Mr. Peter Espig reports

NICOLA MINING ANNOUNCES FLOW-THROUGH SHARE PRIVATE PLACEMENT

Nicola Mining Inc. has arranged a non-brokered private placement consisting of up to 5.5 million flow-through (FT) common shares at a price of 23 cents per FT share for gross proceeds of up to $1,265,000.

Each FT share of the company will be issued on a flow-through basis pursuant to the Income Tax Act (Canada) and in accordance with the policies of the TSX Venture Exchange.

Finders' fees may be payable in connection with the offering in accordance with the policies of the exchange.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to the approval of the exchange. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the offering are expected to be used for the further exploration on the company's wholly owned New Craigmont project, which is located near Merritt, B.C., and adjacent to Teck Resources' Highland Valley copper mine, Canada's largest copper mine. The company previously announced in its Feb. 21, 2024, news release the plan to conduct a 3-D induced polarization survey that would be followed by a diamond drilling program.

About Nicola Mining Inc.

Nicola Mining 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-sharing 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 Highland Valley copper mine. The company also owns 100 per cent of the Treasure Mountain property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

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