Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

Nicola Mining Inc., further to its news release of Dec. 18, 2024, has received approval from the TSX Venture Exchange for the issuance of 1,469,935 common shares in settlement of $411,583.10 of interest owing on convertible debentures, which shares were issued on Jan. 9, 2025. The shares are subject to a statutory hold period expiring on the date that is four months and one day after the closing of the debt settlement.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX-V 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 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 over 10,800 hectares along the southern end of the Guichon batholith and is adjacent to Highland Valley, 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.