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Nicola Mining Inc (TSE:NIM)
:NIM

Nicola Mining (NIM) AI Stock Analysis

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TSE:NIM

Nicola Mining

(NIM)

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Neutral 47 (OpenAI - 5.2)
Rating:47Neutral
Price Target:
C$0.97
▲(0.52% Upside)
The score is held back primarily by weak financial performance—negative gross profit, large ongoing losses, negative equity, and renewed cash burn—despite improved revenue and sharply lower debt. Technicals are mixed but somewhat supportive, while valuation remains unattractive due to negative earnings and no dividend yield data.
Positive Factors
Processing Facility
The processing facility provides a diversified revenue stream and enhances operational capabilities, supporting long-term business sustainability.
Industry Focus
Focusing on precious metals like gold and silver positions the company in a sector with enduring demand, potentially supporting long-term growth.
Partnerships
Strategic partnerships can enhance resource access and operational efficiency, fostering collaborative growth opportunities over time.
Negative Factors
Declining Revenues
Revenue decline indicates challenges in market demand or operational execution, potentially impacting long-term financial health and growth.
Negative Cash Flow
Negative cash flow suggests inefficiencies in operations and reliance on external financing, posing risks to financial stability and growth.
High Leverage
High leverage and negative equity increase financial risk, limiting flexibility and potentially hindering long-term strategic initiatives.

Nicola Mining (NIM) vs. iShares MSCI Canada ETF (EWC)

Nicola Mining Business Overview & Revenue Model

Company DescriptionNicola Mining Inc., a junior exploration and custom milling company, engages in the identification, acquisition, and exploration of mineral property interests in Canada. The company primarily explores for gold, silver, lead, zinc, and copper deposits. It holds a 100% interest in the Treasure Mountain project comprising 30 mineral claims covering 2,850 hectares, and 1 mineral lease located to the northeast of Hope, British Columbia; and the New Craigmont project consisting of 22 contiguous mineral claims covering approximately 10,913 hectares, and 10 mineral leases covering an area of approximately 347 hectares located in the Merritt, British Columbia. It also has interests in the sand and gravel Merritt Mill property located to the northwest of Merritt, British Columbia. In addition, it engages in residential property business, which covers 5 residential lots totaling approximately 488.70 acres; and the sale of gold and silver concentrates. The company was formerly known as Huldra Silver Inc. and changed its name to Nicola Mining Inc. in June 2015. Nicola Mining Inc. was incorporated in 1980 and is headquartered in Lower Nicola, Canada.
How the Company Makes MoneyNicola Mining generates revenue primarily through the production and sale of gold and silver. The company operates the Nicola Mine, where it extracts these precious metals and sells them in the open market. Additionally, Nicola Mining offers custom milling services, allowing other mining companies to process their ore at its facilities for a fee. This dual revenue model not only leverages the company's mining operations but also provides a steady income stream from milling contracts. Significant partnerships with other mining entities and the ability to access a broad customer base for its products further contribute to its earnings.

Nicola Mining Financial Statement Overview

Summary
Nicola Mining faces significant financial challenges. The income statement shows declining revenues and persistent losses. The balance sheet highlights high leverage and insolvency risks due to negative equity. Cash flow statements indicate deteriorating cash generation and reliance on external financing, suggesting a company under financial strain.
Income Statement
The income statement reveals a challenging financial period for Nicola Mining. The company has experienced declining revenues, from $1,618,000 in 2023 to $818,157 in 2024, reflecting a significant revenue contraction. Gross profit margins are negative due to higher costs of goods sold than revenues. The net profit margin is also negative, demonstrating operating losses. EBIT and EBITDA margins are similarly negative, indicating inefficiencies in operations. Overall, the company faces substantial profitability challenges.
Balance Sheet
Nicola Mining's balance sheet shows high financial risk. The company's stockholders' equity has turned negative at -$9,814,620 in 2024, indicating insolvency. The debt-to-equity ratio is not calculable due to negative equity, but the presence of substantial total debt ($4,535,667) against minimal equity highlights high leverage. The equity ratio is also negative, further underscoring financial instability. These figures suggest a precarious financial position with significant risk of financial distress.
Cash Flow
The cash flow statement for Nicola Mining indicates negative operating cash flows and a negative free cash flow of -$3,764,284 in 2024. This decline from positive cash flows in the previous year signals weakening cash-generating capabilities. The operating cash flow to net income ratio and free cash flow to net income ratio are unfavorable, highlighting inefficiencies in converting income into cash. Despite these issues, the company has managed to secure some financing, which provides limited liquidity support.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.45M818.16K1.62M0.000.000.00
Gross Profit-3.91M-3.78M-1.52M-975.00K-1.48M-1.04M
EBITDA-2.57M-4.40M-1.75M1.53M-1.77M-1.35M
Net Income-3.50M-5.23M-3.33M-52.83K-3.40M-2.89M
Balance Sheet
Total Assets13.76M10.66M25.72M18.58M12.36M11.35M
Cash, Cash Equivalents and Short-Term Investments5.41M2.54M4.76M895.77K916.29K824.71K
Total Debt238.70K4.54M4.25M5.73M7.04M6.55M
Total Liabilities17.60M20.47M19.44M16.51M11.52M11.15M
Stockholders Equity-3.85M-9.81M6.28M2.08M841.42K198.84K
Cash Flow
Free Cash Flow-5.21M-3.76M3.82M1.67M-2.74M-1.13M
Operating Cash Flow-4.74M-3.31M3.87M1.73M-2.22M-1.12M
Investing Cash Flow65.42K-1.59M-88.70K-75.65K-336.87K-11.50K
Financing Cash Flow4.47M1.60M78.24K-1.68M2.65M1.46M

