What you need to know: • Nicola has commenced work on its 10,000t bulk sample at Dominion Creek, with infrastructure in place and extraction expected to begin by mid-August. • Dominion adds a third near-term high-grade ore source to the Merritt Mill, following Talisker and pending shipments from Blue Lagoon. • With multiple feed contracts and throughput ramping, Nicola is on track for significant revenue and cash flow generation in H2/25. This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) announced that it has commenced work on its 10,000t bulk sample at its Dominion Creek Project, in which Nicola holds a 75% interest. The Dominion bulk sample program is fully permitted and marks an important step in Nicola’s multi-asset milling strategy. The project benefits from straightforward logistics and proximity to Nicola’s wholly owned Merritt Mill, where the ore will be processed. We are maintaining our BUY rating and increasing our target price to $1.10/share (previously $0.90/share) on Nicola Mining. Nicola has already installed a 14-man camp, mobilized equipment, and constructed a bridge to the site. Roadwork improvements are underway and expected to be completed by August 10th, after which the extraction will commence. Dominion has returned highly encouraging historical grades, with a 9.7kg surface sample from 2020 assaying 62.1 g/t Au, 320 g/t Ag, along with 23.4% lead and 12.4% zinc. Additional chip samples from 2020 exposed vein outcrops and confirmed high-grade potential, positioning the project as a valuable source of internal mill feed. Our Take The near-term mining of the Dominion Creek bulk sample marks a meaningful milestone for Nicola as it continues to scale its integrated production model in BC. The bulk sample will be a meaningful contributor of high-grade ore to the Merritt Mill, further enhancing mill utilization. We will note that the profitability of the bulk sample concentrate sales will be significantly higher than that of its other ore sources. This is because NIM holds a 75% interest in the project and, therefore, is capturing a much larger percentage of the proceeds. This initiative also underscores Nicola’s ability to leverage its infrastructure advantage, being the only third-party gold and silver mill in BC, while maintaining capital efficiency and minimizing permitting hurdles. As ore from Talisker, Blue Lagoon, and now Dominion begins flowing through the mill, we see the ramp-up to 200tpd as achievable, with potential upside from throughput expansion already in motion. Dominion also adds long-term upside, potentially supporting a future standalone mining operation if the bulk sample results confirm scalability.