olivLaw · US equity research
Nicola Mining Inc. NICM
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
Nicola Mining Inc. is a Canadian mining company that files its annual reports with the SEC on Form 40-F under the multi-jurisdictional disclosure system. The company qualifies as an emerging growth company and reports in Canadian dollars under IFRS, which makes comparison with US companies harder.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Nicola Mining Inc. (NICM) stock was 4.96 USD (−3.31% on the day), with beta 0.74, 52-week range 4.71–8.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 4.67 – 5.63
- in the lower half of the band · %B 0.30 · band width 18.7%
- SMA 50 / 200
- 5.67 / unavailable
- MACD (12, 26, 9)
- -0.16 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.1% | −1.1% | −7.1 pp | — |
| 3 months | −13.3% | −0.5% | −12.8 pp | — |
| 6 months | −23.2% | +4.4% | −27.6 pp | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −9.4% |
| 3 years | unavailable | +76.4% | unavailable | +67.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
unavailable
Reported results vs expectations
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Balance sheet & financial health
Valuation
unavailable
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 149.3 bn | 23.0 | 53.2% | 37.3% | +17.4% | +35% / +163% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 89.9 bn | 29.2 | 21.8% | 16.2% | +1.8% | +46% / +68% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | −15% / +746% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −34% / −49% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | −10% / +222% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −35% / +239% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −20% / +146% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
| VALEVale S.A. | — | — | 7.0% | 6.1% | +0.9% | −9% / −24% |
1- and 3-year price returns: for NICM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (15 Oct 2026), 6-K (18 Sept 2026), 6-K (03 Sept 2026), 6-K (31 Aug 2026), 6-K (26 Aug 2026).
In brief
Nicola Mining Inc. is a Canadian mining company that files its annual reports with the SEC on Form 40-F under the multi-jurisdictional disclosure system. The company qualifies as an emerging growth company and reports in Canadian dollars under IFRS, which makes comparison with US companies harder.
SWOT
Strengths
- The company reported internal control over financial reporting as effective at December 31, 2025, which supports confidence in its financial data.
- Emerging growth company status reduces certain reporting requirements, leaving more resources for operations.
- The audit committee has independent members and a designated financial expert, which strengthens oversight.
Weaknesses
- Audit costs rose significantly from the prior year, partly due to the re-audit of 2024.
- The company does not follow all Nasdaq governance rules, applying Canadian practices instead.
- Reporting under IFRS and in Canadian dollars limits direct comparability with US companies.
Opportunities
- Nasdaq listing could help attract US investors if interest in the company's projects grows.
- If resources prove significant, project development could attract partners or additional financing.
- Strong internal control could support investor confidence during financing periods.
Threats
- Exchange rate swings between the Canadian and US dollar can affect reported results.
- Reliance on external financing exposes the company to changing market conditions for small miners.
- Auditor changes and possible corrections to financial statements can weaken investor confidence.
Risks
- Audit and compliance costsmedium
Audit expenses rose in 2025 after the auditor change and the re-audit of 2024, which could weigh on results.
- Currency riskmedium
Reporting in Canadian dollars, with activity that may be partly denominated in other currencies, exposes the company to exchange rate movements.
- Dependence on financinghigh
Exploration companies rely on outside capital, and insufficient funding could delay projects.
- Governance differenceslow
Applying Canadian practices instead of some Nasdaq rules may create differences in shareholder protection.
- Projection uncertaintymedium
Forward-looking statements in the report depend on assumptions that may not hold, and actual results could differ substantially.
Investment thesis
What would need to be true (bull case)
- If exploration projects confirm significant resources, the company's value could rise considerably.
- Internal control reported as effective and an independent audit committee can support confidence in the financial data.
- Emerging growth company status could lower compliance costs in the short term.
What would break the thesis
- Rising audit and compliance costs could reduce the resources available for exploration.
- Reliance on external financing may delay projects if capital markets weaken.
- Reporting and governance differences from US companies may make evaluation harder for investors.
What to watch
- Trend in audit costs and auditor stability2026
- Results of exploration programs and technical updatesnext 40-F
- CAD/USD exchange rate and its effect on reporting2026
- Financing capacity and any new equity issuancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (15 Oct 2026), 6-K (18 Sept 2026), 6-K (03 Sept 2026), 6-K (31 Aug 2026), 6-K (26 Aug 2026).
The business
Nicola Mining Inc. is a foreign private issuer based in Canada that filed its annual report for the fiscal year ended December 31, 2025 1. Its principal documents are the Annual Information Form (Exhibit 99.1), audited financial statements (Exhibit 99.2) and management's discussion and analysis (Exhibit 99.3) 1. The source does not describe operations, mineral properties or production in detail, so the business profile must be completed from the Annual Information Form.
On governance, the company follows home country practices instead of certain Nasdaq listing rules, and its audit committee includes a designated financial expert 1. It ended 2025 with internal control over financial reporting that management considered effective, and no attestation report from the external auditor was included 1.
The executive team includes a chief executive officer and a chief financial officer who concluded that disclosure controls were effective at period end 1. Davidson & Company LLP audited the 2025 statements, after Crowe MacKay LLP was appointed in January 2025 and resigned in November 2025 1.
Segments
Mining operations
The source provided does not detail the company's business segments. It notes that consents from qualified geologists are included with the Annual Information Form, which suggests exploration or mine development activity 1.
Exploration projects
The Annual Information Form and related technical reports, filed as exhibits, should describe exploration projects and resources. These are not reproduced in the text provided, so they cannot be assessed quantitatively from this document.
Market context
The company is listed on Nasdaq and reports in Canadian dollars, with an exchange rate of CDN$1.3678 per US$1.00 on April 24, 2026 1. Audit fees rose from CDN$140,000 in 2024 to CDN$171,257 in 2025, reflecting higher administrative costs 1.
The market for small mining companies depends on financing capacity and project appeal, neither of which is quantified in this document. The multi-jurisdictional reporting framework makes the information only partly comparable with US companies.
Trends
- Rising audit and compliance costsheadwind
Audit fees increased in 2025, and the change of auditor and re-audit of 2024 contributed to higher costs. If these expenses persist, they could reduce the resources available for exploration.
- Emerging growth company statustailwind
The company qualifies as an emerging growth company, which exempts it from certain obligations such as the auditor attestation on internal control. This exemption could lower compliance costs in the short term.
- Reporting in Canadian dollars under IFRSmixed
Financial statements are prepared under IFRS and in Canadian dollars, which can complicate comparison with companies reporting under US GAAP. Exchange rate movements may affect how the figures are read.
- Governance rules and compensation recoverymixed
The company has adopted a clawback policy required by Nasdaq and SEC rules and follows Canadian practice on the compensation committee. This regulatory alignment is an ongoing compliance factor.
Competitive position
The source provided does not name the company's direct competitors. Comparison with other mining issuers would need to rely on the Annual Information Form and technical reports, which are not included in this text.
As a Canadian issuer listed on Nasdaq, the company competes for investment capital with other mining companies that file Form 40-F or 10-K. Differences in reporting and jurisdiction shape how investors compare these companies.
- Canadian mining companies listed on Nasdaq
The source does not name competitors; the group is defined only by Canadian issuer status with 40-F reporting.
- US-listed mineral exploration companies
Competition for financing comes from US exploration companies with a similar profile, without named examples in the document.
- Mining companies listed on the Toronto Stock Exchange
Companies reporting under IFRS and listed in Canada compete for the same investor base, with no details in the source.
- Other foreign private issuers
Foreign issuers using the multi-jurisdictional disclosure system are comparable in reporting format.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)15 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Nicola Mining Inc. · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.