Nicola Mining to Commence Gold Production at Dominion Gold Project

Nicola Mining (NASDAQ: NICM) plans to commence gold and silver extraction at its high-grade Dominion Gold Project in early July.

Rhea-AI Summary

Nicola Mining (NASDAQ: NICM) plans to commence gold and silver extraction at its high-grade Dominion Gold Project in early July. Material will be processed at the fully permitted Merritt Mill in British Columbia.

Preparations include a $251,000 reclamation bond payment, purchase of a 14-person camp, new mining equipment, contractor engagement, and hiring crews. Dominion has reported grades up to 113 g/t gold and covers about 1,058 hectares.

Positive

• Mill feed extraction expected to start first week of July
• $251,000 additional payment toward reclamation bonding requirements
• Purchase of fully furnished 14-person operational camp completed
• Acquisition of three CATERPILLAR 336-07 excavators and rock drill
• Securing of John Deere 310E haul truck and key mining contractor
• Dominion gold grades reported up to 113 g/t Au

Negative

• Additional $251,000 reclamation bonding payment increases upfront cash outlay

Argus Jun 1 session

+2.41% close to close Open Argus

Details

News Market Reaction – NICM

On Jun 1, the day this news came out, NICM closed 2.41% above the previous close.

Data tracked by StockTitan Argus for the Jun 1 session.

Market Context

This announcement details Nicola’s transition toward gold and silver extraction at Dominion, highlig...

Analysis

This announcement details Nicola’s transition toward gold and silver extraction at Dominion, highlighting grades up to 113 g/t and infrastructure such as a 14-person camp and new heavy equipment. The added $251,000 reclamation bonding payment under its Mines Act permit underscores regulatory commitments. In context of earlier 2026 developments at New Craigmont and market-making engagement, investors may watch Dominion’s production timing, mill feed reliability to Merritt, and future technical reporting for confirmation of the asset’s contribution.

Key Figures

Reclamation bonding payment: $251,000 Operational camp capacity: 14-person camp Excavators acquired: 3 units +5 more

Reclamation bonding payment

$251,000

Additional payment toward reclamation bonding under Mines Act Permit MX-100000488

Operational camp capacity

14-person camp

Fully furnished operational camp installed at Dominion Gold Project

Excavators acquired

3 units

CATERPILLAR 336-07 excavators for Dominion operations

High-grade sample

113 grams of gold per tonne

Reported vein grades at Dominion Gold Project

Gold grade (oz)

3.31 ounces of gold per tonne

Equivalent high-grade vein sample at Dominion

Mineral claims

9 claims (1,058 hectares)

Dominion Creek Property land package size

Drill holes completed

53 holes

Historical Noranda drilling totaling 3,483.86 meters

Average drill depth

65.7 meters

Average depth of Noranda’s historical diamond drill holes

Historical Context

2 past events · Latest: Apr 28

2 events

1. Apr 28

   Drilling program launch

   24h Move

   +7.8%

   Announced 2026 diamond drilling program at New Craigmont with $1.5M budget.

2. Apr 27

   Market making mandate

   24h Move

   +7.8%

   Engaged ICP Securities for automated market making to support trading liquidity.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

reclamation bonding, mines act permit, geochemical, geophysical, +2 more

6 terms

reclamation bonding regulatory

"strengthening its reclamation profile through an additional $251,000 payment toward reclamation bonding requirements"

A reclamation bond is a financial guarantee—usually cash, a surety bond, or other pledged asset—that a company must provide to regulators to pay for cleaning up and restoring land after mining, drilling, or other industrial activity. Investors care because it represents a real cost and legal obligation that can tie up capital, affect project economics, and become an unexpected expense if the company fails to complete reclamation; think of it as a security deposit held to ensure a rented property is returned in good condition.

mines act permit regulatory

"reclamation bonding requirements under Mines Act Permit MX-100000488[1]"

A mines act permit is a government authorization required to explore, develop or operate a mine under a jurisdiction’s mining laws, setting conditions for safety, land use, environmental protection and worker welfare. For investors it matters because the permit determines whether a project can legally produce revenue, how quickly operations can start, and what ongoing costs or restrictions will apply — like having both a driver’s license and a building permit before you can safely and legally use a vehicle and occupy a new house.

geochemical technical

"conducted geological, geochemical, and geophysical surveys which culminated in an increase"

Geochemical describes the chemical makeup and movement of elements in rocks, soils, water and sediments, and the tests used to measure those chemicals. For investors, geochemical data is like a metal detector for underground clues: it helps exploration teams pinpoint likely mineralization, estimate how rich and extensive a deposit might be, and reduce drilling risk, which directly affects a mining project's value and investment risk.

geophysical technical

"conducted geological, geochemical, and geophysical surveys which culminated in an increase"

Geophysical describes surveys and measurements that map the physical properties of the Earth—such as seismic waves, gravity, magnetism and electrical signals—to reveal what lies beneath the surface without digging. For investors, geophysical work is like using a radar or an X‑ray for the ground: it reduces the guesswork, helps estimate the size and location of mineral, oil or gas deposits, and can materially change project costs, timelines and the perceived value or risk of an exploration opportunity.

diamond drill holes technical

"Noranda drilled a total of 53 shallow diamond drill holes, totaling 3,483.86 meters"

Diamond drill holes are cylindrical samples of rock obtained by drilling into the ground with a drill bit tipped with industrial diamonds to cut out a continuous core. For investors, these cores act like a vertical slice through the earth that geologists analyze to see what minerals, concentrations and rock structures are present, helping estimate how much valuable material might be underground and how economically viable a deposit could be — like taking a biopsy of a cake to judge its ingredients and quality.

ni 43-101 regulatory

"Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Vancouver, British Columbia--(Newsfile Corp. - June 1, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA), (the "Company" or "Nicola") is pleased to announce that it is in the final stages of preparation to commence gold and silver extraction operations at its Dominion Gold Project ("Dominion"). The high-grade gold project is located approximately 43 kilometres northeast of the Town of Wells and 110 kilometres southeast of Prince George, British Columbia. Material extracted from Dominion will be processed at the Company's wholly owned Merritt Mill, the only fully permitted milling facility in British Columbia authorized to process gold and silver material sourced from throughout the province.

