Nicola Mining Announces Approval of Share Consolidation

TSXV: NIM

NICOLA MINING ANNOUNCES APPROVAL OF SHARE CONSOLIDATION

VANCOUVER, BC, November 14, 2023 – Nicola Mining Inc. (TSX.V: NIM) (FSE: HLI) (OTCQG:

HUSIF), (the “Company” or “Nicola”) announces that, further to its News Release of October 25,

2023, the TSX Venture Exchange has approved the consolidation of its issued and outstanding

common shares (the “ Shares”) on the basis of one new Share (a “ Post-consolidated Share”) for

every two currently outstanding Shares (the “ Consolidation”). The Consolidation will become

effective at the opening of the market on No vember 17, 2023. The Company’s symbol shall

remain as “NIM”.

Currently, a total of 320,637,09 9 Shares are issued and outsta nding. Accordingly, upon the

Consolidation becoming effective, a total of 160,318,549 Shares, subject to adjustments for

rounding, will be issued and outstanding. There is no maximum number of authorized Shares.

No fractional Post-consolidated Shares will be issued as a result of the Consolidation.

Shareholders who would otherwise be entitled to receive a fraction of a Post-consolidated Share

will be rounded up to the nearest whole number of Post-consolidated Shares and no cash

consideration will be paid in respect of fractional shares.

The exercise price and number of Shares of the Company, i ssuable upon the exercise of

outstanding options and warrants and conversion of outstanding convertible debentures, will be

proportionally adjusted upon the implementation of the proposed Consolidation in accordance

with the terms thereof.

Computershare Investor Services Inc. (“ Computershare”) will mail letters of transmittal to the

shareholders providing instructions on exchanging pre-Consolidation share certificates for post-

Consolidation share certificates. Shareholders are encouraged to send their share certificates,

together with their letter of transmittal, to Comp utershare in accordance with the instructions in

the letter of transmittal.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchanges

that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It

has signed Mining and Milling Profit Share Agreem ents 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 10,084 hectares along the southern end of the Guichon Batholith and is adjacent

to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The Company

2

also owns 100% of the Treasure Mountain Prop erty, consisting of 29 mineral tenures covering

2,178 hectares (ha) and a mining lease covering 335 ha.

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.