whitegoldbc, Author at New Pacific Metals Corp.

29 Apr, 24

New Pacific Reports Positive Results of Silver Sand Metallurgical Testing

April 29, 2024, Vancouver, British Columbia – New Pacific Metals Corp. (TSX: NUAG; NYSE American: NEWP) (“New Pacific” or the “Company”) is pleased to announce the positive results of its metallurgical test program for its Silver Sand project (“Silver Sand”) located in Potosi Department, Bolivia. The test program was conducted to meet the standards required for the Company’s upcoming Preliminary Feasibility Study (the “PFS”). Highlights from the test program include:

Cyanide leach of the first composite sample with 145 g/t head grade, which consisted of 10% Oxide, 80% Transitional and 10% Sulfide, resulted in 92.7% silvery recovery and 1.40 kg/t sodium cyanide consumption[1] on average.
Cyanide leach of the second composite sample with 114 g/t head grade, which consisted of 10% Oxide, 65% Transitional and 25% Sulfide, resulted in 89.6% silvery recovery and 1.10 kg/t sodium cyanide consumption on average.
Consistent recoveries (89.6 ~ 92.7% compared to 91%) with the Preliminary Economic Assessment (“PEA”) released in January 2023, with the total sodium cyanide consumption being lower than the assumptions made in the PEA.
Potential for recovery enhancement up to 93.9% for the second composite sample, through gravity concentration and regrinding, to be evaluated before finalizing the PFS.

Andrew Williams, President and CEO, states: “Our PFS metallurgical test program has demonstrated the exceptional metallurgical properties of Silver Sand. Recoveries remained consistent with those assumed in the PEA, but with reduced cyanide consumption highlighting the potential for reduced operating costs in our upcoming PFS.

We remain on track to deliver the results of the PFS in June. This test program is an important derisking step for Silver Sand. We will also evaluate a gravity concentration and regrind circuit before finalizing the PFS, which may further enhance project economics.”

Additional technical details

The metallurgical test program covered a broad range of characteristics including mineralogy, comminution, gravity concentration, cyanide leaching (utilizing both bottle roll and lifter bottle roll methods), and silver precipitation through zinc dust (employing the Merrill-Crowe process). Tailings testing encompassed evaluations of slurry characteristics (such as thickening, filtration, and rheology), environmental factors, and the transportable moisture limit.

Two life-of-mine and fourteen variability composite samples were used in the test program. Bureau Veritas’s Metallurgical Division in Richmond (British Columbia, Canada), ALS Metallurgy in Kamloops (British Columbia, Canada), ALS Metallurgy in Perth (West Australia, Australia), SGS in Burnaby (British Columbia, Canada) and Pocock Industrial in Salt Lake City (Utah, USA) completed the work.

Complete details and analysis of the metallurgical test program will be incorporated into the upcoming PFS. Below is a summary of additional technical details from the test program:

The Bond ball mill work index and abrasion index generally align with PEA parameters.
Oxide, transitional and sulfide materials all result in satisfactory silver recoveries.
Continuous thickening tests for cyanide leach tailings achieved solid loading of 0.75 tonnes per hour per square meter and thickener underflow density of 66% solids. These two parameters outperformed PEA parameters.
Several pressure filtration tests were completed for cyanide leach tailings. For the 60 mm chamber depth, filtration solid throughput was 142 tonnes per hour per square meter and the filter cake moisture content was 13.4%. These results generally align with PEA parameters.
The measured transportable moisture limit was 13.5% on average.
Preliminary cementation tests using zinc dust (Merrill Crowe) showed successful reduction of dissolved silver without any co-precipitation of dissolved copper. The efficiency of silver reduction was 98.4% ~ 99.9%.

QUALIFIED PERSON

The metallurgical testwork programs are supervised by Jinxing Ji, P.Eng., an independent metallurgical consultant, and Qualified Person (“QP”) for the purpose of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”). The scientific and technical information contained in this news release has been reviewed and approved by the QP. Jinxing Ji is a highly experienced metallurgist with more than 28 years’ experience in the mining industry related to gold, silver, copper, zinc and lead, including mineral/metallurgical research and testwork, development of process flowsheet and process design criteria, scoping study, prefeasibility study, feasibility study, engineering design, plant commissioning and plant operational support/optimization for projects/mines in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea. Jinxing Ji was the Director/Manager, Metallurgical Services for Eldorado Gold Corporation for 15 years and the Consulting/Research Metallurgist for Placer Dome Inc. for 10 years.

ABOUT NEW PACIFIC

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 towards a Preliminary Economic Assessment. For the Silverstrike project, broad oxidized gold mineralization was intercepted near surface from the company’s discovery drill program in 2022.

For further information, please contact:

Andrew Williams, CEO

New Pacific Metals Corp.

Phone: (604) 633-1368

1750 – 1066 Hastings Street, Vancouver, BC V6E 3X1, Canada

U.S. & Canada toll-free: 1 (877) 631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive the Company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT

The results of the independent preliminary economic assessment contained in the PEA are preliminary in nature and are intended to provide an initial assessment of the Silver Sand Project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on both indicated and inferred mineral resources. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project economic assessments described herein will be achieved or that the PEA results will be realized. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies. AMC Mining Consultants (Canada) Ltd. (“AMC Consultants”) (mineral resource, mining, infrastructure and financial analysis) was contracted to conduct the PEA in cooperation with Halyard Inc. (metallurgy and processing), and NewFields Canada Mining & Environment ULC (tailings, water and waste management). The qualified persons (as defined in NI 43-101) for the PEA for the purposes of NI 43-101 are Mr. John Morton Shannon, P.Geo, General Manage and Principal Geologist at AMC Consultants, Mr. Wayne Rogers, P.Eng, and Mr. Mo Molavi, P.Eng, both Principal Mining Engineers with AMC Consultants, Mr. Andrew Holloway, P.Eng, Process Director with Halyard Inc., and Mr. Leon Botham, P.Eng., Principal Engineer with NewFields Canada Mining & Environment ULC, in addition to Ms. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC Consultants, who estimated the mineral resources. All qualified persons for the PEA have reviewed the disclosure of the PEA herein. The PEA is based on the MRE, which was reported on November 28, 2022. The effective date of the MRE is October 31, 2022. The cut-off applied for reporting the pit-constrained mineral resources is 30 g/t silver. Assumptions made to derive a cut-off grade included mining costs, processing costs and recoveries and were obtained from comparable industry situations. The model is depleted for historical mining activities. Mineral resources are constrained by optimized pit shells at a silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, open pit mining cost of US$2.6/t, processing cost of US$16/t, G&A cost of US$2/t, and slope angle of 44-47 degrees. Key assumptions used for pit optimization for the PEA mining pit include silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, open pit mining cost of US$2.6/t, incremental mining cost of US$0.04/t (per 10 m bench), processing cost of US$16/t, tailing storage facility operating cost of US$0.7/t, G&A cost of US$2/t, royalty of 6.00%, mining recovery of 92%, dilution of 8%, and cut-off grade of 30 g/t silver.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PFS, and estimates of the Company’s revenues and capital expenditures; and other future plans, objectives or expectations of the Company.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of public health crisis (such as a resurgence of the COVID‐19 novel coronavirus); fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward‐looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: public health crisis on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with Corporación Minera de Bolivia, the Bolivian state mining corporation, by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Company’s Carangas project to Administrative Mining Contract; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward- looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

This news release, including the documents incorporated by reference herein, has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws. All mining terms used herein but not otherwise defined have the meanings set forth in NI 43-101.

Accordingly, information contained in this news release and the documents incorporated by reference herein containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder

[1] Only accounting for NaCN consumption used in the leach process, exclusive of NaCN losses that could be present in the Merrill-Crow process or losses to tailings

Apr 29, 2024Apr 29, 2024whitegoldbc2024

05 Sep, 23

New Pacific Metals Reports Inaugural Resource Estimate for the Carangas Project

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Vancouver, British Columbia – September 5, 2023 – New Pacific Metals Corp. (TSX: NUAG; NYSE American: NEWP) (“New Pacific” or “the Company”) is pleased to report the inaugural independent National Instrument 43‐101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) mineral resource estimate (the “MRE”) for its 98%-controlled Carangas silver-gold polymetallic deposit (the “Carangas Project”) in Bolivia. The MRE was completed by RPMGlobal (Canada) Ltd. (“RPM”). The effective date of the MRE is August 25, 2023. The Company will host a webcast (the “Webcast”) to discuss the MRE on September 6, 2023 at 11:00 a.m. (Eastern Time) / 8:00 a.m. (Pacific Time). Further information pertaining to the webcast can be found at the bottom of this news release.

