Mr. Malcolm Bell reports

NOVA PACIFIC METALS INITIATES CALL FOR DRILL BIDS ON PROPOSED 8,000 METER DRILL PROGRAM AT THE LARA PROJECT

Planning is under way for a proposed 2025 exploration program at Nova Pacific Metals Corp.'s Lara volcanogenic massive sulphide (VMS) project near Duncan, B.C. Nova Pacific is currently soliciting and reviewing drill bids with a start date for the program anticipated following the receipt of all required permits.

In preparation for the program, a permit application for a proposed 40-hole infill drill program was submitted to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation as part of the company's notice of work in late June, 2024. Following the ministry's acknowledgment and acceptance of the application, Nova Pacific recently paid a reclamation bond of $11,000 at the Ministry's request. Engagement with first nation communities are progressing favourably.

The purpose of the program is to confirm historical drill results and tighten up the drill spacing in order to support the preparation of an updated mineral resource estimate (MRE) on the property. The company has retained Mineit Consulting Inc. of Vancouver, B.C., under the supervision of Shervin Teymouri, BASc, MEng, PEng, chief executive officer and principal mining engineer, to design the layout of the drill program which will provide sufficient new information to support a MRE that meets the requirements of National Instrument 43-101 and can be included in an updated technical report on the property.

The property is approximately 75 kilometres (km) north of Victoria, 15 km northwest of Duncan and 12 km west of the village of Chemainus and is accessible through a network of logging and forestry roads. The property was explored by geological mapping, geochemical and geophysical surveys, and diamond drilling between 1981 and 1999. In 2008, a MRE was completed for the Coronation zone and five other zones.

The property has been tested by approximately 470 drill holes, most of which were drilled between 1984 and 1990. Numerous occurrences of mineralization were discovered, the most significant of which are the Coronation zone and the nearby Coronation extension and hangingwall zones. In 1988, the Coronation zone was explored by 700 metres (m) of underground development. Of the 470 holes drilled, 180 tested the Coronation and adjacent zones.

Several key aspects of the program will be to carry out internal engineering studies (trade-off and scoping studies) to determine the recovery and mining methods and economic potentials for the project. Results from the recovery and mining methods, and economic potentials of the project may also be included into an updated technical report depending on the outcome of the scoping studies.

Mr. Bell, CEO of Nova Pacific, commented: "As we wait for approval to commence the 2025 drill program, we are actively planning for success and being pro-active in our preparations for all aspects of the 2025 program. These activities will include contracting a highly competent drill contractor, carrying out an update to the preliminary environmental baseline study completed in 2015 and finalizing the engagement of Sacre-Davey Engineering Inc., which will undertake an in-depth mechanical ore sorting study utilizing selected drill core segments generated from initial drill holes. In addition, our plan is to commission a preliminary economic assessment (PEA) once infill and confirmation drilling has been completed on the project. Our team is highly motivated, and we are eager to achieve the results we know are possible from this exciting opportunity."

Additional matters

Further to Nova Pacific's news release dated Oct. 29, 2024, the company would like to confirm that certain insiders subscribed for $103,750 worth of the private placement referenced in the news release, or 415,000 units. Each of these transactions constituted a related-party transaction as that term is defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on exemptions from the formal valuation and minority approval requirements under MI 61-101 for those transactions and, in particular, sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transactions was not more than the 25 per cent of the company's market capitalization.

Further to Nova Pacific's news release dated Oct. 31, 2024, the company would like to confirm that it has engaged both Native Ads Inc. and Alphai News Corp. to conduct promotional activity (as that term is defined in the policies of the Canadian Securities Exchange) on the company's behalf.

Qualified person statement

The technical information in this news release has been reviewed and approved by Jeremy Hanson, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Nova Pacific Metals Corp.

Nova Pacific Metals is a Canadian exploration and development company focused on high-potential mineral projects. Its key asset is the Lara volcanogenic massive sulphide (VMS) project on Vancouver Island, British Columbia. This brownfields development boasts a significant polymetallic deposit exhibiting good grades in gold, silver, copper and zinc, situated in a prime location with excellent infrastructure.

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