Nicola Mining is a small British Columbia-based junior resource company with two businesses: custom toll milling and mineral exploration. The Merritt Mill, a fully permitted facility near Merritt, BC, licensed to process up to 200 tonnes per day of silver, lead, and gold ore, is the company's only recurring revenue source. Nicola processes ore from third-party mining clients and sells the resulting concentrate to Ocean Partners UK, a metals trading firm that also provides Nicola with a revolving prepayment facility for working capital. Ocean Partners UK has historically accounted for 100% of milling revenue, making this a critical relationship. Milling revenue can be lumpy quarter to quarter, as it depends on clients delivering ore based on their own production schedules. On the exploration side, Nicola holds three pre-production properties: the New Craigmont copper project (flagship), the Treasure Mountain silver/lead/zinc project, and a 50% interest in the Dominion Creek gold property. New Craigmont sits on a historic copper mine site and is being explored for a potential porphyry copper system, with drilling of the Jotun target as a near-term priority. Nicola funds exploration primarily through equity raises, including flow-through share offerings common among Canadian junior miners. The company has 25 employees and carries a significant asset retirement obligation reflecting future reclamation costs at its operating and exploration sites.