Mr. Andrew Williams reports

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTH ENDED SEPTEMBER 30, 2023

New Pacific Metals Corp. has released its financial results for the three months ended Sept. 30, 2023. All figures are expressed in U.S. dollars unless otherwise stated.

Fiscal 2024 Q1 highlights:

• The Company filed its inaugural independent National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") mineral resource estimate (the "MRE") for its Carangas Project on September 18, 2023. Total indicated mineral resources of 214.9 million tonnes ("Mt") containing 205.3 million ounces ("Mozs") of silver ("Ag"), 1,588.2 thousand ounces ("Kozs") of gold ("Au"), 1,444.9 million pounds ("Mlbs") of lead ("Pb"), 2,653.7 Mlbs of zinc ("Zn"), and 112.6 Mlbs of copper ("Cu"); or collectively 559.8 Mozs silver equivalent ("AgEq"). Total inferred mineral resources are 45.0 Mt containing 47.7 Mozs of silver, 217.7 Kozs of gold, 297.9 Mlbs of lead, 533.7 Mlbs of zinc, and 16.8 Mlbs of copper; or collectively 109.8 Mozs AgEq. For further details, please refer to the Company's news release dated September 18, 2023.
• The Company successfully closed a bought deal financing on September 29, 2023. A total of 13,208,000 common shares of the Company were sold under the bought deal financing at a price of $1.96 (CAD $2.65) per common share for total gross proceeds of approximately $25.9 million (CAD $35 million). The underwriter's fee and other issuance costs for the transaction were approximately $1.4 million.
• The Company strengthened the Board by appointing Mr. Paul Simpson as a director on September 11, 2023.
• Completed leadership transition as Mr. Andrew Williams was appointed as Chief Executive Officer ("CEO") of the Company on September 11, 2023. Mr. Williams previously held the role of President of the Company. Dr. Rui Feng, founder of the Company, stepped down as CEO.

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the three months ended September 30, 2023 was $1.75 million or $0.01 per share (three months ended September 30, 2022 - net loss of $2.09 million or $0.01 per share). The Company's financial results were mainly impacted by the following items:

• Operating expenses for the three months ended September 30, 2023 were $1.87 million (three months ended September 30, 2022 - $2.06 million).
• Net Income from investments for the three months ended September 30, 2023 was $0.02 million (three months ended September 30, 2022 - $0.04 million).
• Gain on disposal of plant and equipment for the three months ended September 30, 2023 was $0.05 million (three months ended September 30, 2022 - $nil).
• Foreign exchange gain for the three months ended September 30, 2023 was $0.05 million (three months ended September 30, 2022 - gain of $0.01 million).

Working Capital: As of September 30, 2023, the Company had working capital of $27.06 million.

PROJECT EXPENDITURE

The following schedule summarized the expenditure incurred by category for each project for relevant periods:

SILVER SAND PROJECT

For the three months ended September 30, 2023, total expenditures of $0.97 million (three months ended September 30, 2022 - $2.50 million) were capitalized under the project.

CARANGAS PROJECT

For the three months ended September 30, 2023, total expenditures of $0.61 million (three months ended September 30, 2022 - $2.98 million) were capitalized under the project.

SILVERSTRIKE PROJECT

For the three months ended September 30, 2023, total expenditures of $0.07 million (three months ended September 30, 2022 - $0.44 million) were capitalized under the project.

MANAGEMENT DISCUSSION AND ANALYSIS

This news release should be read in conjunction with the Company's management discussion and analysis and the unaudited condensed and consolidated financial statements and notes thereto for the corresponding period, which have been filed with the Canadian Securities Administrators and are available under the Company's profile on SEDAR+, on EDGAR and on the company's website.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a qualified person (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) for the purposes of NI 43-101. The Qualified Person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

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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