Nicola Mining Dear Shareholders and Investors, 2025 stands as the most transformative year in the history of
Nicola Mining Inc. . It was a year defined by disciplined execution, strategic clarity, and a series of milestones that meaningfully advanced our position as an emerging precious-metal producer with multiple value-generating assets in British Columbia. Equally important, the year underscored the strength and dedication of our team, whose efforts played a central role in achieving these results. During 2025, precious metals experienced a strong upward trajectory as investors sought stability amid persistent geopolitical uncertainty, tightening supply conditions, and renewed interest in hard-asset protection. Gold and silver benefited from rising central-bank...