Mr. Andrew Williams reports

NEW PACIFIC METALS CLOSES C$35 MILLION BOUGHT DEAL FINANCING

New Pacific Metals Corp. has closed the bought deal financing that was previously announced on Sept. 25, 2023. A total of 13,208,000 common shares of the company were sold under the offering (as defined herein) at a price of $2.65 per offered share for total gross proceeds of approximately $35-million. The offering was co-led by Raymond James Ltd. and Eight Capital, on behalf of a syndicate of underwriters, pursuant to the terms of an underwriting agreement between the company and the underwriters dated Sept. 26, 2023.

Silvercorp Metals Inc. participated in the offering by subscribing for 2,541,890 offered shares, representing approximately $5-million (U.S.) in gross proceeds (approximately $6.7-million). As of the closing, Silvercorp owns, directly and indirectly, approximately 27.4 per cent of the outstanding common shares of the company. Silvercorp is a related party of the company for the purposes of National Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and the acquisition by Silvercorp of offered shares pursuant to the offering was a related party transaction. The acquisition by Silvercorp of offered shares pursuant to the offering was exempt from the valuation and minority approval requirements of NI 61-101 pursuant to the exemptions in sections 5.5(a) and 5.7(a) of NI 61-101.

Pan American Silver Corp. participated in the offering by subscribing for 5,083,780 offered shares, representing approximately $10-million (U.S.) in gross proceeds (approximately $13.5-million). As of the closing, Pan American owns, directly and indirectly, approximately 11.6 per cent of the outstanding common shares.

The offering was completed by way of a prospectus supplement dated Sept. 26, 2023, to the company's short form base shelf prospectus dated Aug. 16, 2023. Copies of the prospectus supplement and base shelf prospectus are available under the company's profile on SEDAR+.

The company intends to use the net proceeds of the offering to advance exploration and development at the company's Silver Sand and Carangas projects and for operating expenses, as disclosed in the prospectus supplement.

About New Pacific Metals Corp.

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the company's flagship project, the Silver Sand silver project, the company's recently discovered Carangas silver-gold project and the company's third project, the Silverstrike silver-gold project.

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