Nicola Mining Inc. (NICM) Cash Flow Statement
Where NICM’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$5.6M
- Capital expenditures
- C$179,494 16.1% of revenue
- Free cash flow
- −C$5.7M −514.2% margin
- Returned to shareholders
- —
- Change in cash
- C$236,183 cash at year-end C$1.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NICM operating cash flow, capex and free cash flow
NICM cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$2.2M2021 | −C$5.6M2025 | — | |
| Capital expenditures | C$520,8862021 | C$179,4942025 | −23.4%/yr | |
| Free cash flow | −C$2.7M2021 | −C$5.7M2025 | — | |
| Free cash flow margin | 236.3%2023 | −514.2%2025 | −750.5 pts | |
| Stock-based compensation | C$499,0062021 | C$2.5M2025 | +49.1%/yr | |
| Dividends paid | C$02021 | C$02025 | — | |
| Capex / revenue | 3.0%2023 | 16.1%2025 | +13.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NICM cash flow by activity
NICM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NICM cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −C$5.5M | −C$5.2M | −C$3.3M | −C$52,832 | −C$3.4M |
| Depreciation & amortization | C$363,000 | C$230,592 | C$213,758 | C$182,126 | C$169,614 |
| Stock-based compensation | C$2.5M | C$756,784 | C$679,773 | C$311,493 | C$499,006 |
| Change in working capital | C$1.2M | C$729,681 | C$643,063 | −C$391,659 | −C$741,223 |
| Other non-cash items | −C$4.0M | C$202,593 | C$5.7M | C$1.7M | C$1.3M |
| Cash from operating activities | −C$5.6M | −C$3.3M | C$3.9M | C$1.7M | −C$2.2M |
| Investing activities | |||||
| Capital expenditures | −C$179,494 | −C$452,988 | −C$48,355 | −C$59,500 | −C$520,886 |
| Investments (net) | C$700,932 | −C$972,245 | C$0 | — | — |
| Acquisitions & other investing | C$0 | — | — | — | — |
| Cash from investing activities | C$521,438 | — | — | — | — |
| Financing activities | |||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 |
| Net borrowing (repayment) | C$611,076 | −C$31,975 | −C$1.6M | −C$1.5M | −C$67,979 |
| Shares issued | C$3.3M | C$1.8M | C$2.0M | C$550,201 | C$2.5M |
| Other financing | C$1.4M | −C$178,395 | −C$355,055 | −C$714,931 | C$226,564 |
| Cash from financing activities | C$5.3M | C$1.6M | C$78,198 | −C$1.7M | C$2.6M |
| Summary | |||||
| Net change in cash | C$236,183 | −C$3.3M | C$3.9M | −C$20,512 | C$91,581 |
| Cash at end of period | C$1.7M | C$1.5M | C$4.8M | C$895,774 | C$916,286 |
| Free cash flow | −C$5.7M | −C$3.8M | C$3.8M | C$1.7M | −C$2.7M |
| Free cash flow margin | −514.2% | −460.1% | 236.3% | — | — |
| Capex / revenue | 16.1% | 55.4% | 3.0% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −C$3.0M | −C$1.0M | −C$2.2M | −C$4.0M | C$1.2M | −C$475,808 | −C$210,267 | −C$1.5M |
| Depreciation & amortization | C$256,854 | C$235,732 | C$86,832 | C$101,943 | C$86,793 | C$87,433 | C$107,134 | C$24,568 |
| Stock-based compensation | C$227,396 | C$276,247 | C$2.1M | C$231,087 | C$74,795 | C$73,973 | C$127,623 | C$0 |
| Change in working capital | −C$765,587 | −C$1.9M | C$74,397 | C$953,343 | C$477,927 | −C$354,699 | C$239,831 | −C$53,146 |
| Other non-cash items | C$263,711 | −C$329,121 | −C$1.4M | C$623,388 | −C$2.6M | −C$669,190 | −C$800,786 | C$519,696 |
| Cash from operating activities | −C$3.0M | −C$2.7M | −C$1.4M | −C$2.1M | −C$778,749 | −C$1.3M | −C$536,465 | −C$981,547 |
| Investing activities | ||||||||
| Capital expenditures | −C$1.2M | −C$244,244 | −C$128,494 | −C$43,000 | −C$7,200 | −C$800 | −C$420,488 | C$0 |
| Investments (net) | C$3.0M | C$55,787 | C$54,784 | C$228,659 | C$314,027 | C$103,462 | C$27,755 | C$0 |
| Acquisitions & other investing | C$181,831 | −C$432,408 | C$0 | C$0 | C$0 | — | — | — |
| Cash from investing activities | C$2.1M | −C$620,865 | −C$73,710 | C$185,659 | C$306,827 | — | — | — |
| Financing activities | ||||||||
| Dividends paid | — | — | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | −C$16,233 | — | — | — |
| Net borrowing (repayment) | −C$91,652 | −C$27,111 | C$663,338 | −C$35,371 | −C$8,884 | −C$8,007 | −C$13,795 | −C$6,060 |
| Shares issued | C$9.5M | C$5.0M | C$252,259 | C$2.0M | C$0 | C$1.6M | C$506,752 | C$0 |
| Other financing | −C$709,827 | −C$838,633 | C$386,223 | C$903,941 | C$0 | −C$5,704 | −C$800 | C$0 |
| Cash from financing activities | C$8.7M | C$4.1M | C$1.3M | C$2.9M | −C$25,117 | C$1.6M | C$492,157 | −C$6,060 |
| Summary | ||||||||
| Net change in cash | C$7.7M | C$735,862 | −C$139,376 | C$991,031 | −C$497,039 | −C$118,433 | −C$574,041 | −C$987,607 |
| Cash at end of period | C$10.2M | C$2.5M | C$1.7M | C$1.8M | C$846,746 | C$1.3M | C$1.5M | C$2.0M |
| Free cash flow | −C$4.2M | −C$3.0M | −C$1.5M | −C$2.1M | −C$785,949 | −C$1.3M | −C$956,953 | −C$981,547 |
| Free cash flow margin | −381.5% | −196.6% | −227.4% | −384.9% | −1,469.0% | −20,917.3% | −117.0% | — |
| Capex / revenue | 106.3% | 16.2% | 19.5% | 7.8% | 13.5% | 12.5% | 51.4% | — |
| Operating cash flow / net income | — | — | — | — | −0.66 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
NICM cash generation
In fiscal 2025 (ended December 31, 2025), Nicola Mining Inc. generated -C$5.6 million of cash from operations and spent C$0.2 million on capital expenditures, leaving free cash flow of -C$5.7 million, −514.2% of revenue. Cash and equivalents rose by C$0.2 million over the year.
Related: NICM income statement, NICM balance sheet. See the NICM stock overview for the latest quote and news.
NICM cash flow FAQ
What is Nicola Mining Inc.'s free cash flow?
Nicola Mining Inc.'s free cash flow was -C$5.7 million in fiscal 2025: -C$5.6 million of operating cash flow minus C$0.2 million of capital expenditures It was -C$3.8 million a year earlier..
How much cash does Nicola Mining Inc. generate from operations?
Nicola Mining Inc. generated -C$5.6 million of cash from operating activities in fiscal 2025.
How much does Nicola Mining Inc. spend on capital expenditures?
Nicola Mining Inc. spent C$0.2 million on capital expenditures in fiscal 2025, 16.1% of revenue, compared with C$0.5 million the year before.