Is NICM or PZG more undervalued in 2026?

CirclFi compares Nicola Mining Inc. (NICM) and Paramount Gold Nevada Corp. (PZG) using 13 institutional-grade valuation models. NICM has a Quality of Company score of 1.7/10 while PZG scores 4.1/10.

Which is a better buy — NICM or PZG?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do NICM and PZG valuations compare?

NICM at $6.65 and PZG at $1.38 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NICM vs PZG Valuation Comparison 2026 — Intrinsic Value Analysis

NICM

Metal Mining

Nicola Mining Inc.

Quality

1.7

out of 10

Value Trap

—

Price

$6.65

Last close

Models

6/13

Active

PZG

Metal Mining

Paramount Gold Nevada Corp.

Quality

4.1

out of 10

Value Trap

LOW

Price

$1.38

Last close

Models

5/13

Active

Model-by-Model Comparison

Model	Type	NICM Fair Value	NICM Upside	PZG Fair Value	PZG Upside
Bayesian DCF	Intrinsic	$1.62	-75.6%	$0.32	-76.7%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	—	—	$0.04	-97.4%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$0.35	-94.2%	—	—
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%

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NICM vs PZG — Which Stock Is More Undervalued?

PZG scores higher with a 4.1/10 quality rating vs NICM's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Nicola Mining Inc. (NICM) and Paramount Gold Nevada Corp. (PZG) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

NICM currently trades at $6.65 with a QOC of 1.7/10, while PZG trades at $1.38 with a QOC of 4.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).