Nicola Mining : Presentation

BRITISH COLUMBIA BASED GOLD AND SILVER PRODUCER COPPER EXPLORER NICOLA MINING INC. CORPORATE PRESENTATION

JANUARY 2026

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NICOLA MINING INC.

offers a unique investment opportunity combining

• cash generating mill facility

• permitted, past producing projects

• tremendous discovery potential

• low-risk, mining-friendly jurisdiction (B.C.)

• Experienced management & board

KEY CATALYSTS FOR 2026 AND ON

Ramp up to full capacity at the Merritt Mill

• Commenced milling of high-grade gold under Talisker partnership in process of ramping up and receiving ore from Blue Lagoon in Q4

• Commenced 10,000-tonne bulk sample program at Dominion Creek Project in July 2025

• Expect to achieve full capacity (200 tpd)+ in Q3 2025 and generate positive operating with full year of production in 2026

• Mill Expansion Company has commenced process to more than double mill throughput capability

• NASDAQ Uplisting: Company targets NASDAQ Q1, 2026 uplisting

  Porphyry Cu vectoring at New Craigmont Project

• Completed 3347m drill program to evaluate potential porphyry targets

  Commencing high-grade silver exploration

• In 2025, Company received a ten-year mine extension, and a multi-year exploration permit to further explore the past producing and permitted high-grade Treasure Mountain Ag-Zn-Pb Project

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  PROJECT PORTFOLIO

  Unique Combination of Cash Flow and Discovery Potential

  MERRITT MILL & TAILINGS FACILITY (100%)

• Only facility permitted to process third party gold

  and silver ores in B.C.

• Modern and recently upgraded 200 tpd facility with over $35M invested to date

• Longstanding milling & profit share agreements in place with mines ramping to full production

  SAND/GRAVEL PIT & ROCK QUARRY OPERATIONS

• Operating gravel pit

• Operating rock quarry (permitted for 1,500

  tonnes/day)

• Operating ready-mix cement plant

• Businesses running in a partnership with First Nations

  NEW CRAIGMONT PROJECT (100%)

• Historic Craigmont Copper Mine produced 900M lbs (34Mt @ 1.28% Cu)

• Adjacent to Highland Valley Mine (largest copper mine in Canada)

• Established high-grade copper skarn with potential porphyry copper system

• 3,300 m diamond drill program in 2025

  TREASURE MOUNTAIN PROJECT (100%)

• Historic high-grade Ag-Pb-Zn mine

• Historical (2009) NI 43-101 resource estimate. 69 DDH

  (~7,000 m) completed since 2011

• Mine permit (M-239) allows up to 60K tonnes/year

• In June 2025, received five-year exploration permit

  DOMINION CREEK PROJECT (75%)

  • High-grade Au-Ag system with veins outcrop at surface

  • 23 grab samples in 2020 averaged 61.3 g/t Au and 173.7 g/t Ag1

  • Permitted 10,000-tonne bulk sample program commenced in July 2025

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    1. Full disclosure was made in the 4

    Company' s June 15, 2021 News Release

    
    
    MERRITT MILL FACILITY

    The only facility permitted to process gold and silver from third party sources in

    British Columbia.

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    Merritt mill site

    MERRITT MILL

    Highly Strategic Mill Facility with Tremendous Third-Party Demand

    • The only facility permitted to process gold and silver

      ores from third party sources in B.C.

    • Over 100 small-to-medium size gold/silver deposits within trucking distance with no third-party processing alternatives to the Merritt Mill

    • B.C.'s high regulatory requirements effectively minimizes risk of new third-party entrants and processing supply

      • Multi-year approval process

      • High CAPEX costs for mill and infrastructure construction

      • Public and First Nations opposition to building new processing facilities

    • Located in the Thompson-Okanagan mining district

    • Centrally located near major cities

      • 10 km northwest of Merritt and ~3 hours from Vancouver

    • Easily accessible by road via Highway 8

    • Connected to B.C. Hydro grid power

    • All water permits in place for mining

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The Gold-Silver Inventory Proximal map is not to imply that the Company will be able to benefit from the various projects noted or that such projects will have any relationship with the Company. Data from BC Data Catalogue

MERRITT MILL

Large, Modern Mill & Tailings Facility

• 100%-owned by Nicola

• 200 plus tonnes per day (tpd) of

  installed capacity

• Includes conventional crushing, grinding and flotation circuits

• On 900 acres of freehold, I-3 Industrial zoned land

• Over $35M invested to date

• Significant recent upgrades, including installation of:

  • Water recirculation system to significantly decrease water consumption

  • Process automation system to streamline processes, decrease production costs, improve employee safety and optimize recovery

  • Gravity separation system for recovery of free gold in addition to gold/silver concentrates

    Built on 380 acres of freehold, industrial zoned land with ample room for future expansions.

    Modern facility with significant recent upgrades

Fully lined tailings facility

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MERRITT MILL

Milling & Profit Share Agreements in Place for 100% of Existing Capacity

• Profit sharing

  structure

• Exposure to rising gold/silver prices

• Sale of gold/silver concentrates worldwide

  • Long-term Mining and Milling Partnership Agreement in place

  • Up to 75K tpy of mill feed from Dome Mountain mine

  • Initially targeting 55K tpy of mill feed with expected recovery of ~15K oz/year of gold

  • Commencing mining activities in July 2025

  • Nicola is a long-term partner/investor with >6% share ownership in Blue Lagoon (CSE:BLLG)

  • Purchase contract with firm specializing in global trading services.

  • Enables Nicola to sell gold and silver concentrate worldwide.

  • USD3.5 MM line of credit for expansion capital

  • Representative on Nicola Board

    s

    • Three-way partnership between Nicola

• Long-term relationships with key partners

• Agreement signed in January 2023

• Processed ~15,000 tonnes of gold mill feed from Osisko's Carriboo Project

• Agreement signed on April 9, 2024, and extended in May 2025

• Milling production commenced in June 2025 and to run to Jan. 2026

  Mining, Infracon and Lower Nicola Indian Band.

• Co-operating of gravel pit, rock quarry and cement ready mix plant

• Key HVC contracts for gravel and cement

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NEW CRAIGMONT PROJECT

Historical major copper mine (~900M lbs Cu) in prolific copper belt with high-

grade skarn and porphyry copper discovery potential

On November 19, 2015, Nicola Mining Inc. acquired all outstanding shares of the Craigmont Project and become its sole owner1

1News Release dated November 15, 2015

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NEW CRAIGMONT PROJECT

• 100% tenure ownership of +10,800 ha property located

  adjacent to Nicola's Merritt mill facility

• Easily accessible via 14 km of paved roads from Merritt and adjacent to major highways (BC Highway 8 and Coquihalla)

• Connected to B.C. Hydro grid power

• Located in the Quesnel Tough, one of Canada's most prolific

  copper belts and host to many major copper mines

  • Adjacent to Teck's Highland Valley Copper Mine, Canada's largest

    copper mine (2024 production of ~225M lbs Cu)

• Hosts major historical mine with proven geology

  • Craigmont Mine produced over 900M lbs of copper from 1961 to 1982 (mined ~34M tonnes at 1.28% Cu)

  • Shares the regional geological setting with the Highland Valley

    Copper District

  • 2023/24 drilling indicative of a potential porphyry copper system

• Exploration work since 2016 has focused on (i) expanding known skarn mineralization, and (ii) defining potential copper porphyry system

  • Over 18,000m of diamond drilling

  • Property-wide geological mapping

  • Widespread soil sampling

  • Property-wide aeromagnetic and ZTEM surveys, IP surveys

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