HIGHLIGHTS

Total indicated mineral resources of 214.9 million tonnes (“Mt”) containing 205.3 million ounces (“Mozs”) of silver (“Ag”), 1,588.2 thousand ounces (“Kozs”) of gold (“Au”), 1,444.9 million pounds (“Mlbs”) of lead (“Pb”), 2,653.7 Mlbs of zinc (“Zn”), and 112.6 Mlbs of copper (“Cu”); or collectively 559.8 Mozs silver equivalent (“AgEq”).

Total inferred mineral resources of 45.0 Mt containing 47.7 Mozs of silver, 217.7 Kozs of gold, 297.9 Mlbs of lead, 533.7 Mlbs of zinc, and 16.8 Mlbs of copper; or collectively 109.8 Mozs AgEq.

Carangas is a globally significant Ag-Au polymetallic discovery.

Mineralization starts at or near surface, potentially allowing for open-pit mining with an average stripping ratio for the conceptual pit of approximately 1.8:1 (tonnes of waste : tonnes of mineral resource).

Below the pit constraint, substantial gold-dominant mineralization, similar in size and grade to the reported gold domain (as defined below), has the potential for conversion to underground mineable resources pending further evaluation for reasonable prospects of eventual economic extraction.

Favorable initial metallurgical test work indicates laboratory‐based recoveries of up to 90% for silver and 98% for gold based on a combination of flotation and cyanide leaching.

OVERVIEW

The Carangas Project is hosted within a volcanic caldera system. This system is centered around a Tertiary-aged diatreme. The mineralization process was influenced by the heat gradient from rhyolitic intrusions within the diatreme. This process resulted in the formation of three distinct zones: an upper zone rich in silver, a middle zone dominated by zinc and lead, and a lower zone with a higher concentration of gold.

For the MRE, the deposit was divided into three domains: one focused on silver (Upper Silver Zone), one on zinc and lead (Middle Zinc Zone), and the last one on gold (Lower Gold Zone). The MRE is reported inside the Carangas Project’s property boundary and constrained by potential open pit mining scenarios. The results are detailed in Table 1, considering a cut-off grade of 40 grams per tonne (“g/t”) of AgEq.

Table 1: Carangas Project ‐ Conceptual Pit¹ Constrained Mineral Resource as of 25 August 2023

Domain	Category	Tonnage	Ageq		Ag		Au		Pb		Zn		Cu
Domain	Category	Mt	g/t	Mozs	g/t	Mozs	g/t	Kozs	%	Mlbs	%	Mlbs	%	Mlbs
Upper Silver Zone	Indicated	119.18	85.3	326.8	44.7	171.2	0.1	216.4	0.3	916.6	0.7	1,729.6	0.01	34.5
Upper Silver Zone	Inferred	31.30	80.3	80.8	43.0	43.3	0.1	104.6	0.3	202.4	0.5	350.0	0.01	8.9
Middle Zinc Zone	Indicated	43.42	56.0	78.1	10.8	15.0	0.1	77.4	0.4	343.6	0.8	739.4	0.01	13.7
Middle Zinc Zone	Inferred	9.32	54.2	16.2	8.8	2.6	0.1	15.6	0.4	74.1	0.8	162.3	0.01	2.5
Lower Gold Zone	Indicated	52.28	92.1	154.9	11.4	19.1	0.8	1,294.4	0.2	184.7	0.2	184.7	0.06	64.4
Lower Gold Zone	Inferred	4.37	91.1	12.8	12.6	1.8	0.7	97.5	0.2	21.4	0.2	21.4	0.06	5.4

Notes:

CIM Definition Standards (2014) were used for reporting the mineral resources.
The qualified person (as defined in NI 43-101) for the purposes of the MRE is Anderson Candido, FAusIMM, Principal Geologist with RPM (the “QP”).
Mineral resources are constrained by an optimized pit shell at a metal price of US$23.00/ounce (“oz”) Ag, US$1,900/oz Au, US$0.95/pound (“lb”) Pb, US$1.25/lb Zn, US$4.00/lb Cu, recovery of 90% Ag, 98% Au, 83% Pb, 58% Zn and Cut-off grade of 40 g/t AgEq.
Mineral resources are reported inside the property boundary.
Average stripping ratio for the conceptual pit is ~1.8:1. The conceptual pit has a dimeter of approximately 1.4 kilometers and extends to a maximum depth of approximately 600 meters from the Central Valley.
Drilling results up to June 1, 2023.
The numbers may not compute exactly due to rounding.
Mineral resources are reported on a dry in-situ basis.
Mineral resources are not Mineral Reserves and do not have demonstrated economic viability.

POTENTIAL FOR FURTHER EXPANSION

Below the conceptual pit constraint exists gold-dominated mineralized material of similar size and grade to the reported mineral resources of the Lower Gold Zone within the conceptual pit. This mineralized material has the potential to be converted to mineral resources amendable to underground mining pending further evaluation for reasonable prospects of eventual economic extraction. Gold mineralization remains open to the north and northeast at depth.

The Company also completed a 3D Bipole-Dipole IP-MT survey in an area of approximately 29 square kilometers over the entire Carangas caldera basin in early 2023. This survey demonstrated that the known gold mineralization system overlays a strong chargeability anomaly in the Central Valley area. In addition, multiple strong IP chargeability anomalies were identified beyond the drilled areas. The Company believes that these anomalies may host mineralization similar to what has been drilled thus far, underscoring the potential for mineral resource growth through additional drilling campaigns.

RESOURCE ESTIMATION DETAILS

The MRE is based on a geological model that incorporated assay results received by New Pacific for the Carangas Project up to June 1, 2023. This included assay results from all 189 drill holes completed from June 2021 to April 2023. The MRE is reported inside the Carangas Project’s property boundary and constrained by potential open pit mining scenarios and uses a cut-off grade of 40 grams per tonne of AgEq. A mineralization wireframe was constructed by New Pacific and validated by RPM as a reproducibility/materiality protocol. The domain was reviewed by the QP and no major biases were identified in the model. The model was used for sample constraint and block model construction.

RPM completed an Inverse Distance Squared (ID2) estimate on these domains. Prior to estimation, drill hole data were submitted into exploratory data analysis to domain verification and then composited to 1.5 m long intervals and samples were capped for all variables within each domain where required. Silver values were capped at 7,000 g/t Ag, and gold values were capped at 40 g/t Au.

The parent block size was 5m E x 5m N x 5m RL with no sub‐blocking employed. A total of 14,953,680 blocks were generated to cover the entire mineralized area. The model origin is 538.490 E, 7.904.850 N, 4.100 RL, and there is no rotation in the model.

As mineralization is hosted in various types of volcanic rocks, the densities of mineralized materials are estimated using the ID2 method. The number of samples used to estimate density varies from 1 to 4 samples. Density values vary between 1.2 to 3.48 in the block model.

Mineral resources grade was completed using the ID2 method for each variable in each domain. As an example, Table 2 shows the search parameters and number of samples used for grades in the Upper Silver Zone.

No records of historical mining are available. Compared to the size of the mineralization system, the estimated mined tonnage is minimal; hence no depletion has been applied in the MRE.

Table 2: Minimum and maximum sample parameters

General			Value clipping	Ellipsoid Ranges			Ellipsoid Directions
Domain	Numeric Values	Domained Estimation	Upper bound	Max	Mid	Min	Dip	Dip Azimuth	Pitch	Variable Orientation
GM: Ag	Ag_ppm	Ag_in_GM_Ag	7,000	175	175	75				Yes
GM: Ag	Au_ppm	Au_in_GM_Ag	40	175	175	75				Yes
GM: Ag	Cu_pct	Cu_in_GM_Ag	–	175	175	75				Yes
GM: Ag	Pb_pct	Pb_in_GM_Ag	–	175	175	75				Yes
GM: Ag	Zn_pct	Zn_in_GM_Ag	–	175	175	75				Yes

Mineral resource classification was completed using an assessment of geological and mineralization continuity, data quality and data density. Average distance of samples was used to classify the block with an average distance of 70m used as threshold for indicated / inferred definition. The block model was assigned as indicated and inferred mineral resource categories.

TECHNICAL REPORT

Further details supporting the geological model, estimation procedure and metallurgical testwork will be available in a NI 43‐101 technical report in respect of the Carangas Project (the “Technical Report”). The Technical Report will be posted under the Company’s SEDAR+ profile at www.sedarplus.ca within 45 days from the date of this news release.

