• Noble Capital Markets Research released a comprehensive analysis of Nicola Mining.
• Nicola distinguishes itself among junior mining companies by combining exploration potential with operational cash flow, report states.
• Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig, former 20-year Goldman Sachs banker.

Nicola Mining (TSX.V: NIM) (OTCQB: HUSIF), a junior mining company based in British Columbia, has recently been the focus of a comprehensive analysis by Noble Capital Markets Research (https://ibn.fm/3CDHY). The report gave the company an “Outperform” rating and a 12-month price target of C$0.70 and US$0.50 per share while highlighting Nicola Mining’s diversified asset base and cash-generating operations as key factors supporting this valuation.

“Nicola Mining is a unique junior exploration company because it offers discovery potential through its ownership of its flagship New Craigmont Copper Project, ownership of the Treasure Mountain high-grade silver-lead-zinc mine, a 75% economic interest in the Dominion Creek gold project, along with 100% ownership of the only mill permitted to receive and process material from throughout British Columbia,” the report stated. The company’s Merritt Mill, along with a sand/gravel pit, rock quarry, and ready-mix cement plant, generates cash flow supporting Nicola’s operations and exploration programs, which minimizes the need for dilutive equity issuance.

The New Craigmont Copper Project is noted as Nicola Mining’s flagship asset. Located in the Quesnel Trough, one of Canada’s most prolific copper belts, the project is adjacent to Teck Resources’ Highland Valley Copper Mine, the largest copper mine in Canada. The historic Craigmont Mine, which operated on the property from 1961 to 1982, produced more than 36.75 million tons of ore with an average grade of 1.28% copper, yielding 900 million pounds of copper.

Nicola Mining has completed more than 18,000 meters of diamond drilling, along with extensive geological mapping and surveys. In 2024, the company completed a geophysical survey to define drill targets in the WP, MARB and CAS zones, which were later drilled. Two holes were drilled in the Embayment Zone, expanding the known mineralized areas. Results from the program suggest the potential for copper porphyry systems. The company has finalized targets for the 2025 drilling season, expected to begin in June.

In addition to New Craigmont, Nicola Mining owns 100% of the past-producing Treasure Mountain high-grade silver, lead and zinc underground mine, which has significant exploration potential and an active mining permit.

Nicola Mining’s Merritt Mill is a fully permitted facility capable of processing both gold and silver mill feed via gravity and flotation processes. The mill, along with the company’s sand and gravel pit and rock quarry, provides operational cash flow that supports exploration activities. This diversified revenue stream is seen as a strategic advantage, enabling the company to fund its operations while minimizing shareholder dilution.

The Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig. “Espig has had an accomplished career as an investment banker and turnaround specialist and has held executive positions with Goldman Sachs and Olympus Capital,” the report stated. “Nicola benefits from a talented management team and board with relevant experience in mining, geology, and finance.”

Noble Capital Markets’ initiation of coverage on Nicola Mining reflects confidence in the company’s ability to leverage its assets and operational cash flow to advance its exploration projects. The combination of a strong management team, strategic asset portfolio and revenue-generating operations underpins the “Outperform” rating and the price target of C$0.70 and US$0.50 per share.

“Nicola distinguishes itself by offering investors significant discovery and value creation potential through its exploration activities at New Craigmont and Treasure Mountain while generating cash flows from the Merritt Mill, which processes ore from third parties, a sand and gravel pit, rock quarry, and ready-mix cement plant,” the report concluded. “These operations help fund Nicola’s operations and exploration activities while limiting the need to issue dilutive equity. While the flagship New Craigmont Copper Project is the company’s value driver, we think the company’s Treasure Mountain Project represents an opportunity to create value through M&A, divestiture, joint venture, or reopening the mine.”

For more information, visit www.NicolaMining.com.

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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