Nicola Mining 2026 nine-month loss widens to C$6.02M

Q: What were NICM’s nine-month revenue and net loss through September 2026?

Nicola Mining reported milling revenue of C$4,113,091 and a net loss of C$6,017,315 for the nine months ended September 30, 2026. The comparable 2025 figures were C$631,921 of milling revenue and a net loss of C$3,288,659.

Q: What were the terms of Nicola Mining’s April 2026 U.S. offering?

The April 14 offering comprised 930,233 ADS units at US$6.45 per unit, for gross proceeds of US$6,000,000. Each unit included one ADS and an accompanying ADS warrant, and each ADS represented 12 common shares. The company later issued 139,534 additional ADS units at US$6.45 each for US$900,000 under the over-allotment option.

Available on EDGAR 11/12/2026 - 12:26 PM EST Accepted by SEC EDGAR 11/12/2026 - 12:25 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Very Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Nicola Mining Inc. (NICM) reported unaudited nine-month milling revenue of C$4,113,091, compared with C$631,921 in 2025. Gross margin was C$1,216,144 versus a gross loss of C$1,499,982, while net loss increased to C$6,017,315 from C$3,288,659.

Operating activities used C$6,218,049, compared with C$4,201,416 in 2025. At September 30, 2026, cash was C$4,207,493 and working capital was C$10,047,035. Financing included a C$4,960,801 private placement and a U.S. public offering that raised US$6,000,000, followed by US$900,000 from an over-allotment. Nicola also invested C$5,000,000 in Blue Lagoon Resources.

The company disclosed material uncertainties that may raise substantial doubt about its ability to continue as a going concern. It said continued operations depend on raising equity or debt and generating positive cash flows from its milling operations.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

1 major · 3 points

How the balance works

Positive

Moderate pointNine-month milling revenue reached C$4,113,091, compared with C$631,921 in 2025.

Negative

Major pointMaterial uncertainty may raise substantial doubt about the company’s ability to continue as a going concern.
Moderate pointNine-month net loss increased to C$6,017,315 from C$3,288,659.
Moderate pointOperating activities used C$6,218,049, versus C$4,201,416 in 2025.

Filing Explained

Completed share issuance increased the share count; outstanding warrants, options and RSUs leave further share issuance possible.

This Form 6-K furnishes Nicola’s unaudited results for the nine months ended September 30, 2026; as of November 12, 2026, it reports 229,675,709 common shares outstanding after 150,000 options were exercised since quarter-end.

The filing also reports 18,349,205 common shares issued in financing during the period; these completed issuances increase the share count and reduce existing holders’ percentage ownership, absent offsetting changes. Separately, the report lists 20,333,909 warrants on a common-share-equivalent basis, 10,487,500 options and 1,015,000 RSUs with a January 1, 2027 vesting date; exercise or vesting could lead to additional shares, but these amounts are not shares already issued.

Key Figures

Nine-month milling revenue: C$4,113,091 Nine-month gross margin: C$1,216,144 Nine-month net loss: C$6,017,315 +5 more

8 metrics

Nine-month milling revenue C$4,113,091 Nine months ended September 30, 2026; C$631,921 in 2025

Nine-month gross margin C$1,216,144 Nine months ended September 30, 2026; gross loss of C$1,499,982 in 2025

Nine-month net loss C$6,017,315 Nine months ended September 30, 2026; C$3,288,659 in 2025

Cash used in operating activities C$6,218,049 used Nine months ended September 30, 2026; C$4,201,416 used in 2025

Cash and cash equivalents C$4,207,493 At September 30, 2026; C$1,698,401 at December 31, 2025

Working capital C$10,047,035 At September 30, 2026; C$3,114,160 at December 31, 2025

U.S. public offering gross proceeds US$6,000,000 April 14, 2026 offering

Blue Lagoon Resources investment C$5,000,000 Completed through a private placement on August 18, 2026

Key Terms

asset retirement obligation, flow-through premium, cashless exercise, Secured Overnight Financing Rate, +2 more

6 terms

asset retirement obligation financial

"Asset retirement obligation (“ARO”) of $14,562,517"

A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.

flow-through premium financial

"Flow-through premium liability"

cashless exercise financial

"46,512 ADS underwriter warrants were exercised ... through a cashless exercise"

A cashless exercise is a way for an option holder to convert stock options into actual shares without paying the purchase price in cash; instead they immediately give up a portion of the newly issued shares to cover the cost and any withholding taxes. Investors care because this process increases the number of shares available and can slightly dilute existing holdings, while also signaling how insiders or employees are realizing compensation without needing cash — similar to paying for a purchase by handing over part of what you just bought.

Secured Overnight Financing Rate financial

"3 month Secured Overnight Financing Rate (“SOFR”)"

A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.

Inferred Resources technical

"the inferred Resources have a reasonable chance of economic extraction"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

porphyry-linked skarn system technical

"Craigmont is a porphyry-linked skarn system"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were NICM’s nine-month revenue and net loss through September 2026?

Nicola Mining reported milling revenue of C$4,113,091 and a net loss of C$6,017,315 for the nine months ended September 30, 2026. The comparable 2025 figures were C$631,921 of milling revenue and a net loss of C$3,288,659.

What were the terms of Nicola Mining’s April 2026 U.S. offering?

The April 14 offering comprised 930,233 ADS units at US$6.45 per unit, for gross proceeds of US$6,000,000. Each unit included one ADS and an accompanying ADS warrant, and each ADS represented 12 common shares. The company later issued 139,534 additional ADS units at US$6.45 each for US$900,000 under the over-allotment option.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number 001-43228

Nicola Mining Inc.

(Translation of registrant’s name into English)

Suite 910 – 925 West Georgia Street
Vancouver BC V6C 3L2, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of

Form 20-F or Form 40-F.   Form 20-F ¨   Form 40-F x

SUBMITTED HEREWITH

EXHIBIT

99.1

Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2026 and 2025

99.2

Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 and 2025

99.3

Form 52-109FV2 Certification of Interim Filings Venture Issuer Basic Certificate - CEO

99.4

Form 52-109FV2 Certification of Interim Filings Venture Issuer Basic Certificate - CFO

- 2 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nicola Mining Inc.

/s/ Sam Wong
Sam Wong, Chief Financial Officer
Date: November 12, 2026

Exhibit 99.1

NICOLA MINING INC.

Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2026 and 2025

(unaudited)

NICOLA MINING INC.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in Canadian dollars) - unaudited

	Note	September 30, 2026			December 31, 2025
Assets
Current assets
Cash and cash equivalent		$	4,207,493		$	1,698,401
Amounts receivable	3, 15		1,164,687			846,928
Marketable securities	4		5,945,792			4,254,503
Prepaid expenses and other assets			703,125			352,596
Inventories	6		157,721			-
Deferred assets			527,297			-
			12,706,115			7,152,428
Non-current assets
Property, plant, and equipment	7		7,823,771			5,755,091
Right-of-use assets			535,928			204,499
Mineral interests	6		4			4
Restricted cash	8		1,688,875			1,437,875
Total assets		$	22,754,693		$	14,549,897
Liabilities
Current liabilities
Accounts payable and accrued liabilities	15	$	2,506,944		$	2,800,319
Current portion of lease liabilities			152,136			104,708
Deferred revenue			-			414,323
Loan payable	15		-			718,918
			2,659,080			4,038,268
Non-current liabilities
Lease liabilities			296,111			107,386
Asset retirement obligation (“ARO”)	10		14,562,517			13,754,006
Total liabilities			17,517,708			17,899,660
Equity
Shareholders' equity (deficit)
Share capital	11		111,935,551			98,320,934
Warrants			1,738,862			1,694,494
Contributed surplus	12		12,064,224			11,119,146
Accumulated deficit			(120,501,652	)		(114,484,337	)
Total shareholders’ equity (deficit)			5,236,985			(3,349,763	)
Total liabilities and shareholders’ equity (deficit)		$	22,754,693		$	14,549,897

Nature of operations and going concern (Note 1)

Subsequent event (Note 17)

Approved on behalf of the Board:

Peter Espig

Director

Frank Hoegel

Director

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

NICOLA MINING INC.

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss

(Expressed in Canadian dollars) - unaudited

		Three months ended September 30,						Nine months ended September 30,
	Note	2026			2025			2026			2025
Milling revenue	13	$	1,518,228		$	552,682		$	4,113,091		$	631,921
Milling – cost of sales	14		(620,002	)		(1,167,618	)		(2,896,947	)		(2,131,903	)
Gross margin			898,226			(614,936	)		1,216,144			(1,499,982	)

Care and maintenance			(230,622	)		(306,803	)		(763,560	)		(943,456	)
Change in estimate and accretion of ARO	10		(156,343	)		(71,099	)		(469,029	)		(213,294	)
Consulting fees	15		(145,200	)		(93,370	)		(610,503	)		(264,742	)
Depreciation	7		(7,844	)		(28,000	)		(26,595	)		(41,086	)
Exploration costs	6		(327,007	)		(558,115	)		(1,285,924	)		(957,144	)
Insurance			(178,861	)		(93,697	)		(425,474	)		(154,049	)
Office and general			(172,569	)		(37,980	)		(390,473	)		(176,015	)
Professional fees			(52,454	)		(45,339	)		(520,116	)		(108,679	)
Travel and investor relations			(302,638	)		(155,649	)		(871,853	)		(592,107	)
Regulatory and transfer agent fees			(33,308	)		(50,806	)		(466,765	)		(65,779	)
Salaries and benefits			(6,778	)		(2,187	)		(17,622	)		(15,310	)
Share-based compensation	12,15		(469,895	)		(231,087	)		(973,538	)		(379,855	)
Stripping costs	6		(719,773	)		(1,346,555	)		(824,203	)		(1,346,555	)
Total operating expenses			(2,803,292	)		(3,020,687	)		(7,645,655	)		(5,258,071	)
Net loss before other items			(1,905,066	)		(3,635,623	)		(6,429,511	)		(6,758,053	)

Flow-through premium	11		-			26,000			-			102,524
Other income	13		144,606			196,730			338,381			621,169
Finance costs	9		(10,541	)		(124,580	)		(26,179	)		(390,207	)
Fair value revaluation – marketable securities	4		36,085			(453,065	)		125,614			3,143,674
Foreign exchange loss			(277,836	)		(3,599	)		(25,620	)		(7,766	)
Net loss for the period		$	(2,012,752	)	$	(3,994,137	)	$	(6,017,315	)	$	(3,288,659	)

Loss per share – basic and diluted		$	(0.01	)	$	(0.02	)	$	(0.03	)	$	(0.02	)
Weighted average number of common shares outstanding – Basic			229,525,709			185,655,555			224,475,744			178,317,017
Weighted average number of common shares outstanding – Diluted			229,525,709			185,655,555			229,525,709			178,317,017

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

NICOLA MINING INC.

