Mr. Peter Espig reports

NICOLA MINING'S DOMINION GOLD PROJECT ASSAYS RETURN UP TO 113 GRAMS / 3.65 OZ GOLD PER TONNE

Nicola Mining Inc. has received final assays from the Dominion gold project. The company provided an update on its 2025 work on Nov. 4, 2025. Chip samples were taken from all five veins, three of which are newly discovered, to measure exposed vein grades prior to commencing extraction.

A sampling program targeted the exposures of the new veins discovered during development work for the bulk sampling of the pit and 16 veins to determine if the new veins carried high enough gold values to warrant including them in the bulk sample. A total of nine samples, including one sample of waste rock that is not included, were collected by the mine manager, Alan Raven, and his co-manager, Randy Mervyn, on Oct. 6 and Oct. 7.

Samples from the pit vein are similar to the historic high-grade samples. A pit vein sample spans across the 2.7 metres of the exposed vein with a one-by-one-metre panel sample of the vein taken within the pit. The five-metre exposure was not sampled this trip as it was underwater. The results are representative of the high-grade mineralization in the veins and not of the total volume of material being extracted for the bulk sample.

Key take-aways include the following:

• All veins remain open in all directions.
• The West vein, Midwest vein and 16 East vein were all previously unknown.
• The previously unknown 16 East vein has been followed for 40 metres at surface but remains open in all directions.
• A pit vein sample spans across the five metres of the exposed vein.
• Under the terms of the agreement, Nicola holds a 75-per-cent economic interest, after which it owns 100 per cent of Dominion gold.

The samples were collected from a typical area of each new exposure to help determine the average grade of the veins sampled. Sampling was done using a hammer and rock chisel, and samples were placed in a poly bag, labelled on the outside with a sample number with a corresponding number written on survey flagging, placed inside the sample bag and secured with a zip tie. Samples averaged two to 3.5 kilograms each. The samples were then transported by the mine manager, Alan Raven, to his residence, stored in locked facilities until they were transported and delivered on Oct. 30 to Paragon Geochemical laboratory in Surrey, B.C., an independent ISO 17025:2017 accredited geochemical testing laboratory. Samples were crushed and pulverized (lab code PREP) then analyzed for gold using two-cycle PhotonAssay (lab code (PA-AU02 Au). The analytical results that the present exposures of the West vein and the Midwest vein indicate that they are not of a high enough grade to be included in the bulk sample.

Peter Espig, chief executive officer of Nicola Mining, commented: "We had expected the grades to be high, and assay results clearly confirm what we had hoped for. However, the scale and new vein discoveries were unanticipated exciting revelations of Dominion's long-term potential. During 2026, we will focus on both bulk sample extraction and better understanding of project scale."

Nicola also announces that it has provided Talisker Resources Inc. 60 days notice, after which it the company will no longer accept ore for processing at its Merritt facility.

Qualified person

The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, PGeo, who is the qualified person as defined by National Instrument 43-101. Mr. Whitty is vice-president of exploration for the company.

Dominion Creek property history

The Dominion Creek property consists of nine mineral claims (55 units) totalling approximately 1,058 hectares. The property was acquired from the prospector N. Kencayd by Noranda Exploration Company Ltd. in 1986. Noranda subsequently conducted geological, geochemical and geophysical surveys, which culminated in an increase in its land position. Between 1987 and 1990, Noranda's exploration program included a small (20 samples) geochemical silt sample survey. Encouraged by those results, a larger soil geochemical survey (3,399 samples) was conducted. Noranda drilled a total of 53 shallow diamond drill holes, totalling 3,483.86 metres (average depth of approximately 65.7 metres). Trenching of several coincident lead, zinc, copper, silver and gold soil geochemistry anomalies resulted in the discovery of several mineralized quartz veins.

A technical report on the Dominion Creek project was completed by Geospectrum Engineering on Aug. 22, 2003.

About Nicola Mining Inc.

Nicola 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 includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.