# EDGAR Filing Document

**Accession Number:** 0001526475
**File Stem:** 0001104659-26-042046
**Filing Date:** 2026-4
**Character Count:** 38278
**Document Hash:** 2a919702e9ec5d1aae1a48cbc124524f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-042046.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001104659-26-042046

**CONFORMED SUBMISSION TYPE**: 8-A12B

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICOLA MINING INC.
- **CENTRAL INDEX KEY:** 0001526475
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-A12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43228
- **FILM NUMBER:** 26855169

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1212 - 1030 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA, CANADA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 2Y3
- **BUSINESS PHONE:** 604-306-8245

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1212 - 1030 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA, CANADA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 2Y3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HULDRA SILVER INC.
- **DATE OF NAME CHANGE:** 20110721

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-A**

**FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES**

**PURSUANT TO SECTION 12(b) OR (g) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**<u>NICOLA MINING INC.</u>**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| &nbsp;&nbsp;**British Columbia, Canada** | &nbsp;&nbsp;**Not Applicable** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation <br> or organization) | &nbsp;&nbsp;(I.R.S. Employer Identification No.) |

---

**Suite 1212 – 1030 West Georgia Street<u><br> Vancouver, British Columbia, Canada, V6E 2Y3</u>**

(Address of principal executive offices) (Zip Code)

Securities to be registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Name of each exchange on which |
| &nbsp;&nbsp;to be so registered | &nbsp;&nbsp;each class is to be registered |
| &nbsp;&nbsp;**<u>American Depositary Shares, each representing 12 Common Shares</u>** | &nbsp;&nbsp;**The Nasdaq Stock Market LLC** |
| &nbsp;&nbsp;**<u>Common Shares, no par value\*</u>** | &nbsp;&nbsp;**The Nasdaq Stock Market LLC** |

---

\*Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC. The American Depositary Shares represent the right to receive common shares and are registered under the Securities Act of 1933, as amended, pursuant to a separate Registration Statement on Form F-6 (File No. 333-293146). Accordingly, the American Depositary Shares are exempt from the operation of Section 12(a) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12a-8 thereunder.

If this form relates to the registration of a class of securities pursuant to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c) or (e), check the following box. ⌧

If this form relates to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d) or (e), check the following box. ◻

If this form relates to the registration of a class of securities concurrently with a Regulation A offering, check the following box. ◻

Securities Act registration statement or Regulation A offering statement file number to which this form relates: 333-293048 (if applicable)

Securities to be registered pursuant to Section 12(g) of the Act:

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| |
|:---|
| &nbsp;&nbsp;**None** |
| &nbsp;&nbsp;(Title of class) |

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**INFORMATION REQUIRED IN REGISTRATION STATEMENT**

**Item 1. Description of Registrant's Securities to be Registered.**

The description of common shares in the capital of the Company (the "**Common Shares**") is set forth under the headings "Description of Share Capital" and "Description of Securities Offered Under This Prospectus" in the short form base shelf prospectus included in the registration statement on Form F-10 (File No. 333-293048) (the "**Registration Statement**") of Nicola Mining Inc. ("**Nicola**", the "**Company**", "**we**" or "**us**"), originally filed with the Securities and Exchange Commission (the "**SEC**") on January 29, 2026 under the Securities Act of 1933, as amended (the "**Securities Act**"), which description is incorporated herein by reference.

The description of American Depositary Shares ("**ADSs**") of the Company is set forth below.

The Bank of New York Mellon (the "**Depositary**"), as depositary, will register and deliver ADSs. Each ADS will represent 12 Common Shares (or a right to receive 12 Common Shares) deposited with CIBC Mellon Trust Company, as custodian for the Depositary in Canada. Each ADS will also represent any other securities, cash or other property that may be held by the Depositary. The deposited shares together with any other securities, cash or other property held by the Depositary are referred to as the deposited securities. The Depositary's office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

ADSs may be held either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in the holder's name, or (ii) by having uncertificated ADSs registered in the holder's name, or (B) indirectly by holding a security entitlement in ADSs through a broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If ADSs are held directly, the holder is a registered ADS holder, also referred to as an ADS holder. This description assumes that the holder is an ADS holder. If ADSs are held indirectly, the holder must rely on the procedures of the broker or other financial institution to assert the rights of ADS holders described here. Holders should consult with their own broker or financial institution to find out what those procedures are.

Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings. As an ADS holder, the Company will not treat a holder as a shareholders and such holder will not have shareholder rights. The Depositary will be the holder of the Common Shares underlying the ADSs. As a registered holder of ADSs, such holder will have ADS holder rights. The deposit agreement (the "**Deposit Agreement**") among the Company, the Depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the Depositary. New York law governs the Deposit Agreement and the ADSs.

*Dividends and Other Distributions*

How will holders receive dividends and other distributions on the shares?

The Depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on Common Shares or other deposited securities, upon payment or deduction of its fees and expenses. Holders will receive these distributions in proportion to the number of Common Shares the ADSs represent.

<u>Cash.</u> The Depositary will convert any cash dividend or other cash distribution the Company pays on the Common Shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the Deposit Agreement allows the Depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. The Depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the Depositary cannot convert the foreign currency, the holder may lose some of the value of the distribution.

<u>Common Shares.</u> The Depositary may distribute additional ADSs representing any Common Shares that the Company distributes as a dividend or free distribution. The Depositary will only distribute whole ADSs. It will sell Common Shares which would require it to deliver a fraction of an ADS (or ADSs representing those Common Shares) and distribute the net proceeds in the same way as it does with cash. If the Depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new Common Shares.

<u>Rights to purchase additional Common Shares.</u> If the Company offers holders of the Company's securities any rights to subscribe for additional Common Shares or any other rights, we so request in writing and we and the Depositary agree in writing on conditions and procedures applicable to the particular offering, the Depositary will (i) exercise those rights on behalf of subscribing ADS holders or (ii) distribute those rights to ADS holders. If the Depositary does not act under (i) or (ii), the Depositary will use reasonable efforts to sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the Depositary does not do any of those things, it will allow the rights to lapse. In that case, the holder will receive no value for them. The Depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the Depositary that it is legal to do so. If the Depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of Common Shares, new ADSs representing the new Common Shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the Depositary. U.S. securities laws may restrict the ability of the Depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

<u>Other Distributions</u>. The Depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the Depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the Depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. U.S. securities laws may restrict the ability of the Depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The Depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, Common Shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, Common Shares, rights or anything else to ADS holders. This means that ADS holders may not receive the distributions we make on our Common Shares or any value for them if it is illegal or impractical for us to make them available to such ADS holders.

*Deposit, Withdrawal and Cancellation*

How are ADSs issued?

The Depositary will deliver ADSs if an ADS holder or an ADS holder's broker deposits Common Shares or evidence of rights to receive Common Shares with the Custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the Depositary will register the appropriate number of ADSs in the names such ADS holders request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

How can ADS holders withdraw the deposited securities?

ADS holders may surrender their ADSs to the Depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the Depositary will deliver the Common Shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at the ADS holder's request, risk and expense, the Depositary will deliver the deposited securities at its office, if feasible. However, the Depositary is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited Common Share or other security. The Depositary may charge ADS holders a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

When can ADSs be cancelled by the Depositary?

The Depositary may cancel ADSs if there are no underlying deposited securities, or those deposited securities have become apparently worthless or to the extent there are insufficient underlying deposited securities because of an increase in the number of Common Shares represented by one ADS.

How do ADS holders interchange between certificated ADSs and uncertificated ADSs?

ADS holders may surrender their ADR to the Depositary for the purpose of exchanging their ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the Depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the Depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

*Voting Rights*

How do ADS holders vote?

ADS holders may instruct the Depositary how to vote the number of deposited Common Shares their ADSs represent. If we request the Depositary to solicit voting instructions (and we are not required to do so), the Depositary will notify ADS holders of a shareholders' meeting and send or make voting materials available to the ADS holders. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the Depositary how to vote. For instructions to be valid, they must reach the Depositary by a date set by the Depositary. The Depositary will try, as far as practical, subject to the applicable provisions of federal or provincial law and the provisions of our articles of association or similar documents, to vote or to have its agents vote the Common Shares or other deposited securities as instructed by ADS holders. If we do not request the Depositary to solicit voting instructions, ADS holders can still send voting instructions, and, in that case, the Depositary may try to vote as such ADS holder may instruct, but it is not required to do so.

Except by instructing the Depositary as described above, ADS holders will not be able to exercise voting rights unless such ADS holders surrender their ADSs and withdraw the shares. However, ADS holders may not know about the meeting enough in advance to withdraw the Common Shares. In any event, the Depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.

We cannot assure ADS holders that they will receive the voting materials in time to ensure that they can instruct the Depositary to vote the Common Shares represented by their ADSs. In addition, the Depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that ADS holders may not be able to exercise voting rights and there may be nothing they can do if the Common Shares represented by their ADSs are not voted as they requested.

