Mr. Andrew Williams reports

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE AND SIX MONTH ENDED DECEMBER 31, 2023

New Pacific Metals Corp. has released its financial results for the three and six months ended Dec. 31, 2023. All figures are expressed in United States dollars unless otherwise stated.

Financial results

Net loss attributable to equity holders of the company for the three and six months ended Dec. 31, 2023, was $1.52-million and $3.27-million or one cent and two cents per share, respectively (three and six months ended Dec. 31, 2022 -- net loss of $1.87-million and $3.96-million or one cent per share and three cents per share, respectively). The company's financial results were mainly impacted by the following items:

• Operating expenses for the three and six months ended Dec. 31, 2023 of $1.82-million and $3.69-million, respectively (three and six months ended Dec. 31, 2022 -- $1.93-million and $3.99-million, respectively).
• Net income from investments for the three and six months ended Dec. 31, 2023, of $280,000 and $300,000, respectively (three and six months ended Dec. 31, 2022 -- $80,000 and $40,000, respectively).
• Gain on disposal of plant and equipment for the three and six months ended Dec. 31, 2023, of nil and $50,000, respectively (three and six months ended Dec. 31, 2022 -- nil and nil, respectively).
• Foreign exchange gain for the three and six months ended Dec. 31, 2023, of $20,000 and $70,000, respectively (three and six months ended Dec. 31, 2022 -- loss of $30,000 and $10,000, respectively).

Working capital: As of Dec. 31, 2023, the company had working capital of $25.70-million.

Project expenditure

The attached schedule summarized the expenditure incurred by category for each of the company's projects for relevant periods.

Silver Sand project

For the three and six months ended Dec. 31, 2023, total expenditures of $410,000 and $1.38-million, respectively (three and six months ended Dec. 31, 2022 -- $1.70-million and $4.20-million, respectively) were capitalized under the project.

Carangas project

For the three and six months ended Dec. 31, 2023, total expenditures of $320,000 and $940,000, respectively (three and six months ended Dec. 31, 2022 -- $2.87-million and $5.85-million, respectively), were capitalized under the project.

Silverstrike project

For the three and six months ended Dec. 31, 2023, total expenditures of $10,000 and $80,000, respectively (three and six months ended Dec. 31, 2022 -- $700,000 and $1.15-million, respectively), 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.

About New Pacific Metals Corp.

New Pacific is a Canadian exploration and development company with three precious metal projects in Bolivia. The company's flagship Silver Sand project has the potential to be developed into one of the world's largest silver mines. The company is also rapidly advancing its Carangas project toward a preliminary economic assessment. For the Silverstrike project, the company completed a discovery drill program in 2022.

We seek Safe Harbor.