In anticipation of commencement of operations, the Company has advanced multiple key infrastructure, equipment, and operational initiatives, while also strengthening its reclamation profile through an additional $251,000 payment toward reclamation bonding requirements under Mines Act Permit MX-100000488^[1], as well as the following:

• Completion of the final payment for the purchase and installation of a fully furnished 14-person operational camp, including all required site facilities^[2];

• Acquisition of three CATERPILLAR 336-07 excavators;

• Acquisition of Traxxon TR-EX2000 High Performance Rock Drill attachment;

• Securing of a John Deere 310E haul truck;

• Hiring of operational crews and engagement of key mining contractor

Mill feed extraction is expected to commence first week of July.

Mr. Peter Espig, CEO of Nicola Mining Inc., commented:

"Dominion represents a highly compelling high-grade gold asset that we believe possesses both exceptional near-term production potential and significant long-term strategic value for Nicola. The project has consistently demonstrated robust mineralization, with vein systems remaining open in all directions and returning grades of up to 113 grams of gold per tonne (3.31 ounces of gold per tonne) ^[3]. As we transition toward extraction, we are particularly excited by the opportunity to establish Dominion as a meaningful and sustainable source of premium-grade mill feed for our Merritt Mill operations. Concurrently, we continue to work closely with Blue Lagoon Resources Inc., which continues to achieve important production milestones while maintaining strong operational discipline and grade control. We believe the convergence of these developments positions Nicola for a transformative period of operational growth and increasing cash flow generation."

Qualified Person

The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.

DOMINION CREEK PROPERTY HISTORY

The Dominion Creek Property consists of 9 mineral claims (55 units) totaling approximately 1,058 hectares. The property was acquired from the prospector N. Kencayd by Noranda Exploration Company Ltd. in 1986. Noranda subsequently conducted geological, geochemical, and geophysical surveys which culminated in an increase in their land position. Between 1987 and 1990, Noranda's exploration program included a small (20 samples) geochemical silt sample survey. Encouraged by those results, a larger soil geochemical survey (3,399 samples) was conducted. Noranda drilled a total of 53 shallow diamond drill holes, totaling 3,483.86 meters (average depth of approximately 65.7 meters). Trenching of several coincident Pb, Zn, Cu, Ag and Au soil geochemistry anomalies resulted in the discovery of several mineralized quartz veins.

A Technical Report^[4] on the Dominion Creek Project was completed by Geospectrum Engineering on August 22, 2003.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the NASDAQ, the TSX Venture Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors
"Peter Espig"

Peter Espig
CEO & Director

For additional information
Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

^[1] Nicola had already paid $137,000
^[2] July 30, 2025, news release: Link
^[3] November 10, 2025, news release: Link
^[4] Makepeace, D. K., 2003. Dominion Creek Project Technical Report for XMP Mining Ltd. Geospectrum Engineering, August 22.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299561

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Nicola Mining (NASDAQ: NICM) start gold extraction at the Dominion Gold Project?

Nicola Mining expects mill feed extraction from the Dominion Gold Project to begin in the first week of July. According to Nicola Mining, preparations are in their final stages, with crews hired, contractors engaged, and key infrastructure and equipment already in place for startup.

Where will ore from Nicola Mining's Dominion Gold Project (NICM) be processed?

Ore from the Dominion Gold Project will be processed at Nicola Mining’s wholly owned Merritt Mill in British Columbia. According to Nicola Mining, Merritt Mill is the only fully permitted facility in the province authorized to process gold and silver material from across British Columbia.

What gold grades have been reported at Nicola Mining's Dominion Gold Project (NICM)?

Dominion has reported gold grades of up to 113 grams per tonne (3.31 ounces per tonne). According to Nicola Mining, the project shows robust mineralization, with vein systems remaining open in all directions, supporting expectations for premium-grade mill feed to Merritt Mill operations.

What recent investments has Nicola Mining made to advance the Dominion Gold Project (NICM)?

Nicola Mining has funded a $251,000 reclamation bond payment and purchased a 14-person operational camp. According to Nicola Mining, it also acquired three CATERPILLAR 336-07 excavators, a Traxxon TR-EX2000 rock drill attachment, a John Deere 310E haul truck, and engaged key mining contractors.

How large is Nicola Mining's Dominion Creek property and what is its history?

The Dominion Creek property covers about 1,058 hectares across nine mineral claims totaling 55 units. According to Nicola Mining, Noranda explored it between 1987 and 1990 with geochemical surveys, trenching, and 53 shallow drill holes, followed by a 2003 technical report by Geospectrum Engineering.

Who is the Qualified Person for Nicola Mining’s Dominion Gold Project (NICM)?

The Qualified Person for scientific and technical disclosures is Will Whitty, P.Geo., Nicola Mining’s Vice President of Exploration. According to Nicola Mining, Whitty has reviewed and approved the technical information related to the Dominion Gold Project as defined under NI 43-101.