In order to give ADS holders a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to deposited securities, if we request the Depositary to act, we agree to give the Depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

*Fees and Expenses*

 

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| | |
|:---|:---|
| &nbsp;&nbsp;***Holders or persons depositing or withdrawing<br> Common Shares, surrendering ADSs, or to<br> whom or from whom ADSs are delivered or<br> cancelled, must pay*:** | &nbsp;&nbsp;***For*:** |
| &nbsp;&nbsp;US$10.00 (or less) per 100 ADSs (or portion of 100 ADSs) | &nbsp;&nbsp; Issuance of ADSs, including issuances resulting from a distribution of Common Shares or rights or other property or in relation to a change in the number of Common Shares represented by one ADS<br>Surrender of ADSs for the purpose of withdrawal or cancellation of ADSs, including if the deposit agreement terminates or in relation to a change in the number of Common Shares represented by one ADS<br>|
| &nbsp;&nbsp;US$.10 (or less) per ADS | &nbsp;&nbsp;Any cash distribution to ADS holders |
| &nbsp;&nbsp;A fee equivalent to the fee that would be payable if securities distributed to an ADS holder had been Common Shares and the Common Shares had been deposited for issuance of ADSs | &nbsp;&nbsp;Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders |
| &nbsp;&nbsp; Fees assessed from time to time, but not exceeding US$.10 per ADS during any calendar year<br>| &nbsp;&nbsp;Depositary services |
| &nbsp;&nbsp;Registration or transfer fees | &nbsp;&nbsp;Transfer and registration of Common Shares on our Common Share register to or from the name of the Depositary or its agent when an ADS holder deposits or withdraws Common Shares<br>|
| &nbsp;&nbsp;Expenses of the Depositary | &nbsp;&nbsp; Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)<br>Converting foreign currency to U.S. dollars<br>|
| &nbsp;&nbsp;Taxes and other governmental charges the Depositary or the custodian has to pay on any ADSs or Common Shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | &nbsp;&nbsp; As necessary |
| &nbsp;&nbsp;Any charges incurred by the depositary or its agents for servicing the deposited securities | &nbsp;&nbsp;As necessary |

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The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing Common Shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts to be distributed. The Depositary collects fees for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. While aggregate fees for depositary services will not exceed US$.10 per ADS in a calendar year, an investor may be charged more than one such fee in a consecutive 12-month period. The Depositary may collect any of its fees by deduction from any cash distributions payable to Owners. To the extent there is insufficient distributable cash and the Depositary is unable to otherwise collect a fee from owners and does not waive that fee, it will use reasonable efforts to sell a portion of any securities to be distributed to owners that are obligated to pay that fee and apply the net proceeds of sale to pay that fee. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the Depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the Depositary or share revenue from the fees collected from ADS holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The Depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the Depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made by the Depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to ADS holders, and the Depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the Depositary may receive dividends or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by us and, in such cases, the Depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.

*Payment of Taxes*

 

ADS holders will be responsible for any taxes or other governmental charges payable on their ADSs or on the deposited securities represented by any of their ADSs. The Depositary may refuse to register any transfer of ADSs or allow ADS holders to withdraw the deposited securities represented by their ADSs until those taxes or other charges are paid and may withhold any dividends or other distributions or the proceeds thereof and apply them to that tax or other governmental charge. If a tax or governmental charge for which ADS holders are liable cannot be satisfied in a reasonable time by the means provided in the preceding sentence, the Depositary will use reasonable efforts to sell deposited securities represented by ADSs to pay any taxes owed and such ADS holders will remain liable for any deficiency. If the Depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

*Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities*

The Depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

If deposited securities are redeemed for cash in a transaction that is mandatory for the Depositary as a holder of deposited securities, the Depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

If there is any change in the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the Depositary receives new securities in exchange for or in lieu of the old deposited securities, the Depositary will hold those replacement securities as deposited securities under the Deposit Agreement. However, if the Depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the Depositary will instead use reasonable efforts to sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.

If there is a replacement of the deposited securities and the Depositary will continue to hold the replacement securities, the Depositary may distribute new ADSs representing the new deposited securities or ask ADS holders to surrender their outstanding ADSs in exchange for new ADSs identifying the new deposited securities.

If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the Depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.

*Amendment and Termination*

 

How may the deposit agreement be amended?

We may agree with the Depositary to amend the Deposit Agreement and the ADRs without ADS holders' consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the Depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the Depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are considered, by continuing to hold their ADSs, to agree to the amendment and to be bound by the ADRs and the Deposit Agreement as amended.

How may the deposit agreement be terminated?

The Depositary will initiate termination of the Deposit Agreement if we instruct it to do so. The Depositary may initiate termination of the Deposit Agreement if

&nbsp;&nbsp;&nbsp;&nbsp;· 60 days have passed since the Depositary told
us it wants to resign but a successor Depositary has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;· we delist the ADSs from an exchange in the United
States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements for trading of
ADSs on the U.S. over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;· we delist our Common Shares from an exchange
outside the United States on which they were listed and do not list the Common Shares on another exchange outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· we announce an intention to list our Common Shares
on a national securities exchange in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· the Depositary has reason to believe the ADSs
have become, or will become, ineligible for registration on Form F-6 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;· we appear to be insolvent or enter insolvency
proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;· all or substantially all the value of the deposited
securities has been distributed either in cash or in the form of securities;

&nbsp;&nbsp;&nbsp;&nbsp;· there are no deposited securities underlying
the ADSs or the underlying deposited securities have become apparently worthless; or

&nbsp;&nbsp;&nbsp;&nbsp;· there has been a replacement of deposited securities.

