File: '\\swfile\EmailIn\20250113 134010 Attachment NICOLA News Release announcing issuance of shares pursuant to debt settlement (January 2025).docx'

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TSX.V: NIM

FSE: HLIA

OTCQB: HUSIF

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, B.C., January 13, 2025 - Nicola Mining Inc. (TSX.V: NIM) (FSE: HLIA) (OTCQB: HUSIF), (the "Company" or "Nicola") announces that, further to its News Release of December 18, 2024, it has received approval from the TSX Venture Exchange for the issuance of 1,469,935 common shares (each, a "Share") in settlement of $411,583.10 interest owing on convertible debentures (the "Debt Settlement"), which Shares were issued on January 9, 2025. The Shares are subject to a statutory hold period expiring on the date that is four months and one day after the closing of the Debt Settlement.

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.