QUALITY ASSURANCE, QUALITY CONTROL AND DATA VERIFICATION

The QP determined sample preparation, analytical, and security protocols employed by New Pacific to be acceptable. The QP reviewed the quality assurance and quality control (“QA/QC”) procedures used by New Pacific including certified reference materials, blank, duplicate, and umpire data, and identified no major bias. The QP determined that the assay database was adequate for mineral resource estimation.

The QP determined that the use of a reasonable number of different control samples is robust and returns a good variety of verification throughout the whole process, and the umpire lab check analysis gives a good level of reproducibility of the database.

The QP found that the insertion ratio of control samples is 24%, which is higher than the industry benchmark (15-20%).

The QP is of the opinion that the results are acceptable and accomplished within industry standards and recommended that New Pacific maintain a continuous QA/QC program for new exploration drill campaign to maintain the database quality.

QUALIFIED PERSONS

The MRE and data verification was completed by RPM. Anderson Candido, FAusIMM., Principal Geologist with RPM, is the QP for the purposes of the MRE. The scientific and technical information contained in this news release has been reviewed and approved by the QP. The QP has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect the reliability or confidence in the information discussed herein.

WEBCAST DETAILS

The Company will host the Webcast 11:00 a.m. (Eastern Time) / 8:00 a.m. (Pacific Time) on September 6, 2023 to provide further information on the MRE. Participants are advised to dial in five minutes prior to the scheduled start time of the Webcast. A presentation will be made available on the Company’s website prior to the Webcast. Webcast details:

Date: Wednesday, September 6,^,2023 at 11:00 a.m. (Eastern Time) / 8:00 a.m. (Pacific Time)

Toll‐free:	Canada/USA	1‐800‐319‐4610
	Toronto	1‐416‐915‐3239
	International	1‐604‐638‐5340

Webcast: https://www.gowebcasting.com/12691

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the Company’s flagship project, the Silver Sand Silver Project, the Company’s recently discovered Carangas Silver-Gold Project and the Company’s third project, the Silverstrike Silver-Gold Project.

For further information, please contact:

Andrew Williams, President

New Pacific Metals Corp.

Phone: (604) 633-1368 Ext. 236

1750-1066 Hastings Street, Vancouver, BC V6E 3X1, Canada

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to, statements regarding: anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; inferred, indicated or measured mineral resources or mineral reserves on the Company’s projects; the Webcast; and the completion and timing for the filing of the Technical Report.

Estimations of mineral resources are inherently forward-looking. Risks relating to legal, political, environmental, or other factors that could materially affect the potential development of the mineral resources or mineral reserves include political and economic risks in Bolivia, the regulatory environment in Bolivia, community relations and social licence to operate, acquisition and maintenance of permits and Government approvals, operations and explorations subject to Governmental regulations, impact of environmental laws and regulations, environmental protection, title to mineral properties, outcome of future litgation or regulatory actions, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the year ended June 30, 2022 (“AIF”), its management discussion and analysis for the year ended June 30, 2023 (“MD&A”) and its other public filings which are incorporated by reference hereto. This list is not exhaustive of the factors that may affect the mineral resources or mineral reserves.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s AIF, MD&A and its other public filings. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with the Corporacion Minera de Bolivia (“COMIBOL”) by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to administrative mining contracts; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws. All mining terms used herein but not otherwise defined have the meanings set forth in NI 43-101. Unless otherwise indicated, the technical and scientific disclosure herein has been prepared in accordance with NI 43-101, which differs significantly from the requirements adopted by the United States Securities and Exchange Commission.

Accordingly, information contained in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

Additional information relating to the Company, including the Company’s annual information form, can be obtained under the Company’s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.newpacificmetals.com.

Sep 5, 2023Sep 4, 2023whitegoldbc2023, Uncategorized

24 Aug, 23

New Pacific Reports Financial Results For The Three Month and Year Ended June 30, 2023

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VANCOUVER, BRITISH COLUMBIA – AUGUST 24, 2023: New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its financial results for the three months and year ended June 30, 2023. All figures are expressed in US dollars unless otherwise stated.

FISCAL 2023 HIGHLIGHTS

The Company filed its independent preliminary economic assessment technical report (the “PEA Technical Report”) in respect of the Silver Sand Project on February 16, 2023. The PEA Technical Report shows a post-tax net present value (“NPV”) (at a 5% discount rate) of $726 million with an internal return rate (“IRR”) of 39%, underpinned by a total silver production of 171 million ounces over 14 years of mine life. The PEA Technical Report also includes an updated mineral resource estimate (the “MRE”) with total measured and indicated mineral resource of 201.77 million ounces of silver at a head grade of 116 grams per tonne (“g/t”). Please see “Cautionary Note Regarding Results of Preliminary Economic Assessment”.

The Company completed the 2023 drill program at the Carangas Project for a total of 17,623 m in 39 drill Assay results of all drill holes have been received and released through two news releases on July 6, 2023 and May 30, 2023, respectively. The Company also completed the 2022 drill program at the Carangas Project for a total of 50,368 m in 115 drill holes. Assay results of all drill holes have been received and released through eight news releases between July 13, 2022 and April 6, 2023. The assay results continue to indicate that a thick zone of gold mineralization occurs beneath a shallow silver horizon measuring approximately 1,000 m long, 800 m wide, and up to 200 m thick. The Company has completed more than 80,000 m in 189 drill holes since 2021. Assay results from these drill holes will be used for an inaugural MRE to be completed later in 2023.

The Company strengthened the Board and management team by appointing Dr. Peter Megaw and Mr. Dickson Hall as directors and Mr. Andrew Williams as President of the Company.

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the year ended June 30, 2023 was $8.10 million or $0.05 per share (year ended June 30, 2022 – net loss of $6.42 million or $0.04 per share). The Company’s financial results were mainly impacted by the following: (i) operating expenses of $8.26 million compared to $6.78 million in the comparative year; (ii) net income from investments of $0.18 million compared to $0.22 million in the comparative year; and (iii) foreign exchange loss of $0.02 million compared to gain of $0.19 million in the comparative year.

For the three months ended June 30, 2023, net loss attributable to equity holders of the Company was $1.86 million or $0.01 per share compared to net loss of $2.34 million or $0.01 per share for the three months ended June 30, 2022.

Operating expenses for the three months and year ended June 30, 2023 were $1.89 million and $8.26 million, respectively (three months and year ended June 30, 2022 – $2.29 million and $6.78 million, respectively).

Net Income from investments for the three months and year ended June 30, 2023 was $0.02 million and $0.18 million, respectively (three months and year ended June 30, 2022 – $0.01 million and $0.22 million, respectively).

Foreign exchange loss for the year ended June 30, 2023 was $0.02 million (year ended June 30, 2022 – gain of $0.19 million). The Company holds a portion of cash and short-term investments in USD to support its operations in Bolivia. Revaluation of these USD-denominated financial assets to their Canadian dollar (“CAD”) functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods. For the year ended June 30, 2023, the USD appreciated by 3.0% against the CAD (from 1.2886 to 1.3240) while in the comparative year the USD appreciated by 4.0% against the CAD (from 1.2394 to 1.2886).

For the three months ended June 30, 2023, foreign exchange gain was $0.01 million (three months ended June 30, 2022– $0.02 million).

Working Capital: As of June 30, 2023, the Company had working capital of $5.21 million.

PROJECT OVERVIEW

SILVER SAND PROJECT

In 2021, the Company completed a drill program of 13,313.7 m in 55 holes. The 2021 drill program comprised structure orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results of all drill holes have been received. Detailed structural logging and assay of the oriented drill cores confirmed previous understanding of the orientation of mineralized structures and resource model which are dominantly striking in the direction of north and northwest and dipping in direction of west at high angles which are also evidenced at surface outcrops and historical underground workings. Step-out drilling was carried out mainly outside of the major mineralized trends with results indicating the existence of multiple smaller satellite mineralized zones between the major mineralized trends. For details of the 2021 drill program, please refer to the Company’s news release dated April 6, 2022.

In 2022, the Company conducted a resource infill drilling and step-out drilling program at the Silver Sand south block and completed 19,323 m in 86 drill holes. Assay results for all drill holes have been received. The resource infill drilling aimed to improve the confidence in the continuity of mineralization in the core area of the Silver Sand Project and upgrade resources, while the step-out drilling was designed to test the extension of the mineralized zones up and down dip as well as on strike. The infill and step-out drilling results were included in the MRE update and incorporated into the PEA. For details on the 2022 drill program, please refer to the Company’s news releases dated September 19, 2022, May 31, 2022, and April 6, 2022.