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in Canadian dollars) - unaudited

	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Operating Activities
Net loss for the period	$	(2,012,752	)	$	(3,994,137	)	$	(6,017,315	)	$	(3,288,659	)
Adjustments for:
Change in estimate and accretion of ARO		156,343			71,099			469,029			213,294
Share-based compensation		469,895			231,087			973,538			379,855
Depreciation		182,891			101,943			362,074			276,169
Non-cash interest and finance costs		12,288			125,224			36,331			387,552
Flow-through premium		-			(26,000	)		-			(102,524	)
Fair value revaluation – marketable securities		(36,085	)		453,065			(125,614	)		(3,143,674	)
Changes in non-cash working capital items
Amounts receivable		253,383			(449,810	)		(317,759	)		(173,411	)
Prepaid expenses and other assets		99,849			29,255			(350,529	)		(63,428	)
Inventories		(123,773	)		-			(123,773	)		-
Deferred assets		(527,297	)		-			(527,297	)		-
Accounts payable and accrued liabilities		1,023,653			683,453			(182,411	)		622,965
Deferred revenue		-			690,445			(414,323	)		690,445
Cash Used in Operating Activities		(501,605	)		(2,084,376	)		(6,218,049	)		(4,201,416	)
Investing Activities
Loan advanced		-			-			(431,441	)		-
Loan repayment received		-			-			431,441			-
Purchase of marketable securities		(5,000,000	)		(50,000	)		(5,000,000	)		(75,000	)
Purchase of property, plant, and equipment		(744,845	)		(43,000	)		(2,149,381	)		(51,000	)
Sale of marketable securities		344,588			278,659			3,434,325			721,148
Restricted cash advanced		-			-			(251,000	)		-
Cash Provided by (Used in) Investing Activities		(5,400,257	)		185,659			(3,966,056	)		595,148
Financing Activities
Issuance of common shares		-			2,175,000			14,466,237			3,305,907
Share issuance costs		-			(153,822	)		(1,152,273	)		(252,259	)
Proceeds from stock option exercised		-			96,150			37,500			172,650
Proceeds from warrants exercised		-			807,791			279,061			807,791
Loan repayment		-			-			(727,072	)		-
Repayment of lease liabilities		(91,493	)		(35,371	)		(210,256	)		(52,262	)
Cash Provided by (Used in) Financing Activities		(91,493	)		2,889,748			12,693,197			3,981,827
Net change in cash for the period		(5,993,355	)		991,031			2,509,092			375,559
Cash and cash equivalent - beginning of period		10,200,848			846,746			1,698,401			1,462,218
Cash and cash equivalent – end of period	$	4,207,493		$	1,837,777		$	4,207,493		$	1,837,777

Cash	$	4,149,993		$	1,720,277		$	4,149,993		$	1,720,277
Cash equivalent		57,500			117,500			57,500			117,500
Cash and cash equivalent – end of period	$	4,207,493		$	1,837,777		$	4,207,493		$	1,837,777

Non-cash transactions:	September 30, 2026		September 30, 2025
Fair value of stock options exercised reclassified from contributed surplus to share capital	$	28,460	$	89,410
Property, plant and equipment purchase in accounts payable and accrued liabilities	$	110,964	$	-
Shares issued to settle convertible debentures and interest	$	-	$	4,844,328
Fair value of broker warrants granted	$	340,184	$	-
Fair value of cashless exercise of broker warrants	$	295,816	$	-
Right-of-use assets recognized	$	418,232	$	-
Lease liabilities recognized	$	291,692	$	-
ARO capitalized in property, plant and equipment	$	339,482	$	-

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

NICOLA MINING INC.

Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity (Deficit)

(Expressed in Canadian dollars) - unaudited

	Number of Common Shares		Share Capital			Warrants			Equity Component of Convertible Debentures			Contributed Surplus			Accumulated Deficit			Total Shareholders’ Equity (Deficit)
Balance, January 1, 2026	210,614,380	$	98,320,934		$	1,694,494		$	-		$	11,119,146		$	(114,484,337	)	$	(3,349,763	)
Share issuance financing	18,349,205		14,466,237			-			-			-			-			14,466,237
Share issuance costs	-		(1,152,273	)		-			-			-			-			(1,152,273	)
Broker warrants granted	-		(340,184	)		340,184			-			-			-			-
Stock options exercised	125,000		65,960			-			-			(28,460	)		-			37,500
Warrants exercised	437,124		574,877			(295,816	)		-			-			-			279,061
Share-based compensation	-		-			-			-			973,538			-			973,538
Net loss for the period	-		-			-			-			-			(6,017,315	)		(6,017,315	)
Balance, September 30, 2026	229,525,709	$	111,935,551		$	1,738,862		$	-		$	12,064,224		$	(120,501,652	)	$	5,236,985

Balance, January 1, 2025	169,918,196	$	87,783,671		$	1,694,494		$	2,659,366		$	9,494,098		$	(111,446,249	)	$	(9,814,620	)
Share issuance financing	4,038,955		1,130,907			-			-			-			-			1,130,907
Share issuance financing, flow-through	4,350,000		2,175,000			-			-			-			-			2,175,000
Share issuance costs	-		(252,259	)		-			-			-			-			(252,259	)
Stock options exercised	677,500		262,060			-			-			(89,410	)		-			172,650
Warrants exercised	2,019,477		807,791			-			-			-			-			807,791
Convertible debenture conversion	26,290,375		5,016,640			-			(172,312	)		-			-			4,844,328
Share-based compensation	-		-			-			-			379,855			-			379,855
Net loss for the period	-		-			-			-			-			(3,288,659	)		(3,288,659	)
Balance, September 30, 2025	207,294,503	$	96,923,810		$	1,694,494		$	2,487,054		$	9,784,543		$	(114,734,908	)	$	(3,845,007	)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

1.     NATURE OF OPERATIONS AND GOING CONCERN

Nicola Mining Inc. (the “Company” or “Nicola”) is a junior exploration company that is engaged in the business of identification, acquisition, and exploration of mineral property interests together with custom milling operations at its mill located in Merritt, B.C. (the “Merritt Mill”). The Company’s head office is located at 3329 Aberdeen Road, Lower Nicola, B.C. Nicola is a publicly listed company incorporated under the Business Corporations Act (British Columbia). The Company’s common shares are listed on the TSX Venture Exchange (the “TSX-V”) under the symbol “NIM.V”, the Nasdaq Capital Market under the symbol “NICM”, and on OTCQB operated by the OTC Markets Group Inc. under the ticker “HUSIF”.

As at September 30, 2026, the Company had an accumulated deficit of $120,501,652 (December 31, 2025 - $114,484,337) and working capital of $10,047,035 (December 31, 2025 – $3,114,160). To continue operations, the Company will periodically be required to raise funds through the issuance of equity or debt, be successful recommencing operations at the Treasure Mountain project (“Treasure Mountain Property”), generating positive cash flows from the Merritt Mill (“Merritt Mill”) and Dominion Creek Gold project (“Dominion”), together with ongoing exploration programs at its New Craigmont property (“New Craigmont Property”).

There are many external factors that can adversely affect general workforces, economies and financial markets globally such as global health conditions and political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of the adverse results of these factors and its effects on the Company’s business or ability to raise funds. These factors represent a material uncertainty that may raise substantial doubt about the Company’s ability to continue as a going concern. Realization values may be substantially different from carrying values as shown and the Company’s consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.

2.     BASIS OF PRESENTATION

a)     Statement of Compliance with IFRS Accounting Standards

These unaudited condensed interim consolidated financial statements of Nicola have been prepared in accordance with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain accounting policies applied and disclosed in note 3 in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the IASB have been condensed or omitted and these unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025. The consolidated financial statements have been prepared on an accrual basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The consolidated financial statements are presented in Canadian dollars.

The Company’s interim results are not necessarily indicative of its results for a full year.

These unaudited condensed interim consolidated financial statements were approved by the Board of Directors on November 12, 2026.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

2.     BASIS OF PRESENTATION - (continued)

b)     Basis of Consolidation

These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Huldra Properties Inc. All inter-company balances, and transactions are eliminated on consolidation.

c)     Basis of Measurement

These unaudited condensed interim consolidated financial statements are presented in Canadian dollars, which is also the Company’s and its subsidiary’s functional currency and have been prepared on a historical cost basis, except for certain financial instruments, which are carried at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

d) Use of Estimates and Judgments

The preparation of the unaudited condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments and estimates which affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The judgments that have the most significant effect on the amounts recognized in the Company’s consolidated financial statements are as follows:

Going concern

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to conduct its planned work program on its mineral properties, meet its on-going levels of corporate overhead and commitments, keep its properties in good standing and discharge its liabilities as they come due. These matters result in material uncertainties which may cast significant doubt about the Company’s ability to continue as a going concern. See note 1 for details.

ii)

Revenue – Agent versus Principal

The Company uses judgment in assessing whether it is acting as an agent or principal in earning milling revenues. As part of this determination, consideration has been given as to whether the Company control the goods being delivered to the customer, is primarily responsible for fulfilling the promise to provides goods to the customer, having any inventory risk, and the Company’s ability in establishing pricing. Management has reviewed the relevant factors and assessed that the Company is an agent.

iii)

Impairment of non-current assets

Non-current assets are tested for impairment when indicators of impairment are present. Calculating the estimated fair values of cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to metal selling prices, future capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, production cost estimates, discount rates and exchange rates. Reduction in metal price forecasts, increases in estimated future costs of production, increases in estimated future non-expansionary capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company’s non-current assets.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

2.     BASIS OF PRESENTATION - (continued)

e)     Key Sources of Estimation Uncertainty

The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of the Company’s assets and liabilities are as follows:

ARO

The Company’s rehabilitation provision represents management’s best estimate of the present value of the future cash outflows required to settle the liability. Management assesses these provisions on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs, the timing of these expenditures, inflation, and the impact of changes in discount rates, interest rates and foreign exchange rates. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future.

f)     Policies Applied to New Transactions

During the nine months ended September 30, 2026, the Company expanded its material accounting policy on revenue recognition as follows:

For costs incurred in fulfilling a contract with a customer, the Company recognizes a deferred asset if the costs relate to a contract that the entity can specifically identify, the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future, and the costs are expected to be recovered. The Company amortizes the deferred asset on a systematic basis consistent with the transfer of the related goods or services to the customer.

g)     Adoption of New and Revised IFRS and IFRS Not Yet Effective

Certain new standards, interpretations and amendments to existing standards have been issued that are mandatory for accounting periods noted below. Some updates that are not applicable or are not consequential to the Company may have been excluded from the list below.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 introduces three sets of new requirements to give investors more transparent and comparable information about companies’ financial performance for better investment decisions.

I. Three defined categories for income and expenses (operating, investing and financing) to improve the structure of the income statement, and require all companies to provide new defined subtotals, including operating profit.

