Mr. Peter Espig reports

NICOLA MINING ANNOUNCES PREPAYMENT OF CONVERTIBLE DEBENTURES

Nicola Mining Inc. has agreed with certain debentureholders to prepay 22 per cent of the current principal amount of $5,296,706 of certain convertible debentures maturing on Nov. 21, 2025, pay a prepayment premium of 10 per cent of the principal prepayment amount and prepay interest on the debentures to the maturity date. The company intends to pay an aggregate of $1,165,275 in principal prepayment amount, an aggregate of $116,527.50 in prepayment premium amount and an aggregate of $233,055 in prepayment interest amount, leaving a balance of an aggregate of $4,131,431 in debentures.

This marks the second prepayment of outstanding debenture obligations, as the company previously announced on July 12, 2022, the prepayment of $1,329,176 of the principal and $81,936 in accrued interest.

About Nicola Mining Inc.

Nicola Mining 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 mine, 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.