File: '\\swfile\EmailIn\20260116 153412 Attachment NICOLA News Release announcing clarification of number of shares held by Concept in Information Circular.docx'

TSX.V: NIM

FSE: HLIA

OTCBB: HUSIF

NICOLA MINING CLARIFIES DISCLOSURE IN ITS MANAGEMENT CIRCULAR DATED JUNE 10, 2025

VANCOUVER, B.C, January 16, 2026 - Nicola Mining Inc. (the "Company" or "Nicola Mining") announces that, as a result of a review by the British Columbia Securities Commission, it is issuing this News Release to clarify disclosure in its management information circular (the "Circular") dated June 10, 2025, and filed on June 13, 2025, with regards to the beneficial ownership reported by Concept Capital Management ("CCM").

The Circular incorrectly disclosed that CCM owned 38,054,331 common shares of the Company (each, a "Share") amounting to 21.49% of outstanding Shares on June 3, 2025. Upon conversion of the debentures adding 23,326,362 Shares, CCM would own 61,380,693 Shares. The correct number of Shares should have been 31,165,659 Shares. Subsequent to the date of the Circular, CCM sold 11,083,123 Shares and acquired 23,326,362 Shares on conversion of the debentures bringing the aggregate number of Shares held by CCM as at today's date to 43,408,898. The disclosure on SEDI is correct and accurate as of the date of this News Release.

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 is a fully-permitted high grade silver mine and 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

URL: www.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.