Nicola Mining Inc (TSE:NIM)
:NIM
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Nicola Mining
(NIM)
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Rating:50Neutral
Price Target:
C$1.50
▲(30.43% Upside)
Action:ReiteratedDate:02/04/26
The score is held back primarily by weak financial performance—persistent losses, negative gross profit, negative equity, and recent cash burn—despite improved revenue and lower debt. Technicals are supportive with a clear uptrend, but overbought signals add near-term risk. Valuation remains challenged because profitability is negative and there is no dividend support.
Positive Factors
Revenue Growth Trend
A 61.6% TTM revenue rebound shows meaningful top-line recovery and stronger market traction for core mining and milling operations. Sustained revenue growth improves the odds of achieving operating leverage and provides a runway for margin recovery if costs are controlled.
Negative Factors
Deeply Negative Profitability
Persistent negative gross profit and extreme net losses show the business still cannot cover direct production costs. This indicates structural cost or scale issues that will prevent sustainable profitability absent operational overhaul, higher realized metal prices, or improved mill economics.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Trend
A 61.6% TTM revenue rebound shows meaningful top-line recovery and stronger market traction for core mining and milling operations. Sustained revenue growth improves the odds of achieving operating leverage and provides a runway for margin recovery if costs are controlled.
Read all positive factors
Nicola Mining (NIM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$201.23M
Dividend YieldN/A
Average Volume (3M)158.12K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue GrowthN/A
EPS Growth48.63%
CountryCA
Employees40
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding209,614,380
10 Day Avg. Volume157,132
30 Day Avg. Volume158,119
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)-4.89
Price to Sales (P/S)58.62
P/FCF Ratio-12.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.74Price Target Upside51.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.17
Revenue Forecast (FY)C$67.66M
Nicola Mining Business Overview & Revenue Model
Company Description
Nicola 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 depos...
How the Company Makes Money
Nicola 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 custo...
Nicola Mining Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.45M | 818.16K | 1.62M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -3.91M | -3.78M | -1.52M | -975.00K | -1.48M | -1.04M |
| EBITDA | -2.57M | -4.40M | -1.75M | 1.53M | -1.77M | -1.35M |
| Net Income | -3.50M | -5.23M | -3.33M | -52.83K | -3.40M | -2.89M |
Balance Sheet | ||||||
| Total Assets | 13.76M | 10.66M | 25.72M | 18.58M | 12.36M | 11.35M |
| Cash, Cash Equivalents and Short-Term Investments | 5.41M | 2.54M | 4.76M | 895.77K | 916.29K | 824.71K |
| Total Debt | 238.70K | 4.54M | 4.25M | 5.73M | 7.04M | 6.55M |
| Total Liabilities | 17.60M | 20.47M | 19.44M | 16.51M | 11.52M | 11.15M |
| Stockholders Equity | -3.85M | -9.81M | 6.28M | 2.08M | 841.42K | 198.84K |
Cash Flow | ||||||
| Free Cash Flow | -5.21M | -3.76M | 3.82M | 1.67M | -2.74M | -1.13M |
| Operating Cash Flow | -4.74M | -3.31M | 3.87M | 1.73M | -2.22M | -1.12M |
| Investing Cash Flow | 65.42K | -1.59M | -88.70K | -75.65K | -336.87K | -11.50K |
| Financing Cash Flow | 4.47M | 1.60M | 78.24K | -1.68M | 2.65M | 1.46M |
Nicola Mining Technical Analysis
Neutral
1.15
Price Trends
1.12
Negative
1.04
Negative
0.94
Positive
Market Momentum
-0.06
Negative
41.41
Neutral
63.89
Neutral
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 1.15 is above the 20-day moving average (MA) of 1.01, above the 50-day MA of 1.12, and above the 200-day MA of 0.94, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 41.41 is Neutral, neither overbought nor oversold. The STOCH value of 63.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NIM.
