Nicola Mining hits positive silver and gold assays at Red Eye

Vancouver, British Columbia--(Newsfile Corp. - August 31, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) , (the " Company " or " Nicola ") is pleased to announce that it has received initial assays results two mill feed stockpiles comprised of material originating from Red Eye Resources Ltd. (" Red Eye Resources ") stockpiles. The Company announced in its August 17 th , 2026, news release that the two parties had entered into a profit share agreement 1 .

A total of 47.82 kilograms representative of two stockpiles; 34.31 kilograms from the larger stockpile (approximately 1200 tonnes) and 14.87 kilograms from the smaller stockpile (approximately 300 tonnes), respectively.

Table 1: Samples taken from large and small stockpiles

The above representative results indicate an overall weighted average grade of 2.83 grams Au and 753.41 grams Ag 2 . The Company will now move forward with laboratory simulations to maximize recovery.

Sampling Program

The purpose of this sampling program was to characterize the grades within the two piles to determine whether to process the material at Nicolas's Merritt Mill. The small pile measured approximately 27m by 8m by 1.5m and consists of a single source of material. The larger pile measured approximately 18m by 13m by 3.5m (at the time of sampling) and consists of multiple sources of material.

Sampling was carried out by Nicola geologists. The samples were collected from the surface of the piles to best represent the accessible material. Samples were collected by hand, placed in a poly bag, labeled on the outside, and secured with a zip tie. Samples averaged 3 to 6 kilograms each and included fine material up to slightly larger than fist-sized chunks. Each sample was a composite of material from within an area of a few metres by a few metres. The samples were then transported by Nicola geologists to Paragon Geo