Mr. Peter Espig reports

NICOLA MINING ANNOUNCES SHAREHOLDER APPROVAL OF ITS EQUITY INCENTIVE PLAN

At Nicola Mining Inc.'s annual general and special meeting held on June 14, 2023, the shareholders of the company ratified and reapproved the company's equity incentive plan. The plan is a 10-per-cent rolling plan for stock options whereby the aggregate number of common shares reserved for issuance, together with any other shares reserved for issuance under any other plan or agreement of the company, shall not exceed 10 per cent of the total number of issued shares (calculated on a non-diluted basis) at the time an option is granted and a fixed plan of 29,175,209 common shares for performance-based awards of restricted share units, performance share units and deferred share units. The exchange requires the company to receive shareholder approval of the 10-per-cent rolling portion of the plan on a yearly basis at the company's annual meeting. Accordingly, the company's shareholders will be asked to reapprove the plan each year. The plan, as approved by shareholders at the meeting, remains subject to final approval of the exchange.

A copy of the plan was appended to the company's management information circular dated May 12, 2022, and is available under the company's profile on SEDAR.

About Nicola Mining Inc.

Nicola is a junior mining company listed on the TSX Venture Exchange and Frankfurt Stock 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 through 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, 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.