Nicola Mining Announces Closing of Debt Settlement

TSXV: NIM OTCBB: HUSIF FSE: HLI

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, BC, January 11, 2022 – Nicola Mining Inc. (the “Company”) announces that, further to its News Release of December 22, 2021, it has received approval from the TSX Venture Exchange for the issuance of 388,236 common shares (each, a “Share”) in settlement of $33,000 interest owing on the convertible debentures (the “Debt Settlement”), which Shares were issued on January 10, 2022. 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.

On behalf of the Board of Directors

“Peter Espig”

Peter Espig CEO & Director

For additional information

Contact: Peter Espig Phone: (778) 385-1213 Email: [email protected]

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.