Mr. Andrew Williams reports

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024

New Pacific Metals Corp. has released its financial results for the three and nine months ended March 31, 2024. All figures are expressed in U.S. dollars unless otherwise stated.

Financial results

Net loss attributable to equityholders of the company for the three and nine months ended March 31, 2024, was $1.27-million and $4.54-million, or one cent and three cents per share, respectively (three and nine months ended March 31, 2023 -- net loss of $2.28-million and $6.23-million, or one cent per share and four cents per share, respectively). The company's financial results were mainly impacted by the following items:

• Operating expenses for the three and nine months ended March 31, 2024, of $1.72-million and $5.41-million, respectively (three and nine months ended March 31, 2023 -- $2.38-million and $6.36-million, respectively);
• Net income from investments for the three and nine months ended March 31, 2024, of $440,000 and $740,000, respectively (three and nine months ended March 31, 2023 -- $120,000 and $160,000, respectively);
• Gain on disposal of plant and equipment for the three and nine months ended March 31, 2024, of nil and $50,000, respectively (three and nine months ended March 31, 2023 -- nil and nil, respectively);
• Foreign exchange gain for the three and nine months ended March 31, 2024, of $10,000 and $80,000, respectively (three and nine months ended March 31, 2023 -- loss of $20,000 and $30,000, respectively).

Working capital: As of March 31, 2024, the company had working capital of $23.67-million.

Project expenditure

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

Silver Sand project

For the three and nine months ended March 31, 2024, total expenditures of $710,000 and $2.09-million, respectively (three and nine months ended March 31, 2023 -- $1.22-million and $5.42-million, respectively), were capitalized under the project.

Carangas project

For the three and nine months ended March 31, 2024, total expenditures of $370,000 and $1.31-million, respectively (three and nine months ended March 31, 2023 -- $3.34-million and $9.19-million, respectively), were capitalized under the project.

Silverstrike project

For the three and nine months ended March 31, 2024, total expenditures of $10,000 and $80,000, respectively (three and nine months ended March 31, 2023 -- $200,000 and $1.35-million, respectively), were capitalized under the project.

Management's discussion and analysis (MD&A)

This news release should be read in conjunction with the company's MD&A, 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.