NUAG.TO · 2026-07-16 12:00:00

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED JUNE 3 0 , 202 6 VANCOUVER, BRITISH COLUMBIA – September 3 , 202 6 : New Pacific Metals Corp. (“New Pacific” or the “Company”)

Financings Financials Corporate Updates

NEWS RELEASE

NEW PACIFIC REPORTS FINANCIAL RESULTS FOR

THE

THREE

MONTHS

AND

YEAR

ENDED

JUNE

, 202

VANCOUVER, BRITISH COLUMBIA

–

September

202

New Pacific Metals Corp.

(“New Pacific” or the “Company”)

reports

its financial results for the

three months and year

ended

June

, 202

All figures are expressed in

ollars

unless otherwise stated.

FISCAL 202

HIGHLIGHT



On August 2

, 2026, the Company signed the Administrative Mining Contracts (“AMCs”) for its Carangas

Silver

Gold Project (the “Carangas Project”) with the

Autoridad Jurisdiccional Administrativa Minera

(Administrative

Mining Jurisdictional Authority, or “AJAM”).

The AMCs, which cover the approximately 39 km2

of the

Carangas

Project, have a 30

year fixed term.

The signed AMCs will now be submitted to the

Plurinational Legislative

Assembly of Bolivia

for ratification and approval.



August

, 2026, the Company filed an

updated

independent

reliminary

conomic

ssessment technical

report for its Carangas

Project

titled “Carangas Project NI 43

101 Technical Report and Preliminary Economic

Assessment”

(the “

Updated

Carangas PEA Technical Report”). The

Updated

Carangas PEA Technical Report is

effective July 16, 2026 and was independently prepared by Ausenco Engineering Canada

ULC.

(“Ausenco”) in

accordance with National Instrument 43

-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).

The

Updated Carangas PEA Technical Report considers an increased throughput rate and the inclusion of the gold

zone when compared to the previous

reliminary

conomic

sessment technical report dated September 5,

2024

See “

Cautionary Note Regarding Results of Preliminary Economic Assessment

”

Highlights of the

Updated

Carangas PEA Technical Report are as follows:

Post

tax net present value (“NPV”) (5%) of $2.65 billion and internal rate of return (“IRR”) of 35.9% at base

case metal prices of: $45.00/ounce (“oz”) silver (“Ag”), $3,400/oz gold (“Au”), $1.20/pound (“lb”) zinc

(“Zn”), and $0.90/lb lead (“Pb”);

year life of mine (“LOM”), excluding two

years of pre

production, producing approximately 195 million

oz (“Moz”) of payable Ag, 1.1 Moz of payable Au, 1,453 million pounds (“Mlbs”) of payable Zn and 941 Mlbs

of payable Pb, or 339.0 Moz silver equivalent

(“AgEq”);

and

Initial capital costs of $644.5 million and a post

tax payback of 2.4 years



On February 23, 2026, the Company signed a Framework Agreement for Cooperation and

Coordination (the

“Agreement”) with the Carangas community (“TIOC Carangas

”) in respect to the

Carangas Project. The

Agreement establishes a general framework of understanding and commitment

between the Company and

TIOC Carangas that reflects the shared intention to develop the Carangas

Project based on transparency,

fairness, mutual benefits, mutual respect, and long

term cooperation.



n October 21, 2025

, t

he Company closed a bought deal financing. A total of 11,385,000 common shares of the

Company were sold under the bought deal financing at a price of CAD $3.55 (approximately $2.53) per common

share for total gross proceeds of approximately CAD $40.4 milli

on (approximately $28.8 million). Raymond

James Ltd. acted as sole bookrunner, and the Offering was co

led by Raymond James Ltd. and BMO Nesbitt

Burns Inc. on behalf of a syndicate of underwriters.



On October 23, 2025, the Company appointed Mr. Jalen Yuan as Chief Executive Officer (“CEO”) and

Mr. Chester

Xie as Chief Financial Officer (“CFO”). Mr. Yuan has also been appointed to the Company’s

board of directors.

This announcement follows the appointments of Mr. Yuan and Mr. Xie as Interim

CEO and Interim CFO,

respectively, in April 2025.

FINANCIAL RESULTS

Net

loss

attributable to equity holders of the Company

for the

three months and year

ended

June

, 202

was $

million

or $0.

per share and $

million

or $0.0

per share, respectively (the

three months and year ended June

30, 2025

–

net loss of $

million

or $0.0

per share and $

million

or $0.0

per share, respectively).

he Company

’

financial results were mainly impacted by the following

items:



Working Capital:

As of

June

, 202

, the Company had working capital of

million.



