Nicola Mining Announces Closing of Debt Settlement

TSXV: NIM

OTCBB: HUSIF

FSE: HLI

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, BC, November 22, 2021 – Nicola Mining Inc. (the “Company”) announces that, further to

its News Releases of November 16, 2021 and Novemb er 18, 2021, it has received approval from the TSX

Venture Exchange for the issuance of 6,942,882 common shares (each, a “ Share”) in settlement of

$694,288.20 interest owing on the convertible debentures (the “ Debt Settlement ”), which Shares were

issued on November 22, 2021. 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.

An Insider of the Company was issued 6,250,000 Shares pursuant to the Debt Settlement, which

constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection

of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to the insider was exempt

from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the

Company’s shares are not listed on a specified mark et and from the minority shareholder approval

requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the

fair market value of the consideration of the Shares to be issued to the related party will not exceed 25%

of the Company’s market capitalization. The Company closed on the payment of the Interest in Shares in

less than 21 days as the payment of Interest is due pursuant to the terms of the Debentures.

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 no r 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.