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• NIM announced it has commenced production of at its Merritt Mill, with 3.1Kt of Talisker’s high-grade ore delivered and processing underway.
• Nicola expects to ramp-up production to full capacity (200tpd) in Q3.
• We look forward to Nicola receiving ore from its two other sources in the near term (Blue Lagoon Resources and the 10,000t bulk sample from Dominion Creek).
• We are increasing our target price to $0.90/share based on increasing our gold and silver price estimates, better reflecting the elevated prices.
This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) announced that it has begun production of gold and silver concentrate at its 100% owned Merritt Mill. The start of production was enabled by the delivery of 3.1Kt of high-grade ore sourced from Talisker Resources Ltd. (TSK:TSX). This marks a major milestone for the Company as it pivots into a gold and silver producer with revenue and cashflow expected imminently. We would like to remind readers that Nicola’s Merritt Mill is the only facility in British Columbia permitted to accept third-party gold and silver mill feed. We are maintaining our BUY rating and increasing our target price to $0.90/share (previously $0.60/share) on Nicola Mining.
Nicola began receiving ore shipments from Talisker in May 2025 and stockpiling inventory in preparation for full production. With 3.1Kt+ of high-grade ore now delivered, regular shipments under the Talisker milling agreement have commenced, providing a steady initial feedstock for the Merritt Mill. The facility is permitted to process up to 200tpd and is expected to ramp up toward full capacity in Q3/25. The Company has stated that it is already in the process of applying for an amendment to its permit to increase throughput further.
Other Ore Sources
In addition to its agreement with Talisker, and as previously announced, NIM has partnered with Blue Lagoon Resources (BLLG:CSE) to process ore from its Dome Mountain Mine. BLLG is permitted for 55,000tpa of production and Nicola is expecting to start receiving ore this quarter. In addition, Nicola expects to start shipping ore as part of its 10,000t bulk sample from the Dominion Creek Project. We remind readers that NIM owns a 75% economic interest in Dominion Creek Gold, a high-grade gold project located near Smithers, BC, 43km NE of Wells and 110km ESE of Prince George.
NIM: Gold & Silver Production Commences at the Merritt Mill
What you need to know:• NIM announced it has commenced production of at its Merritt Mill, with 3.1Kt of Talisker’s high-grade ore delivered and processing underway.
• Nicola expects to ramp-up production to full capacity (200tpd) in Q3.
• We look forward to Nicola receiving ore from its two other sources in the near term (Blue Lagoon Resources and the 10,000t bulk sample from Dominion Creek).
• We are increasing our target price to $0.90/share based on increasing our gold and silver price estimates, better reflecting the elevated prices.
This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) announced that it has begun production of gold and silver concentrate at its 100% owned Merritt Mill. The start of production was enabled by the delivery of 3.1Kt of high-grade ore sourced from Talisker Resources Ltd. (TSK:TSX). This marks a major milestone for the Company as it pivots into a gold and silver producer with revenue and cashflow expected imminently. We would like to remind readers that Nicola’s Merritt Mill is the only facility in British Columbia permitted to accept third-party gold and silver mill feed. We are maintaining our BUY rating and increasing our target price to $0.90/share (previously $0.60/share) on Nicola Mining.
Nicola began receiving ore shipments from Talisker in May 2025 and stockpiling inventory in preparation for full production. With 3.1Kt+ of high-grade ore now delivered, regular shipments under the Talisker milling agreement have commenced, providing a steady initial feedstock for the Merritt Mill. The facility is permitted to process up to 200tpd and is expected to ramp up toward full capacity in Q3/25. The Company has stated that it is already in the process of applying for an amendment to its permit to increase throughput further.
Other Ore Sources
In addition to its agreement with Talisker, and as previously announced, NIM has partnered with Blue Lagoon Resources (BLLG:CSE) to process ore from its Dome Mountain Mine. BLLG is permitted for 55,000tpa of production and Nicola is expecting to start receiving ore this quarter. In addition, Nicola expects to start shipping ore as part of its 10,000t bulk sample from the Dominion Creek Project. We remind readers that NIM owns a 75% economic interest in Dominion Creek Gold, a high-grade gold project located near Smithers, BC, 43km NE of Wells and 110km ESE of Prince George.
Underlying
Nicola Mining Inc.
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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