Operating expenses

for the

three months and year ended June 30, 2026

were $1

million

and $

million

respectively (the

three months and year ended June 30, 2025

million

and $

million

, respectively).



ncome

from investments

for the

three months and year ended June 30, 2026

were $

million

and $

million

, respectively (the

three months and year ended June 30, 2025

–

million

and $

million



Loss on disposal of plant and equipment

for the

three months and year ended June 30, 2026 were $nil and

0.0

million

(the

three months and year

ended June 30, 2025

–

$nil and $nil, respectively).



Foreign exchange gain for

the

three months and year ended June 30, 2026

was $

million

and

$0.

million

respectively (the

three months and year ended June 30, 2025

–

million

and $

million

, respectively).

PROJECT

EXPENDITURE

The following schedule summarized the expenditure incurred by category for each

of the Company’s

project

for

relevant periods:

Cost

Silver Sand

Carangas

Silverstrike

Total

Balance, June 30, 2024

88,977,334

19,854,042

4,934,555

113,765,931

Capitalized exploration expenditures

Reporting and assessment

94,894

190,352

285,246

Drilling and assaying

342

6,763

5,125

12,230

Project management and support

1,155,235

889,034

37,828

2,082,097

Camp service

179,873

295,804

17,033

492,710

Permit and license

12,606

47,818

60,424

Value added tax not claimed

109,086

44,020

2,046

155,152

Foreign currency impact

51,499

26,018

3,058

80,575

Balance, June 30, 2025

90,580,869

21,353,851

4,999,645

116,934,365

Capitalized exploration expenditures

Reporting and assessment

765

519,339

520,104

Drilling and assaying

11,014

8,919

589

20,522

Project management and support

1,610,799

958,627

55,006

2,624,432

Camp service

899,749

154,812

19,458

1,074,019

Permit and license

6,359

42,203

48,562

Value added tax not claimed

176,952

21,178

965

199,095

Foreign currency impact

(527,807)

(181,714)

(36,361)

(745,882)

Balance, June 30, 2026

92,758,700

22,877,215

5,039,302

120,675,217

SILVER SAND PROJECT

For the

three months and year ended June 30, 2026

, total expenditures of $

million

and $

million

respectively (

three months and year ended June 30, 2025

million

and $

million

, respectively)

were

capitalized under the project.

CARANGAS PROJECT

For the

three months and year ended June 30, 2026

, total expenditures of $

million

and $

million

respectively (

the

three months and year ended June 30, 2025

million

and $

million

, respectively)

were

capitalized under the project.

SILVERSTRIKE PROJECT

For the

three months and year ended June 30, 2026

, total expenditures of $

0.0

million

and $

0.0

million

respectively (the

three months and year ended June 30, 2025

0.0

million

and $

0.0

million

, respectively)

were

capitalized under the project.

MANAGEMENT DISCUSSION

AND ANALYSIS

This news release should be read in conjunction with the Company’s

anagement

iscussion and

nalysis

(the

"MD&A")

and

the

audited

consolidat

inancial

statements

and notes thereto for the corresponding period, which

have been filed

with the Canadian Securities Administrat

ors

and are available

under the Company’s profile on

SEDAR

www.sedarplus.ca

on EDGAR at

www.sec.gov

and on the Company’s website at

www.newpacificmetals.com.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company advancing two permitting stage precious metals

projects in Bolivia. Its Silver Sand project in Potosí has the potential to become one of the world’s largest silver mines.

The Carangas Silver

–

Gol

d Project in Oruro strengthens the Company’s portfolio through scale, robust economics,

and regional exploration potential. With over a decade of operating experience in Bolivia, New Pacific has earned

the confidence of its stakeholders and shareholders. T

he Company is headquartered in Vancouver, British Columbia,

and its shares trade on the Canadian Securities Exchange under the symbol “NUAG” and on the New York Stock

Exchange under the symbol “NEWP”.

For further information, please contact:

Peter Lekich

VP Investor Relations

New Pacific Metals Corp.

Phone: (604) 633

1368

Ext.

223

1750

–

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

U.S. & Canada toll

free: 1

(

877

)

631

0593

mail:

invest

@newpacificmetals.com

For additional information and t

o receive

the C

ompany

news by e

mail, please register using New Pacific’s website

www.newpacificmetals.com

CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT

The results of the

Updated

Carangas

PEA

Technical Report are preliminary in nature and are intended to provide an

initial assessment of the

Carangas

Project’s economic potential and development options. The Updated Carangas

PEA Technical Report mine schedule and economic assessment includes numerous assumptions and is based on both

ndicated 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 preliminary economic assessments described herein will be achieved or that the Updated

Carangas PEA Technical Report re

sults 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. Bolivia has

recently experienced significant social unrest, inclu

ding protests and blockades that led to a government

declared

state of emergency. The Company’s projects have also previously been affected by illegal artisanal and small

scale

mining activity, which resulted in disruption to operations. Such political and

social instability could adversely affect

the assumptions underlying the Updated Carangas PEA Technical Report, including anticipated permitting timelines,

construction schedules, and operating costs. 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.

