Written by Hannah Bernard. Originally published on MiningIR.

Nicola Mining Inc. (NASDAQ: NICM; TSX.V: NIM; FSE: HLIA) is entering a significant new chapter as the British Columbia-focused mining company expands its access to U.S. investors while advancing multiple exploration and production initiatives across its portfolio.

In the latest MiningIR CEO Series, Hannah Bernard sat down with Peter Espig, President and CEO of Nicola Mining Inc., to discuss the company’s NASDAQ American Depositary Receipt (ADR) listing, progress at New Craigmont, increasing production through third-party processing partnerships, and plans to return Treasure Mountain to production.

A New Route to U.S. Investors

One of Nicola Mining’s most important recent developments is its NASDAQ ADR listing under the ticker NICM, alongside its existing TSX Venture Exchange listing under NIM.

Espig explained that Nicola pursued the U.S. listing because the company combines two characteristics that can appeal to different investor audiences: significant exploration exposure and operating revenue from processing gold and silver material.

“Nicola is this kind of hybrid where we have incredible exploration upside,” Espig said, pointing to both Treasure Mountain and New Craigmont, while emphasizing that Nicola also has operating activities producing gold and silver.

The ADR structure was particularly important. Rather than undertaking a share consolidation to achieve the share price typically required for a NASDAQ listing, Nicola structured each U.S. ADR to represent 12 Canadian shares.

“Our U.S. listing holds 12 Canadian shares,” Espig explained. “That allowed us to not have to do a rollback.”

The structure provides Nicola with access to U.S. investors while maintaining its existing Canadian share structure—an important consideration as the company works to broaden its investor base.

Multiple Catalysts Across the Portfolio

The ADR listing is only one component of what has become a catalyst-rich period for Nicola.

Espig highlighted progress at New Craigmont, increased production associated with the company’s partnership with Blue Lagoon Resources, plans to process material from the Dominion project during Q3 and Q4, and Nicola’s partnership with Red Eye Resources.

Nicola and Ocean Partners also invested $10 million into Blue Lagoon. Espig said the investment is expected to help Blue Lagoon increase production toward approximately 200 tonnes per day, providing additional material for Nicola’s processing operations.

“We’re basically helping them increase their production,” Espig said, describing how increased production at Blue Lagoon could translate into additional material coming to Nicola.

New Craigmont: Testing a Larger Copper System

New Craigmont remains one of the company’s most significant exploration opportunities.

Espig emphasized an important distinction: the property already has a mine permit, potentially providing Nicola with a strategic advantage should exploration ultimately support future development.

“One of the great things about Craigmont is that it’s an exploration property that already has a mine permit,” Espig said.

The company’s first hole of the year in the Jotun Zone provided another important geological development. While assays were still pending at the time of the interview, Espig said drilling had identified what management interprets as a porphyry-style system, including native copper and other copper mineralization.

Perhaps most importantly, the mineralization begins near surface.

“We’re in a porphyry system unequivocally,” Espig said. “What’s really exciting is that it’s near surface. The mineralization starts at near surface.”

Espig described the drilling as being on the peripheral “halo” of the mineralized system rather than its interpreted centre, giving Nicola a clearer exploration thesis for follow-up drilling. The company plans additional geophysical and geological work to refine targets ahead of its next drilling campaign.

Treasure Mountain Targets 2027 Production

Nicola is also advancing its Treasure Mountain silver project, where the company has reopened the mine and plans to return it to production next year.

At the same time, Nicola is preparing a drill program targeting the MD Zone, which Espig said has never previously been drill tested.

“We are about to commence a drill program at Treasure Mountain on the MD Zone, and that’s the first time that’s ever been drilled in history,” Espig said.

That creates an opportunity to combine near-term mine development with exploration for additional mineralization.

With operating revenue, multiple processing partnerships, copper and silver exploration programs and expanded access to U.S. capital markets, Nicola Mining enters the remainder of 2026 with several potential catalysts extending into 2027.

As Espig summed up the company’s current position: “There’s just a lot of catalysts.”

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