0001104659-26-062379
SEC filingNicola Mining reported Q1 2026 net loss of $1.0M on $1.5M milling revenue, with working capital improving to $7.2M after a $5.0M private placement.
Nicola Mining's Q1 2026 results reflect a significant ramp-up in custom milling operations, with milling revenue surging to $1.5 million from just $6,398 in the same quarter last year. This growth was driven by partnerships, including a joint gold and silver sale with Blue Lagoon Resources. Gross margin turned positive at $366,023 versus a loss of $384,961 in Q1 2025, indicating improved operational leverage. However, total operating expenses increased to $1.8 million from $1.0 million, driven by higher professional fees, share-based compensation, and ARO accretion, resulting in a net loss of $1.0 million compared to $0.5 million in the prior year. The company strengthened its balance sheet through a $5.0 million private placement in January 2026, boosting working capital to $7.2 million from $3.1 million at year-end 2025. Cash used in operations was $2.7 million, primarily due to repayment of accounts payable. Subsequent to quarter-end, Nicola closed a US$6.9 million ADS offering and commenced a 2026 exploration drilling program at its New Craigmont Copper Project. The company continues to face going concern uncertainties, relying on its ability to raise capital and sustain milling profitability.