Nicola Mining Inc. announced that it has commenced shipping of concentrate produced jointly with Osisko Development Corp. To date approximately 160 dry metric tonnes of gold concentrate grading an estimated 90 g/t Au have been shipped from site. The Company has secured an offtake agreement with Ocean Partners UK Limited to sell the concentrate on behalf of Nicola and Osisko.

The Company has also completed the first four drill holes in its 2023 diamond drilling exploration program at its wholly owned New Craigmont Copper Project and is in the process of preparing to ship the core to the lab for analysis. Initial drilling has focused on skarn mineralization located approximately 500 metres east of the historic pit, but which was never drilled or explored. The Company announced in its May 2, 2023, news release that initial drilling was conducted to better understand the Nicola Group lithologies.

Skarn mineralization is expected to follow a trend that is associated with limy sediments within the Nicola Group sequence and adjacent to the contact with the border phase of the Guichon Creek Batholith. In addition to Nicola's geological team, the University of British Columbia's ("UBC") Mineral Deposit Research Unit3 will be researching the potential and existence of copper porphyry systems on the Craigmont Property, commencing in August. Copper-bearing propylitic outcropping will be studied to vector towards any porphyry centres on the property.