II. Requirement for companies to disclose explanations of management-defined performance measures (MPMs) that are related to the income statement.

III. Enhanced guidance on how to organise information and whether to provide it in the primary financial statements or in the notes.

This new standard is effective for reporting periods beginning on or after January 1, 2027. The Company is currently in the process of assessing its impact on the consolidated financial statements.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

3.     AMOUNTS RECEIVABLE

	September 30, 2026		December 31, 2025
Amounts receivable from milling operations	$	367,689	$	-
Gravel, ash, soil, and other receivables		324,714		648,417
GST receivable		472,284		198,511
	$	1,164,687	$	846,928

4.     MARKETABLE SECURITIES

During the nine months ended September 30, 2026, the Company purchased $5,000,000 (2025 - $75,000) of Blue Lagoon Resources Inc.’s (“BLLG”) common shares and received proceeds of $3,434,325 (2025 - $721,148) from the sale of BLLG’s common shares. During the nine months ended September 30, 2026, the Company recognized a fair value gain on marketable securities of $125,614 (2025 - gain of $3,143,674).

As at September 30, 2026, the Company holds 9,519,690 (December 31, 2025 – 5,503,857) common shares of BLLG with a fair value of $5,902,208 (December 31, 2025 – $4,182,931) and 150,000 BLLG warrants with a fair value of $43,584 (December 31, 2025 - $71,572). 50,000 of the warrants are exercisable at $0.35 for a common share of BLLG, expires on March 14, 2027 and 100,000 of the warrants are exercisable at $0.35 for a common share of BLLG and expires on April 28, 2027.

5.     LOAN RECEIVABLE

During the year ended December 31, 2025, the Company entered into a loan agreement with BLLG, pursuant to which the Company agreed to advance up to $2,000,000. The loan bears interest at 3 month Secured Overnight Financing Rate (“SOFR”) plus 7.50% per annum and is repayable one year from the date of the first advance, with interest payable monthly. BLLG may extend the loan for an additional 12 months, at which time the interest rate increases to 3 month SOFR plus 10.0% per annum. The loan is secured against gold and silver production from BLLG’s Dome Mountain Gold Project until the loan is repaid in full. During the nine months ended September 30, 2026, the Company had advanced $431,441 (2025 - $Nil) under the loan agreement. The amount was repaid during the period and as at September 30, 2026, $Nil (December 31, 2025 - $Nil) is receivable from BLLG.

6.     MINERAL INTERESTS

The Company holds a 100% interest in 30 mineral claims and 1 mineral lease at the Treasure Mountain Property, located near Hope, B.C. The properties are subject to a 2% net smelter royalty. The property remains in good standing, and further carrying charges and evaluation costs are being charged to the consolidated statement of operations as an operating expense.

The Company holds a 100% interest in New Craigmont Property comprising 22 mineral claims and 10 mineral leases located in Lower Nicola, BC. The properties are subject to a 2% net smelter royalty.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

6.     MINERAL INTERESTS – (continued)

The Company’s group of claims consists of the following:

		September 30, 2026 $		December 31, 2025 $
a)	The Treasure Mountain group of claims located in the Similkameen Mining Division of British Columbia		1		1

b)	A Crown Grant mineral claim (Lot 1210) in the Yale Mining Division contiguous to the Treasure Mountain Claims known as the "Eureka"		1		1

c)	The surface rights to Lot 1209 located in the Yale Mining Division of British Columbia known as the “Whynot Fraction”		1		1
d)	Acquisition of 50% interest in Dominion Creek Property, located in the Cariboo Mining Division of British Columbia		1		1
			4		4

Exploration costs incurred are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
New Craigmont Property
Assay		7,137		46,301		23,391		46,301
Depreciation		3,685		-		4,913		-
Drilling and mapping		10,881		363,517		292,265		599,068
Field supplies and rentals		-		4,143		11,908		8,915
First Nations liaison consulting		-		-		-		15,000
Geological consulting and technical fees		67,870		138,657		716,013		282,363
Tenure lease		-		5,497		-		5,497
Total costs incurred during the period		89,573		558,115		1,048,490		957,144
Treasure Mountain
Drilling and mapping		186,876		-		186,876		-
Field supplies and rentals		5,936		-		5,936		-
Geological consulting and technical fees		44,622		-		44,622		-
Total costs incurred during the period		237,434		-		237,434		-

Total exploration costs		327,007		558,115		1,285,924		957,144

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

6.     MINERAL INTERESTS – (continued)

Dominion Creek Property

On May 31, 2021, the Company entered into a Mineral Property Purchase Agreement (“Dominion Purchase Agreement”) and acquired a 50% interest in 8 mineral claims known as the Dominion Creek Property from High Range Exploration Ltd (“High Range”). The Dominion Creek Property is located near Prince George, BC. The Company acquired 50% by paying $225,000, $75,000 of which was used to commence work on a 10,000-tonne bulk sample permit application. During the year ended December 31, 2022, the Company impaired the Dominion Creek Property by $224,999 to $1 due to the delays in development.

The Company is committed to acquiring the 10,000 tons bulk sample permit. Nicola will, within 30 days of High Range receiving the Permit, commence incremental funding the following costs (collectively “Initial Costs”):

	i)	Camp construction costs not to exceed $50,000 (incurred);
	ii)	Road construction upgrade costs not to exceed $300,000 (incurred);
	iii)	Reclamation bonding costs not to exceed $100,000 (paid); and
	iv)	The Company also agreed to fund the project up to and including all costs to produce and ship 3,000 tons of ore.

A part of the Dominion Purchase Agreement, the Company entered a mining and profit sharing agreement (“Dominion Milling Agreement”). The Company would receive an even split for all profits after certain costs are reimbursed to High Range and Nicola (which includes all of Initial Costs).

Stripping costs incurred for the Dominion Creek Property is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Depreciation and amortization		59,482		-		78,459		-
Field supplies and rentals		423,017		85,780		500,466		85,780
Geological consulting and technical fees		232,104		6,274		238,040		6,274
Other exploration expense		5,170		-		7,238		-
Trenching		-		1,254,501		-		1,254,501
Total costs incurred during the period		719,773		1,346,555		824,203		1,346,555

During the period ended September 30, 2026, the Company incurred $824,203 (2025 - $1,346,555) in stripping costs and completed the site preparation for production. Subsequent costs incurred have been recognized in inventory. As of September 30, 2026, the Company had recognized $157,721 (December 31, 2025 - $Nil) in inventory.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

PROPERTY, PLANT, AND EQUIPMENT

	Land		Mill		Camp and Site Infrastructure		Heavy Machinery and Equipment		Computers and Office Equipment		Mine Development Assets		TOTAL
	$		$		$		$		$		$		$
Cost
Balance at December 31, 2024		4,180,000		2,035,877		157,585		806,102		46,250		-		7,225,814
Additions		-		-		142,013		174,986		4,508		-		321,507
Balance at December 31, 2025		4,180,000		2,035,877		299,598		981,088		50,758		-		7,547,321
Additions		-		156,569		224,878		1,646,154		10,816		339,482		2,377,899
Balance at September 30, 2026		4,180,000		2,192,446		524,476		2,627,242		61,574		339,482		9,925,220

Accumulated Depreciation
Balance at December 31, 2024		-		812,407		135,020		498,358		45,617		-		1,491,402
Depreciation for the year		-		101,794		48,617		146,933		3,484		-		300,828
Balance at December 31, 2025		-		914,201		183,637		645,291		49,101		-		1,792,230
Depreciation for the period		-		70,229		36,294		166,009		2,739		33,948		309,219
Balance at September 30, 2026		-		984,430		219,931		811,300		51,840		33,948		2,101,449

Carrying Amounts
At December 31, 2025		4,180,000		1,121,676		115,961		335,797		1,657		-		5,755,091
At September 30, 2026		4,180,000		1,208,016		304,545		1,815,942		9,734		305,534		7,823,771

RESTRICTED CASH

The Company has in place deposits amounting to $1,688,875 as at September 30, 2026 (December 31, 2025 - $1,437,875) registered in the name of the British Columbia Ministry of Finance as security for its mining permits and for reclamation clean up at the Treasure Mountain Property, the Merritt Mill and decommissioned tailings, Dominion Creek Project and the New Craigmont Property.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

SECURED CONVERTIBLE DEBENTURE

The outstanding principal and interest of the Debentures and Second Tranche Debentures were secured against the assets of the Company.

Year ended December 31, 2025

On January 3, 2025, a $45,000 convertible debenture and interest of $4,421 were converted into 246,995 of the Company’s common shares. Upon this conversion, all remaining convertible debentures that matured on January 9, 2025 were converted.

During the year ended December 31, 2025, debenture holders converted the principal and settled interest of $4,803,067 for the convertible debenture that matured on November 21, 2025, into 26,088,257 common shares.

The following table summarizes the changes in secured convertible debenture for the year ended December 31, 2025 and the period ended September 30, 2026.

	September 30, 2026		December 31, 2025
Opening	$	-	$	4,481,066
Accrued interest and accretion		-		371,422
Less payment of interest		-		-
Conversion of convertible debenture and interest		-		(4,852,488	)
	$	-	$	-

10.

ASSET RETIREMENT OBLIGATION

	September 30, 2026 $		December 31, 2025 $
Opening balance		13,754,006		14,219,544
Additions		339,482		-
Change in estimate		-		(938,376	)
Accretion expense		469,029		472,838
Closing balance		14,562,517		13,754,006

The Company’s estimates of future decommissioning and restoration for reclamation and closure costs for its mine and exploration and evaluation assets are based on reclamation standards that meet Canadian regulatory requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements, reclamation plans and cost estimates, discount rates and timing of expected expenditures.

Merritt Mill

The Merritt Mill reclamation costs were adjusted using a long-term inflation rate of 2.28% (2025 – 2.31%) and then discounted using a risk-free rate of 3.85% (2025 – 3.85%).

The Company estimates the undiscounted and uninflated reclamation costs associated with the Merritt Mill to be $15,641,041 (December 31, 2025 - $15,641,041). The Company anticipates it will settle these obligations over 13 years (2025 – 14 years).

Treasure Mountain

The Treasure Mountain reclamation costs were adjusted using a long-term inflation rate of 2.28% (2025 – 2.28%) and then discounted using a risk-free rate of 3.11% (2025 – 3.11%).

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

10.

ASSET RETIREMENT OBLIGATION – (continued)

The Company estimates the undiscounted and uninflated reclamation costs associated with Treasure Mountain is $1,180,636 (December 31, 2025 - $1,180,636). The Company anticipates it will settle these obligations over 6 years (2025 – 7 years).

Dominion Creek Project

During the period ended September 30, 2026, the Company recognized $339,482 (2025 - $Nil) for the future decommissioning and reclamation and closure costs of the Dominion Creek Project. The Dominion Creek Project reclamation costs were adjusted using a long-term inflation rate of 3.77% and then discounted using a risk-free rate of 3.65%.

