File: '\\swfile\EmailIn\20251204 142740 Attachment NICOLA News Release announcing stock option and RSU grant - Dec 4 2025.docx'

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TSX.V: NIM

FSE: HLIA

OTCQB: HUSIF

NICOLA MINING ANNOUNCES GRANT OF STOCK OPTIONS AND RESTRICTED SHARE UNITS

Not for distribution to United States newswire services or for release publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.

VANCOUVER, BC, December 4, 2025 - Nicola Mining Inc. (TSX.V: NIM)(FSE: HLIA) (OTCQB: HUSIF), (the "Company" or "Nicola") is pleased to announce that it has granted stock options ("Options") and restricted share units ("RSUs") to certain directors, officers, employees and consultants. The Company granted an aggregate of 2,850,000 Options to directors, officers, employees and consultants with an exercise price of $1.00 expiring five years from the date of grant. The Options vest immediately. In addition, the Company granted an aggregate of 1,015,000 RSUs to directors, officers, employees and consultants. The RSUs vest on January 1, 2027. The stock options and RSUs were granted in accordance with the Company's equity incentive plan. All of the stock options and RSUs granted to directors, officers and consultants are subject to the TSX Venture Exchange hold period of four months and one day from the date of grant.

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 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% of the Treasure Mountain Property, which includes 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.