Nicola Mining Announces Closing of Debt Settlement

TSXV: NIM

OTCBB: HUSIF

FSE: HLI

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, BC, January 11, 2022 – Nicola Mining Inc. (the “Company”) announces that, further to its

News Release of December 22, 2021 , it has received approval from the TSX Venture Exchange for the

issuance of 388,236 common shares (each, a “ Share”) in settlement of $33,000 interest owing on the

convertible debentures (the “ Debt Settlement ”), which Shares were issued on January 10, 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 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.