BMO Nesbitt Burns Inc. Files Early Warning Report

TORONTO, April 17, 2025 /CNW/ - BMO Nesbitt Burns Inc. ("Nesbitt") has filed an early warning report on SEDAR+ (www.sedarplus.com) with respect to the common shares ("Common Shares") of Nicola Mining Inc. (the "Issuer") held by managed accounts and other accounts over which Nesbitt has authority to exercise control or direction (collectively, the "Accounts"). The early warning report has been filed, and this press release is being issued, for the purpose of correcting previously filed alternative monthly reports dated February 10, 2023 and October 2, 2024 (together, the "Prior Reports") by Nesbitt and to report historical acquisitions of Common Shares by Nesbitt on behalf of the Accounts.

Nesbitt's purpose in acquiring and holding the Common Shares is for investment purposes only and not for the purpose of exercising control or direction over the Issuer. The purchases and dispositions of Common Shares were made in the ordinary course of Nesbitt's investment activities on behalf of the Accounts. Nesbitt has no current plan or proposal which relates to, or would result in, acquiring additional ownership or control over the securities of the Issuer, other than in Nesbitt's ordinary course of business. Nesbitt may or may not purchase or sell securities of the Issuer in the future on the open market or in private transactions, depending on market conditions and other factors material to Nesbitt's investment decisions on behalf of the Accounts.

Nesbitt is an "eligible institutional investor" as defined in National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"). Nesbitt does not, in its own capacity, beneficially own any Common Shares of the Issuer. As of April 16, 2025, Nesbitt, for and on behalf of the Accounts, exercised control or direction over 30,598,376 Common Shares representing 17.75% of the total issued and outstanding Common Shares.

Nesbitt had previously reported that it, on behalf of the Accounts, exercised control or direction over an aggregate of 42,188,051 Common Shares as at January 31, 2023, then representing approximately 13.43% of the issued and outstanding Common Shares, and over an aggregate of 16,991,641 Common Shares as at September 30, 2024, then representing approximately 10.194% of the issued and outstanding Common Shares.  Nesbitt has identified the inadvertent exclusion of certain Common Shares from the holdings reported in the Prior Reports. This exclusion also impacted Nesbitt's determination of whether a reporting obligation was triggered. If Nesbitt had utilized the alternative monthly reporting system described in Part 4 of NI 62-103, if would have reported the following:

• As of the end of June 30, 2021 (the "First Reporting Month"), Nesbitt, on behalf of the Accounts, exercised control or direction over an aggregate of 29,055,663 Common Shares, then representing approximately 10.38% of the issued and outstanding Common Shares (on the basis of 280,009,722 Common Shares then outstanding). The aggregate value of any such Common Shares acquired in transactions completed through the TSX Venture Exchange (the "TSXV") in the First Reporting Month was $285,815.00.
  
  
• As at the end of May 31, 2022 (the "Second Reporting Month"), Nesbitt, on behalf of the Accounts, exercised control or direction over an aggregate of 36,558,115 Common Shares, then representing approximately 12.52% of the issued and outstanding Common Shares (on the basis of 292,022,677 Common Shares outstanding). An aggregate of 7,502,452 Common Shares were acquired between the First Reporting Month and the Second Reporting Month representing an increase of approximately 2.14% of the issued and outstanding Common Shares. The aggregate value of any such Common Shares acquired in transactions completed through the TSXV in the Second Reporting Month was $61,595.00.
  
  
• As at the end of February 28, 2023 (the "Third Reporting Month"), Nesbitt, on behalf of the Accounts, exercised control or direction over an aggregate of 45,612,489 Common Shares, then representing approximately 15.30% of the issued and outstanding Common Shares (on the basis of 298,072,147 Common Shares outstanding). An aggregate of 9,054,374 Common Shares were acquired between the Second Reporting Month and the Third Reporting Month representing an increase of approximately 2.78% of the issued and outstanding Common Shares. The aggregate value of any such Common Shares acquired in transactions completed through the TSXV in the Third Reporting Month was $223,536.98.
  
  
• As at the end of June 30, 2024 (the "Fourth Reporting Month"), Nesbitt, on behalf of the Accounts, exercised control or direction over an aggregate of 29,357,328 Common Shares, then representing approximately 17.61% of the issued and outstanding Common Shares (on the basis of 166,682,092 Common Shares).¹ An aggregate of 6,551,084 Common Shares were acquired between the Third Reporting Month and the Fourth Reporting Month representing an increase of approximately 2.31% of the issued and outstanding Common Shares. The aggregate value of any such Common Shares acquired in transactions completed through the TSXV in the Fourth Reporting Month was $129,729.18.

The purchases and sales of the Common Shares by Nesbitt on behalf of the Accounts have been in Canadian dollars and completed through the facilities of the TSXV and pursuant to certain prospectus exempt distributions by the Issuer.

A copy of Nesbitt's early warning report will be filed on the Issuer's profile on SEDAR+ and may be obtained upon request by contacting Nesbitt at Jeff Roman at [email protected] or [phone], 1 First Canadian Place, 100 King Street West, 5^th Floor, Toronto, Ontario M5X 1A1. The Issuer's head office is located at 3329 Aberdeen Road, Lower Nicola, British Columbia V0K 1Y0.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of January 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

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¹ On November 17, 2023, the Issuer effected a share consolidation on a 2:1 basis.

SOURCE BMO Financial Group

Media Contact: Jeff Roman, Toronto, [email protected], [phone]