Nicola Mining Announces Closing of Debt Settlement

TSX.V: N NIM

NICOL LA MINING G ANNOUNC CES CLOSING G OF DEBT SETTLEMEN NT

VANCOU

UVER, B.C., November 24 4, 2020 – Nicola Mining In nc. (the “Com mpany”) toda ay announces s that, further to

• its News R Release of No ovember 13, 2020, it has s received ap pproval from m the TSX Ve enture

Exchange e (the “Exchan nge”) for the i issuance of 5, ,600,705 comm mon shares (e each, a “Share e”) in settlem ment of $700,088.2 20 interest ow wing on the convertible d debentures (th he “Debt Settlement”), w which Shares were issued on n November 2 23, 2020. The S Shares are su ubject to a sta atutory hold p period expirin ng on the dat te that is four mo onths and one e day after the e closing of th he Debt Settle ement.

Insiders o of the Compa any were issu ued an aggreg gate of 5,036,0 000 Shares pu ursuant to th he Debt Settle ement, which wil ll constitute a a “related par rty transactio on” within the e meaning of f Multilateral Instrument 6 61-101 Protection of Minority S Security Holde ers in Special Transactions ( (“MI 61-101”

”). The issuan nce to the ins siders was exem mpt from the v valuation requ uirement of M MI 61-101 by virtue of the exemption co ontained in se ection 5.5(b) as t the Company y’s shares are e not listed on n a specified market and from the min nority shareh holder approval requirements s of MI 61-101 1 by virtue of f the exemptio on contained in section 5.7 7(a) of MI 61-1 101 in that the f fair market value of the consideration of the Share es to be issue ed to the rela ated party wi ill not exceed 25 5% of the Com mpany’s mark ket capitalizat tion. The Com mpany closed d on the paym ment of the In nterest in Shares in less than 2 21 days as the payment of I Interest is due e pursuant to

• the terms of the Debentur res.

On behalf f of the Board d of Directors

“Peter Espig”

Peter Esp pig CEO & D Director

For additi ional informa ation contact:

Peter Espi ig Telephone e: (604) 647-01 Email: pet ter@nicolamin ning.com

Neither the e TSX Venture e Exchange nor its Regulation Services Pro ovider (as that term is defined d in the policies s of the TSX V Venture Exchan nge) accepts res sponsibility for r the adequacy or accuracy of f this release.