Mr. Peter Espig reports

NICOLA MINING HAS COMMENCED DIAMOND DRILLING AT ITS FLAGSHIP NEW CRAIGMONT COPPER PROJECT

Nicola Mining Inc. has commenced a diamond drilling exploration program (the 2023 program) at its wholly owned New Craigmont copper project, located near Merritt, B.C., and 33 kilometres south of Teck Resources Ltd.'s Highland Valley copper mine, Canada's largest copper mine.

The company announced in its May 2, 2023, news release, that it had hired an economic geologist/vice-president of exploration to lead the 2023 program and is pleased that Will Whitty, PGeo, has joined the team. Mr. Whitty has over 15 years of advanced-stage exploration experience working on a variety of porphyry copper plus/minus molybdenum deposits and copper skarns, as well as Carlin-style gold and orogenic gold deposits. Mr. Whitty completed his BSc degree in geology at Carleton University in Ottawa and his MSc degree in geology with the mineral deposit research unit (MDRU) at University of British Columbia (UBC) in Vancouver. After graduating, he worked as a consultant for TetraTech EBA, providing technical services to the mining industry. He subsequently moved to Arizona, where he worked for Freeport-McMoRan for nine years. As part of Freeport's mine site exploration group, he had the opportunity to visit most of the company's mines in the southwest United States, run drill programs and provide geological services.

Mr. Whitty subsequently worked for Nevada Gold Mines', a Barrick-Newmont joint venture, Goldrush mine project, which is located within the Cortez district in northern Nevada. As senior geologist at a newly producing mine, he successfully built and developed a team of geologists and managed multimillion-dollar drill programs. Responsibilities included leading all surface and underground drilling, which included both exploratory and underground grade-control responsibilities, as well as providing senior management key recommendations.

Serendipitously, Will's role as vice-president of exploration at Nicola includes working closely with the MDRU and department of earth, ocean and atmospheric sciences (EOAS) at the University of British Columbia. The company has commenced working with the MDRU, which has established a team to work on the 2023 program.

Peter Espig, chief executive officer of Nicola, commented: "Firstly, we are very excited to have a geologist with the calibre of Will Whitty join our team. His commitment to the company and passion towards the geological potential of New Craigmont have already become apparent. Secondly, we are very encouraged to have MDRU/EOAS's increasingly active participation at New Craigmont as we endeavour to unlock its potential. Finally, it's gratifying to witness years of foundational geological efforts that include combining Z-axis tipper electromagnetic, airborne electromagnetic and induced polarization surveys, as well as mapping, logging of historic holes, reviewing historical drill logs, and conducting various laboratory and on-ground research culminated into drilling efforts. The company faced market pressure to put metres in the ground, however, we have and remain committed to a long-term strategy, and firmly believe that superior understanding will potentially facilitate superior outcomes."

Qualified person

Kevin Wells, PGeo, a consulting geologist to the company, is the independent qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange that maintains a 100-per-cent-owned mill and tailings facility, located near Merritt, B.C. It has signed mining and milling profit share agreements with high-grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The company owns 100 per cent of the New Craigmont project, a high-grade copper property, which covers an area of 10,913 hectares along the southern end of the Guichon batholith and is adjacent to Teck Resources Ltd.'s Highland Valley copper mine, Canada's largest copper mine. The company also owns 100 per cent of the Treasure Mountain property, which is composed of 51 mineral tenures, 21 legacy claims (100 cell units) and five Crown grants for a total of approximately 2,850 hectares.