Optimo Research Ltd. has issued a research report on Nicola Mining Inc., assigning a C$2.93 per-share price target and projecting significant revenue growth, according to a press release disseminated on behalf of Nicola Mining Inc. The report, authored by analyst Dr. Michael Green and dated Sept. 21, 2026, values the company at approximately C$766 million on a sum-of-the-parts basis. The coverage matters because it offers an independent, albeit paid, assessment of Nicola's strategy to consolidate high-grade gold and silver projects through its wholly owned Merritt Mill, while also advancing copper exploration at New Craigmont.
The valuation hinges on three main components: approximately C$357 million for precious metals mining and milling operations, C$250 million for the Merritt Mill, and C$125 million for the 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. Those figures imply a sharp inflection point as Nicola shifts from development spending to production and cash flow.
Central to the thesis is the Merritt Mill, which Optimo values at C$250 million. The facility processes third-party gold and silver ore from across British Columbia and is being expanded from 200 to 500 tonnes per day. That expansion supports Nicola's strategy of acquiring and developing smaller mineral projects, using the mill as shared infrastructure. 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. Optimo also identifies potential revenue 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. Nicola owns 100% of New Craigmont, which spans more than 10,800 hectares along the southern margin of the Guichon Batholith, adjacent to Highland Valley Copper.
For investors, the report provides a detailed framework for valuing Nicola's hybrid model of milling and mining. The full Sept. 21, 2026, research report by Optimo Research Ltd is available for review, and additional information on Nicola Mining (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) can be found through dedicated coverage. The latest news and updates relating to HUSIF are available in the company's newsroom at https://ibn.fm/HUSIF.
However, 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. Investors should weigh those caveats against the growth scenario outlined.
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