Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - Nicola Mining Inc. (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that it has shipped concentrate produced jointly with Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) ("Talisker"). The initial shipment of concentrate was for approximately 55 dry tonnes (64 wet tonnes) that contained an estimated grade of 97.75 grams gold per tonne. The Company is also pleased that concentrate grades have increased during the milling process, mainly attributed to the capturing of free gold via gravity and tabling processes. The Company had announced on April 9, 2024, that it had signed a Milling Agreement with Talisker for the processing of mill feed at Nicola's mill site, located near Merritt, British Columbia. Nicola's Merritt Mill is a unique $30.0 million plus milling and processing facility constructed on free-hold industrial-zoned land owned 100% by the Company. The Company has secured an offtake agreement¹ with Ocean Partners UK Limited ("Ocean Partners") to sell the concentrate on behalf of Nicola and Talisker.

Figure 1: Talisker Material Concentrate (left). Figure 2: Initial Shipment (right)

Nicola's Merritt Mill is the only facility in the Province of British Columbia permitted to accept third party gold and silver mill feed from throughout the province.

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The Company also announces that it is currently drilling at the Embayment Zone, after having drilled at both the West Craigmont-WP and MARB-CAS targets of the 2024 drilling exploration program. Given the significance of the program the Company will issue an update and results upon completion.

Qualified Person
William Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved, the technical information in this release.

About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

"Peter Espig"

Peter Espig
CEO & Director

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.

¹ See April 30, 2021 news release: https://nicolamining.com/nicola-mining-signs-purchase-contract-for-gold-and-silver-concentrate-with-ocean-partners-holdings/

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