Mr. Malcolm Bell reports

NOVA PACIFIC METALS ANNOUNCES UPSIZE IN ITS PRIVATE PLACEMENT

Further to its press release dated Aug. 22, 2024, and due to strong investor demand, Nova Pacific Metals Corp. has upsized its previously announced non-brokered private placement to comprise up to 12 million units of the company at a price per unit of 25 cents for aggregate gross proceeds of up to $3-million.

Each unit will comprise of one common share of the company and one share purchase warrant of the company, with each warrant entitling the holder thereof to purchase one additional share at an exercise price of 40 cents for a period of two years from the date of issuance thereof.

The warrants will include an acceleration clause such that if, following the expiration of the four-month Canadian statutory hold period applicable to the warrants, the shares trade at or above 90 cents for 10 consecutive trading days, Nova Pacific will have the option, but not the obligation, exercisable at any time thereafter in the sole discretion of the company, to accelerate the expiration date to a date that is 30 days from the date the company delivers a notice to the holders of the warrants with respect to such acceleration.

Nova Pacific intends to use the net proceeds of the private placement for exploration, general corporate purposes and working capital. All securities issued in connection with this private placement are subject to a statutory hold period of four months and one day, pursuant to applicable Canadian securities laws.

In connection with the private placement, the company may pay finders' fees to eligible non-related parties of up to 8 per cent of the gross proceeds raised. Additionally, Nova Pacific may issue brokers' warrants equal to up to 8 per cent of the units sold. Each broker's warrant will entitle the holder to purchase one Share at a price of 25 cents per share for a period of two years.

The private placement is expected to close on or about Oct. 28, 2024, and is subject to customary closing conditions, including the approval of securities regulatory authorities and the Canadian Securities Exchange.

About Nova Pacific Metals Corp.

Nova Pacific is a Canadian exploration and development company focused on pursuing projects with a significant mineral discovery thus providing a viable pathway to potential development. The key project being developed by the company is its recently acquired Lara volcanogenic massive sulphide project, located on southern Vancouver Island, British Columbia. The Lara project is principally a brownfield development asset with excellent potential for expansion and near-term production.

We seek Safe Harbor.