On February 16, 2023, the Company filed its independent PEA Technical Report for its Silver Sand Project. AMC Mining Consultants (Canada) Ltd. (mineral resource, mining, infrastructure and financial analysis) was contracted to conduct the PEA Technical Report in cooperation with Halyard Inc. (metallurgy and processing), and New Fields Canada Mining & Environment ULC (tailings, water and water management). The PEA Technical Report is based on the MRE, which was reported on November 28, 2022. Please see “Cautionary Note Regarding Results of Preliminary Economic Assessment”. For more details on the PEA Technical Report, please refer to the Company’s news release dated February 16, 2023 and January 9, 2023.

For the three months and year ended June 30, 2023, total expenditures of $0.90 million and $6.32 million, respectively (three months and year ended June 30, 2022 – $3.20 million and $7.64 million, respectively) were capitalized under the project.

CARANGAS PROJECT

In 2021, the Company completed an initial discovery drill program of 13,209 m in 35 drill holes. Assay results of all drill holes have been received. Results from the 2021 discovery drill program confirmed the broad silver-rich polymetallic mineralization near surface and intersected a wide zone of gold mineralization below it. For details of the 2021 discovery drill program, please refer to the Company’s news releases dated May 17, 2022, February 23, 2022, and February 10, 2022.

Following the success of the 2021 discovery drill program, the Company completed the 2022 resource definition drill program for a total of 50,368 m in 115 drill holes. Assay results of all 115 drill holes have been received and released to date. The assay results continue to indicate that a thick zone of gold mineralization occurs beneath a shallow silver horizon measuring approximately 1,000 m long, 800 m wide, and up to 200 m thick. The 2022 drill results also indicate the gold system is open to the north and north-east directions with these targets being drill tested as part of the Company’s 2023 drill program. For details of the 2022 drill program, please refer to the Company’s news releases dated April 6, 2023, February 21, 2023, February 1, 2023, January 24, 2023, October 19, 2022, August 8, 2022, and July 13, 2022.

To date, the Company completed its 2023 drill program at the Carangas Project for a total of 17,623 m in 39 drill holes. Assay results of all 39 drill holes have been received and released to date. For details of the 2023 drill program, please refer to the Company’s news releases dated July 6, 2023 and May 30, 2023. The results from the 2023 drill program, together with the results from 2021 and 2022 drill programs, will be used for an inaugural MRE to be completed later in 2023.

For the three months and year ended June 30, 2023, total expenditures of $1.63 million and $10.82 million, respectively (three months and year ended June 30, 2022 – $2.09 million and $5.22 million, respectively) were capitalized under the project.

SILVERSTRIKE PROJECT

In 2022, the Company completed a 3,200 m drill program at the Silverstrike Project. Assay results for the two drill holes were released in the news releases dated November 1, 2022 and September 12, 2022.

For the three months and year ended June 30, 2023, total expenditures of $0.06 million and $1.41 million, respectively (three months and year ended June 30, 2022 – $0.10 million and $0.14 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 audited 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+ at www.sedarplus.ca,on EDGAR at www.sec.gov and on the Company’s website at www.newpacificmetals.com.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a qualified person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) for the purposes of NI 43-101. The Qualified Person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the Company’s flagship Project, the Silver Sand Silver Project, the Company’s recently discovered Carangas Silver-Gold Project and the Company’s third project, the Silverstrike Silver-Gold Project.

For further information, please contact:

Andrew Williams, President
New Pacific Metals Corp. Phone: (604) 633-1368 Ext. 236
1750 – 1066 Hastings Street, Vancouver, BC V6E 3X1, Canada
U.S. & Canada toll-free: 1 (877) 631-0593
E-mail: invest@newpacificmetals.com
For additional information and to receive the Company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT

The results of the independent preliminary economic assessment (the “PEA”) contained in the PEA Technical Report are preliminary in nature and are intended to provide an initial assessment of the Silver Sand Project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on both indicated and inferred mineral resources. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project economic assessments described herein will be achieved or that the PEA results will be realized. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies. AMC Mining Consultants (Canada) Ltd. (“AMC Consultants”) (mineral resource, mining, infrastructure and financial analysis) was contracted to conduct the PEA in cooperation with Halyard Inc. (metallurgy and processing), and NewFields Canada Mining & Environment ULC (tailings, water and waste management). The qualified persons (as defined in NI 43-101) for the PEA for the purposes of NI 43-101 are Mr. John Morton Shannon, P.Geo, General Manage and Principal Geologist at AMC Consultants, Mr. Wayne Rogers, P.Eng, and Mr. Mo Molavi, P.Eng, both Principal Mining Engineers with AMC Consultants, Mr. Andrew Holloway, P.Eng, Process Director with Halyard Inc., and Mr. Leon Botham, P.Eng., Principal Engineer with NewFields Canada Mining & Environment ULC, in addition to Ms. Dinara Nussipakynova, P.Geo., Principal Geologist with AMC Consultants, who estimated the mineral resources. All qualified persons for the PEA have reviewed the disclosure of the PEA herein. The PEA is based on the MRE, which was reported on November 28, 2022. The effective date of the MRE is October 31, 2022. The cut-off applied for reporting the pit-constrained mineral resources is 30 g/t silver. Assumptions made to derive a cut-off grade included mining costs, processing costs and recoveries and were obtained from comparable industry situations. The model is depleted for historical mining activities. Mineral resources are constrained by optimized pit shells at a silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, open pit mining cost of US$2.6/t, processing cost of US$16/t, G&A cost of US$2/t, and slope angle of 44-47 degrees. Key assumptions used for pit optimization for the PEA mining pit include silver price of US$22.50 per ounce, silver metallurgical recovery of 91%, silver payability of 99%, open pit mining cost of US$2.6/t, incremental mining cost of US$0.04/t (per 10 m bench), processing cost of US$16/t, tailing storage facility operating cost of US$0.7/t, G&A cost of US$2/t, royalty of 6.00%, mining recovery of 92%, dilution of 8%, and cut-off grade of 30 g/t silver.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to, statements regarding: anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; inferred, indicated or measured mineral resources or mineral reserves on the Company’s projects; the results of the PEA; timing of receipt of permits and regulatory approvals; and estimates of the Company’s revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the year ended June 30, 2022 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

Aug 24, 2023Sep 5, 2023whitegoldbc2023

22 Aug, 23

New Pacific Files Base Shelf Prospectus to Replace Expired Shelf Prospectus

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VANCOUVER, British Columbia – AUGUST 22, 2023: New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE-A: NEWP) is pleased to announce that in order to replace its prior base shelf prospectus that expired on August 15, 2023, it has filed a final short form base shelf prospectus (the “Prospectus”) with the securities regulatory authorities in each of the provinces of Canada and a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission (the “Registration Statement”). The Prospectus and the Registration Statement are expected to provide the Company with flexibility and efficiency in future financings, if and when needed, and replace the prior base shelf prospectus, which was filed in July 2021 and expired in August 2023.

The Prospectus and Registration Statement enable the Company to make offerings of up to US$200,000,000 of common shares, preferred shares, debt securities, warrants, units or subscription receipts of the Company, or any combination thereof, from time to time, separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the offering and as set out in an accompanying prospectus supplement (each, a “Prospectus Supplement”), during the 25-month period that the Prospectus is effective. The specific terms of any future offering will be established in the applicable Prospectus Supplement, which will be filed with the applicable Canadian and United States securities regulatory authorities.

A copy of the Prospectus can be obtained under the Company’s SEDAR+ profile on www.sedarplus.ca and a copy of the Registration Statement can be obtained under the Company’s EDGAR profile at www.sec.gov. A copy of the Prospectus and the Registration Statement may also be obtained from the Company upon written request from the contact below.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the Company’s flagship project, the Silver Sand Silver project (the “Silver Sand Project”), the Company’s recently discovered Carangas Silver-Gold project (the “Carangas Project”) and the Company’s third project, the Silverstrike Silver-Gold project.

For further information, please contact:

Andrew Williams, President

New Pacific Metals Corp.

1066 W Hastings St Suite 1750,
Vancouver, BC V6E 3X1
Phone: (604) 633-1368 Ext. 236

U.S. & Canada toll-free: 1 (877) 631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive the Company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to, statements regarding: the Company’s expectations regarding the Prospectus and the Registration Statement and future offerings of the Company pursuant to Prospectus Supplements; and other future plans, objectives or expectations of the Company.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada; risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the year ended June 30, 2022 (the “AIF”) and its other public filings. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of a mining production contract with the Bolivian state mining corporation, Corporación Minera de Bolivia, by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to administrative mining contracts; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

Aug 22, 2023Aug 21, 2023whitegoldbc2023

28 Sep, 22

New Pacific Files Form 40-F Annual Report

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VANCOUVER, British Columbia – SEPTEMBER 28, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP) reports that the Company has filed today its fiscal 2022 annual report on Form 40-F with the U.S. Securities and Exchange Commission (“SEC”).

