Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has drawn a C$2.93 per-share price target from Optimo Research Ltd. in a Sept. 21, 2026, research report authored by analyst Dr. Michael Green. The valuation implies a sum-of-the-parts value of approximately C$766 million for the British Columbia-based mining and exploration company, according to the report.
The Optimo report 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.
Optimo 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. The report also 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.
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 overall valuation incorporates the Merritt Mill, precious metals operations, copper exploration assets and financial adjustments, assigning approximately C$357 million to precious metals mining and milling operations.
The report singles out Dominion Creek as an example of Nicola’s acquisition strategy, noting that the company holds a 75% economic interest in the initial 10,000-tonne bulk sample, followed by full ownership. At Treasure Mountain, Optimo highlights plans to resume silver extraction from existing underground workings, with an initial target of approximately 400,000 ounces. At New Craigmont, the report points to the Jotun exploration target, where drilling identified geological characteristics consistent with a potentially larger mineralized system, and discusses exploration at the Draken target and the use of geophysical surveys to identify additional drilling opportunities.
The research 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 coverage matters for investors because it offers an independent, albeit paid, estimate of how Nicola’s mill-centric consolidation model could translate into revenue and profit over the next two years. The report was disseminated on behalf of Nicola Mining Inc. through Rocks & Stocks, a mining-focused communications platform within the Dynamic Brand Portfolio at IBN. The platform distributes content through InvestorWire and offers corporate communications solutions to public companies. Full terms of use are available at https://RocksAndStocks.news/Disclaimer.
