Nicola Mining Inc. has shifted from approximately 13 years of inactivity at its Treasure Mountain Silver Mine to an active evaluation aimed at restarting operations in 2027.

The underground silver-lead-zinc mine was placed on care and maintenance in 2013 due to depressed silver prices. An independent inspection conducted on July 27, 2026, by McElhanney Ltd. found the facility in better condition than anticipated, with both principal portals remaining accessible and significant portions of underground development open.

The inspection observed no flooded workings or major inaccessible collapse zones, while natural ventilation and ground-support installations largely remained functional. Localized rehabilitation, scaling and support replacement will be required near the Portal 2 entrance, and existing compressed-air, water and electrical systems require assessment before recommissioning.

The inspection also identified a significant volume of muck material in a crosscut near the Level 1 portal that may represent broken historical ore or development material. Once safe access is established, Nicola Mining intends to evaluate the material through representative sampling and assaying to determine if it can serve as processing feed.

The property holds a ten-year mining lease extension under permit M-239 that remains valid through April 26, 2032. Nicola Mining owns and operates the Merritt Mill and tailings facility near Merritt, British Columbia, which is permitted to accept third-party gold and silver mill feed from across the province.

The next phase of evaluation at Treasure Mountain will include a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping of the underground workings to reconcile updated data with historical mine plans.

“The findings provide an encouraging starting point for our evaluation of restarting Treasure Mountain. After approximately 13 years of inactivity, both portals remain accessible, substantial underground development remains open, natural ventilation continues to function, and much of the historical infrastructure remains in place.”

“Also of interest are the existing underground drill stations and partially developed workings, which may allow Nicola to advance exploration while leveraging development completed by previous operators. Our objective is to proceed methodically-first establishing safe access and an accurate understanding of the existing workings and then recommence mining activities on Level 1 and Level 2, prior to conduction exploration.”

— Peter Espig, Chief Executive Officer

Read the full announcement: Nicola Mining Reopens Portals 1 and 2 at Treasure Mountain Silver Mine with Intention to Recommence Operations in 2027