The Company estimates the undiscounted and uninflated reclamation costs associated with the Dominion Creek Project to be $338,103 (December 31, 2025 - $Nil). The Company anticipates it will settle these obligations in 4 years.

11.

SHARE CAPITAL AND RESERVES

Common Shares

Authorized

The authorized capital stock of the Company is an unlimited number of common shares without par value.

Nine months ended September 30, 2026

On January 29, 2026, the Company completed a non-brokered private placement issuing 5,512,001 units at $0.90 per unit for gross proceeds of $4,960,801. The Company paid $159,616 of finder’s fees, resulting in net proceeds of $4,801,185. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of $1.10 per share for a period of three years. The expiry date of the warrants can be accelerated if the closing price of the Company’s common shares on the TSX-V is $1.70 or greater for a minimum of ten consecutive trading days.

On April 14, 2026, the Company closed an underwritten public offering in the United States consisting of 930,233 American Depositary Shares (“ADS”) units, each ADS unit consists of one ADS and an accompanying ADS warrant, at an offering price of US$6.45 per unit for gross proceeds of US$6,000,000. Each ADS represents 12 common shares of the Company. Each ADS warrant will have an exercise price of $12.2213 to acquire one ADS, exercisable immediately upon issuance and will expire on the fifth anniversary of the issuance date. In connection to the offering, the Company granted 46,512 underwriter warrants. Each underwriter warrant allows the holder to acquire one ADS with an exercise price of $9.8088 per unit, expiring on the fifth anniversary of the issuance date. The underwriter warrants were initially valued at $340,184 using the Black-Scholes valuation model with the following weighted average assumptions: Fair value of common shares at grant $0.74, exercise price $0.82, expected life 5 years, volatility 94.93%, dividend rate Nil, risk free rate 3.04%. Volatility was determined based on the historical trading prices of the Company. In connection with the underwritten public offering, the Company also incurred $992,657 of costs.

On April 17, 2026, the Company issued an additional 139,534 ADS units at a price of US$6.45 for total gross proceeds of US$900,000 and issued an additional 6,976 underwriter warrants upon the exercise of the over-allotment option. The terms of the ADS units and underwriter warrants are the same as the above.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

11.

SHARE CAPITAL AND RESERVES – (continued)

During the nine months ended September 30, 2026, 22,834 ADS warrants were exercised for 22,834 ADS and gross proceeds of $279,061. 46,512 ADS underwriter warrants were exercised for 13,593 ADS through a cashless exercise.

During the nine months ended September 30, 2026, 125,000 common shares were issued from stock options exercised for gross proceeds of $37,500.

Year ended December 31, 2025

On January 3, 2025, a $45,000 convertible debenture and interest of $4,421 for the convertible debentures that matured on January 9, 2025, were converted into 246,995 of the Company’s common shares (note 9).

On March 12, 2025, the Company completed a non-brokered private placement issuing 4,038,955 units at a price of $0.28 per unit, for gross proceeds of $1,130,907 and paid $98,455 of transaction costs, for net proceeds of $1,032,452. Each unit consists of one common share and one-half of one share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the Company at a price of $0.40 each for a period of three years from the closing. The warrants are subject to an acceleration clause whereby, if the shares of the Company trade on the TSX-V at a closing price of $0.60 or greater per share for a period of ten consecutive trading days, the Company may accelerate the expiry of the warrants to thirty days after notice is given.

On July 17, 2025, the Company closed a non-brokered flow-through private placement for an aggregate of 4,350,000 units at a price of $0.50 per unit for gross proceeds of $2,175,000. Each unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each warrant is exercisable at a price of $0.65 and expires on July 17, 2027. Total share issuance costs paid were $153,822.

On July 21, 2025, the Company elected to accelerate the expiry of outstanding common share purchase warrants of the Company originally issued under financings completed on March 12, 2025, exercisable at $0.40 per common share. Pursuant to the acceleration, a total of 2,019,477 warrants were exercised at $0.40 per common share for gross proceeds of $807,791.

During the year ended December 31, 2025, debenture holders converted the principal and settled interest of $4,803,067 for the convertible debentures that matured on November 21, 2025, into 26,088,257 common shares (note 9).

During the year ended December 31, 2025, the Company issued 2,952,500 common shares from stock option exercised for total proceeds of $811,150 and issued 1,000,000 common shares to settle restricted share units (“RSUs”) vested (note 12).

Flow-Through Premium Liability:

	September 30, 2026		December 31, 2025
Flow-through premium liability	$	-	$	102,524
Settlement of flow-through premium liability pursuant to qualified expenditures		-		(102,524	)
Closing balance	$	-	$	-

The remaining qualifying expenditures to incur was $Nil as at September 30, 2026 (December 31, 2025 - $1,358,616).

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

11.

SHARE CAPITAL AND RESERVES – (continued)

Share Purchase Warrants

	Number of Warrants			Weighted Average Exercise Price $
Balance at December 31, 2024		-			-
Warrants issuance		4,194,477			0.53
Warrants exercised		(2,019,477	)		0.40
Balance at December 31, 2025		2,175,000			0.65
Warrants issuance*		18,991,061			1.04
Warrants exercised*		(832,152	)		0.88
Balance at September 30, 2026		20,333,909			1.00

As at September 30, 2026, the weighted average remaining life of the share purchase warrants is 3.54 (December 31, 2025 - 1.54) years.

As at September 30, 2026, the following share purchase warrants were outstanding:

Number Outstanding*		Exercise Price*		Weighted Average Contractual Life (Years)		Expiry Date
	2,175,000	$	0.65		0.79	July 17, 2027
	5,512,001	$	1.10		2.33	January 29, 2029
	83,712	$	0.817		4.53	April 10, 2031
	12,563,196	$	1.018		4.54	April 14, 2031
	20,333,909

* For comparability, the number of warrants issued, exercised, and exercise price of all ADS warrants have been adjusted to their equivalent common share purchase warrant amounts, based on each ADS representing 12 common shares.

12.

SHARE-BASED PAYMENT

2022 Equity Incentive Plan

Effective May 14, 2022, the Company adopted an equity incentive plan (the “Equity Incentive Plan”). The Equity Incentive Plan has two components as follows: (i) a rolling stock option plan for the grant of stock options for an amount up to 10% of the number of issued and outstanding common shares, and (ii) a fixed plan for the grant of performance equity securities including Deferred Share Units (“DSUs”), Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”) (“DSUs” and, collectively with the RSUs and PSUs, the “Performance-Based Awards”).

Pursuant to the Equity Incentive Plan, the Company is authorized to grant stock options to executive officers, directors, employees, and consultants. The Board shall determine any vesting terms applicable to the grants.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

12.

SHARE-BASED PAYMENT – (continued)

Pursuant to the Equity Incentive Plan, the Company is authorized to grant Performance-Based Awards to executive officers, directors, employees, and consultants with the maximum aggregate number of common shares that may be issuable for Performance Based Awards not to exceed 22,952,571 common shares. The Board shall determine any vesting terms applicable to the grants.

During the period ended September 30, 2026, the Company granted 565,000 (2025 – 400,000) stock options to consultants, employees and directors of the Company.

The stock options were valued using Black-Scholes valuation model with the following weighted average assumptions:

	September 30, 2026			September 30, 2025
Fair value of common shares at grant	$	0.73		$	0.495
Exercise price	$	0.75		$	0.495
Expected life		5 years			5 years
Volatility		89	%		107	%
Dividend rate		0	%		0	%
Risk free rate		3.18	%		2.94	%
Fair value of stock option	$	0.51		$	0.39

Volatility was determined based on the historical trading prices of the Company.

The following is a summary of changes in stock options:

	Number of Options			Weighted Average Exercise Price $
Balance at December 31, 2024		10,400,000			0.27
Options granted		3,250,000			0.94
Exercised options		(2,952,500	)		0.27
Cancelled/Expired options		(500,000	)		0.32
Balance at December 31, 2025		10,197,500			0.48
Options granted		565,000			0.75
Exercised options		(125,000	)		0.30
Balance at September 30, 2026		10,637,500			0.50

The weighted average remaining life of the stock options is 2.74 years (December 31, 2025 – 3.35 years). During the nine months ended September 30, 2026, $291,350 (2025 - $155,471) related to stock options was recognized in share-based compensation.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

12.

SHARE-BASED PAYMENT – (continued)

As at September 30, 2026, the following stock options were outstanding and exercisable:

Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Contractual Life (Years)		Expiry Date
	150,000		150,000	$	0.22		0.01	October 5, 2026
	1,822,500		1,822,500	$	0.16		1.01	October 5, 2027
	100,000		100,000	$	0.30		1.59	May 2, 2028
	1,850,000		1,850,000	$	0.36		1.82	July 26, 2028
	50,000		50,000	$	0.30		1.84	August 3, 2028
	2,350,000		2,350,000	$	0.27		2.55	April 18, 2029
	500,000		500,000	$	0.30		3.22	December 18, 2029
	400,000		400,000	$	0.50		3.75	July 1, 2030
	2,850,000		2,850,000	$	1.00		4.18	December 3, 2030
	65,000		65,000	$	1.14		4.44	March 9, 2031
	500,000		500,000	$	0.70		4.82	July 24, 2031
	10,637,500		10,637,500

Restricted Shares Unit

On December 18, 2024, the Company issued 1,000,000 Restricted Share Units (“RSUs”) with a fair value of $0.30 per RSU and a vesting date of December 18, 2025. On December 31, 2025, 1,000,000 common shares were issued to settle the RSUs vested.

On December 3, 2025, the Company issued 1,015,000 RSUs with a fair value of $0.97 per RSU and a vesting date of January 1, 2027. During the period ended September 30, 2026, $682,188 (2025 - $224,384) related to RSUs was recognized in share-based compensation.

13.

MILLING REVENUE AND OTHER INCOME

Major customers are defined as customers that each individually account for greater than 10% of the Company’s revenues. For the nine months periods ended September 30, 2026 and September 30, 2025, one customer, which is controlled by a director of the Company, accounted for 100% of the Company’s milling revenue. During the period ended September 30, 2026, the Company recognized $338,381 (2025 - $621,169) of other income related to royalty on gravel pit, space rental, and materials disposal.

14.

MILLING – COST OF SALES

Cost of sales relate to all costs associated with operating the mill and are expensed as incurred. Revenue is recognized when the ore processing service is rendered by the Company, accepted by the customer, collection is reasonably assured, and performance obligations are satisfied. As a result, the recognition of milling costs does not necessarily coincide with the recognition of the related revenue and such costs are not matched to specific revenue periods.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

14.

MILLING – COST OF SALES – (continued)

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
		$		$		$		$
Amortization and depreciation		111,882		73,943		252,107		235,083
Power and fuel		83,294		79,960		319,849		131,017
Mill supplies and rentals		130,344		380,163		567,725		577,073
Mill repairs		50,055		74,268		391,189		185,430
Salaries and wages		244,427		559,284		1,366,077		1,003,300
Total milling - cost of sales		620,002		1,167,618		2,896,947		2,131,903

15.