Nicola Mining Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | C$252.73M | -4.83 | -347.44% | ― | ― | -87.42% | |
51 Neutral | C$524.05M | -107.42 | -6.97% | ― | ― | 47.32% | |
50 Neutral | C$201.23M | -13.13 | 47.45% | ― | ― | 48.63% | |
50 Neutral | C$203.12M | -59.63 | -5.80% | ― | 8.28% | 87.46% | |
43 Neutral | C$221.71M | -33.52 | -72.69% | ― | ― | 1.81% |
* General Sector Average
TSE:NIM
Nicola Mining
0.96
0.61
170.42%
TSE:BMM
Black Mammoth Metals
4.49
2.84
172.12%
TSE:PNPN
Power Metallic Mines Inc
1.09
-0.05
-4.39%
TSE:DBG
Doubleview Gold
2.29
1.62
241.79%
TSE:AGX
Silver X Mining
0.71
0.58
446.15%
TSE:MOLY
Greenland Resources Inc.
1.64
-0.04
-2.38%
Nicola Mining Corporate Events
Business Operations and Strategy
Nicola Mining Identifies Promising Porphyry Target in 2025 New Craigmont Drill Program
Positive
Feb 3, 2026
Nicola Mining has completed its 2025 diamond drilling program at the New Craigmont Copper Project, drilling seven holes totaling 3,347 metres across three key targets: MARB-CAS, Draken and WP/West Craigmont. Extensive sampling, petrography and geo...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nicola Mining Confirms Finder’s Fees on $4.96 Million Private Placement
Positive
Jan 30, 2026
Nicola Mining Inc. has confirmed that, in connection with its recently completed non-brokered private placement of 5,512,001 units at $0.90 per unit for gross proceeds of approximately $4.96 million, it paid aggregate cash finder’s fees of a...
Business Operations and StrategyPrivate Placements and Financing
Nicola Mining Closes Oversubscribed $4.96 Million Private Placement to Expand Merritt Mill
Positive
Jan 29, 2026
Nicola Mining Inc. has closed an oversubscribed non-brokered private placement, issuing 5,512,001 units at $0.90 per unit for total gross proceeds of approximately $4.96 million, with each unit comprising one common share and a three-year warrant ...
Business Operations and StrategyPrivate Placements and Financing
Nicola Mining Upsizes Private Placement to $4.9 Million to Boost Mill Capacity
Positive
Jan 23, 2026
Nicola Mining Inc. has upsized its previously announced non-brokered private placement to $4.9 million, issuing 5,444,444 units at $0.90 per unit, each comprising one common share and one transferable warrant exercisable at $1.10 for three years, ...
Business Operations and Strategy
Nicola Mining to Showcase New Craigmont Core at AME Roundup and VRIC
Positive
Jan 19, 2026
Nicola Mining Inc. has been selected to showcase core from its New Craigmont copper exploration programs at the Association for Mineral Exploration’s Roundup conference in Vancouver, where it will highlight recent findings and high-grade dri...
Regulatory Filings and ComplianceShareholder Meetings
Nicola Mining Corrects Disclosure on Major Shareholder’s Ownership
Neutral
Jan 17, 2026
Nicola Mining Inc. has issued a clarification after a review by the British Columbia Securities Commission revealed an error in its June 2025 management information circular regarding the shareholdings of Concept Capital Management (CCM). The comp...
Business Operations and StrategyPrivate Placements and Financing
Nicola Mining Triples Private Placement to Fund Major Mill Expansion
Positive
Jan 13, 2026
Nicola Mining Inc. has upsized its previously announced non-brokered private placement from $1 million to $3 million, driven by strong demand from existing shareholders and new institutional investors. The financing, structured as units comprising...
Business Operations and StrategyFinancial Disclosures
Nicola Mining and Blue Lagoon Record First US$1 Million Precious Metals Sale Under Long-Term Partnership
Positive
Jan 5, 2026
Nicola Mining Inc. and Blue Lagoon Resources have completed their first sale of gold and silver worth US$1.0 million to Ocean Partners UK Limited under their long-term partnership, marking a significant step in ramping up production and revenue ge...
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 she...
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 mac...
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,...
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...
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 mineralizati...
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 developme...
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.