Nicola Mining Inc. (NASDAQ: NICM) has commenced its 2026 exploration drilling program at the Treasure Mountain property in British Columbia, targeting the MB Zone, a previously undrilled area approximately 1 km northwest of the historical Treasure Mountain silver mine.

The program consists of four diamond drill holes totaling approximately 800 m. Drilling is being carried out in partnership with Western Exploration Diamond Drilling Ltd. and is expected to conclude by the end of September, with assay results anticipated before year-end.

The MB Zone has not previously been tested at depth. Surface sampling conducted between 2019 and 2022 returned results including 1,300 g/t silver, 2.59 g/t gold, 27.4% lead, and 27.2% zinc from one sample, and 813 g/t silver, 0.52 g/t gold, 19% zinc, and 4.66% copper from another.

Core from the first drill hole is being submitted to AGAT Laboratories for multi-element analysis. Visual examination identified intervals with intense mineralization, described as semi-massive pyrite-pyrrhotite-sphalerite occurring as blebs, patches, and sulphide-rich aggregates. The company noted that visual observations are not a substitute for analytical results.

Treasure Mountain is a permitted silver mine located approximately 30 km northeast of Hope, British Columbia. It was placed on care and maintenance in 2013 and has remained part of Nicola's asset portfolio since.

CEO Peter Espig stated: "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 assay driven."

The technical disclosures were reviewed and approved by Will Whitty, P.Geo., Vice President of Exploration, as a Qualified Person under National Instrument 43-101.