Nicola Mining Announces Closing of Debt Settlement

TSX.V: NIM

FSE: HLI

OTCBB: HUSIF

NICOLA MINING ANNOUNCES CLOSING OF DEBT SETTLEMENT

VANCOUVER, BC, May 20, 2022 – Nicola Mining Inc. (the “Company”) today announces that, further to

its News Release of May 18, 2022, it has received approval from the TSX Venture Exchange for the

issuance of 270,587 common shares (each, a “ Share”) in settlement of $2 3,000 interest owing on

convertible debentures (the “ Debt Settlement”), which Shares were issued on May 20, 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 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.