Mr. Peter Espig reports

NICOLA MINING ANNOUNCES NASDAQ LISTING AND PRICING OF US$6.0 MILLION OFFERING

Nicola Mining Inc. has priced its underwritten public offering in the United States. The offering consists of 930,233 American depositary shares (ADSs) and warrants to purchase 930,233 ADSs at an offering price of $6.45 (U.S.) per ADS and accompanying warrant. Each ADS offered represents 12 common shares of Nicola. The gross proceeds, before deducting underwriter discounts and commissions and offering expenses, are expected to be $6-million (U.S.). The warrants will have an exercise price of $12.2213 (Canadian) per ADS, will be exercisable immediately upon issuance and will expire on the fifth anniversary of the original issuance date. The ADSs are expected to begin trading on the Nasdaq Capital Market under the ticker symbol NICM on April 13, 2026, and the warrants will not be listed for trading.

In addition, Nicola has granted the underwriters a 45-day option to purchase up to an additional 139,534 ADSs and/or up to an additional 139,534 warrants to purchase up to 139,534 ADSs at the public offering price, less underwriting discounts and commissions. The offering is expected to close on April 14, 2026, subject to satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offering for mill expansion, property, plant and equipment expenditures, general and administrative expenses, and working capital.

Maxim Group LLC is acting as sole book-running manager for the offering.

The offering was being made pursuant to an effective shelf registration statement on Form F-10 (file No. 333-293048) previously filed with the U.S. Securities and Exchange Commission and became effective on Jan. 29, 2026. Nicola may offer and sell securities in both the United States and other jurisdictions outside of Canada. No securities will be offered or sold to Canadian purchasers under the offering. A preliminary prospectus supplement and accompanying prospectus relating to the offering and describing the terms thereof were filed with the SEC and form a part of the effective registration statement and are available on the SEC's website. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting Maxim Group LLC at 300 Park Ave., 16th floor, New York, N.Y., 10022, attention: syndicate department, or by telephone at 212-895-3745 or by e-mail at syndicate@maximgrp.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC, which will be available free of charge on the SEC's website and will also be available on the company's profile on SEDAR+.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX Venture Exchange and the Frankfurt Stock 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 British Columbia-based gold projects. Nicola's fully permitted mill can process both gold and silver mill feed by gravity and flotation processes.

The company owns 100 per cent of the New Craigmont project, a property that hosts historical high-grade copper mineralization and 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.