File: '\\swfile\EmailIn\20250922 150514 Attachment NICOLA FINAL News Release announcing conversion of convertible debentures by Concept Capital Management.docx'

#80340573v1 - NICOLA FINAL News Release announcing conversion of convertible debentures by Concept Capital Management

TSX.V: NIM

FSE: HLIA

OTCQB: HUSIF

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

VANCOUVER, BC, September 22, 2025 - Nicola Mining Inc. (TSX.V: NIM) (FSE: HLIA) (OTCQB: HUSIF), (the "Company" or "Nicola") is pleased to announce that an aggregate of $3,900,000 convertible debentures (the "Convertible Debentures") maturing on November 21, 2025 has been converted into 22,941,177 common shares (each, a "Share") of the Company at a conversion price of $0.17 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 $0.81 per Share.

Early Warning Report - Concept Capital Management

Concept Capital Management ("Concept") announces that, further to the convertible debt in the principal amount of $3,900,000 and interest of $312,000 (the "Concept Loan") made by Concept to the Company, which bears interest at 10% per annum and is due November 21, 2025, has been converted into 23,326,362 Shares effective September 17, 2025.

Immediately before the Convertible Debentures conversion, Concept owned 20,082,536 Shares or 10.93% 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% 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 the SEDAR at www.sedarplus.ca under Nicola's issuer profile.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. 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% 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% of the Treasure Mountain Property, which include 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

"Peter Espig"

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig

Phone: (778) 385-1213

Email: info@nicolamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.