Nicola Mining Annoucnes Upsize of Financing to $4.9 Million

TSX.V: NIM

FSE: HLIA

OTCBB: HUSIF

NICOLA MINING ANNOUCNES UPSIZE OF FINANCING TO $4.9 MILLION

VANCOUVER, B.C, January 22, 2026, - Nicola Mining Inc. (the “Company” or “Nicola Mining”)

is pleased to announce that it has upsized its previously announced non-brokered private

placement (on January 13, 2026) to a total of $4,900,000 (the “Offering”). The Company has

received strong support from existing shareholders and new institutional investors, reflecting

confidence in its operational milestones and long-term strategy.

The Company will issue 5,444,444 units (each a “Unit”) at a price of $0.90 per Unit for gross

proceeds of up to $4,900,000.

Each Unit will consist of one common share of the Company (each, a “ Share”) and one

transferable common share purchase warrant (each, a “ Warrant”), with each Warrant entitling

the holder to purchase one Share at a price of $1.10 per Share for a period of three years

following the closing of the Offering (the “Closing”), provided that the expiry of the Warrants can

be accelerated if the closing price of the Company’s common shares on the TSX Venture

Exchange (the “Exchange”) is $1.70 or greater for a minimum of ten consecutive trading days,

and a notice of acceleration is provided in accordance with the terms of the Warrants.

All securities issued in connection with the Offering will be subject to a statutory holding period

expiring four months and one day after closing of the Offering. Completion of the Offering is

subject to the approval of the Exchange. Any participation by insiders in the Offering will

constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority

Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the

formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the Offering will be used for ball mills, general operations,

and corporate working capital.

Such use of proceeds may include, but is not limited to, the purchase and installation of milling

equipment to expand processing capacity to approximately 500 tonnes per day, the addition of

a secondary ball mill, supplementary cleaner flotation cells, and associated pumping

infrastructure. Any remaining equipment requirements may be met through the refurbishment

and recommissioning of existing plant and machinery. In addition, spare bowl and mantle

assemblies may be procured to support routine crusher maintenance and ensure ongoing

operational reliability.

None of the securities sold in connection with the Offering will be registered under the United

States Securities Act of 1933, as amended, and no such securities may be offered or sold in the

United States absent registration or an applicable exemption from the registration requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall

there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would

be unlawful.

Qualified Person

Cameron Lilly, P. Eng., the Company’s Mill Manager, is the Qualified Person as defined by

National Instrument 43-101 - Standards of Disclosure for Mineral Projects and supervised the

preparation of, and has reviewed and approved, the technical information in this release.

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 is a fully-permitted high grade silver mine and

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: [email protected]

URL: www.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.