Mr. Peter Espig reports

NICOLA MINING ANNOUNCES APPROVAL OF SHARE CONSOLIDATION

Further to the news release of Oct. 25, 2023, the TSX Venture Exchange has approved the consolidation of Nicola Mining Inc.'s issued and outstanding common shares on the basis of one new share for every two currently outstanding shares. The consolidation will become effective at the opening of the market on Nov. 17, 2023. The company's symbol shall remain as NIM.

Currently, a total of 320,637,099 shares are issued and outstanding. Accordingly, upon the consolidation becoming effective, a total of 160,318,549 shares, subject to adjustments for rounding, will be issued and outstanding. There is no maximum number of authorized shares. No fractional postconsolidated shares will be issued as a result of the consolidation. Shareholders who would otherwise be entitled to receive a fraction of a postconsolidated share will be rounded up to the nearest whole number of postconsolidated shares, and no cash consideration will be paid in respect of fractional shares.

The exercise price and number of shares of the company, issuable upon the exercise of outstanding options and warrants and conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.

Computershare Investor Services Inc. will mail letters of transmittal to the shareholders providing instructions on exchanging preconsolidation share certificates for postconsolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to Computershare in accordance with the instructions in the letter of transmittal.

About Nicola Mining Inc.

Nicola is a junior mining company listed on the TSX Venture Exchange and the 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 10,084 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, consisting of 29 mineral tenures covering 2,178 hectares and a mining lease covering 335 hectares.