Nicola Mining Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.96
Price Trends
50DMA
0.94
Positive
100DMA
0.95
Positive
200DMA
0.72
Positive
Market Momentum
MACD
<0.01
Positive
RSI
47.17
Neutral
STOCH
14.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NIM, the sentiment is Neutral. The current price of 0.96 is below the 20-day moving average (MA) of 1.00, above the 50-day MA of 0.94, and above the 200-day MA of 0.72, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.17 is Neutral, neither overbought nor oversold. The STOCH value of 14.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NIM.

Nicola Mining Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
51
Neutral
C$294.47M-6.87-344.14%-87.42%
51
Neutral
C$242.26M-183.05-5.12%47.32%
47
Neutral
C$200.75M-51.0648.63%
46
Neutral
C$225.44M-39.49-72.69%1.81%
45
Neutral
C$271.39M-90.00-6.09%8.28%87.46%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:NIM
Nicola Mining
0.96
0.66
220.00%
TSE:BMM
Black Mammoth Metals
6.78
5.41
394.89%
TSE:PNPN
Power Metallic Mines Inc
1.27
0.23
22.12%
TSE:DBG
Doubleview Gold
1.08
0.70
184.21%
TSE:AGX
Silver X Mining
0.99
0.79
395.00%
TSE:MOLY
Greenland Resources Inc.
1.71
0.03
1.79%

Nicola Mining Corporate Events

Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesPrivate Placements and Financing
Nicola Mining Secures $1 Million Ocean Partners Investment Ahead of Planned NASDAQ Uplisting
Positive
Dec 29, 2025

Nicola Mining Inc. has secured a $1 million strategic non-brokered private placement from Ocean Partners UK Limited, issuing 1,111,112 units at $0.90 each, with accompanying warrants exercisable at $1.10 for three years, to bolster its balance sheet ahead of a planned NASDAQ uplisting in the first quarter of 2026. The financing, subject to TSX Venture Exchange approval and standard hold periods, will be used for general working capital and underscores growing institutional support as the company advances its mining assets; Nicola also strengthened its capital markets expertise by appointing Blue Sail Capital founder Rahim Kassim-Lakha as Strategic Advisor, signaling a more aggressive push on corporate development and funding strategies.

The most recent analyst rating on (TSE:NIM) stock is a Buy with a C$1.20 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresM&A Transactions
Nicola Mining’s Transformative Year: Strategic Milestones and Industry Advancements in 2025
Positive
Dec 8, 2025

In 2025, Nicola Mining experienced a transformative year marked by strategic execution and significant milestones, including the expansion of its Embayment Zone and the acquisition of the Dominion Creek Gold Project. The company benefited from macroeconomic trends favoring precious metals, which bolstered its share prices and operational capabilities. Nicola also achieved financial improvements, analyst coverage in the US, and transitioned to a gold and silver producer, enhancing its industry positioning and stakeholder value.

