Nicola Mining Commences First-Ever Drill Program at Treasure Mountain's MB Zone and Reports Intense Mineralization

Vancouver, British Columbia--(Newsfile Corp. - September 18, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that it has commenced its 2026 exploration drilling program (the "2026 TM Program") at Treasure Mountain. Treasure Mountain is a permitted silver mine located approximately 30 km northeast of Hope, British Columbia, and roughly a three-hour drive from Vancouver. The mine was placed on care and maintenance in 2013 during a period of depressed silver prices. Notwithstanding the suspension of mining operations, Treasure Mountain has remained a core asset within Nicola's portfolio, with the Company maintaining the project in anticipation of a more constructive silver-price environment and an appropriate opportunity to advance systematic exploration. The 2026 TM Program includes diamond drilling at the MB target area, a previously undrilled zone approximately 1 km northwest of the historical Treasure Mountain silver mine ( Figure 1 ). The Company considers the MB target area a compelling exploration target for high-grade silver-lead-zinc mineralization similar to that encountered at the historical mine, with the additional presence of copper and gold. From 2019 to 2022, Nicola carried out soil and surface rock sampling that returned encouraging results indicating silver-lead-zinc-copper-gold mineralization along a vein system exposed at several locations along strike. Encouraging results from the 2019/2020 sampling programs include: Sample 2100151: 813 g/t Ag, 0.52 g/t Au, 19% Zn and 4.66% Cu; Sample 2100152: 105 g/t Ag and 1.18% Cu; and Sample 2100207 (taken from the exposed vein): 1,300 g/t Ag, 2.59 g/t Au, 1.16% Cu, 27.4% Pb and 27.2% Zn. Drilling for the 2026 season is expected to be completed by the end of September, with assay results expected to be released by year-end. The 2026 TM Program comprises four drill holes totaling approximately 800 m and targeting the MB Zone, an area characterized by mineralized veins at surface that has not previously been drill-tested at depth. The Company is working with Western Exploration Diamond Drilling Ltd. to execute the 2026 TM Program. The holes are designed to intersect and test previously sampled quartz-sulphide veins trending northeast-southwest along the length of the valley. Core from the first hole is being sampled and submitted to AGAT Laboratories for multi-element analysis. Visual examination of the core has identified intervals exhibiting intense mineralization, examples of which are shown in Figure 2 . While these observations are geologically encouraging, visual estimates are not a substitute for analytical results. The Company will report assay results following receipt, verification and review in accordance with its disclosure procedures. TM26-001 Core Photos Figure 2: Semi-massive pyrite-pyrrhotite-sphalerite mineralization occurring as irregular blebs, patches and sulphide-rich aggregates throughout the host rock. Pyrrhotite and pyrite are predominant, with subordinate sphalerite occurring as coarse, silvery-grey blebs and aggregates. CEO COMMENT Peter Espig, Chief Executive Officer of Nicola Mining, commented: "Treasure Mountain has remained a vital component of Nicola's asset portfolio throughout a prolonged period in which silver-market conditions did not justify aggressive capital deployment. Commencing drilling at the MB Zone marks a deliberate transition from asset preservation to value-oriented exploration. We are particularly encouraged by the intensity of mineralization observed in the first drill core; however, our interpretation will remain disciplined, and a...