NICM · Nicola Mining Inc. American Depositary Shares

Nicola Mining Inc., a junior mining company with assets in British Columbia including a fully permitted mill and projects like New Craigmont adjacent to Highland Valley Copper, successfully closed its US$6.0 million underwritten public offering on April 14, 2026. The offering involved 930,233 American Depositary Shares (ADSs), each representing 12 common shares, paired with warrants to purchase an equal number of ADSs at US$6.45 per ADS-warrant unit. This provides investors immediate exposure to NICM on the Nasdaq Capital Market, where trading commenced the same day, alongside existing listings on TSX.V: NIM and FSE: HLIA. The warrants offer potential upside with an exercise price of CAD$12.2213, exercisable right away and valid for five years, enhancing the attractiveness for growth-oriented investors. The partial exercise of the underwriters' 45-day option for 139,534 additional warrants by Maxim Group LLC, the sole book-running manager, indicates strong execution without diluting shares further at this stage. Critically, the net proceeds are earmarked for high-impact uses: mill expansion to boost processing capacity for gold and silver via gravity and flotation, property, plant, and equipment upgrades, plus general administrative and working capital needs. This capital infusion supports Nicola's strategy of profit-sharing agreements with high-grade BC gold projects and development of its 100%-owned copper-gold properties, positioning the company to scale operations amid favorable market dynamics for precious and base metals. The shelf registration on Form F-10 ensures efficient future capital access, though forward-looking risks around regulatory approvals and business changes are noted.