The most recent analyst rating on (TSE:NIM) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and Strategy
Nicola Mining Grants Stock Options and RSUs to Key Personnel
Neutral
Dec 4, 2025

Nicola Mining Inc. has announced the grant of stock options and restricted share units to its directors, officers, employees, and consultants. The company has granted 2,850,000 stock options with an exercise price of $1.00, expiring in five years, and 1,015,000 restricted share units vesting on January 1, 2027. This move is part of Nicola’s equity incentive plan and is subject to a hold period as per TSX Venture Exchange regulations, potentially impacting the company’s operational incentives and stakeholder engagement.

The most recent analyst rating on (TSE:NIM) stock is a Hold with a C$0.96 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Nicola Mining Begins Processing Blue Lagoon’s Gold and Silver Millfeed
Positive
Dec 1, 2025

Nicola Mining Inc. announced the commencement of receiving high-grade gold and silver millfeed from Blue Lagoon Resources at its mill near Merritt, British Columbia. This development is part of a long-term partnership, with Nicola providing a $2.0 million line of credit to Blue Lagoon. The collaboration underscores Nicola’s role as a facilitator of gold and silver projects in British Columbia and highlights its commitment to sustainability, as evidenced by Blue Lagoon’s receipt of the PDAC’s 2026 Sustainability Award.

The most recent analyst rating on (TSE:NIM) stock is a Sell with a C$1.00 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and Strategy
Nicola Mining Reports High-Grade Gold Discoveries at Dominion Project
Positive
Nov 10, 2025

Nicola Mining Inc. has announced promising assay results from its Dominion Gold Project, revealing high-grade gold values, with samples returning up to 113 grams per tonne. The discovery of new veins and the confirmation of high-grade mineralization highlight the project’s long-term potential, positioning Nicola Mining for future growth and development. The company plans to focus on bulk sample extraction and further exploration of the project’s scale in 2026, which could significantly impact its operational strategy and market positioning.

The most recent analyst rating on (TSE:NIM) stock is a Sell with a C$1.00 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and Strategy
Nicola Mining Expands Dominion Gold Project with New Vein Discoveries
Positive
Nov 4, 2025

Nicola Mining Inc. has completed its 2025 work at the Dominion Gold Project, including all mine development for a 10,000-tonne bulk sample, which is set to recommence in July 2026. The company discovered three additional veins during the development phase, indicating a larger project scope than initially anticipated. These discoveries provide new exploration targets and enhance the project’s potential, impacting Nicola’s operational strategy and industry positioning positively.

The most recent analyst rating on (TSE:NIM) stock is a Sell with a C$1.00 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Nicola Mining Plans Nasdaq Uplisting and Files Base Shelf Prospectus
Positive
Oct 27, 2025

Nicola Mining Inc. has announced its intention to uplist its common shares to the Nasdaq Capital Market, applying to list under the symbol ‘NICM’. Concurrently, the company filed a Preliminary Short Form Base Shelf Prospectus with Canadian regulators, allowing it to offer various securities up to C$10,000,000 over a 25-month period. This move is expected to enhance Nicola’s market presence and provide greater financial flexibility, potentially impacting its operations and stakeholder interests positively.

The most recent analyst rating on (TSE:NIM) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and Strategy
Nicola Mining Plans 2026 Drilling at Treasure Mountain Silver Project
Positive
Oct 15, 2025

Nicola Mining has announced plans for a 2026 exploration drilling program at its Treasure Mountain Silver Project, a permitted silver mine located in British Columbia. The program is supported by a multi-year exploration permit and a ten-year mine lease extension, aiming to explore sulphide-rich veins northwest of the suspended mine. This initiative follows extensive preparatory work, including geophysical surveys and soil sampling, and is part of Nicola’s strategy to capitalize on higher silver prices and the mine’s potential. The announcement has generated increased interest from investors and strategic partners, highlighting the project’s significance in Nicola’s portfolio.

The most recent analyst rating on (TSE:NIM) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Business Operations and Strategy
Nicola Mining Engages Atrium Research to Boost Market Visibility
Positive
Oct 6, 2025

Nicola Mining Inc. has engaged Atrium Research Corporation to provide research services, including reports and interviews, to enhance its investment case. This strategic move aims to increase visibility and attract potential investors, with Atrium offering insights based on industry data and management discussions. The engagement, subject to TSX Venture Exchange approval, reflects Nicola’s efforts to strengthen its market positioning and stakeholder engagement.

The most recent analyst rating on (TSE:NIM) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Nicola Mining stock, see the TSE:NIM Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 04, 2026