(NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA)

VANCOUVER, B.C, January 22, 2026 - Nicola Mining Inc. (the "Company" or "Nicola Mining") is pleased to announce that it has upsized its previously announced non-brokered private placement (on January 13, 2026) to a total of $4,900,000 (the "Offering"). The Company has received strong support from existing shareholders and new institutional investors, reflecting confidence in its operational milestones and long-term strategy.

The Company will issue 5,444,444 units (each a "Unit") at a price of $0.90 per Unit for gross proceeds of up to $4,900,000.

Each Unit will consist of one common share of the Company (each, a "Share") and one transferable common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $1.10 per Share for a period of three years following the closing of the Offering (the "Closing"), provided that the expiry of the Warrants can be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange (the "Exchange") is $1.70 or greater for a minimum of ten consecutive trading days, and a notice of acceleration is provided in accordance with the terms of the Warrants.

All securities issued in connection with the Offering will be subject to a statutory holding period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the Offering will be used for ball mills, general operations, and corporate working capital.

Such use of proceeds may include, but is not limited to, the purchase and installation of milling equipment to expand processing capacity to approximately 500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Any remaining equipment requirements may be met through the refurbishment and recommissioning of existing plant and machinery. In addition, spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure ongoing operational reliability.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Qualified Person

Cameron Lilly, P. Eng., the Company's Mill Manager, 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 is a fully-permitted high grade silver mine and 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 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.

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