Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURES AND EARLY REPORT OF CONCEPT CAPITAL MANAGEMENT

An aggregate of $3.9-million of convertible debentures maturing on Nov. 21, 2025, have been converted into 22,941,177 common shares of Nicola Mining Inc. at a conversion price of 17 cents per share and an aggregate of $312,000 in interest pursuant to the convertible debentures has been converted into 385,185 shares at a conversion price of 81 cents per share.

Early warning report -- Concept Capital Management

Concept Capital Management announces that, further to the convertible debt in the principal amount of $3.9-million and interest of $312,000 made by Concept to the company, which bears interest at 10 per cent per annum and is due Nov. 21, 2025, has been converted into 23,326,362 shares effective Sept. 17, 2025.

Immediately before the convertible debenture conversion, Concept owned 20,082,536 shares or 10.93 per cent of Nicola's issued and outstanding share capital.

Upon completion of the debt conversion, Concept became a control block holder owning 43,408,898 common shares of Nicola, representing 20.96 per cent of Nicola's issued and outstanding share capital.

Concept has acquired the common shares of Nicola for investment purposes, and Concept may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over additional securities of Nicola or otherwise.

This news release is being issued in accordance with National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report with respect to the matters discussed in this news release will be filed on SEDAR+ under Nicola's issuer profile.

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 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, which covers an area of 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.