The Form 40-F, which includes the Company’s fiscal 2022 annual audited financial statements, management’s discussion and analysis, and annual information form, is available on the Company’s website at https://www.newpacificmetals.com/financial-statements and on the SEC’s website at www.sec.gov/edgar.shtml. Printed copies of the Company’s fiscal 2022 annual financial statements, management’s discussion and analysis, annual information form and Form 40-F are available free of charge to New Pacific securityholders upon written request.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company’s flagship Project, the Silver Sand Silver Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of 2022. Recently discovered Caragas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m discovery drill program in June 2022 and discovered a near surface broad gold mineralization by drill hole.

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of a mineral resource estimate update; and timing and content of the preliminary economic assessment.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; calculation of resources, reserves and mineralization, general economic conditions, loss of key personnel; environmental risks, operations and political conditions; the regulatory environment in Bolivia and Canada; and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2022 and its other public filings. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forwardlooking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release

Sep 28, 2022Oct 19, 2022whitegoldbc2022

19 Sep, 22

New Pacific Reports Drill Hole Assay Results and Remains on Schedule to Complete the PEA For the Silver Sand Project

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VANCOUVER, BRITISH COLUMBIA – SEPT 19, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP) is pleased to announce the assay results of the final 53 drill holes from the 2022 resource infill and step-out drilling program completed at the Silver Sand Project. All assays from the 2022 drill program have now been received, and a mineral resource estimate update with all drill hole data is expected to be completed by October 2022. In addition, Silver Sand’s maiden Preliminary Economic Assessment (“PEA”) report is on track for completion by the end of 2022 as planned (please refer to the Company’s new release on February 8, 2022).

The 2022 drill program of 19,323 metres in 86 drill holes, together with those holes drilled in 2021, intended to expand and improve the confidence in the geological model and Mineral Resource Estimate released in April 2020 and to be used for the PEA. Assay results for the first 33 holes were released on April 6, 2022, and May 31, 2002. Assay results for the final 53 drill holes are summarized in Table 1 with drill hole specifications given in Table 2.

HIGHLIGHTS

Step-out Drill hole DSS582501 intersected an interval of 44.77 m grading 214 grams per tonne (“g/t”) silver (“Ag”) from 30.57 m to 75.34 m, and an interval of 25.04 m grading 143 g/t Ag from 151.46 to 176.50 m.
Step-out Drill hole DSS542505 intersected an interval of 34.25 m grading 121 g/t Ag from 33.90 m to 68.15 m, including 5.57 m grading 428 g/t Ag from 37.85 m to 43.42 m.
Step-out Drill hole DSS325001 intersected an interval of 7.64 m grading 448 g/t Ag from 147.66 m to 155.30 m, and an interval of 19.76 m grading 150 g/t Ag from 163.00 m to 182.76 m.
Step-out Drill hole DSS305002 intersected an interval of 16.00 m grading 315 g/t Ag from 7.83 m to 23.83 m.
Step-out Drill hole DSS687502 intersected an interval of 16.66 m grading 147 g/t Ag from 26.87 m to 43.53 m, and multiple narrow mineralized intervals at depth.
Step-out Drill hole DSS7002 intersected an interval of 15.26 m grading 285 g/t Ag from 25.28 m to 40.54 m, and multiple narrow mineralized intervals at depth.
Infill Drill hole DSS542507 intersected an interval of 20.86 m grading 108 g/t Ag from 9.06 m to 29.92 m.
Infill Drill hole DSS545015 intersected an interval of 30.60 m grading 119 g/t Ag from 94.82 m to 125.42 m.
Infill Drill hole DSS5427 intersected an interval of 36.08 m grading 210 g/t Ag from 131.68 m to 167.76 m This infill hole was drilled in the core area of Silver Sand deposit and confirmed the continuity of high-grade mineralization.
Infill Drill hole DSS702501 intersected an interval of 54.19 m grading 132 g/t Ag from 84.90 m to 139.09 m.
Infill Drill hole DSS547504 intersected an interval of 95.22 m grading 106 g/t Ag from 49.68 m to 144.90 m.
Infill Drill hole DSS685002 intersected an interval of 31.30 m grading 171 g/t Ag from 11.66 m to 42.96 m, including 14.71 m grading 298 g/t Ag from 26.75 m to 41.46 m, and multiple narrow mineralized intervals at depth.
Infill Drill hole DSS487505 intersected an interval of 19.48 m grading 337 g/t Ag from 32.45 m to 51.93 m, including 8.63 m grading 715 g/t Ag from 38.53 m to 47.16 m, and multiple narrow mineralized intervals at depth.
Infill Drill Hole DSS502506 intersected an interval of 17.11 m grading 144 g/t Ag from 22.5 m to 39.61 m, an interval of 19.2 m grading 409 g/t Ag from 60.3 m to 79.5 m, and an interval of 3.5 m grading 224 g/t Ag from 104.5m to 108.0 m.

GEOTECHNICAL DRILLING

A geotechnical drill program commenced in August 2022 and is expected to be completed by the end of September. This 11-hole (2,460 m) program was designed and supervised by an independent specialist consulting firm for optimizing pit slope design in the PEA. Geotechnical logging is carried out on oriented drill cores at drill sites.

*Notes:1. Location, altitude, azimuth, and dip of drill holes are provided in Table 2.*2. Drill intercept is core length, and grade is length weighted. Length of drill intercept is close to true width of mineralization as drilling is normal to both strike and dip of mineralized zones.3. *A cut-off grade of 20 g/t Ag is applied for calculation of length-weighted intercept. At times, samples lower than 20 g/t Ag may be* *included in the calculation of consolidation of mineralized intercepts.*

*Notes:1. Drill collar coordinate system is WGS1984 UTM Zone 20S.2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS.*

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at the Silver Sand Project, conducted by the Company and discussed in this news release, are shipped in securely-sealed bags by New Pacific staff in the Company’s vehicles, directly from the field to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over specified limits for silver, lead and zinc further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Certified reference materials, various types of blank samples and duplicate samples are inserted to normal drill core sample sequences prior to delivery to laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.

QUALIFIED PERSON

The scientific and technical information contained in this news release have been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company’s revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.

Additional information relating to the Company, including the Company’s Annual Information form, can be obtained under the Company’s profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company’s website at www.newpacificmetals.com.

Sep 19, 2022Oct 19, 2022whitegoldbc2022

12 Sep, 22

New Pacific Intercepts 111 Metres Grading 1.54 Grams Per Tonne Gold Near Surface At the Silverstrike Project

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VANCOUVER, British Columbia – September 12, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE-A: NEWP), together with its local Bolivian partner, is pleased to announce assay results for the first drill hole from the Discovery Drill Program at the Silverstrike Project, in the Department of La Paz, Bolivia (“Silverstrike”). The drill hole intersected broad gold mineralization starting near-surface. Seven holes have been drilled to date since the start of the program in June 2022. Assay results of the remaining six holes are pending.

Drill hole DSSk0001 intersected a broader interval of 195.05 metres (“m”) (from 10.22 m to 205.27 m) grading 0.96 grams per tonne (“g/t”) gold (“Au”) and 6 g/t silver (“Ag”), including an interval of 111.39 m (from 12.61 m to 124.00 m) grading 1.54 g/t Au and 8 g/t Ag, and a higher grade near-surface sub-interval of 36.06 m (from 12.61 m to 48.67 m) grading 3.97 g/t Au and 20 g/t Ag (Table 1).

Hole DSSk0001 was drilled to test the continuous surface chip sampling results of 42m interval grading 1.02 g/t Au and 18 g/t Ag (please refer to the Company’s news release on June 14, 2022). Figures 1 & 2 show the drill hole location and geological cross section. Gold mineralization discovered is hosted in volcanic clastic sediments (breccia or ignimbrites) that extend to North and North-East with fractures dipping at high angles to the east. The ignimbrite or breccia host rock for gold is similar to the Company’s gold discovery at the Carangas Project, in the Department of Oruro, Bolivia.

This discovery marks another milestone following the Company’s discoveries made at Silver Sand and Carangas, displaying the Company’s capability of growing its shareholders’ value through careful project identification, acquisition, thorough geological study and well-planned drilling.