RELATED PARTY TRANSACTIONS

Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Company, directly or indirectly, and consist of its directors, the Chief Executive Officer, and the Chief Financial Officer. The following is a summary of the Company’s key management compensation:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
		$		$		$		$
Consulting fees		104,700		88,500		314,100		250,500
Share-based compensation		184,361		51,169		547,063		182,638
Total		289,061		139,669		861,163		433,138

As at September 30, 2026, included within accounts payable and accrued liabilities is $38,821 owed to related parties of the Company (December 31, 2025 - $230,560). The amounts due to related parties are unsecured, non-interest bearing, and due on demand.

As at September 30, 2026, included within amounts receivable is $367,689 owed from a company controlled by a director of the Company (December 31, 2025 - $Nil) for the sale of concentrate. The amounts receivable are unsecured, non-interest bearing, and are due upon the final weights and assays of the concentrate being determined.

During the year ended December 31, 2025, the Company received a $500,000 USD loan from a company controlled by a director of the Company. The loan is subject to an annual interest rate of 3 month Secured Overnight Financing Rate + 6.5% and shall be repaid against the Company’s milling income or cash. During the nine months ended September 30, 2026, the loan principal and related interest were fully repaid.

16.

FINANCIAL AND CAPITAL RISK MANAGEMENT

Fair Value

The carrying value of cash and cash equivalent, amounts receivables, accounts payable and accrued liabilities, loan payable and lease liabilities approximate their fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates fair value due to the nature of this asset.

The Company records its financial instruments, other than marketable securities which are at fair value through profit or loss, at amortized cost.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

16.

FINANCIAL AND CAPITAL RISK MANAGEMENT – (continued)

Fair Value – (continued)

The financial instruments have been characterized on a fair value hierarchy based on whether the inputs to those valuation techniques are observable (inputs reflect market data obtained from independent sources) or unobservable (inputs reflect the Company’s market assumptions).

The three levels of fair value estimation are:

Level 1 – quoted prices in active markets for identical instruments.

Level 2 – quoted prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Marketable securities common shares are measured using level 1 inputs and marketable securities warrants are measured using level 2 inputs.

Risk Exposure and Management

Overview

The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives. The principal financial risks to which the Company is exposed are credit risk, interest rate risk, liquidity risk, commodity and equity price risk, and currency risk.

Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its obligations. As at September 30, 2026, the Company’s maximum exposure to credit risk is the carrying value of its cash and cash equivalent, restricted cash, and amounts receivables in the amount of $7,061,055 (December 31, 2025 - $3,983,204).

All of the Company’s cash is held with a major financial institution in Canada and management believes the exposure to credit risk with respect to such institutions is not significant. Those financial assets that potentially subject the Company to credit risk are primarily receivables. The Company considers the risk of material loss to be significantly mitigated due to the financial strength of the parties from whom the receivables are due, including government organizations.

Interest Rate Risk

The Company’s financial assets exposed to interest rate risk consist of cash and cash equivalents balances. The interest earned on the cash and cash equivalents is at a fixed rate and approximates fair value rates, and the Company is not subject to significant interest rate risks.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities. The Company has a planning and budgeting process in place by which it projects the funds required to support its operations.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

16.

FINANCIAL AND CAPITAL RISK MANAGEMENT – (continued)

Liquidity Risk – (continued)

Management anticipates that it may incur expenditures towards exploring its mineral interests and other Company assets. However, there is no assurance that the Company will operate profitably or will generate positive cash flow in the future. The Company has limited working capital, no history of profitable operations and no assurance that additional funding will be available to it for further exploration and development of its mineral interests. The Company may also need further financing if it decides to obtain additional mineral properties. As such, the Company is subject to many risks common to exploration enterprises, including undercapitalization, cash shortages and limitations with respect to personnel, financial, access to other resources, and lack of revenues. Although the Company has been successful in the past in obtaining financing through credit facilities or the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Such means of financing typically result in dilution of the positions of existing shareholders, either directly or indirectly.

Failure to obtain additional financing could result in the delay or indefinite postponement of further exploration.

A summary of the Company’s commitments over the next five years is as follows:

September 30, 2026	Less than 12 months ($)		One to five years ($)		Total ($)
Accounts payable and accrued liabilities		2,506,944		-		2,506,944
Lease liabilities		187,965		316,062		504,027
Total		2,694,909		316,062		3,010,971

Foreign Exchange Rate Risk

The functional currency of the Company is the Canadian dollar. As at September 30, 2026 and December 31, 2025, the Company has not entered into contracts to manage foreign exchange risk.

Commodity and Equity Price Risk

The ability of the Company to explore its exploration assets, continue milling operations, and the future profitability of the Company are directly related to the market price of copper, gold, silver, and other precious metals. Equity price risk is defined as the potential adverse impact on the Company’s performance to movements in individual equity prices or general movements in the level of the stock market.

Capital Management

The Company considers capital to be the elements of shareholders’ equity (deficit). The Company’s primary objectives in capital management are to safeguard the Company’s ability to continue as a going concern to provide returns for shareholders and to maintain sufficient funds to finance the exploration and development of its mineral property interests and Merritt Mill operations. The Company manages its capital structure to maximize its financial flexibility by adjusting to changes in economic conditions, and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital and is not subject to externally imposed capital requirements. There have been no changes to the management of capital during the current fiscal year.

NICOLA MINING INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars) - unaudited

For the nine months ended September 30, 2026 and 2025

17.

SUBSEQUENT EVENT

150,000 stock options were exercised for gross proceeds of $33,000.

Exhibit 99.2

Nine months ended September 30, 2026

Management’s Discussion and Analysis

For the nine months ended September 30, 2026

(Expressed in Canadian dollars, unless otherwise noted)

November 12, 2026

The following management’s discussion and analysis (“MD&A”) was prepared as of date of the report per above and is management’s assessment of the operating results and financial condition of Nicola Mining Inc. (“Nicola” or the “Company”) together with its subsidiaries. For further information on the Company, reference should be made to its public filings on SEDAR+ at www.sedarplus.ca. Information is also available on the Company’s website at www.nicolamining.com. This MD&A should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 and unaudited condensed interim consolidated financial statements for the period ended September 30, 2026, and the related notes thereto which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The MD&A contains certain forward-looking statements, please review the disclaimers that are provided in the Forward-Looking Statement section.

OVERVIEW

Nicola is a junior exploration and custom milling company that is engaged in the business of identification, acquisition, and exploration of mineral property interests together with custom milling partnerships at its Merritt Mill.

The Company’s common shares are listed on the TSX Venture Exchange (the “TSX-V”) under the symbol “NIM.V”, the Nasdaq Capital Market under the symbol “NICM”, and on OTCQB operated by the OTC Markets Group Inc. under the ticker “HUSIF”.

NINE MONTHS ENDED SEPTEMBER 30, 2026 HIGHLIGHTS

· On January 5, 2026, the Company announced that it and Blue Lagoon Resources (CSE:BLLG) ("Blue Lagoon") have sold US$1.0 million in gold and silver concentrates to Ocean Partners UK Limited ("Ocean Partners").

· On January 29, 2026, the Company completed a non-brokered private placement issuing 5,512,001 units at $0.90 per unit for gross proceeds of $4,960,801. The Company paid $159,616 of finder’s fees, resulting in net proceeds of $4,801,185. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of $1.10 per share for a period of three years. The expiry date of the warrants can be accelerated if the closing price of the Company’s common shares on the TSX-V is $1.70 or greater for a minimum of ten consecutive trading days.

· On March 9, 2026, the Company granted 65,000 stock options with an exercise price of $1.14, expiring in 5 years.

Period ended – September 30, 2026

Page 1

Nine months ended September 30, 2026

· On April 14, 2026, the Company closed an underwritten public offering in the United States consisting of 930,233 American Depositary Shares (“ADS”) units, each ADS unit consists of one ADS and an accompanying ADS warrant, at an offering price of US$6.45 per unit for gross proceeds of US$6,000,000. Each ADS represents 12 common shares of the Company. Each ADS warrant will have an exercise price of $12.2213 to acquire one ADS, exercisable immediately upon issuance and will expire on the fifth anniversary of the issuance date. In connection to the offering, the Company granted 46,512 underwriter warrants to purchase ADS units with an exercise price of $9.8088 per unit, expiring on the fifth anniversary of the issuance date. The Company incurred $992,657 of offering costs and recognized $340,184 for underwriter warrants.

· On April 17, 2026, the Company issued an additional 139,534 ADS units at a price of US$6.45 for total gross proceeds of US$900,000 and issued an additional 6,976 underwriter warrants upon the exercise of the over-allotment option. The terms of the ADS units and underwriter warrants is the same as the above.

· On April 28, 2026, the Company commenced the 2026 Exploration Diamond Drilling Program (the "2026 Program") at its New Craigmont Copper Project ("New Craigmont"), near Merritt, BC.

· On July 24, 2026, the Company granted 500,000 stock options exercisable at $0.70 per share and expiring July 24, 2031. These options are included in the September 30, 2026 outstanding option balance.

· On August 18, 2026, the Company completed an investment of $5,000,000 in Blue Lagoon through a private placement at $0.60 per share. This investment builds upon Nicola's previous strategic investment, underscoring the Company's long-term conviction in Blue Lagoon's management team and the Dome Mountain project.

· During the nine months ended September 30, 2026, 22,834 ADS warrants were exercised for 22,834 ADS and gross proceeds of $279,061. In addition, 46,512 ADS underwriter warrants were exercised for 13,593 ADS through a cashless exercise.

· During the period ended September 30, 2026, 125,000 common shares were issued from stock options exercised for gross proceeds of $37,500.

Third-quarter developments and subsequent events

· Subsequent to September 30, 2026, 150,000 stock options were exercised for proceeds of $33,000.

TREASURE MOUNTAIN PROJECT

Overview

Nicola’s Treasure Mountain Project is located 29 kilometres northeast of Hope, British Columbia, approximately 3 hours from Vancouver, British Columbia. In May 2012, the Company holds a mining lease covering 335 ha of which 248 ha are active workings. The Company’s mineral claim holdings consist of 30 contiguous mineral claims covering an area of approximately 2,200 ha, one partially overlapping mining lease covering 335 ha at the Treasure Mountain Project and a Mines Act (British Columbia) (the “Mines Act”) permit for the Treasure Mountain Project for the removal of 60,000 tonnes per year of silver, lead, and zinc-bearing mill feed from the underground mine and the transfer of the mill feed offsite for processing. The Treasure Mountain Project has been in care and maintenance since July 26, 2013. A resource estimate was prepared in 2009 and an updated Technical Report was completed in 2012, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). A Qualified Person has not done any work to classify this historical resource estimate as current therefore Nicola Mining is not treating it as current. The majority of the Company’s Treasure Mountain Project historical mineral resource has been classified as Inferred according to CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), whereby the inferred Resources have a reasonable chance of economic extraction but information is not sufficient to undertake detailed economic studies . From 2012 to 2019, no subsequent mining activity or exploration was completed on the project. From 2019-2021 several small exploration programs were carried out.

