Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Nicola Mining Inc., further to its news release of Jan. 10, 2023, has closed the non-brokered private placement pursuant to which it has issued an aggregate of 16 million shares at a price of 12.5 cents per share for gross proceeds of $2-million.

All securities issued in connection with the offering are subject to a statutory hold period expiring four months and one day from the date of closing of the offering.

The company did not pay any finders' fees in connection with the offering.

The aggregate gross proceeds from the sale of the offering will be used for general working capital, which may include exploration, repayment of outstanding debentures and share repurchase.

About Nicola Mining Inc.

Nicola Mining is a junior mining company that maintains a 100-per-cent-owned mill and tailings facility, located near Merritt, B.C. It has signed mining and milling profit sharing 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 that covers an area of 10,084 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 29 mineral tenures covering 2,178 hectares (ha), and a mining lease covering 335 ha.