Mr. Malcolm Bell reports

NOVA PACIFIC METALS ANNOUNCES CLOSING OF ITS RECENTLY UPSIZED FINANCING

Nova Pacific Metals Corp. has closed its previously announced non-brokered private placement, pursuant to which the company issued an aggregate of 11,478,600 units at a price of 25 cents per unit for gross proceeds of $2,869,650.

Nova Pacific's chief executive officer, J. Malcolm Bell, commented: "We are very pleased to have closed our recent upsized financing. This milestone is a crucial step towards realizing our vision of bringing the Lara project into production. The strong support from our investors highlights the potential of our VMS [volcanogenic massive sulphide] deposit and validates our strategy. With this funding, we are well positioned to accelerate our development. We look forward to advancing the Lara project and contributing to the growth of British Columbia's mining sector."

Each unit comprises one common share of Nova Pacific and one share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share for a period of two years from the closing date of the private placement at an exercise price of 40 cents per warrant share.

The warrants 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.

In connection with the private placement, the company paid an aggregate of $112,872 in cash and issued an aggregate of 451,488 non-transferable brokers' warrants to certain finders. Each broker's warrant entitles the holder thereof to purchase one common share at a price of 25 cents per common share for a period of two years.

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 the private placement are subject to a statutory hold period of four months and one day, pursuant to applicable Canadian securities laws.

Following the closing of the private placement, the company granted an aggregate of 300,000 incentive stock options to certain directors, officers and consultants, each of which vests immediately, is exercisable into one common share at a price of 38 cents per common share for a period of five years, and is governed by the terms of Nova Pacific's stock option plan.

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.

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