Nicola Mining Announces Closing of Flow-Through Private Placement

TSXV: NIM

NICOLA MINING ANNOUNCES CLOSING OF

FLOW-THROUGH PRIVATE PLACEMENT

VANCOUVER, BC, November 17, 2022 – Nicola Mining In c. ( TSX.V: NIM ) (FSE: HLI ), (the

“Company” or “Nicola”) announces that, further to its news release dated November 7, 2022, it has

completed its flow-through private placement financing (the “ Offering ”) pursuant to which it sold

an aggregate of 6,049,470 shares (each, a “ Share ”) at a price of $0.095 per Share for gross proceeds of

$574,699.65.

The Company paid cash finder’s fees of $24,499.98 to a certain finder in connection with certain

subscriptions in the Offering.

All securities issued in connection with the Offering are subject to a statutory hold period expiring

March 17, 2024.

The aggregate gross proceeds from the sale of the Of fering are expected to be used for further

exploration on the Company’s wholly-owned New Craigmont and Treasure Mountain Properties.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed o n the TSX Venture and Frankfurt Exchanges

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

already signed four mill profit share agreements wi th high grade gold producers. The fully-

permitted mill can process both gold and silver mill feed via gravity and flotation processes. The

Company also owns 100% of the New Craigmont Project , a high-grade copper property, and an

active gravel pit that is located adjacent to its milling operations.

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 r esponsibility for the adequacy or accuracy of

this release.