TORONTO, May 28, 2026, 14:02 EDT
Nicola Mining’s depositary shares on Nasdaq moved higher on Thursday. The small miner’s stock traded up in Canada too, as investors continued to buy after its April U.S. debut and latest quarterly report.
NICM’s American depositary shares jumped 3.1% to $6.39 on Nasdaq at 1:40 p.m. ET, with around 8,000 shares moving. The stock trades as NIM in Toronto, up 2.6% to C$0.79 at 1:13 p.m. ET. That’s after trading in a range from C$0.76 to C$0.80.
Nicola is pushing to shift from a small mining play to a bigger capital-markets story, with Nasdaq access, more mill revenue and new drilling in British Columbia. Still, the stock is thin. Price swings often look big when volume is this light.
S&P/TSX composite index was up 0.15% to 34,463.92 at 11:09 a.m. ET. The materials group led with a 1.45% gain. Canada’s broader market was firmer, with commodities-linked names trading higher and risk assets showing strength.
Nicola put out its newest U.S. Form 6-K on May 15. The report listed milling revenue at C$1.50 million for the three months ending March 31, up from just C$6,000 last year. Still, Nicola booked a net loss of C$1.0 million, deeper than the C$476,000 loss a year ago. Milling revenue comes from processing ore for clients, not from the company’s own mine sales.
The company said in its management discussion and analysis that the loss mostly came from share-based compensation and expenses tied to the Nasdaq Capital Market listing. Cash at quarter end was C$2.45 million. Working capital increased to C$7.2 million, up from C$3.1 million at Dec. 31.
Nicola’s April U.S. deal was 930,233 American depositary shares and warrants, sold at $6.45 for each ADS and warrant combo. Each ADS stands for 12 ordinary shares in Nicola. The company aimed for $6 million in gross proceeds and planned to put the money toward mill expansion, spending on property and equipment, and working capital.
Investors are focused on the Merritt Mill near Merritt, British Columbia, and the New Craigmont copper project. On April 28, Nicola said it started its 2026 diamond drilling program at New Craigmont, with drilling set to include a hole aimed at the Jotun target. That area has not been drilled before and is linked to a geophysical anomaly.
Nicola CEO Peter Espig said in February the company is “systematically advancing” its development plan, mentioning milling infrastructure and access to high-grade feed. At the time, the company said gold and silver from its Blue Lagoon Resources partnership was being processed at Merritt, and it was getting ready for extraction at Dominion Gold, planned for July 2026. TMX Newsfile
Small Canadian silver and exploration stocks traded higher Thursday afternoon. Peer names linked by Google Finance to Nicola’s TSX Venture listing—Defiance Silver, Impact Silver, and Southern Silver—all moved up, with Defiance Silver gaining 8.1%, Impact Silver up 1.3%, and Southern Silver up 3.6%.
The risk remains clear. Nicola said all of its first-quarter milling revenue came from a single customer linked to a company director, with C$613,869 in receivables from that director-controlled firm. The financials pointed to a material uncertainty that could cast doubt on Nicola’s ability to keep going as a going concern, so the company might have to raise capital or keep cash coming in to stay operational.
Thursday’s move is more about whether Nicola can deliver than any single new announcement. The company is getting more attention from U.S. investors now, bringing in more milling revenue compared to this time last year, and it’s drilling. The question is if that will start to show in steadier cash generation or if Nicola goes back for another raise.