Period ended – September 30, 2026

Page 2

Nine months ended September 30, 2026

Outlook:

The Company believes the upside potential is the highest priority exploration target – the MB Zone (which is not associated with the existing mine), followed by the plan to reopen Portals 1 and 2 to recommence the extraction of silver, lead and zinc. While 2025 focused on exploration at New Craigmont, the Company received a multi-year area-based permit from the Ministry of Mining and Critical Minerals on June 4, 2025, that authorizes it to conduct exploration activities for up to 5 years at Treasure Mountain. Exploration preparation commenced in June 2025, which included a review of existing exploration data, including rock and soil sampling and an airborne magnetic survey in preparation for a drill program in the MB Zone. The Company had commenced its 2026 Exploration Drill Program in Q3 2026. Four holes totalling 840m were completed in this program, two of which intersected mineralized veins. Results are pending.

NEW CRAIGMONT PROJECT

Overview

The Company’s claim holdings at the New Craigmont Project consist of 22 contiguous mineral claims covering approximately 10,600 hectares, and 10 partially overlapping mineral leases covering approximately 347 hectares located near Merritt, British Columbia, approximately 3 hours from Vancouver, British Columbia.

The New Craigmont Project (the “Project”) does not conform to a “typical” exploration pipeline. The Project is a permitted historic mine site with active permits under a current mine permit M-68, which covers an area approximately 1400 ha. In addition, extensive work done on the mine (c.1958-c.1982) was focused primarily on ore definition, development, and extraction of mineral inventory, known at the time. This work resulted in a cumulative production of 36.75 million tonnes of ore grading 1.28% copper (“Cu”). However, the Project had limited exploration beyond its historic operations.

Field relationships from mapping completed since 2015 and drilling since 2016 demonstrate copper mineralization and associated hydrothermal alteration and veins post-date emplacement of the Guichon Creek Batholith. Magmatic-hydrothermal fluids are considered to be responsible for copper mineralization based on the styles of alteration, veins, and mineralization observed on the property. This contrasts with the historical geological adopted by Craigmont Mines Ltd. exploration teams, whereby Cu and iron (“Fe”) were derived from country rock by fluids heated by intrusion of the Guichon Creek Batholith and deposited preferentially along calcareous rock layers to form strata-bound skarn deposits. A M.Sc. thesis from UBC published in 2026 concluded that Craigmont is a porphyry-linked skarn system. The geological team at Nicola Mining realise that the broader alteration system at the New Craigmont Project was not fully explored. Re-evaluation of this alteration system is believed to aid in efficient and effective exploration of the land package, which may have been historically overlooked.

Objectives and Strategy

Nicola’s primary objectives at the New Craigmont Project are to investigate resource potential of unexploited skarn mineralization in the environment of the historic Craigmont mine and to use modern exploration techniques to explore for porphyry copper systems that are believed to be responsible for the skarn mineralization mined at Craigmont. The Company also plans to re-evaluate the potential of material not processed at the time of mining and unlock its value resulting from increasing commodity prices driven by global demand. A mineral resource estimate was completed in 2020 in accordance with NI 43-101 on the Southern Mining Terraces and 3060 Portal Dump areas. To this effect, the Company plans to continue identifying targets on the project land package deemed to have discovery potential for copper mineralization and advance these targets to a confirmation drilling stage.

Period ended – September 30, 2026

Page 3

Nine months ended September 30, 2026

Outlook:

The Company completed an IP Survey in May of 2024 to further define drill targets in the WP, MARB and CAS zones, which were subsequently drilled and results published. The Company also drilled a step out hole at the Embayment Zone, which expanded the known mineralized area. Given the successful results of the 2024 drill program, the Company drilled targets in the same areas in 2025 and published the results. Observations and interpretations from the 2025 diamond drilling program, along with the M.Sc. thesis results, support the presence of porphyry systems. Exploration in 2026 included a single 840 m drill hole, which confirmed Jotun as a porphyry target, a geochemical soil survey at the Draken target, and a property wide MobileMT geophysical survey. Results and conclusions of these programs are pending. The Company also completed compilation a unified database of drilling on the property to date, to be used to create a 3D geological model for targeting. Both Draken and Jotun are distinct porphyry targets on the property, on which the company plans to continue to advance exploration.

DOMINION CREEK GOLD PROPERTY PROJECT

Overview

On June 15, 2021, the Company announced the acquisition of a 50% interest in the Dominion Creek Property, located 43 km northeast of the Town of Wells and about 110 kilometers east-southeast of Prince George, from High Range Exploration Ltd (“High Range”). Pursuant to the terms of a Mineral Property Purchase Agreement (the “Mineral Property Purchase Agreement”) between the Company and High Range, the Company paid $150,000 for the 50% acquisition of the Dominion Creek Property consisting of 8 continuous mineral claims totalling 1,040 hectares plus $75,000 for High Range to commence work and to submit a 10,000-tonne bulk sample permit application.

On October 24, 2021, the Company executed a Mining and Milling Profit Share Agreement with High Range for mill feed to be delivered and processed at the Merritt Mill. The Company’s combined 50% ownership and terms under the Mining and Milling Profit Share Agreement provides it a 75% economic benefit of Dominion Creek for the first 10,000 tonnes mined, after which the Company’s ownership becomes 100%.

Upon High Range receiving the permit, the Company would, within 30 days, commence incremental funding of $450,000 plus all costs to produce and ship 3,000 tonnes of mill feed to Merritt Mill for processing into concentrate. The $450,000 plus the $75,000 previously advanced as part of the Mineral Property Purchase Agreement shall be reimbursed from the distribution proceeds of the sale of concentrates.

On January 20, 2022, the Company announced that Dominion Gold Project has submitted its Cariboo Mitigation Plan to the Ministry of Critical Minerals.

On November 4, 2025, the Company and High Range completed work at Dominion for 2025 and has completed all mine development for the 10,000 tonnes bulk sample, which had recommenced in July of 2026. On November 2, 2026, the Company announced the completion of its 2026 mining campaign at the Dominion Creek Gold Property, including the shipment of approximately 1,300 tonnes of high-grade mill feed to Merritt, British Columbia, for processing.

Outlook:

With mine development completed and key mining equipment mobilized and operational, Nicola believes Dominion Gold is positioned to support increased material extraction and potential gold production in 2027. These developments provide a foundation for improved operational continuity and greater utilization of the Company's Merritt processing infrastructure.

Period ended – September 30, 2026

Page 4

Nine months ended September 30, 2026

LIQUIDITY AND CAPITAL RESOURCES

A summary of the Company’s cash position and changes in cash and cash equivalents for:

	Nine months ended September 30,
(tabled amounts are expressed in thousands of Canadian dollars)	2026			2025
Cash used in operating activities		(6,218	)		(4,201	)
Cash provided by (used in) investing activities		(3,966	)		595
Cash provided by financing activities		12,693			3,982
Increase (decrease) in cash		2,509			376
Cash and cash equivalents, end of period		4,207			1,838

At September 30, 2026, the Company had working capital of $10,047,035, compared with $3,114,160 at December 31, 2025. Cash and cash equivalents were $4,207,493, compared with $1,698,401 at December 31, 2025. Equity financing during the period increased liquidity, while operating expenditures, the $5,000,000 Blue Lagoon investment and equipment purchases used cash.

Cash used in operating activities was $6,218,049 for the nine months ended September 30, 2026, compared with $4,201,416 in 2025, an increase of $2,016,633. The increase in cash used in operating activities is primarily due to the operations at the Dominion Creek Gold Property and the timing of the settlement of accounts payable and accrued liabilities.

Cash used in investing activities was $3,966,056 for the nine months ended September 30, 2026, compared with cash provided of $595,148 in 2025. The increase in cash used in investing activities is primarily due to the investment in Blue Lagoon, the purchase of property, plant, and equipment which had been partially offset by the sale of marketable securities.

Cash provided by financing activities was $12,693,197, compared with $3,981,827 in the comparative period. The increase in cash inflow during the period ended September 30, 2026 is primarily due to the closing of the public offering in the United States.

The Company’s ability to continue as a going concern remains dependent on its ongoing capacity to raise capital and sustain profitability in its milling operations.

INTERIM FINANCIAL INFORMATION

	Three months ended September 30,						Nine months ended September 30,
In thousands ‘000	2026			2025			2026			2025
Milling revenue		1,518			553			4,113			632
Gravel, ash, soil, and other income		145			197			338			621
Gross margin		898			(615	)		1,216			(1,500	)
Net income (loss)		(2,013	)		(3,994	)		(6,017	)		(3,289	)
Earnings (loss) per share, basic/diluted		(0.01	)		(0.02	)		(0.03	)		(0.02	)

Cash and cash equivalents		4,207			1,838			4,207			1,838
Total assets		22,755			13,756			22,755			13,756
Non-current financial liabilities*		296			150			296			150
Cash dividend declared		-			-			-			-

* Non-current financial liabilities exclude the asset retirement obligation. Dollar amounts are rounded to the nearest thousand, except per-share amounts.

Period ended – September 30, 2026

Page 5

Nine months ended September 30, 2026

The Company reported a net loss of $6.0M for the nine months period ended September 30 2026, compared with $3.2M for the comparative period. Milling revenue increased by $3.5M and gross margin increased by $2.7M. The increase in milling revenue was primarily attributable to increased milling activities associated with the processing of ore from Blue Lagoon. Fluctuations in gross margin are primarily attributable to timing differences between the recognition of milling costs and the related revenue, as these costs are not necessarily recognized in the same reporting periods as the associated revenue.

Total assets increased during the period ended September 30, 2026 due to the closing of a private placement and public offering in the United States. Non-current financial liabilities increased during the period ended September 30, 2026 as a result of new lease agreements entered into by the Company.

QUARTERLY RESULTS

	September 30, 2026 ($)			June 30, 2026 ($)			March 31, 2026 ($)			December 31, 2025 ($)			September 30, 2025 ($)			June 30, 2025 ($)		March 31, 2025 ($)			December 31, 2024 ($)
Milling revenue		1,518,228			1,092,483			1,502,380			903,216			552,682			72,842		6,398			743,562
Gravel, ash, soil and other income		144,606			121,380			72,395			180,199			196,730			206,229		218,209			263,727
Exploration expense		327,007			897,755			61,162			256,956			558,115			267,342		131,687			440,987
Stripping costs		719,773			97,329			7,101			(15,993	)		1,346,555			-		-			-
Net Income (loss)		(2,012,752	)		(2,989,479	)		(1,015,084	)		(2,236,169	)		(3,994,137	)		1,181,286		(475,808	)		(210,267	)
Income (loss) per Share (basic and diluted)		(0.01	)		(0.01	)		(0.00	)		(0.01	)		(0.02	)		0.01		(0.00	)		(0.00	)
Total assets		22,754,693			22,732,778			16,658,590			14,549,987			13,756,058			12,873,068		10,977,505			10,659,233

Three months ended September 30, 2026 compared with historical quarters

Mill Revenue and Other Income - For the three months ended September 30, 2026, the Company generated combined milling revenue and other income of $1.7 million. Historically, this figure has varied based on the level of milling activity and the timing and volume of other business contracts. As these revenue streams are largely contract-dependent, fluctuations are expected across quarters.

