Nicola Mining Announces Flow-Through Share Private Placement

TSX.V: NIM

FSE: HLIA

OTCQB: HUSIF

NICOLA MINING ANNOUNCES FLOW-THROUGH SHARE PRIVATE PLACEMENT

VANCOUVER, BC, April 2, 2024 – Nicola Mining Inc. ( TSX.V: NIM ) (FSE: HLIA ) (OTCQB:

HUSIF),, (the “Company” or “Nicola”) is pleased to announce a non-brokered private placement

consisting of up to 5,500,000 flow-through common shares (each, a “FT Share”) at a price of $0.23

per FT Share for gross proceeds of up to $1,265,000 (the “Offering”).

Each FT Share of the Company will be issued on a “flow-through” basis pursuant to the Income

Tax Act (Canada) and in accordance with th e policies of the TSX Venture Exchange

(the “Exchange”).

Finder’s fees may be payable in connection with the Offering in accordance with the policies of

the Exchange.

All securities issued in connection with the Offe ring will be subject to a statutory hold period

expiring four months and one day after closing of the Offering. Completion of the Offering is

subject to the approval of the Exchange. Any participation by insiders in the Offering will

constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority

Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal

valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the Offering are expected to be used for the further

exploration on the Company’s wholly owned Ne w Craigmont Project, which is located near

Merritt, B.C. and adjacent to Teck Resources' Highland Valley Copper1, Canada’s largest copper

mine. The Company previously announced in its February 21, 2024 news release the plan to

conduct a 3D Induced Polarization survey th at would be followed by a diamond drilling

program.

None of the securities sold in connection with the Offering will be regist ered under the United

States Securities Act of 1933, as amended, and no such securities may be offered or sold in the

United States absent registration or an applicab le exemption from the registration requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall

there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would

be unlawful.

About Nicola Mining

Nicola Mining Inc. is a junior mining compan y listed on the Exchange and Frankfurt Exchange

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

1 Highland Valley Copper (teck.com)

fully-permitted mill can process both gold and 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 Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the

Treasure Mountain Property, which include 30 mi neral claims and a mineral lease, spanning an

area exceeding 2,200 hectares.

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.

Cautionary Statement Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that

are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause

actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such

forward-looking statements. Forward-l ooking statements in this news relea se include, but are not limited to,

statements with respect to the expectations of manageme nt regarding the proposed Offering, the expectations of

management regarding the use of proceeds of the Offering, closing conditions for the Offering, the expiry of hold

periods for securities distributed pursuant to the Offering, and Exchange approval of the proposed Offering. Although

the Company believes that the expectations reflected in th e forward-looking information are reasonable, there can be

no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and

uncertainties that may cause actual results, performance or developments to differ materially from those contained in

the statements including that: the Company may not complete the Offering on terms favorable to the Company or at

all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news

release; the funds raised from the sale of the Shares may not be renounced in favour of the shareholders of the Company;

the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the

Company’s public documents filed on SEDAR+ at www.sedarplus.ca. Althou gh the Company believes that the

assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not

be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that

such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims

any intention or obligation to update or revise any forward-looking statement, whether as a result of new information,

future events, or otherwise.