This article has been disseminated on behalf of Nicola Mining Inc. and may include paid advertising.

Nicola Mining (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA), a British Columbia-based mining and exploration company, is the subject of a Sept. 21, 2026, research report by Optimo Research Ltd., which established a C$2.93 per-share price target based on a sum-of-the-parts valuation of approximately C$766 million. Authored by research analyst Dr. Michael Green, the 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.

Key highlights from the Optimo Research report include:

• Merritt Mill and consolidation strategy: 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.
• Gold and silver production potential: The report highlights Dominion Creek, where mining began in 2026, and Treasure Mountain, where silver production is expected to resume in 2027. Optimo also identifies potential revenue contributions from milling and profit-sharing arrangements with Blue Lagoon Resources and Red Eye Resources.
• Copper exploration and valuation: 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. Its overall valuation incorporates the Merritt Mill, precious metals operations, copper exploration assets and financial adjustments.

The report identifies 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. The research firm also points to Nicola’s agreements with Blue Lagoon and Red Eye Resources as potential sources of additional mill feed and cash flow.

At New Craigmont, Optimo highlights the Jotun exploration target, where drilling identified geological characteristics consistent with a potentially larger mineralized system. The report also discusses exploration at the Draken target and the use of geophysical surveys to identify additional drilling opportunities. Optimo’s valuation 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.

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.

About Nicola Mining

Nicola Mining Inc. is a mining and mineral exploration company listed on the TSX Venture Exchange and Frankfurt Stock Exchange. The Company owns a fully permitted mill and tailings facility near Merritt, British Columbia, capable of processing gold- and silver-bearing mill feed using gravity and flotation circuits. Through its mining and milling profit-sharing agreements with high-grade gold projects, Nicola seeks to leverage this infrastructure to generate operating opportunities while advancing its broader mineral asset portfolio.

Nicola owns 100% of the New Craigmont Project, a copper exploration property encompassing more than 10,800 hectares along the southern margin of the Guichon Batholith, adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also holds a 100% interest in the Treasure Mountain Property, comprising 30 mineral claims and a mineral lease over more than 2,200 hectares.

NOTE TO INVESTORS: The latest news and updates relating to HUSIF are available in the company’s newsroom at https://ibn.fm/HUSIF

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