*Notes:*
*1.      Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown due to early stage of exploration without adequate drill data.*
2.      Calculation of silver equivalent (“AgEq”) is based on the long-term median of the August 2022 Street Consensus Commodity Price Forecasts, which are US$22.50/oz for silver, US$0.95/lb for lead, US$1.10/lb for zinc, and US$3.40/lb for copper.
*3.      A cut-off of 20g/t AgEq is applied for the calculation of length-weighted intercepts.*

2022 DISCOVERY DRILL PROGRAM

The Silverstrike Discovery Drill Program commenced in June 2022. To date, 2,030 m have been drilled in seven diamond drill holes (Table 2) at the Silverstrike Central Prospect.

In recent news releases, the Company has identified 1) multiple near-surface broad-zones of silver mineralization hosted in altered sandstones at Silverstrike North, similar to the mineralization style at Silver Sand, and 2) a near-surface broad silver zone near the top of a ~900 m diameter volcanic dome of ignimbrite units with the intrusion of rhyolite dyke swarm and andesite flows, and a broad gold zone half way from the top of the dome, at Silverstrike Central. The initial focus of this drilling program is to test the near surface broad gold zone and silver zone at Silverstrike Central (Figure 1).

Figure 1. A simplified geology plan map and drill holes of the Discovery Drill Program at the Silverstrike Central

Figure 2. Drill cross section of hole DSSk0001

*Notes:*
*1. Drill collar coordinate system is UTM Zone 19S.*
*2. Coordinate of drill collar is picked with handheld GPS, subject to minor modification when resurveyed with RTK GPS upon completion of the drilling program.*

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at the Silverstrike Project, conducted by the Company and discussed in this news release, are shipped in securely-sealed bags by New Pacific staff in the Company’s vehicles, directly from the field to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an independent ISO 17025 accredited laboratory. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over specified limits for silver, lead and zinc further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Gold is assayed by fire assay with AAS finish (ALS code of Au-AA25). Certified reference materials, various types of blank samples and duplicate samples are inserted to normal drill core sample sequences prior to delivery to the laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43- 101”). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company’s revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.

Sep 12, 2022Oct 19, 2022whitegoldbc2022

25 Aug, 22

New Pacific Reports Financial Results For The Three Months And Year Ended June 30, 2022

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VANCOUVER, BRITISH COLUMBIA – AUGUST 25, 2022: New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its financial results for the three months and year ended June 30, 2022. All figures are expressed in US dollars unless otherwise stated.

FISCAL 2022 HIGHLIGHTS

Commenced the 2022 drill program at the Silver Sand Project which includes resource infill drilling to improve the confidence in the continuity of mineralization and step-out drilling to test the extension of the major mineralized zones up and down dip as well as on strike. To date, a total of 21,309 metres (“m”) in 94 drill holes have been completed, of which assay results for 35 drill holes have been received;
Completed the 2021 drill program of 13,313.7 m in 55 drill holes and received assay results for all drill holes at the Silver Sand Project;
Commenced the 2022 drill program at the Carangas Silver-Gold Project, a total of 21,980 m in 43 drill holes have been completed so far, of which assay results for 12 drill holes have been received. The assay results continue to show near surface silver horizons stacking over a broad bulk of gold mineralization below;
Completed the 2021 initial discovery drill program at the Carangas Silver-Gold Project for a total of 13,209 m in 35 drill holes and received assay results for all drill holes. All assay results intersected silver-rich polymetallic mineralization near surface, with some deep holes intersecting a wide zone of gold mineralization below;
Commenced a 6,000 m initial discovery drill program at the Silverstrike Project and a 2,000 m initial discovery drill program at the Jisas prospect, a satellite concession located in the north block of the Silver Sand Project;
Continue to advance the preliminary economic assessment (“PEA”) study for the Silver Sand Project, including a mineral resource estimate (“MRE”). The PEA is expected to be completed by the end of 2022; and
Maintained working capital of $29.3 million, sufficient to advance the existing exploration projects and other regional exploration initiatives.

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the year ended June 30, 2022 was $6.42 million or $0.04 per share (year ended June 30, 2021 – net loss of $6.57 million or $0.04 per share). The Company’s financial results were mainly impacted by the following: (i) operating expenses of $6.78 million compared to $5.95 million in the prior year; (ii) income from investments of $0.22 million compared to $0.40 million in the prior year; and (iii) foreign exchange gain of $0.19 million compared to loss of $1.02 million in the prior year.

For the three months ended June 30, 2022, net loss attributable to equity holders of the Company was $2.34 million or 0.01 per share (three months ended June 30, 2021 – net loss of $1.97 million or 0.01 per share).

Operating expenses for the three months and year ended June 30, 2022 were $2.29 million and $6.78 million, respectively (three months and year ended June 30, 2021 – $1.57 million and $5.95 million, respectively).

Income from investments for the three months and year ended June 30, 2022 was $0.01 million and $0.22 million, respectively (three months and year ended June 30, 2021 – loss of $0.21 million and income of $0.40 million, respectively).

Foreign exchange gain for the year ended June 30, 2022 was $0.19 million (year ended June 30, 2021 – loss of $1.02 million). The Company holds a portion of cash and short-term investments in USD to support its operations in Bolivia. Revaluation of these USD-denominated financial assets to their Canadian dollar (“CAD”) functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods. For the year ended June 30, 2022, the USD appreciated by 4.0% against the CAD (from 1.2394 to 1.2886) while in the prior year the USD depreciated by 9.1% against the CAD (from 1.3628 to 1.2394).

For the three months ended June 30, 2022, foreign exchange gain was $0.02 million (three months ended June 30, 2021 – loss of $0.20 million).

Working Capital: As of June 30, 2022, the Company had working capital of $29.3 million.

PROJECT OVERVIEW

SILVER SAND PROJECT

In the first half of 2022, the Company commenced a resource infill drilling and step-out drilling program. The resource infill drilling aims to improve the confidence in the continuity of mineralization in the core area of the project and upgrade resource categories, while the step-out drilling is designed to test the extension of the mineralized zones up and down dip as well as on strike. The results of the infill and step-out drilling will be included in the MRE and will be incorporated into the PEA expected to be completed by the end of 2022. To date, a total of 21,309 m in 94 drill holes have been completed, of which assay results for 35 drill holes have been received. For details of the 2022 drill program, please refer to the Company’s news releases dated May 31, 2022 and April 6, 2022.

For the three months and year ended June 30, 2022, total expenditures of $3.20 million and $7.64 million, respectively (three months and year ended June 30, 2021 – $1.13 million and $3.36 million, respectively) were capitalized under the project.

CARANGAS PROJECT

In 2021, the Company completed an initial discovery drill program of 13,209 m in 35 drill holes. Assay results of all drill holes have been received. Results from the 2021 discovery drill program confirmed the broad silver-rich polymetallic mineralization near surface and intersected a wide zone of gold mineralization below it. For details of the 2021 discovery drill program, please refer to the Company’s news releases dated May 17, 2022, February 23, 2022, and February 10, 2022.

Following the success of the 2021 discovery drill program, the Company has commenced a 2022 resource definition drill program with a planned meterage of up to 40,000 m if ongoing drill results continue to be encouraging. To date, a total of 21,980 m in 43 drill holes have been completed, of which assay results of 12 drill holes have been received. The assay results continue to show near surface silver horizons stacking over a broad bulk gold mineralization below. Currently, there are five drill rigs deployed at the project, of which the three larger drill rigs with a capacity of 1,000 m depth are focusing on both near surface silver and at depth gold zones, while the other two smaller drill rigs are focusing on near surface silver zone. For details of the 2022 drill program, please refer to the Company’s news release dated July 13, 2022 and August 8, 2022.

For the three months and year ended June 30, 2022, total expenditures of $2.10 million and $5.22 million, respectively (three months and year ended June 30, 2021 – $nil and $0.25 million, respectively) were capitalized under the project.

SILVERSTRIKE PROJECT

On June 14, 2022, the Company announced to commence a 6,000 m initial discovery drill program at the Silverstrike Project. The program will focus on testing a broad gold zone identified by the Company and by historical drilling.

For the three months and year ended June 30, 2022, total expenditures of $0.10 million and $0.14 million, respectively (three months and year ended June 30, 2021 – $0.02 million and $1.29 million, respectively) were capitalized under the project.

RZY PROJECT

The RZY Project, located in Qinghai, China was an early stage silver-lead-zinc exploration project. The RZY Project was located approximately 237 km from the city of Yushu Tibetan Autonomous Prefecture. In 2016, the Qinghai Government issued a moratorium which suspended exploration for 26 mining projects in the region, including the RZY Project, and classified the region as a National Nature Reserve Area.

