NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC, October 27, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to announce that it has filed a listing application with The Nasdaq Capital Market (the “Nasdaq“) in connection with a planned uplisting of its common shares in the United States. In connection with the proposed uplisting, the Company has applied to list its common shares under the symbol “NICM.“

On October 7, 2025, the Company filed a Preliminary Short Form Base Shelf Prospectus (the “Preliminary Shelf Prospectus”) with securities regulatory authorities in Ontario, Alberta and British Columbia (the “Canadian Regulators”).

The Company will be permitted to offer preferred shares, debt securities, warrants, subscription receipts, common shares and units, or any combination thereof (collectively, the “Qualified Securities”), for up to C$10,000,000, from time to time during the 25-month period after it receives a receipt from the Canadian Regulators for the Final Short Form Base Shelf Prospectus (the “Final Shelf Prospectus”); however, no amount or terms have been considered.

The Qualified Securities may not be sold, nor may offers to buy be accepted, until a receipt for the Final Shelf Prospectus has been issued by the Canadian Regulators. The Preliminary Shelf Prospectus contains important information relating to Qualified Securities. Copies of the Preliminary Shelf Prospectus are available, respectively, under the Company’s SEDAR+ profile at www.sedarplus.ca or may be obtained by request to the Company.

In Canada, the use of a base shelf prospectus is customary practice as it allows companies to undergo the applicable Canadian regulatory review process before commencing any offering of securities. Importantly, any securities issued under a shelf prospectus supplement filed under a base shelf prospectus are not subject to a four-month mandatory hold period in Canada.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with applicable Canadian securities laws, and the applicable laws of any jurisdiction where such securities are sold.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX.V 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

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
URL: www.nicolamining.com

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Legal Notice

The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws.

All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. Investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as “plan”, “development”, “growth”, “continued”, “intentions”, “expectations”, “emerging”, “evolving”, “strategy”, “opportunities”, “anticipated”, “trends”, “potential”, “outlook”, “ability”, “additional”, “on track”, “prospects”, “viability”, “estimated”, “reaches”, “enhancing”, “strengthen”, “target”, “believes”, “next steps” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the filing and receipt of the Final Shelf Prospectus; the amount of the Qualified Securities; the filing and effectiveness of any potential prospectus supplement; the Company undertaking any offering of Qualified Securities under the Final Shelf Prospectus; the filing and effectiveness of any potential prospectus; and the Company uplisting to Nasdaq.

Forward-looking statements are based upon certain assumptions and other key factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the timing and filing of the Final Shelf Prospectus; the timing and filing of a prospectus supplement and any potential offerings of Qualified Securities; the ability to obtain required regulatory approvals for any offerings of Qualified Securities; continued availability of capital and financing and the ability of the Company to negotiate and complete future financings; changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; the continuing ability to fund or obtain funding for outstanding commitments; expectations regarding the resolution of legal and tax matters; the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein.

Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks and uncertainties identified in the Preliminary Shelf Prospectus; risks related to the receipt (or failure to receive) regulatory approvals required in connection with the Final Shelf Prospectus; and the risks identified in the Company’s annual information form dated July 14, 2025 and the management’s discussion and analysis for the three and six months ended June 30, 2025.

Although Nicola has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that could cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Nicola.

Investors are cautioned against attributing undue certainty to forward-looking statements. Nicola cautions that the foregoing list of material factors is not exhaustive. When relying on Nicola’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Nicola has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF NICOLA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE NICOLA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS

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