Nicola Mining Announces Closing of Debt Settlement

TSX.V: NIM FSE: HLI OTCBB: HUSIF

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, BC, May 20, 2022 – Nicola Mining Inc. (the “Company”) today announces that, further to its News Release of May 18, 2022, it has received approval from the TSX Venture Exchange for the issuance of 270,587 common shares (each, a “Share”) in settlement of $23,000 interest owing on convertible debentures (the “Debt Settlement”), which Shares were issued on May 20, 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.