Period ended – September 30, 2026

Page 6

Nine months ended September 30, 2026

Exploration Expense - Exploration expenses for the current quarter totaled $327,007. Exploration activity was higher in Q2 2026 compared to prior periods as the Company began its drill program at New Craigmont in April 2026.

Stripping costs - During Q3 2025, significant exploration and development activities were incurred on the Company and High Range’s Dominion Creek Project in preparation for the 10,000 tonnes bulk sample. The Company funded these activities as part of its commitment to High Range. (See Dominion Creek Project above). The Company restarted its operations at the Dominion Creek Project in Q3 2026 and announced the completion of its 2026 mining campaign on November 2, 2026.

Net Loss - The net loss for the quarter was $2,012,752, which was primarily due to the costs incurred to restart the operations at the Dominion Creek Project and share-based compensation from vesting of RSUs, grant of stock options.

Change in Total Assets

The Company’s total assets fluctuated between $10.7 million and $22.8 million. This is typically driven by the timing of private placements and cash position and the fair value gains or losses on the Company’s marketable securities.

SHAREHOLDER’S EQUITY

As at September 30, 2026 and subsequent changes

The Company’s authorized capital stock consists of an unlimited number of common shares without par value. As at September 30, 2026 and the date of this report, the Company has the following shareholder equity items outstanding:

	Restricted share units		Stock options			Share purchase warrants		Common shares
As at September 30, 2026		1,015,000		10,637,500			20,333,909		229,525,709
Stock options exercised		-		(150,000	)		-		150,000
As at the date of this report		1,015,000		10,487,500			20,333,909		229,675,709

Stock options

The table below summarizes stock options outstanding as at the date of this report:

Number Outstanding		Number Exercisable		Exercise Price		Weighted Average Contractual Life (Years)		Expiry Date
	1,822,500		1,822,500	$	0.16		0.89	October 5, 2027
	100,000		100,000	$	0.30		1.47	May 2, 2028
	1,850,000		1,850,000	$	0.36		1.70	July 26, 2028
	50,000		50,000	$	0.30		1.72	August 3, 2028
	2,350,000		2,350,000	$	0.27		2.43	April 18, 2029
	500,000		500,000	$	0.30		3.10	December 18, 2029
	400,000		400,000	$	0.50		3.63	July 1, 2030
	2,850,000		2,850,000	$	1.00		4.06	December 3, 2030
	65,000		65,000	$	1.14		4.32	March 9, 2031
	500,000		500,000	$	0.70		4.70	July 24, 2031
	10,487,500		10,487,500

Period ended – September 30, 2026

Page 7

Nine months ended September 30, 2026

Warrants

The table below summarizes warrants outstanding as at the date of this report:

Number Outstanding		Number Exercisable		Exercise Price*		Weighted Average Contractual Life (Years)		Expiry Date
	2,175,000		2,175,000	$	0.65		0.67	July 17, 2027
	5,512,001		5,512,001	$	1.10		2.21	January 29, 2029
	83,712		83,712	$	0.817		4.41	April 10, 2031
	12,563,196		12,563,196	$	1.018		4.42	April 14, 2031
	20,333,909		20,333,909

Restricted shares units (“RSUs”)

At September 30, 2026, there were 1,015,000 RSUs outstanding with a vesting date of January 1, 2027.

REGULATORY DISCLOSURES

Off balance sheet arrangements

The Company does not have any off-balance sheet arrangements as at September 30, 2026 and date of this report.

Proposed Transactions

The Company does not have any proposed transactions as at September 30, 2026 and date of this report other than as disclosed elsewhere in this document.

Financial instruments

Fair Value

The carrying value of cash and cash equivalents, amounts receivables, accounts payable and accrued liabilities, loan payable and lease liabilities approximate their fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates to fair value due to the nature of this asset.

The Company records its financial instruments, other than marketable securities which are at fair value through profit or loss, at amortized cost.

Period ended – September 30, 2026

Page 8

Nine months ended September 30, 2026

The three levels of fair value estimation are:

Level 1 – quoted prices in active markets for identical instruments.

Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Marketable securities are measured using level 1 inputs and marketable securities warrants are measured using level 2 inputs.

Risk Exposure and Management

Overview

Credit Risk

Credit risk is the risk of financial loss if a counterparty fails to meet its obligations. At September 30, 2026, the Company’s maximum exposure to credit risk, based on cash and cash equivalents, restricted cash and amounts receivable, was $7,061,055 (December 31, 2025 - $3,983,204).

Interest Rate Risk

The Company’s financial assets exposed to interest rate risk consist of cash and cash equivalents balances. The interest earned on the cash balances is at a fixed rate and approximates fair value rates, and the Company is not subject to significant interest rate risks.

Liquidity Risk

Period ended – September 30, 2026

Page 9

Nine months ended September 30, 2026

Failure to obtain additional financing could result in the delay or indefinite postponement of further exploration.

Foreign Exchange Rate Risk

The functional currency of the Company is the Canadian dollar. As at September 30, 2026, the Company has not entered into contracts to manage foreign exchange risk.

Commodity and Equity Price Risk

Capital Management

Related Party Transactions

The following is a summary of the Company’s key management compensation:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
		$		$		$		$
Consulting fees		104,700		88,500		314,100		250,500
Share-based compensation		184,361		51,169		547,063		182,638
Total		289,061		139,669		861,163		433,138

At September 30, 2026, accounts payable and accrued liabilities included $38,821 owed to related parties (December 31, 2025 - $230,560). These amounts are unsecured, non-interest bearing and due on demand.

At September 30, 2026, amounts receivable included $367,689 owed by a company controlled by a director (December 31, 2025 - $Nil) for the sale of concentrate. These amounts are unsecured, non-interest bearing and due when final weights and assays are determined.

Period ended – September 30, 2026

Page 10

Nine months ended September 30, 2026

Internal controls and procedures

Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2026. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, that our disclosure controls and procedures as of September 30, 2026 were effective to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

During the three months ended September 30, 2026, there were no changes in the Company’s internal control over financial reporting that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.

Accounting estimates

The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Such estimates primarily relate to asset retirement obligations. Actual results could differ from those estimates. The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of the Company’s assets and liabilities are described in note 2 of the consolidated financial statements.

Material Accounting Policy Information

Refer to the audited consolidated financial statements for the year ended December 31, 2025 and the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2026, including Notes 2 and 6.

New Accounting Standards Not Yet Adopted

The accounting policies adopted in the preparation of these consolidated financial statements have been prepared on the basis of all IFRS and interpretations effective as at September 30, 2026.

A number of new standards, and amendments to standards and interpretations, are not yet effective for the period ended September 30, 2026, and have not been early adopted in preparing these consolidated financial statements. The Company intends to adopt such standards upon the mandatory effective date.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 introduces three sets of new requirements to give investors more transparent and comparable information about companies’ financial performance for better investment decisions.

Period ended – September 30, 2026

Page 11

Nine months ended September 30, 2026

1. Three defined categories for income and expenses—operating, investing and financing—to improve the structure of the income statement, and require all companies to provide new defined subtotals, including operating profit.

2. Requirement for companies to disclose explanations of management-defined performance measures (MPMs) that are related to the income statement.

3. Enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes.

This standard is effective for reporting periods beginning on or after January 1, 2027. The Company is assessing its impact on the consolidated financial statements.

Risk and Uncertainties

As described further below, the Company’s business may be affected by changes in political and market conditions, such as interest rates, availability of credit, inflation rates, tariffs, changes in laws, and national and international circumstances. Recent geopolitical events and potential economic global challenges such as the risk of higher inflation and energy crises, may create further uncertainty and risk with respect to the prospects of the Company’s business. These factors represent a material uncertainty that may raise substantial doubt about the Company’s ability to continue as a going concern.

The Company may be unable to meet its liquidity requirements for operations.

There can be no assurance that the amounts of cash from operations, together with amounts raised through financings will be sufficient to fund the Company’s ongoing operations and care and maintenance program. If these amounts are insufficient to meet the Company’s liquidity requirements, it may have to seek additional financing. There can be no assurance that such additional financing would be available or, if available, offered on acceptable terms. Failure to secure any necessary additional financing would have a material adverse impact on the Company’s continued operations and viability.

Mineral Exploration and Development Activities are Inherently Risky

The business of exploration for minerals and mining involves a high degree of risk. Few properties that are explored are ultimately developed into mineral deposits with significant value. Unusual or unexpected ground conditions, geological formation pressures, fires, power outages, labour disruptions, flooding, earthquakes, explorations, cave-ins, landslides, and the inability to obtain suitable adequate machinery, equipment or labour are other risks involved in the operation of mines and the conduct of exploration programs. There are also physical risks to the exploration personnel working on the site of a mineral project. The Company’s exploration properties and any future mining operations will be subject to all the hazards and risks normally incidental to exploration, development, and production of silver and other metals, any of which could result in damage to or destruction of exploration facilities or mines, damage to life and property, environmental damage, and possible legal liability for any or all damage. Although the Company maintains insurance in an amount, which it considers adequate, the nature of these risks is such that liabilities could exceed policy limits, in which event the Company could incur significant costs that could have a materially adverse effect upon its financial condition.

Uncertainty of Mineral Resources

The figures for mineral resources for the Treasure Mountain Project disclosed in the Company’s Annual Information Form for the year ended December 31, 2012, and in its technical report filed on SEDAR on June 12, 2012, are only estimates. Mineral reserves at the Treasure Mountain Project have not been defined therefore the mineral resources currently cannot be considered ore.

The figures for Inferred Copper Resource for the Southern Dump and 3060 Portal Dumps at New Craigmont Copper Mine in the Technical Report filed on SEDAR on June 1, 2020, and final ALS Metallurgy Laboratory report for upgrading and copper recovery test work filed on SEDAR on June 12, 2020, are only estimates. The inferred mineral resources are not mineral reserves as the Company has not yet demonstrated the economic viability.

Period ended – September 30, 2026

Page 12

Nine months ended September 30, 2026

There is no certainty that any expenditures made in the exploration of the Company’s mineral properties will result in identification of commercially recoverable quantities of ore or that ore reserves will be mined or processed profitably. In addition, substantial expenditures will be required to develop the mining and processing facilities and infrastructure at any site chosen for mining.