If the Deposit Agreement will terminate, the Depositary will notify ADS holders at least 90 days before the termination date. After the termination date, the Depositary will use reasonable efforts to sell the deposited securities. After that, the Depositary will hold the money it received on the sale, as well as any other cash it is holding under the Deposit Agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the Depositary will sell as soon as practicable after the termination date.

After the termination date and before the Depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the Depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that have not settled if it would interfere with the selling process. The Depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The Depositary will continue to collect distributions on deposited securities, but, after the termination date, the Depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to ADS holders (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.

*Limitations on Obligations and Liability*

 

Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs

The Deposit Agreement expressly limits our obligations and the obligations of the Depositary. It also limits our liability and the liability of the Depositary. We and the Depositary:

&nbsp;&nbsp;&nbsp;&nbsp;· are only obligated to take the actions specifically
set forth in the Deposit Agreement without negligence or bad faith, and the Depositary will not be a fiduciary or have any fiduciary duty
to holders of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;· are not liable if we are or it is prevented or
delayed by law or by events or circumstances beyond our or its ability to prevent or counteract with reasonable care or effort from performing
our or its obligations under the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· are not liable if we or it exercises discretion
permitted under the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· are not liable for the inability of any holder
of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the
Deposit Agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· have no obligation to become involved in a lawsuit
or other proceeding related to the ADSs or the Deposit Agreement on the ADS holder's behalf or on behalf of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;· may rely upon any documents we believe or it
believes in good faith to be genuine and to have been signed or presented by the proper person;

&nbsp;&nbsp;&nbsp;&nbsp;· are not liable for the acts or omissions of any
securities depository, clearing agency or settlement system; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Depositary has no duty to make any determination
or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result
of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced
rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

In the Deposit Agreement, we and the Depositary agree to indemnify each other under certain circumstances.

*Requirements for Depositary Actions* 

 

Before the Depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of Common Shares, the Depositary may require:

&nbsp;&nbsp;&nbsp;&nbsp;· payment of stock transfer or other taxes or other
governmental charges and transfer or registration fees charged by third parties for the transfer of any Common Shares or other deposited
securities;

&nbsp;&nbsp;&nbsp;&nbsp;· satisfactory proof of the identity and genuineness
of any signature or other information it deems necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with regulations it may establish,
from time to time, consistent with the Deposit Agreement, including presentation of transfer documents.

The Depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the Depositary or our transfer books are closed or at any time if the Depositary or we think it advisable to do so.

Right to Receive the Common Shares Underlying ADSs

ADS holders have the right to cancel their ADSs and withdraw the underlying Common shares at any time except:

&nbsp;&nbsp;&nbsp;&nbsp;· when temporary delays arise because: (i) the
Depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of Common Shares is blocked to permit
voting at a shareholders' meeting; or (iii) we are paying a dividend on our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· when ADS holders owe money to pay fees, taxes
and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;· when it is necessary to prohibit
withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of Common Shares or other
deposited securities.

This right of withdrawal may not be limited by any other provision of the Deposit Agreement.

*Direct Registration System*

In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the ADS holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the Deposit Agreement understand that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that the Depositary's reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and in accordance with the Deposit Agreement will not constitute negligence or bad faith on the part of the Depositary.

*Shareholder Communications; Inspection of Register of Holders of ADSs*

 

The Depositary will make available for inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The Depositary will send ADS holders copies of those communications or otherwise make those communications available to ADS holders if we ask it to. ADS holders have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

*Jury Trial Waiver* 

 

The Deposit Agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the Depositary arising out of or relating to our shares, the ADSs or the Deposit Agreement, including any claim under the U.S. federal securities laws. If we or the Depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

ADS holders will not, by agreeing to the terms of the Deposit Agreement, be deemed to have waived our or the Depositary's compliance with U.S. federal securities laws or the rules and regulations promulgated thereunder.

**Item 2. Exhibits.**

Pursuant to the Instructions as to Exhibits with respect to Form 8-A, no exhibits are required to be filed because no other securities of the Registrant are registered on The Nasdaq Capital Market LLC and the securities registered herewith are not being registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended.

**SIGNATURE**

Pursuant to the requirements of Section l2 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.

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| | |
|:---|:---|
| **NICOLA MINING INC.** | **NICOLA MINING INC.** |
| By: | */s/ "Peter Espig"* |
|  | Peter Espig |
|  | President, Chief Executive Officer and Director |

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Dated: April 10, 2026