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 Inc. (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 Offering 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 on the TSX Venture and Frankfurt Exchanges that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fullypermitted 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 responsibility for the adequacy or accuracy of this release.