Mr. Peter Espig reports

NICOLA MINING AND HIGH RANGE EXPLORATION RECEIVE DRAFT PERMIT FOR HIGH GRADE DOMINION CREEK MINERAL PROJECT

Nicola Mining Inc. has received the draft bulk sample permit for its Dominion Creek mineral project, a high-grade gold and silver project, of which Nicola owns a 75-per-cent economic interest.

The draft permit, issued by the B.C. Ministry of Mining and Critical Minerals, outlines the regulatory framework to extract 10,000 tonnes of gold and silver ore at Dominion, which is located 43 kilometres northeast of the town of Wells and approximately 110 kilometres east-southeast of Prince George.

As announced in its Aug. 3, 2023, news release, Nicola conducted due diligence, which included a site visit and sampling. Results from a 9.7-kilogram sample of outcropping sulphide mineralization taken from the No. 16 vein returned 62.1 grams per tonne gold, 320 g/t silver, 23.4 per cent lead and 12.4 per cent zinc. Additionally, the owner of the property provided 26.4 kg of mineralized material selected from a bulk sample extracted between 1989 and 1992. The 26.4-kilogram sample had the following grades: 58.7 g/t Au, 130 g/t Ag, 7.7 per cent Pb, 4.2 per cent Zn, 1.49 per cent iron and 4.65 per cent sulphide.

Nicola has already paid the required reclamation deposit on behalf of itself and High Range Exploration Ltd. for a notice of work and reclamation program while the latter has been actively prepping toward ore extraction, which is targeted to commence in July of 2025. Ore from the bulk sample will be transported to Nicola's wholly owned mill for processing.

Receipt of the draft permit is the culmination of Nicola and High Range working closely together to complete environmental requirements, mine plan and consultation. The milestone is attributable to behind-the-scene hard work from the two teams, both of which remain committed to meeting the highest environmental, safety and community standards.

"The two parties have worked closely together for three years to garner this milestone," said Peter Espig, president and chief executive officer of Nicola. "High Range president Alan Raven has been associated with the project for over two decades and first submitted the application in 2018. To finally be able to move forward with a mine plan is another step forward for Nicola's goal of creating shareholder value, and we are fortunate to have Alan's knowledge, experience and passion solidify the partnership."

Mr. Raven commented: "Nicola and its team are not only professional, but also exemplify integrity and passion. High Range is fortunate to have found such a partner, and we look forward to making the project a success for all."

Qualified person

William Whitty, PGeo, vice-president of exploration for the company, is the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and has reviewed and approved the technical disclosure contained in this news release.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the exchange and Frankfurt 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 over 10,800 hectares along the southern end of the Guichon batholith and is adjacent to Highland Valley Copper, Canada's largest copper mine. The company also owns 100 per cent of the Treasure Mountain property, which include 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

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