craigmont starting the week of 27 April
“starting the week of the 27th of April, we will commence copper drilling into the porphyry system”
Peter Espig· 22 Apr 2026·
milestone
Dominion gold mining commences July 2026
“starting July, so July of 2026, we will we will open and start mining the Dominion high-grade gold project”
Peter Espig· 22 Apr 2026·
milestone
Treasure Mountain silver exploration drilling commencing May 2026
“the following month will be doing drilling exploration at our silver project, which is the silver mine that will be opening called Treasure Mountain”
Peter Espig· 22 Apr 2026·

Catalysts 2

Key takeaway. Management of Nicola Mining points to two catalysts expected in May 2026: the release of earnings reports and exploration results from the company's Craigmont and Treasure Mountain properties.

What was actually said
upcoming result
Exploration results from Craigmont and Treasure Mountain
“We've completed one major hole at the Craigmont. We're going to be commencing exploration at Treasure Mountain. All of these results are going to be coming out.”
Peter Espig· 27 May 2026·
upcoming result
Earnings reports
“We're going to have earnings coming out.”
Peter Espig· 27 May 2026·

Corporate 4 statements

Share structure 2

Key takeaway. Management reports that Nicola Mining's shares trade on the TSX Venture under ticker NIM and on the Nasdaq under ticker NICM.

Read the full summary

In a separate statement from a different date, the company said the tickers are NICM on the Nasdaq and NIN on the TSX Venture (the two statements give different TSX Venture ticker symbols).

What was actually said
shares outstanding
Listed on Nasdaq with ticker NICM and on TSX Venture with ticker NIN
“we just recently listed on on Nasdaq with the ticker NICM.”
Peter Espig· 27 May 2026·
shares outstanding
trading on TSX Venture under ticker NIM and Nasdaq under ticker NICM
“we trade on on the Canadian on the TSX Venture in Canada under the our ticker is NIM”
Peter Espig· 22 Apr 2026·

Market 2

Key takeaway. Management says the company is pursuing a consolidation strategy for high-grade gold and silver assets in British Columbia, noting that its Merritt mill is the only permitted mill in the province licensed to process material from…

Read the full summary

throughout British Columbia. The CEO pointed to strategic interest in the mill's unique permitting status as an advantage in the current market.

What was actually said
potential acquirer
Company pursuing consolidation strategy for high-grade gold and silver assets in British Columbia
“Nicola Mining will be the greatest consolidator of high-grade you know gold and silver assets that British Columbia has ever seen.”
Peter Espig· 27 May 2026·
strategic interest
Merritt mill is the only permitted mill in British Columbia to process material from throughout the province
“We've got a mill that is the only permitted mill in British Columbia to process material from throughout the province.”
Peter Espig· 27 May 2026·

Outside views 2 mentions

2 mentions by people who do not speak for the company — 1 constructive, 1 cautious, 0 neutral. These are their views, not the company's.

Rick Rule
bearish
He likes the people but says he does not see a big deposit or enough reward to justify the risk.
Natural Resource Stocks· 16 Feb 2026·
Rana Vig
bullish
Toll-mill partner used to process mineralized material and validate recovery.
Investing News· 05 Jun 2025·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
27 May 2026 Natural Resource Stocks Nicola Mining Wants To Become B.C.’s Gold And Silver Consolidator 12
22 Apr 2026 Natural Resource Stocks Nicola Mining Sees Two Discovery Swings Across Copper and Silver in 2026 24

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

blue lagoon resources 1
coeur 1
dominion 1
dominion gold project 1
highland valley 1
merritt mill 1
nasdaq listing 1
new craigmont 1

Questions people ask

What is Nicola Mining's project and where is it?

Nicola Mining is a explorer gold company, with a project stated to be in British Columbia, Canada. Everything here is drawn from its executives' own interviews.

Which interviews mention Nicola Mining?

We track 2 interviews mentioning Nicola Mining, across 1 channel (Natural Resource Stocks).

What are investors saying about Nicola Mining?

2 independent voices — people who do not speak for the company — are on record discussing it (1 bullish, 1 cautious). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Nicola Mining cover?

The most-discussed topics on record are the deposit, timeline, jurisdiction, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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