Nicola Mining Announces Flow-Through Share Private Placement

NOT T FOR DIST TRIBUTION N TO UNITED STATES S NEWSWIR RE SERVIC CES OR FOR R DISSEM MINATION IN THE UN NITED STA ATES

TSX.V: N NIM

NICO OLA MINING ANNOUN NCES FLOW W-THROUG GH SHARE PRIVATE P PLACEMEN NT

ny”) is pleased to

VANCO OUVER, B.C

C., December r 13, 2019 – Nicola Min ning Inc. (th he “Compan announce a non-bro okered priv vate placeme ent consistin ng of the i issuance of up to 3,50 00,000 common n shares (eac ch, a “Share e”) at a price of $0.10 per Share f for gross pr roceeds of u up to $350,000 (the “Offer ring”). Each Share will b be issued on n a “flow-thr rough” basis s pursuant t to the Income Ta ax Act (Cana ada). Insider rs may parti icipate in the e Offering.

Finders’ fees may be e payable in connection with the Of ffering in acc cordance wi ith the polici ies of the TSX V Venture Exchange (the “ “Exchange”)

).

utory hold period All secur rities issued in connecti ion with the e Offering w will be subjec ct to a statu expiring four month hs and one d day after clo osing of the Offering. C Completion o of the Offeri ing is subject to the appro oval of the Exchange. A Any particip pation by in nsiders in t the Offering g will constitut te a related d party tran nsaction und der Multila ateral Instru ument 61-10 01 - Protecti ion of Minority Security Hol lders in Special Transactio ons (“MI 61- -101”) but is expected to

• be exempt from

the forma al valuation and minorit ty sharehold der approval l requiremen nts of MI 61- -101.

The aggr regate gross proceeds fr rom the sale of the Offer ring will be used for fur rther explor ration on the C Company’s w wholly-own ned New Cr raigmont Pro operty, whi ich covers a an area of 1 10,084 hectares along the s southern end d of the Gu uichon Batho olith and is adjacent to

• Teck Resources

Ltd.’s Hi ighland Valley Copper, C Canada’s lar rgest copper r mine.

None of the securitie es sold in co onnection wi ith the Offer ring will be registered u under the U United States Se ecurities Act of 1933, as amended, a and no such securities m may be offer red or sold i in the United States absent registration n or an applicable exemp ption from th he registration requirem ments. This new ws release sh hall not cons stitute an of ffer to sell o or the solicit tation of an offer to buy y nor olicitation or sale shall ther re be any sal le of the secu urities in any y jurisdiction in which s such offer, so would be e unlawful.

On behal lf of the Board of Directo ors

“Peter Espig”

Peter Esp pig CEO & D Director

For additional information contact:

Peter Espig Telephone: 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-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management 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 the 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; 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.sedar.com. Although 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.