Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CONSULTING AGREEMENT WITH 0748004 BC LTD.

Nicola Mining Inc. has entered into a consulting agreement with 0748004 B.C. Ltd., a company which carries on the business of investor relations including assisting public companies in the promotion of corporate activities, pursuant to which the consultant, through Bill Cawker, has agreed to provide investor relations and communications services to the company. In consideration for the services, the company has agreed to pay the consultant a monthly fee of $5,000 and grant the consultant stock options to purchase up to 200,000 common shares of the company at an exercise price to be determined. All options will be non-transferable, irrevocable, and expire on the earlier of: (i) 90 days following termination of the agreement, (ii) 30 months from the date of grant and (iii) such other date as may be required under the company's equity incentive plan, and the rules and policies of any stock exchange upon which securities of the company may be listed from time to time. The options will vest quarterly. The term of the agreement is for a period of six months ending on Aug. 31, 2023, which may be extended from time to time. The services will include marketing and communicating with corporate analysts, institutional and professional investors, and retail brokers, developing and assisting with press releases, website disclosure, investor presentations, assist with all work to prepare for meetings, investor presentations, site visits and trade show opportunities, following up on inquiries and leads from the company's social media communications platforms, and other related investor relation services. The company and the consultant are at arm's length, and the consultant does not have an interest, directly or indirectly, in the company or its securities, nor does it intend to acquire such an interest, other than the grant of the stock options.

About Nicola Mining Inc.

Nicola Mining 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 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 10,913 hectares along the southern end of the Guichon batholith and is adjacent to Teck Resources Ltd.'s Highland Valley Copper, Canada's largest copper mine. The company also owns 100 per cent of the Treasure Mountain property, consisting of 30 mineral tenures covering 513 hectares and a mining lease covering 335 ha.