Nicola Mining Announces Closing of Amendments to Subordinated Secured Convertible Debentures IN the Principal Amount of $330,000

TSXV: NIM

NICOLA MINING ANNOUNCES CLOSING OF AMENDMENTS TO SUBORDINATED

SECURED CONVERTIBLE DEBENTURES IN THE PRINCIPAL AMOUNT OF $330,000

VANCOUVER, BC, January 6, 2023 – Nicola Mining Inc. ( TSX.V: NIM ) (FSE: HLI) (OTCQG:

HUSIF), (the “ Company” or “ Nicola”) is pleased to announce that it has completed the

amendments to the secured conv ertible debentures (each, a “ Debenture”) by issuing Amended

and Restated Convertible Debent ure Certificates in the aggregate principal amount of $330,000

to certain holders.

The maturity date of the Debentures has been ex tended from January 9, 2023 to January 9, 2025

The Company also amended the Debentures to permit the Company to prepay all or any

portion of the outstanding principal of the Debe nture, and accrued and unpaid interest thereon,

at its sole discretion without penalty or bonus. In all other respects, the terms of the Debentures

remain the same.

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 an d 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 10,913 hectares along the southern end of the Guichon Batholith and is

adjacent to Teck Resources Ltd.’s Highland Va lley Copper, Canada’s largest copper mine. The

Company also owns 100% of the Treasure Mounta in Property, consisting of 30 mineral tenures

covering 513 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 it s 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.