Mr. Peter Espig reports

NICOLA MINING RECEIVES FINAL PERMIT FOR HIGH GRADE DOMINION CREEK MINERAL PROJECT AND CLOSES NON-BROKERED PRIVATE PLACEMENT

Nicola Mining Inc. has received the final permit to complete a bulk sample at its Dominion Creek mineral project, a high-grade gold and silver project, of which Nicola owns a 75-per-cent economic interest.

The notice of work for the Dominion mineral project was initially filed with the chief permitting officer on Aug. 29, 2018, and last updated on Feb. 27, 2025. The final permit allows Nicola and its partner, High Range Exploration Ltd., to complete a bulk sample prior to Feb. 27, 2030, after which only reclamation activities can occur. In addition to the final permit, a free use permit (MX-100000488) was issued to upgrade/complete a short-haul road for ore transportation.

The company announced on March 6, 2025, that it has been issued a draft permit by the B.C. Ministry of Mining and Critical Minerals to extract 10,000 tonnes of gold and silver ore at Dominion, which is located 43 kilometres northeast of the town of Wells and approximately 110 kilometres east-southeast of Prince George.

The two parties are currently in the process of finalizing plans to mobilize and commence ore extraction, which is anticipated to commence in July, 2025.

The company is also pleased to announce that it has closed a non-brokered private placement, which was announced on Feb. 25, 2025. The news release announced a non-brokered private placement consisting of up to 7,142,857 units at a price of 28 cents per unit for gross proceeds of up to $2-million. However, given the company's cash and equivalent position, it was determined that the smaller and less dilutive amount was sufficient.

The company issued 4,038,955 units for aggregate gross proceeds of $1,130,907.40 and paid $63,827.36 in finders' fees for net proceeds of $1,067,080. The financing is closed, and the company will not be seeking additional funds associated with the current financing.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering.

Qualified person

William Whitty, PGeo, vice-president of exploration for the company, is the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) has reviewed and approved the technical disclosure contained in this news release.

About Nicola Mining Inc.

Nicola 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 through 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 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.