During Fiscal 2020, the Company’s subsidiary, Qinghai Found Mining Co., Ltd. (“Qinghai Found”), reached a compensation agreement with the Qinghai Government for the RZY Project. Pursuant to the agreement, Qinghai Found will surrender its title to the RZY Project to the Qinghai Government for one-time cash compensation of $2.99 million (RMB ¥20 million) (the “RZY compensation transaction”).

On June 25, 2022, the Qinghai Government completed its approval process of the RZY compensation transaction. As a result, the Company disposed its RZY Project for cash consideration of $2.99 million (RMB ¥20 million), which is included in the receivables balance as of June 30, 2022. For the year ended June 30, 2022, a loss of $0.09 million (year ended June 30, 2021 – $nil) was recognized upon disposal of the RZY Project. Subsequent to June 30, 2022, the Company received the cash compensation in full.

MANAGEMENT DISCUSSION AND ANALYSIS

This news release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and the audited 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 at www.sedar.com and on the Company’s website at www.newpacificmetals.com.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Resources (“NI 43-101”). The Qualified Person has verified the information disclosed herein and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company’s flagship Project, the Silver Sand Silver Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of 2022. Recently discovered Carangas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m initial test drilling program in June 2022.

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: invest@newpacificmetals.com

To receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company’s revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

Aug 25, 2022Oct 19, 2022whitegoldbc2022

08 Aug, 22

New Pacific Intersects 514 m Grading 1.1 Gram Per Tonne Gold In Hole DCAr0044 At The Carangas Project, Bolivia

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VANCOUVER, British Columbia – August 8, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner, report assay results for another seven drill holes of the 2022 drill program at the Carangas Silver-Gold Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”). Assay results of drill intercepts are summarized in Table 1 with drill hole specifications provided in Table 2 that has been plotted in Figure 1.

The assay results reported here continue to expand silver and gold mineralization for the Carangas project, where near surface silver horizons are stacked over a broad bulk gold mineralization.

To date in 2022, 21,980 meters (“m”) in 43 drill holes have been completed at Carangas. Assay results for the twelve drill holes from the 2022 drilling program have now been received and released with the first five holes released on July 13, 2022. The results for the remaining 31 holes are pending. The 2022 drill program is currently advancing well with five drill rigs.

Deep Hole DCAr0044 was the 6th hole drilled into the emerging Gold Zone (See Press Release of February 23, May 17, and July 13, 2022) and successfully intersected 514 m grading 1.1 grams per tonne (“g/t”) gold (“Au”) The remaining other six holes are relatively shallow holes that targeted near-surface silver mineralization in the northern portion of the Central Valley.

Drill highlights include

Gold Hole DCAr0044: 514.85 m interval (from 266.35 m to 781.2 m) grading 1.10 g/t Au and 6 g/t silver (“Ag”), including higher grade intervals of 14.15 m (from 436.2 m to 450.35 m) grading 3.8 g/t Au, 11g/t Ag and 0.12% copper (“Cu”); 87.51 m interval (from 472.4 m to 559.91 m) grading 2.57 g/t Au, 9 g/t Ag and 0.12% Cu.

Silver Hole DCAr0041: 78.68 m interval (from 37.8 m to 116.48 m) grading 75 g/t Ag, 0.71% Pb and 0.69% Zn.

Silver Hole DCAr0042: 79.2 m interval (from 53 m to 132.2 m) grading 77 g/t Ag, 0.73% Pb and 1.43% Zn.

Silver Hole DCAr0045: 170.64 m interval (from 8.36 m to 179 m) grading 88 g/t Ag, 0.38% Pb and 0.61% Zn, including 72.17 m interval grading 150 g/t Ag.

Silver Hole DCAr0046: 74.67 m interval (from 7.68 m to 82.35 m) grading 102 g/t Ag, 0.9% Pb and 0.36% Zn.

Silver Hole DCAr0047: 19.95 m interval (from 77.5 m to 97.45 m) grading 163 g/t Ag, 0.41% Pb and 1.31% Zn.

Silver Hole DCAr0048: 33.96 m interval (from 142.5 m to 176.46 m) grading 104 g/t Ag, 0.42% Pb and 0.68% Zn.

Detailed Descriptions

Hole DCAr0044 intersected a silver interval of 25.12 m (from 33.88 m to 59.0 m) grading 64 g/t Ag, 0.22% Pb, 0.11% Zn and a silver interval of 61.66 m (from 84.83 m to 146.49 m) grading 24 g/t Ag, 0.32% Pb and 0.89% Zn. From 266.35 m to 781.2 m, a broad gold interval of 514.85 m interval grading 1.10 g/t Au and 6 g/t Ag was intersected, including higher grade subintervals of 14.15 m grading 3.8 g/t Au, 11g/t Ag and 0.12% copper (“Cu”) from 436.2 m to 450.35 m, 87.51 m grading 2.57 g/t Au, 9 g/t Ag and 0.12% Cu from 472.4 m to 559.91 m. These two higher grade intervals are hosted in strongly argillic-sericite altered ignimbrite with dissemination and crosscutting veins of pyrite and chalcopyrite. A third higher grade interval of 29.89 m grading 2.46 g/t Au. 5 g/t Ag and 0.14% Cu intersected from 717.07 m to 746.96 m, is hosted in mineralized flow-banded rhyodacite intrusive with dissemination and crosscutting veins of pyrite and chalcopyrite.

This hole was drilled across the Central Valley about 50 m to the south of and parallel to the hole DCAr0039 which intersected a 535 m interval grading 1 g/t gold (please refer to the Company’s news release on July 13, 2022).

Hole DCAr0041 intersected a 266.99 m (from 30.06 m to 297.05 m) silver zone grading 31 g/t Ag, 0.52% Pb and 0.95% Zn, including a 78.68 m interval grading 75 g/t Ag, 0.71% Pb and 0.69% Zn. This hole was drilled on grid at an angle of -45 to test the continuity of silver mineralization at a shallow level.

Hole DCAr0042 intersected 332.7 m interval (from 53.0 m to 385.7 m) grading 25 g/t Ag, 0.45% Pb and 0.95% Zn, including 79.2 m interval grading 77 g/t Ag, 0.73% Pb and 1.43% Zn. This hole was drilled on grid at an angle of -45 to test the continuity of silver mineralization at a shallow level.

Hole DCAr0045 intercepted 170.64 m grading 88 g/t Ag, 0.38% Pb and 0.61% Zn (from depth 8.36 m to 179 m), including a 72.17 m interval grading 150 g/t Ag. This hole was drilled on grid at an angle of -45 to test the continuity of silver mineralization at a shallow level.

Hole DCAr0046 intersected 195.65 m (from 7.68 m to 203.33 m) grading 48 g/t Ag, 0.57% Pb and 0.82% Zn, including 74.67 m interval (from 7.68 m to 82.35 m) grading 102 g/t Ag, 0.9% Pb and 0.36% Zn. This hole was drilled on grid at a dip angle of -45 to test the continuity of silver mineralization at a shallow level.

Hole DCAr0047 intersected 109.02 m (from 72.05 m to 181.07 m) grading 57 g/t Ag, 0.24% Pb and 0.68% Zn. This hole was drilled on grid at an angle of -45 to test the continuity of silver mineralization at a shallow level.

Hole DCAr0048 intersected a silver interval of 62.31 m (from 65.0 m to 127.31 m) grading 55 g/t Ag, 0.36% Pb and 0.73% Zn, and a silver interval of 33.96 m (from 142.5 m to 176.46 m) grading 104 g/t Ag, 0.42% Pb and 0.68% Zn. This hole was drilled on grid at a dip angle of -45 to test the continuity of silver mineralization at a shallow level.

*Notes:*
*1. Drill location, altitude, azimuth, and dip of drill holes are provided in Table 2*
*2. Drill intercept is core length, and grade is length weighted. True width of mineralization is unknown due to early stage of exploration without adequate drill data.*
3. Calculation of silver equivalent (“AgEq”) is based on the long-term median of the August 2021 Street Consensus Commodity Price Forecasts, which are US$22.50/oz for Ag, US$0.95/lb for Pb, US$1.10/lb for Zn, US$3.40/lb for Cu, and US$1,600/oz for Au. The formula used for the AgEq calculation is as follows: AgEq = Ag g/t + Pb g/t * 0.0029 + Zn g/t * 0.00335 + Cu g/t * 0.01036 + Au g/t * 71.1111. This calculation assumes 100% recovery. Due to the early stage of the Project, the Company has not yet completed metallurgical test work on the mineralization encountered to date.
4. A cut-off of 20 g/t AgEq is applied to calculate the length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.
*5. n/a stands for no fire assay of gold was carried out.*

Figure 1. Simplified geology map and drill hole traces, yellow shows gold intercepts and red for silver at the Carangas Project

Preliminary Metallurgy Tests

The Company has initiated preliminary metallurgy tests including flotation and leaching on the mineralized materials of Carangas Project. Five composite samples from rejects of drill cores have been collected and delivered to Bureau Veritas Minerals based in Richmond, BC, Canada.

