Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CLOSING OF FLOW THROUGH NON-BROKERED PRIVATE PLACEMENT

Nicola Mining Inc., further to its news release dated April 2, 2024, has completed its flow-through private placement offering, pursuant to which it sold an aggregate of 5,499,994 shares at a price of price of 23 cents per share for gross proceeds of $1,264,998.62.

The shares are issued on a flow-through basis pursuant to the Income Tax Act (Canada) and in accordance with the policies of the TSX Venture Exchange. The company paid an aggregate of $88,549.90 to one finder in connection with the offering.

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.

All securities issued in connection with the offering are subject to a statutory hold period expiring Aug. 13, 2024.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX-V and Frankfurt Stock Exchange. It 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 that covers an area of 10,913 hectares along the southern end of the Guichon batholith and is adjacent to the Highland Valley copper mine, Canada's largest 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.

We seek Safe Harbor.