Outperform Rating – Analyst raises his price target to US$1.20 (C$1.70) from US$1.05 (C$1.45). 

Analyst Mark Reichman of Noble Partners published a Research Update on Nicola Mining today highlighting the company’s upcoming 2026 exploration drilling plans at “TM” our Treasure Mountain Silver Mine Project. (To learn more about Treasure Mountain, its 10-year mining lease extension, 5-year exploration permit, high-grade surface samples showing up to 9,221 g/t silver, also see this short video from June 24, 2025: https://www.youtube.com/watch?v=YX5QNexeezg

The report also discusses recent gold production and long-term agreements with Talisker Resources and Blue Lagoon Resources, as well as the recent conversion of convertible debentures. Here is a direct link to the report.

https://nicolamining.com/wp-content/uploads/2025/10/HUSIF_20251016_27797.pdf

Or here: https://cdn-ceo-ca.s3.amazonaws.com/1kf2frd-HUSIF_20251016_27797.pdf

Noble Capital Markets USA initiated equity research coverage on Nicola Mining with its first Outperform rating back on May 8, 2025 at https://www.channelchek.com/search-new?search=nicola+Mining+

To learn more go to: https://noblecapitalmarkets.com/home  This research update has been forwarded through to traditional aggregators including Bloomberg, FactSet, Capital IQ, Refinitiv, and Interactive Brokers, as well as on several social media sites, including LinkedIn, Twitter & Stock Twits.