Mr. Jeff Roman reports

BMO NESBITT BURNS INC. FILES EARLY WARNING REPORT

BMO Nesbitt Burns Inc. has filed an early warning report on SEDAR+ with respect to the common shares of Nicola Mining Inc. held by managed accounts and other accounts over which Nesbitt has authority to exercise control or direction. The early warning report has been filed, and this press release is being issued, for the purpose of correcting previously filed alternative monthly reports dated Feb. 10, 2023, and Oct. 2, 2024, by Nesbitt and to report historical acquisitions of common shares by Nesbitt on behalf of the accounts.

Nesbitt's purpose in acquiring and holding the common shares is for investment purposes only and not for the purpose of exercising control or direction over the issuer. The purchases and dispositions of common shares were made in the ordinary course of Nesbitt's investment activities on behalf of the accounts. Nesbitt has no current plan or proposal which relates to, or would result in, acquiring additional ownership or control over the securities of the issuer, other than in Nesbitt's ordinary course of business. Nesbitt may or may not purchase or sell securities of the issuer in the future on the open market or in private transactions, depending on market conditions and other factors material to Nesbitt's investment decisions on behalf of the accounts.

Nesbitt is an eligible institutional investor as defined in National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). Nesbitt does not, in its own capacity, beneficially own any common shares of the issuer. As of April 16, 2025, Nesbitt, for and on behalf of the accounts, exercised control or direction over 30,598,376 common shares, representing 17.75 per cent of the total issued and outstanding common shares.

Nesbitt had previously reported that it, on behalf of the accounts, exercised control or direction over an aggregate of 42,188,051 common shares as at Jan. 31, 2023, then representing approximately 13.43 per cent of the issued and outstanding common shares, and over an aggregate of 16,991,641 common shares as at Sept. 30, 2024, then representing approximately 10.194 per cent of the issued and outstanding common shares. Nesbitt has identified the inadvertent exclusion of certain common shares from the holdings reported in the prior reports. This exclusion also impacted Nesbitt's determination of whether a reporting obligation was triggered. If Nesbitt had utilized the alternative monthly reporting system described in Part 4 of NI 62-103, it would have reported the following.

As of the end of June 30, 2021, Nesbitt, on behalf of the accounts, exercised control or direction over an aggregate of 29,055,663 common shares, then representing approximately 10.38 per cent of the issued and outstanding common shares (on the basis of 280,009,722 common shares then outstanding). The aggregate value of any such common shares acquired in transactions completed through the TSX Venture Exchange in the first reporting month was $285,815.

As at the end of May 31, 2022, Nesbitt, on behalf of the accounts, exercised control or direction over an aggregate of 36,558,115 common shares, then representing approximately 12.52 per cent of the issued and outstanding common shares (on the basis of 292,022,677 common shares outstanding). An aggregate of 7,502,452 common shares were acquired between the first reporting month and the second reporting month, representing an increase of approximately 2.14 per cent of the issued and outstanding common shares. The aggregate value of any such common shares acquired in transactions completed through the TSX-V in the second reporting month was $61,595.

As at the end of Feb. 28, 2023, Nesbitt, on behalf of the accounts, exercised control or direction over an aggregate of 45,612,489 common shares, then representing approximately 15.30 per cent of the issued and outstanding common shares (on the basis of 298,072,147 common shares outstanding). An aggregate of 9,054,374 common shares were acquired between the second reporting month and the third reporting month, representing an increase of approximately 2.78 per cent of the issued and outstanding common shares. The aggregate value of any such common shares acquired in transactions completed through the TSX-V in the third reporting month was $223,536.98.

As at the end of June 30, 2024, Nesbitt, on behalf of the accounts, exercised control or direction over an aggregate of 29,357,328 common shares, then representing approximately 17.61 per cent of the issued and outstanding common shares (on the basis of 166,682,092 common shares) (1). An aggregate of 6,551,084 common shares were acquired between the third reporting month and the fourth reporting month, representing an increase of approximately 2.31 per cent of the issued and outstanding common shares. The aggregate value of any such common shares acquired in transactions completed through the TSX-V in the fourth reporting month was $129,729.18.

The purchases and sales of the common shares by Nesbitt on behalf of the accounts have been in Canadian dollars and completed through the facilities of the TSX-V and pursuant to certain prospectus exempt distributions by the issuer.

A copy of Nesbitt's early warning report will be filed on the issuer's profile on SEDAR+ and may be obtained upon request by contacting Nesbitt at Jeff Roman at Jeff.Roman@bmo.com or 416-867-3996, 1 First Canadian Place, 100 King St. West, fifth floor, Toronto, Ont., M5X 1A1.

(1) On Nov. 17, 2023, the issuer effected a share consolidation on a one-for-two basis.