What you need to know: • This morning, Nicola announced an update for the 2025 drill program at the New Craigmont Copper Project, near Merritt, BC. • Results from the program support a porphyry system with Draken currently the most promising target on the west side of the property. • The MARB target also returned strong copper intercepts, including 0.39% Cu over 9.5m. • In addition to continuing to define today’s targets, NIM plans to drill test the promising Jotun target in 2026. • NIM has also reported a series of news since our latest research note, including an upsized private placement, its first receipt of gold and silver feed from Blue Lagoon and the ensuing first sales of concentrate (US$1.0M in proceeds), and updated plans for its NASDAQ listing. This morning, Nicola Mining (NIM:TSXV, HUSIF:OTC) provided an update on its 2025 Diamond Drilling Program at the New Craigmont Copper Project in B.C., which targeted MARB-CAS, Draken, and a new target at WP/West Craigmont. The program included 7 holes (3,347m), as well as extensive sampling, aimed at generating and advancing targets on the potential porphyry copper system. Results are highlighted by evidence for a porphyry system at Draken (see Figure 2), which is further supported by a province-wide UBC porphyry study, and outlined promising copper intercepts at MARB, which included 0.39% Cu over 9.5m in hole MB-25-008 (see Figure 3). The WP/West Craigmont target did not return significant results, leaving Draken as the most promising target on the west side of the property. We are maintaining our BUY rating and our $1.50/share target price on Nicola Mining. The Company plans to continue building out the New Craigmont database and interpreting geological data before proceeding with modelling. NIM also plans to drill an untested target (Jotun) located north of the old mine, which was previously identified in a 2022 ZTEM survey and followed up with two holes in 2023, intersecting promising porphyry-style alteration (see Figure 4). Since our last note, NIM has provided numerous updates, which we discuss below.