The pit design for the deeper gold zone

requires mining

of waste (waste stripping) on Mining Concessions in the southern portion of the planned open pit

that do not belong to the Company. These concessions include approximately 1.85% of the mineral resources that

have been included in the economic analysis for

the Updated Carangas

PEA

Technical Report

. These Concessions are

held by the state of Bolivia and are not currently available for tenure. Although the Company is actively working with

the Bolivian government to obtain them,

there is no certainty that such concessions will be obtained or that a mining

agreement will be entered into on acceptable terms. Failure to obtain such concessions

, or to enter into a mining

agreement on them could cause the Company to reevaluate the pit design and the outcome of

the Updated Carangas

PEA

Technical Report

. Ausenco Engineering Canada ULC (“Ausenco”) (Processing Plant, Infrastructure, Tailings,

Water Management, Environment, Cost Estimate) was contracted to

prepare

the PEA in cooperation with SLR Canada

(minerals resources), Moose Mountain Technical Services (mining), and JJ Metallurgical Services (Metallurgy). The

qualified persons for the Updated Carangas PEA Technical Report are Mr. Anderson Candido, FAusIMM, Prin

cipal

Geologist with SLR Mr. Jinxing Ji, P.Eng., Metallurgist with JJ Metallurgical Services, Mr. Kevin Murray, P.Eng.,

Principle Process Engineer with Ausenco, Mr. Scott Elfen, PE, SME, and Global Technical Lead (Geotechnical) with

Ausenco, Mr. James Mill

ard, P. Geo., Director, Strategic Projects with Ausenco, and Mr. Marc Schulte, P.Eng., Mining

Engineer with Moose Mountain Technical Services. All qualified persons for the Updated Carangas PEA Technical

Report have reviewed and verified the disclosure of

the Updated Carangas PEA Technical Report herein. The mineral

resource estimate contained in the Updated Carangas PEA Technical Report is based on the

Carangas

MRE

with an

effective date of August 25, 2023, with a re

statement on March 31, 2026. Mineral Resources are constrained by an

optimized pit shell at a metal price of $41.00/oz Ag, $3,300.00/oz Au, $1.00/lb Pb, $1.30/lb Zn, $4.00/lb Cu, recovery

of 81.6% A

g, 93.4% Au, 73.4% Pb, 66.9% Zn, 38.7% Cu and Cut

off grade of 30 g/t AgEq. Assumptions 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

Except for statements of historical facts relating to the Company, certain information contained herein constitutes

“forward

looking statements” within the meaning of the United States Private Securities Litigation Reform Act of

1995 and “forward

looking i

nformation” within the meaning of applicable Canadian provincial securities laws

(collectively, “forward

looking statements”).

Forward

looking statements are frequently characterized by words such

as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “goals”, “forecast”, “budget”, “potential”

or variations thereof and other similar words, or statements tha

t certain events or conditions “may”, “could”,

“would”, “might”, “will” or “can” occur.

Forward

looking statements include, but are not limited to: statements

regarding

the Company's financial results

and the result

of the Updated Carangas

PEA Technical Report

Forward

looking statements are based on a number of estimates, assumptions, beliefs, expectations and opinions of

management on the date the statements are made and are subject to a variety of risks and uncertainties and other

factors that could cause actu

al events or results to differ materially from those projected in the forward

looking

statements.

These factors include fluctuating equity prices, bond prices and commodity prices; calculation of

resources, reserves and mineralization; general economic conditions; foreign exchange risks; interest rate risk;

foreign investment risk; loss of key personne

l; 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 in

the

MD&A, under the heading “Risk Factors”, in the

Company's most recent annual information form

and its other public filings.

The foregoing is not an exhaustive list 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 opinions 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, durat

ion 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 cli

mate in Bolivia; 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

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

roject to

Administrative Mining Contract

; the ability of the Company to obtain

national recognition of

its

Carangas

roject’s proposed “State of Necessity” designation; 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 as

sumptions 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 w

hether 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 U

NITED 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 securities laws.

All mining terms used herein but not otherwise

defined have the meanings set forth in N

ational Instrument

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.

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

nited 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

nnual

nformation

orm,

can be obtained

under the Company’s profile on

SEDAR

www.sedar

plus

on EDGAR at

www.sec.gov

and

the Company’s

website at www.newpacific

metals.com

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