Uncertainty of Economic Viability of Production from the Treasure Mountain Project

The Company has not undertaken any preliminary economic assessment or preliminary feasibility study with respect to the Treasure Mountain Project or any of its other projects and does not intend to undertake such a study or assessment. There are significant risks associated with making a production decision without a valid, current, economic analysis and the Company may subsequently determine those recommencing operations at the Treasure Mountain Project is not economically feasible.

Insurance

The mining industry is subject to significant risks that could result in damage to or destruction of property and facilities, personal injury or death, environmental damage and pollution, delays in production, expropriation of assets and loss of title to mining claims. No assurance can be given that insurance to cover the risks to which the Company's activities are subject will be available at all or at commercially reasonable premiums. The Company currently maintains insurance within ranges of coverage that it believes to be consistent with industry practice for companies of a similar stage of development, however the insurance the Company has may not be sufficient to cover the full extent of any liabilities that may arise.

Prices, Markets and Marketing of Silver, Gold, and Precious Metal Prices

World prices for commodities fluctuate and are affected by numerous factors including international economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities, and increased production due to new mine developments and improved mining and production methods. The effect of these factors on the price of commodities, and the resulting impact on the viability of any of the Company’s exploration projects, cannot accurately be predicted.

Liquidity and Capital Requirements

The Company currently has a working capital and a history of working capital deficits, no history of profitable operations and no assurance that additional funding will be available to it for further exploration and development of any of its projects. The Company may also need further financing if it decides to obtain additional mineral properties or further upgrades to the Merritt Mill. As such, the Company is subject to many risks common to exploration enterprises, including under-capitalization, cash shortages and limitations with respect to personnel, financial and other resources, and lack of revenues. Although the Company has been successful in the past in obtaining financing through credit facilities or the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Such means of financing typically result in dilution of the positions of existing shareholders, either directly or indirectly. Failure to obtain additional financing could result in the delay or indefinite postponement of further exploration and development of its mineral properties, the loss of substantial dilution of any of its property interests or all the liquidation of all its assets.

Dependence on Management

The Company is very dependent upon the personal efforts and commitment of its existing management. To the extent that management's services would be unavailable for any reason, a disruption to the operations of the Company could result, and other persons could be required to manage and operate the Company.

Environmental Risks

All phases of the mineral exploration and development business present environmental risks and hazards and are subject to environmental regulations. Compliance with such legislation and regulations can require significant expenditures and a breach could result in the imposition of fines and penalties, some of which may be material. Environmental legislation is evolving in a manner which may lead to stricter standards and enforcement, larger fines and liability and potentially increased capital expenditures and operating costs. No assurance can be given that the application of environmental laws to the business and operations of the Company will not result in a curtailment of exploration or production, material increase in the costs of production, development, or exploration activities, or otherwise adversely affect the Company’s financial condition, results of operations or prospects.

Period ended – September 30, 2026

Page 13

Nine months ended September 30, 2026

Government Regulation

The natural resource exploration industry is subject to controls and regulations imposed by various levels of government. It is not expected that any of these controls or regulations will affect the operations of the Company in a manner materially different than they would affect other natural resource exploration companies of similar size. The current legislation is a matter of public record, and the Company is unable to predict what additional legislation or amendments may be enacted.

Indigenous Peoples’ title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions.

Governments in many jurisdictions must consult Indigenous Peoples with respect to grants of mineral rights and the issuance or amendment of exploration and project authorizations. Consultation and other rights of Indigenous Peoples may require accommodations, including undertakings regarding financial compensation, employment and other matters in impact and benefit agreements. This may affect our ability to acquire, explore or develop, within a reasonable time frame, mineral titles in these jurisdictions and may affect the timetable and costs of development of mineral properties in these jurisdictions. The risk of unforeseen aboriginal title claims also could affect existing operations as well as exploration and development projects and future acquisitions. These legal requirements may increase our operating costs and affect our ability to expand our operations or to explore and develop new projects.

Competition

The mining industry is intensely competitive in all its phases, and the Company competes with other companies that may have greater financial resources and technical capacity. Competition could adversely affect the Company’s ability to acquire suitable properties or prospects in the future. The Company also competes with other mining companies in the recruitment and retention of qualified employees.

Conflicts of Interest

The Company's directors and officers may serve as directors or officers of, or may be associated with other reporting companies, or have significant shareholdings in other public companies. To the extent that such other companies may participate in business or asset acquisitions, dispositions, or ventures in which the Company may participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding terms respecting the transaction. If a conflict of interest arises, the Company will follow the provisions of the Business Corporations Act (British Columbia) (“BCBCA”) and any other applicable laws and rules dealing with conflicts of interest. These provisions state that where a director has such a conflict, that director must, at a meeting of the Company's directors, disclose his interest and refrain from voting on the matter unless otherwise permitted by the BCBCA. In accordance with the laws of the Province of British Columbia, the directors and officers of the Company are required to act honestly, in good faith and in the best interests of the Company.

No Current Plans to Pay Cash Dividends

The Company has no plans to pay any cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of the Board and will depend on, among other things, the Company’s financial results, cash requirements, contractual restrictions, and other factors that the Board may deem relevant. In addition, the Company’s ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness that the Company or its subsidiaries incur. As a result, investors may not receive any return on an investment in the Company’s securities unless they sell the securities for a price greater than that which they paid for them.

Economic Conditions

Unfavourable economic conditions may negatively impact the Company’s financial viability. Unfavourable economic conditions could also increase the Company’s financing costs, decrease estimated income from prospective mining operations, limit access to capital markets and negatively impact the availability of credit facilities or other financing to the Company.

Period ended – September 30, 2026

Page 14

Nine months ended September 30, 2026

Price Volatility of Public Stock

The market price of the Company’s securities has experienced wide fluctuations, which may not necessarily be related to the operating performance, underlying asset values or prospects of the Company. Any market for the Company’s securities may be subject to market trends generally and the value of the Company’s securities on the Exchange may be affected by such volatility in response to numerous factors, many of which are beyond the Company’s control, including:

actual or anticipated fluctuations in the Company’s quarterly results of operations,

changes in the economic performance or market valuations of other companies that investors deem comparable to the Company,

the addition or departure of the Company’s executive officers or other key personnel,

release or other transfer restrictions on outstanding Company securities,

sales or perceived sales of additional Company securities,

significant acquisitions or business combinations, strategic partnerships, joint ventures and or capital commitments by or involving the Company or its competitors,

news reports relating to trends, concerns, competitive developments and or regulatory changes, and

other related issues in the Company’s industry or target markets.

Financial markets continue to experience significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have, in many cases, been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Company’s securities may decline even if the Company’s operating results, underlying asset values or prospects have not changed.

Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. As well, certain institutional investors may base their investment decisions on consideration of the Company’s environmental, governance and social practices and performance against such institutions’ respective investment guidelines and criteria, and failure to meet such criteria may result in limited or no investment in the Company’s securities by those institutions, which could adversely affect the trading price of the Company’s securities. There can be no assurance that fluctuations in price and volume will not occur in the future. If increased levels of volatility and market turmoil occur, the Company’s operations may be adversely impacted together with the trading price of the Company’s securities may also be adversely affected.

Regulatory and Permitting

Regulatory and permitting requirements have a significant impact on the Company’s operations and can have a material and adverse effect on future cash flow, results of operations and financial condition. To conduct mineral exploration and mining activities, the Company must obtain or renew exploration or mining permits and licenses in accordance with the relevant mining laws and regulations required by governmental authorities having jurisdiction over mineral projects. There is no guarantee that the Company will be granted the necessary permits and licenses, that they will be renewed, or that the Company will be in a-position to comply with all the conditions that are imposed. Mining is subject to potential risks and liabilities associated with pollution and the disposal of waste from mineral exploration and mining operations. Costs related to discovery, evaluation, planning, designing, developing, constructing, operating, closing, and remediating mines and other facilities in compliance with these laws and regulations are significant. In addition to environmental protection, applicable laws and regulations govern employee health and safety. Not complying with these laws and regulations can result in enforcement actions that may include corrective measures requiring capital expenditures, installation of additional equipment, remedial action, and changes to operating procedures resulting in additional costs and temporary or permanent shutdown of operations. The Company may also be required to compensate those parties’ suffering loss or damage and may face civil or criminal fines or penalties for violating certain laws or regulations. Changes to these laws and regulations in the future could have an adverse effect on the Company’s cash flow, results of operations and financial condition. Further, the issuance of permits may be subject to review by third parties who may challenge future permitting and the validity of existing permits based on, among other things, the government’s obligation to consult and accommodate.

Period ended – September 30, 2026

Page 15

Nine months ended September 30, 2026

FORWARD-LOOKING STATEMENT

This MD&A includes “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, which reflect Nicola Mining Inc.’s (“Nicola” or the “Company”) current expectations regarding the future results of operations, performance, and achievements. All statements included in this MD&A, other than statements of historical fact, are forward-looking statements including, without limitation, the Company’s ability to develop its exploration assets via operational cash flow from gold concentrate production; the Company’s plans and expectations regarding its proposed exploration program for its Craigmont Copper Project; the Company’s plans and expectations regarding future exploration work on the Treasure Mountain Mine, including reopening the mine; the Company’s plans and expectations regarding future investments and operations at the Merritt Gold/Silver Mill Facility (the “Merritt Facility”); and statements regarding potential mergers, acquisitions, and joint venture opportunities. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with general economic conditions, including risks related to macro-economic and global financial conditions; inflation; availability of capital; accuracy of the Company’s projections and estimates; interest and exchange rates; competition; financing and share price fluctuations; capital expenditures; changes in national and local government regulations; regulatory risks; the ability to retain key personnel necessary to conduct mill operations at the Merritt Facility; decreased demand for copper, gold, silver and other minerals; unexpected difficulties with the milling and extraction of minerals from the Company’s projects; delays or difficulties in timing of shipments of concentrates by the Company; operating or technical difficulties; personnel relations; fluctuations in commodity pricing, specifically copper, gold and silver; and any other risks outside the direct control or influence of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s business and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Additional information about these and other risks and uncertainties are set out in the section entitled “Risk Factors” in the Company’s MD&A filed on SEDAR+ at www.sedarplus.ca.

Qualified person

The scientific and technical disclosures included have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.

Period ended – September 30, 2026

Page 16

Exhibit 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Peter Espig, Chief Executive Officer of Nicola Mining Inc., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Nicola Mining Inc. (the “issuer”) for the interim period ended September 30, 2026.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1

Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 12, 2026

“Peter Espig”

__________________________

Peter Espig

Chief Executive Officer

Exhibit 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Sam Wong, Chief Financial Officer of Nicola Mining Inc., certify the following:

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

(b)

5.1

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

Date: November 12, 2026

“Sam Wong”

_______________________

Sam Wong

Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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