Nicola Mining Provides Update on NASDAQ Listing

Core Viewpoint - Nicola Mining Inc. is pursuing a NASDAQ listing through American Depositary Receipts (ADRs), aiming to be among the first Canadian companies to adopt this structure, which allows for dual-market liquidity while maintaining its capital structure [1][2]. Group 1: NASDAQ Listing and ADRs - The proposed NASDAQ listing will enable Nicola to access U.S. capital markets without altering its existing capital structure on the Toronto Stock Exchange [2]. - ADRs allow foreign companies to set a ratio that meets NASDAQ's trading price requirements without changing the underlying share count, thus avoiding negative market perceptions associated with reverse share consolidations [2][11]. - The dual-trading framework facilitates trading for both Canadian and international investors, allowing U.S. investors to transact in ADRs while Canadian investors continue trading ordinary shares [3][11]. Group 2: Regulatory Environment - Nicola is currently under review by NASDAQ according to Rule IM-5101-3, which grants NASDAQ broader discretionary authority to deny listings based on qualitative assessments, even if quantitative requirements are met [3][4]. - This new rule allows NASDAQ to reject listings if there are concerns about market integrity or potential manipulation, changing the previous framework where meeting formal requirements typically ensured approval [4]. Group 3: Company Overview - Nicola Mining Inc. is a junior mining company with a 100% owned mill and tailings facility located near Merritt, British Columbia, and has agreements for high-grade gold projects [5]. - The company owns the New Craigmont Project, a high-grade copper property covering over 10,800 hectares, and the Treasure Mountain Property, a fully-permitted high-grade silver mine spanning over 2,200 hectares [6].