Description of Nicola Mining Inc's Business Segments
The registrant operates two reportable business segments under IFRS: Mineral Exploration and Development, and Custom Milling Operations. The Mineral Exploration and Development segment focuses on identifying, acquiring, and advancing mineral properties in British Columbia, including the New Craigmont Project, the Treasure Mountain Project, and the Dominion Creek Gold Property. These projects are in exploration or pre-commercial development stages and have not reached commercial production. The New Craigmont Project is a historic copper mine site with completed mineral resource estimates. The Treasure Mountain Project is permitted for silver, lead, and zinc mill feed removal but is currently in care and maintenance, with plans to commence exploration at the MB Zone. The Dominion Creek Gold Property is held jointly with High Range Exploration Ltd. and is preparing for potential mining and milling activities. Exploration activities are conducted by the company, with specialized services subcontracted as needed.
The Custom Milling Operations segment operates the Merritt Mill near Merritt, British Columbia, which is licensed to process up to 200 tonnes per day of silver, lead, and gold ore. The company provides toll milling services to third-party mining companies, producing concentrate sold to offtake partners such as Ocean Partners UK. In 2025, milling revenue totaled $1.54 million, with other income of $0.8 million, all derived from external customers. The milling process includes receiving ore shipments, processing through crushing, grinding, and flotation, and shipping concentrate to offtake partners.
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