Announcement • Sep 11

Nicola Mining Reopens Portals 1 And 2 At Treasure Mountain Silver Mine With Intention To Recommence Operations In 2027

Nicola Mining Inc. announced the results of an independent underground inspection and factual assessment of its Treasure Mountain Silver Mine (Permit M-239), located approximately 30 kilometres northeast of Hope, British Columbia. The genesis of the underground inspection corresponds with the Company's intention of reopening the mine in 2027. McElhanney Ltd. ("McElhanney"), an independent Canadian engineering and consulting firm, was retained by Nicola to conduct the first stage of an evaluation associated with the proposed restart of the historic underground silver-lead-zinc mine. The assessment was designed to establish a baseline understanding the conditions of existing underground workings, access, and infrastructure. The inspection found that Treasure Mountain is in generally better condition than anticipated following approximately 13 years of inactivity expediting the timing of potentially recommencing mining activities. Both principal portals remain accessible, significant portions of the underground development remain open, natural ventilation pathways are functioning, and much of the historical underground infrastructure remains in place. Most importantly, no conditions were observed that would prevent the project from advancing to the next stage of evaluation. The July 27, 2026, inspection included both Portal 1 (Level 1) and Portal 2 (Level 2), underground workings and surface infrastructure. Both portals remain accessible and generally intact, with minimal evidence of sloughing or burial. Access roads were passable by standard pickup truck. No flooded workings or major inaccessible collapse zones were encountered within the inspected areas, while atmospheric conditions remained acceptable throughout the inspection. Extensive existing underground development remains accessible, including access drifts, crosscuts, historic stopes, raises, draw points, diamond-drill bays, remuck stations and sump infrastructure. Most existing ground-support installations appeared functional, although localized rehabilitation, scaling and support replacement will be required, particularly near the Portal 2 entrance. Natural ventilation remains evident throughout much of the mine, with strong airflow observed through connected raises. Existing compressed-air lines, water lines and portions of the electrical distribution infrastructure remain throughout the accessible workings, although these systems will require assessment and, where necessary, replacement or upgrading before recommissioning. The assessment also identified several features that may provide meaningful opportunities as Nicola advances its evaluation of Treasure Mountain. In addition, a significant volume of muck material was observed in a crosscut near the Level 1 portal. McElhanney noted that the material could represent broken ore from historical mining or development. Following establishment of safe access, Nicola intends to evaluate the material through representative sampling and assaying. If mineralization is confirmed, it could represent a readily accessible source of processing feed during future restart activities. It was also concluded that the combination of accessible underground drill stations, partially developed headings, potential unprocessed material and unexplored areas indicates that exploration potential remains within the currently accessible workings. The assessment establishes a clear technical pathway for Nicola's continued evaluation of Treasure Mountain Silver Mine. The next phase is expected to include a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping of the underground workings. Nicola would then reconcile the updated survey with historical mine plans, geological models and production records to prioritize exploration and potential mining areas. This work would form the basis for subsequent mine planning, ventilation design, rehabilitation and recommencing of mineral extraction. Initial recommendations focus on rehabilitation expenditures on areas offering the greatest operational value potential, thereby supporting a phased and cost-effective mine restart strategy.

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