Nicola Mining Announces Closing of the First Tranche of Unit Financing

TSX.V: NI IM NEWS RE ELEASE

NICOL LA MINING ANNOUNC CES CLOSING G OF THE FI IRST TRANC CHE OF UNIT FINANCIN NG

VANCOU UVER, B.C., A August 19, 201 19 – Nicola M Mining Inc. (th he “Company y”) announces s that, further r to its News Rel lease of June 28, 2019, it h has completed d the first tra anche of its pr rivate placem ment financing (the ach, a “Unit”), at a price of “Financin ng”) pursuant t to which it s sold an aggre egate of 4,500, ,000 units (ea f $0.10 onal tranches of the per Unit, for gross pro oceeds of $450 0,000. The Co ompany inten nds on compl leting additio Financing g.

Each Unit t consisted of f one common n share (each h, a “Share”) and one-half f of one share e purchase wa arrant (each who ole warrant, a “Warrant”)

). Each Warr rant is exerci isable into on ne Share at a price of $0.1 15 per Share for a period of tw wo years from m the date of i issuance.

The Comp pany did not pay any finde er’s fees in co onnection with h the Financin ng.

Proceeds from the Fina ancing will be e used for gen neral working g capital.

The secur rities issued under the F Financing, an nd the shares s that may b be issuable o on exercise o of the Warrants, , are subject to

• a statutory hold period e expiring on D December 20, 2 2019.

On behalf f of the Board d of Directors

“Peter Espig”

Peter Esp pig CEO & D Director

For addit tional inform mation conta act:

Peter Esp pig Telephon ne: (604) 647 7-0142 Email: pe eter@nicolam mining.com