Nicola Mining Decreases Price of Shares to Be Issued IN Debt Settlement

TSXV: NIM

OTCBB: HUSIF

FSE: HLI

NICOLA MINING DECREASES PRICE OF SHARES TO BE ISSUED IN DEBT SETTLEMENT

VANCOUVER, BC, November 18, 2021 – Nicola Mining Inc. (the “Company”) announces that, further to

its News Release of November 16, 2021, it wishes to amend the price at which it intends to issue common

shares (each, a “ Share”) in consideration of the payment of all of the interest (the “ Interest”) owing on

the secured convertible debentures (the “ Debentures”) issued on November 21, 2019 from $0.12 per

Share to $0.10 per Share.

Accordingly, the Company intends to issue 6,942,882 Shar es at a price of $0.10 per Share in settlement of

Interest owing of $694,288.20 (the “Debt Settlement”).

An Insider of the Company will be issued 6,250,000 Shares pursuant to the Debt Settlement, which will

constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of

Minority Security Holders in Special Transactions (“MI 61-101 ”). The intended issuance to the insider is

exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section

5.5(b) as the Company’s shares are not listed on a specified market and from the minority shareholder

approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in

that the fair market value of the consideration of th e Shares to be issued to the related party will not

exceed 25% of the Company’s market capitalization. The Company will close on the payment of the

Interest in Shares in less than 21 days as the paym ent of Interest is due pursuant to the terms of the

Debentures.

The Debt Settlement is subject to TSX Venture Exchan ge approval. The Shares will be 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.