Mr. Peter Espig reports

NICOLA MINING ANNOUNCES PLANS TO UPLIST ON NASDAQ AND FILING OF SHORT FORM BASE SHELF PROSPECTUS

Nicola Mining Inc. has filed a listing application with the Nasdaq Capital Market in connection with a planned uplisting of its common shares in the United States. In connection with the proposed uplisting, the company has applied to list its common shares under the symbol NICM.

On Oct. 7, 2025, the company filed a preliminary short form base shelf prospectus with securities regulatory authorities in Ontario, Alberta and British Columbia (the Canadian regulators).

The company will be permitted to offer preferred shares, debt securities, warrants, subscription receipts, common shares and units, or any combination thereof, for up to $10-million, from time to time during the 25-month period after it receives a receipt from the Canadian regulators for the final short form base shelf prospectus; however, no amount or terms have been considered.

The qualified securities may not be sold, nor may offers to buy be accepted, until a receipt for the final shelf prospectus has been issued by the Canadian regulators. The preliminary shelf prospectus contains important information relating to qualified securities. Copies of the preliminary shelf prospectus are available, respectively, under the company's SEDAR+ profile or may be obtained by request to the company.

In Canada, the use of a base shelf prospectus is customary practice as it allows companies to undergo the applicable Canadian regulatory review process before commencing any offering of securities. Importantly, any securities issued under a shelf prospectus supplement filed under a base shelf prospectus are not subject to a four-month mandatory hold period in Canada.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX Venture Exchange 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 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 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 includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

We seek Safe Harbor.