*Notes:*
*1. Drill collar coordinate system is WGS1984 UTM Zone 19S.*
*2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS except for hole DCAr0036 which is by handheld GPS.*

QUALITY ASSURANCE AND QUALITY CONTROL

The Company maintains tight sample security and QA/QC for all aspects of its exploration program at the Carangas Project. Drill core is logged, photographed and split on-site by the company and stored under secure conditions until being shipped in security-sealed bags by New Pacific staff in Company vehicles, directly from the project to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade specified limits for silver, lead, and zinc further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Gold is assayed first by ICP and then by fire assay with AAS finish (ALS code of Au-AA25). Certified reference materials, various types of blank samples and duplicate samples are inserted into normal drill core sample sequences prior to delivery to the laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company’s flagship Project, the Silver Sand Silver Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of 2022. Recently discovered Carangas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m initial test drilling program in June 2022.

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: investor@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company’s revenues and capital expenditures; and other future plans, objectives or expectations of the Company.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada; risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

Aug 8, 2022Oct 19, 2022whitegoldbc2022

13 Jul, 22

New Pacific Intersects 535 m Interval Grading 1.0 Gram Per Tonne Gold, And 58 m Interval Grading 507 Gram Per Tonne Silver At The Carangas Project

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VANCOUVER, British Columbia – July 13, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner, announce the assay results of the first five drill holes of the 2022 drill program at the Carangas Silver-Gold Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”). Results are summarized in Table 1 and the drill specifications are provided in Table 2 (see also Figure 1).

So far, 16,754 meters (“m”) in 31 drill holes have been completed at Carangas in 2022, of which the assay results of the first five holes are released herein. Assay results for the remaining 26 holes are pending with estimated turnaround time of up to 10 weeks after sample delivery. The assay results continue to show near surface silver horizons stacking over a broad bulk gold mineralization below.

Currently there are five drill rigs deployed at the Project, of which the three larger drill rigs with capability of 1,000 m capacity depth are focusing on both near surface silver and at deeper gold zones, while the other two smaller drill rigs are focusing on near surface silver zone only.

Highlights

» Hole DCAr0039 intersected 535.63 m interval (from 162.08 m to 697.71 m) grading 1.00 grams per tonne (“g/t”) gold (“Au”) and 11 g/t silver (“Ag”), including a high-grade interval of 72.16 m grading 3.54 g/t Au and 12 g/t Ag (from 450.34 m to 522.5 m).

» Hole DCAr0038 intersected 58.1 m interval (from 10 m to 68.1 m) grading 507 g/t Ag, 0.60% lead (“Pb”) and 0.94% zinc (“Zn”), including 5.17 m bonanza interval (from 43.57 m to 48.74 m) grading 6,236 g/t Ag, 2.62% Pb, 6.23% Zn and 0.42% copper (“Cu”).

» Hole DCAr0037 intercepted an interval of 98.65 m (from 10.85 m to 109.5 m) grading 88 g/t Ag, 0.70% Pb and 0.80% Zn.

» Hole DCAr0036 intersected 57.83 m interval (from 13.17 m to 71 m depth) grading 166 g/t Ag, 0.47% Pb and 0.25% Zn and 215.81 m interval (from 280.74 m to 496.55 m) grading 0.73 g/t Au and 18 g/t Ag.

Detailed Description

Hole DCAr0039 intersected a silver horizon of 152.73 m (from 9.35 m to 162.08 m) grading 55 g/t Ag, 0.53% Pb and 1.07% Zn, including 36.75 m grading 195 g/t Ag, 1.19% Pb and 2.57% Zn. Immediately below the silver horizon, the hole intercepted 535.63 m interval (from 162.08 m to 697.71 m) grading 1.00 g/t Au and 11 g/t Ag, including a high-grade interval of 72.16 m grading 3.54 g/t Au and 12 g/t Ag from 450.34 m.

Gold mineralization is hosted in strongly argillic-sericitized ignimbrites and volcanic tuff of dacitic composition with disseminated sulfides and cut by veinlets of pyrite and chalcopyrite, similar to the holes reported previously.

The hole was drilled off the drill grid and across the Central Valley from East Dome to West Dome, in an azimuth direction of 254 degrees and at a high dip angle of -66 degrees.

Hole DCAr0036 intersected two silver horizons, the first with 57.83 m (from 13.17 m to 71 m depth) interval grading 166 g/t Ag, 0.47% Pb and 0.25% Zn, the second interval is 95.55 m (from 114 m to 209.65 m depth) grading 35 g/t Ag, 0.32% Pb and 1.06% Zn. Below the silver horizons, the hole intercepted a gold interval of 215.81 m (from 280.74 m to 496.55 m) grading 0.73 g/t Au and18 g/t Ag. This hole was drilled off grid in the Central Valley in azimuth direction of 230 degrees and at a shallow dip angle of -45 degrees.

Hole DCAr0038 intersected a silver interval of 58.10 m (from 10.0 m to 59.1 m) grading 507 g/t Ag, 0.60% Pb and 0.94% Zn, including a bonanza interval of 5.17 m (from 43.57 m to 48.74 m) grading 6,236 g/t Ag, 2.62% Pb, 6.23% Zn and 0.42% copper (“Cu”). A second silver horizon with an interval of 90.90 m grading 28 g/t Ag, 0.47% Pb and 1.25% Zn was intersected from depth 99.25 m. At further depth, a gold interval of 68.03 m grading 0.41 g/t Au, 3 g/t Ag, 0.31% Pb and 0.52% Zn was intersected from depth 334.27 m. This hole was drilled on a grid close to East Dome in an azimuth direction of 20 degrees and at a shallow dip angle of -45 degrees.

Hole DCAr0037 intercepted an interval of 98.65 m grading 88 g/t Ag, 0.70% Pb and 0.80% Zn from depth 10.85 m to 109.5 m. This hole was drilled off grid across the Central Valley in an azimuth direction of 350 degrees and at a shallow dip of -45 degrees.

Hole DCAr0040 was drilled off grid at East Dome in an azimuth direction of 50 degrees and at a shallow dip angle of -45 degrees and intersected a silver mineralization interval of 38.03 m grading 18 g/t Ag, 0.22% Pb and 0.42% Zn from depth 26.42 m and another silver zone of 157.72 m grading 24 g/t Ag, 0.26% Pb and 0.80% Zn from depth 87.55 m, including a high-grade interval of 34.32 m grading 61 g/t Ag, 0.59% Pb and 1.73% Zn from depth 92.25 m.

*Figure 1. Simplified geology map and drill holes of the 2021 Discovery Drill Program at Carangas Project*

Preliminary Metallurgy Tests

*Notes:*
*1. Drill collar coordinate system is WGS1984 UTM Zone 19S.*
*2. Coordinate of drill collar is picked with Real Time Kinematics (RTK) GPS except hole DCAr0036 which is by handheld GPS.*

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at the Carangas Project, conducted by the Company and discussed in this news release, are shipped in securely-sealed bags by New Pacific staff in the Company’s vehicles, directly from the field to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis. ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over specified limits for silver, lead and zinc further analyzed using ALS code OG46. Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21). Gold is assayed firstly by ICP method then by fire assay with AAS finish (ALS code of Au-AA25). Certified reference materials, various types of blank samples and duplicate samples are inserted to normal drill core sample sequences prior to delivery to laboratory for preparation and analysis. The overall ratio of quality control samples in sample sequences is around twenty percent.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia. The Company’s flagship Project, the Silver Sand Silver Project, is waiting for a new Mineral Resource Estimate Update and a PEA by the end of 2022. Recently discovered Carangas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m initial test drilling program in June 2022.

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368

U.S. & Canada toll-free: 1-877-631-0593

E-mail: investor@newpacificmetals.com

For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company’s revenues and capital expenditures; and other future plans, objectives or expectations of the Company.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada; risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2021 and its other public filings.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

Jul 13, 2022Oct 19, 2022whitegoldbc2022

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