Borse Express – Nicola Mining Makes Early Partial Redemption of Outstanding Debentures and Receives Encouraging Initial ZTEM Results

Vancouver, BC, July 12, 2022 – Nicola Mining Inc. (TSX.V: NIM) (FWB: HLI), (theCompany” or “Nicola”) announces that the company has received 20% as an advance (the “Payment in advance‘) Principal and Interest on the Notes outstanding on November 21, 2022. The Company prepaid a portion of the principal amount of $1,329,176 and accrued interest on the principal amount of $81,936 of $6,942,882. The principal balance of the debenture is now $5,613,706. Approximately 89% of the outstanding Notes are held by Concept Capital Management (“CCM‘), an insider and the company’s largest shareholder. Nicola is focused on generating operating cash flow, exploring the new Craigmont project and repaying the debenture.

In addition to the advance, the company announces a partnership with Ocean Partners UK Limited.[i] (“Ocean Partners‘) an amended agreement (the ‘Amended Agreement“) for gold and silver concentrate. The original agreement was announced in a press release on April 30, 2021. The terms of sale of the original and modified agreements were identical, with the latter including an increase in the revolving advance from $500,000 to $1,500,000. Nicola received a revolving advance of $750,000.

Nicola’s CEO Peter Espick said: “We are very pleased with the preliminary ZTEM measurement results and now look forward to the final report. We are delighted that operations have resumed at the Craigmont site after delays caused by flooding and permitting. This includes the resumption of fly and bottom ash deliveries from Nicola Clean Power.[ii], increasing daily shipments of Hydrovac materials for the Trans Mountain expansion project and exporting sand and gravel from our site to supply rock and gravel for infrastructure projects in BC. The signing of the revised agreement underlines our long-term goal of working with Ocean Partners and their confidence in working closely with Nicola.

To the Board of Directors

“Peter Espig“

Peter Espick

CEO & Director

Additional information is available from:

Contact Person: Peter Espick

Phone: (778) 385-1213

Email: [email protected]

Internet: www.nicolamining.com

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[i] Ocean Partners operates in several countries, including Canada, Chile, China, Cyprus, Mexico, Mongolia, the Netherlands, Peru, Taiwan, Turkey, the United Kingdom and the United States. The company also has offices in Argentina, Australia, Bolivia, Brazil, Chile, Ecuador, India, Japan, South Africa and South Korea. The company maintains a strong global network of base metal mining and smelting relationships and contacts.