New Pacific Reports Financial Results FOR

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NEWS RELEASE

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR

THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2024

VANCOUVER, BRITISH COLUMBIA – February 6, 2025 : New Pacific Metals Corp. (“New Pacific” or the “Company”)

reports its financial results for the three and six months ended December 31, 2024. All figures are expressed in US

dollars unless otherwise stated.

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the three and six months ended December 31, 2024 was

$0.74 million and $2.00 million or $0.00 per share and $0.01 per share, respec tively (three and six months ended

December 31, 2023 – net loss of $1.52 million and $3.27 m illion or $0.01 and $0.02 per sh are, respectively). The

Company’s financial results were mainly impacted by the following items:

 Operating expenses for the three and six months ended December 31, 2024 was $1.59 million and $3.20 million

respectively (three and six months ended December 31, 2023 – $1.82 million and $3.69 million, respectively).

 Income from investments for the three and six months ended De cember 31, 2024 was $0.19 million and $0.44

million, respectively (three and six months ended December 31, 2023 – $0.28 million and $0.30 million,

respectively).

 Gain on disposal of property, plant and equipment for the three and six months ended December 31, 2024 was

$nil and $nil, respectively (three and six months ended December 31, 2023 – $nil an d $0.05 million,

respectively).

 Foreign exchange gain for the three and six months ended Dece mber 31, 2024 was $0.64 million and $0.74

million, respectively (three and si x months ended De cember 31, 2023 – $0.02 million and $0.07 million,

respectively).

 Working Capital: As of December 31, 2024, the Company had working capital of $17.63 million.

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PROJECT EXPENDITURE

The following schedule summarized the expenditure incurred by category for each of the Company’s projects for

relevant periods:

SILVER SAND PROJECT

For the three and six months ended De cember 31, 2024, total expenditures of $0.42 million and $0.94 million,

respectively (three and six months en ded December 31, 2023 - $0.41 million and $1.38 million, respectively) were

capitalized under the project.

CARANGAS PROJECT

For the three and six months ended De cember 31, 2024, total expenditures of $0.39 million and $0.75 million,

respectively (three and six months ended December 31, 2023 - $0.32 million and $0.94 million, respectively) were

capitalized under the project.

SILVERSTRIKE PROJECT

For the three and six months ended De cember 31, 2024, total expenditures of $0.01 million and $0.03 million,

respectively (three and six months ended December 31, 2023 - $0.01 million and $0.08 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.

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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 advancing its robust, high-margin silver-lead-zinc Carangas project. Additionally a discovery drill

program was completed at Silverstrike in 2022.

For further information, please contact:

Andrew Williams, CEO

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: [email protected]

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 Preliminary Economic Assessment prepared in accordance with NI 43-101 titled "Carangas Deposit

– Preliminary Economic Assessment" with an effective date of September 5, 2024 and prepared by certain qualified

persons associated with RPMGlobal (the “Carangas PEA”) are preliminary in nature and are intended to provide an

initial assessment of the Project’s economic potential and development options. The Carangas PEA mine schedule

and economic assessment includes numerous assumptions and is based on both indicated and Inferred Mineral

Resources. Inferred resources are considered too speculat ive geologically to have th e economic considerations

applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the

preliminary economic assessments described herein will be achieved or that the Carangas 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. Mine ral 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. RPMGlobal (mineral resource,

infrastructure, tailings, water management, environmental and financial analysis) was contracted to conduct the

Carangas PEA in cooperation with Moose Mountain Techni cal Services (mining), and JJ Metallurgical Services

(Metallurgy). The qualified persons for the Carangas PEA for the purposes of NI 43-101 are Mr. Marcelo del Giudice,

FAusIMM, Principal Metallurgist with RPMGlobal, Mr. Pedro Repetto, SME, P.E., Principal Civil/Geotechnical

Engineer with RPMGlobal, Mr. Gonzalo Rios, FAusIMM, Executive Consultant – ESG with RPMGlobal, Mr. Jinxing Ji,

P.Eng., Metallurgist with JJ Metallurgical Services, and Mr. Marc Schulte, P.Eng., Mining Engineer with Moose

Mountain Technical Services., in addition to Mr. Anderson Candido, FAusIMM, Principal Geologist with RPMGlobal

who estimated the Mineral Resources. All qualified persons for the Carangas PEA have reviewed the disclosure of the

Carangas PEA herein. The Carangas PEA is based on the Carangas MRE, which was reported on September 5, 2023.

The effective date of the Carangas MRE is August 25, 2023. Mineral Resources are constrained by an optimized pit

shell at a metal price of US$23.00/oz Ag, US$1,900.00/oz Au, US$0.95/lb Pb, US$1.25/lb Zn, recovery of 90% Ag, 98%

Au, 83% Pb, 58% Zn and Cut-off grade of 40 g/t AgEq. Assu mptions made to derive a cut-off grade included mining

costs, processing costs, and recoveries were obtained from comparable industry situations.

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 Litigatio n 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, expectatio ns, beliefs, plans, projections, objectives, assumptions or

future events or performance (often, but not always, usi ng words or phrases such as “expects”, “is expected”,

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“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 financial results;

anticipated exploration, drilling, develo pment, construction, and other activiti es or achievements of the Company;

inferred, indicated or measured mineral resources or mineral reserves on the Company’s projects, including, but not

limited to, the Carangas PEA; the 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 limit ation, risks relating to: fluctuating equity prices, bond prices, commodity

prices; calculation of resources, reserves and mineralizat ion, general economic conditi ons, foreign exchange risks,

interest rate risk, foreign investment risk; loss of key pe rsonnel; 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 head ing “Risk Factors” in the Company’s

annual information form for the year ended June 30, 2024 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: development and exploration activities; the

timing, extent, duration and ec onomic viability of such operations; the accuracy and reliabili ty 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 Bo livia; 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 by the Plurinational Legislative Assembly of

Bolivia; the ability of the Company’s Boliv ian partner to convert th e exploration licenses at its Carangas project to

administrative mining contracts; the ab ility to meet current and future obli gations; 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 UNITED STATES 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 securi ties laws. All mining terms used herein but not otherwise

defined have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects

(“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.

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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 United States 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.