Nicola Mining Announces Proposed Share Consolidation

TSXV: NIM

NICOLA MINING ANNOUNCES PROPOSED SHARE CONSOLIDATION

VANCOUVER, BC, October 25, 2023 – Nicola Mining Inc. ( TSX.V: NIM) (FSE: HLI) (OTCQG:

HUSIF), (the “Company” or “Nicola”) announces that it intends to complete a consolidation of

its issued and outstanding common shares (the “Shares”) on the basis of one new Share (a “Post-

consolidated Share”) for every two currently outstanding Shares (the “Consolidation”).

It is anticipated that the Consolidation will re duce the number of outstanding shares of the

Company from 320,637,099 Shares to approximately 160,318,549 Post- consolidated Shares,

subject to adjustment for rounding. The Board of Directors of the Company believes that the

consolidation of the Shares will both enhance the marketability of the Company as an investment

and better position the Company to raise the funds necessary to execute the Company’s business

plan. A further benefit of the proposed rollbac k is the augmented potential for investment

participation from institutional investors. The Consolidation is subject to approval by the TSX

Venture Exchange (the “Exchange”).

The Company does not intend to change its name or its current trading symbol in connection

with the proposed Consolidation. The effective date of the Consolidation will be announced in a

subsequent news release.

No fractional Post-consolidated Shares will be issued as a result of the Consolidation.

Shareholders who would otherwise be entitled to receive a fraction of a Post-consolidated Share

will be rounded up to the nearest whole number of Post-consolidated Shares and no cash

consideration will be paid in respect of fractional shares.

The exercise price and number of Shares of the Company, i ssuable upon the exercise of

outstanding options and warrants and conversion of outstanding convertible debentures, will be

proportionally adjusted upon the implementation of the proposed Consolidation in accordance

with the terms thereof.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchanges

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

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 10,084 hectares along the southern end of the Guichon Batholith and is adjacent

to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The Company

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also owns 100% of the Treasure Mountain Prop erty, consisting of 29 mineral tenures covering

2,178 hectares (ha) and a mining lease covering 335 ha.

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.

Forward Looking Statements

This news release contains forward-looking information which is subject to a variety of risks and

uncertainties and other factors that could cause actual events or results to differ from those projected in the

forward-looking statements. Forward looking statements in this press release include that the Company

will consolidate its share capital. These forward-look ing statements are subject to a variety of risks and

uncertainties and other factors that could cause actual events or results to differ materially from those

projected in the forward-looking information. Risks th at could change or prevent these statements from

coming to fruition include that the Company may not obtain approval for the Consolidation from the

Exchange. The forward-looking information contained herein is given as of the date hereof and the

Company assumes no responsibility to update or re vise such information to reflect new events or

circumstances, except as required by law.