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VANCOUVER, British Columbia – December 9, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE American: NEWP) is pleased to announce that, following the annual general meeting of shareholders held on December 3, 2021, the newly elected board of directors (the “Board”) of the Company appointed Dr. Rui Feng as the Chairman of the Board. Dr. Feng is the CEO and Chairman of Silvercorp Metals Inc. (“Silvercorp”), the largest shareholder of the Company with ownership of 28.3%.

As CEO of New Pacific from 2010 to April 2020 and founder of the Company, Dr. Feng identified, financed and acquired the Silver Sand Project in 2017 in Bolivia. Under his leadership, the Company made a significant discovery at the Silver Sand Project after over 100,000 m drilling which culminated in the inaugural Silver Sand Resource estimate on April 14, 2020.  With the knowledge gained from the Silver Sand Project and first mover advantage in Bolivia, he led the Company to acquire the Silverstrike project and identify the Carangas project in 2019 and 2020.  Recently, the first phase of drilling at Carangas has shown broad zones of silver mineralization starting at surface. 

With his experience in company building and discovery, Dr. Feng’s appointment as Chairman of the Company will provide direct leadership in advancing the flagship Silver Sand Project and Carangas silver discovery.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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 the anticipated timing, amount and completion of exploration, drilling, development, construction, and other activities or achievements of the Company; the Phase II Drill Program and anticipated outcomes therefrom; future economics of the Company’s projects; timing of receipt of permits and regulatory approvals; 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 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 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.

 

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VANCOUVER, British Columbia – December 6, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE American: NEWP) is pleased to announce the election of two additional directors, Ms. Maria Tang and Mr. Terry Salman, to its Board of Directors (the “Board”) and the voting results of the annual general meeting of the shareholders held on December 3, 2021 (the “AGM”). Mr. Gregory Hawkins did not stand for re-election as a director and ceased to be a director effective December 3, 2021. The Company thanks Mr. Hawkins for his time, services, and contributions during his 11-year tenure.

The Chairman of the Board, Jack Austin, said “We are excited to welcome Ms. Tang and Mr. Salman to the Board as they bring extensive business skills with a focus in the mining industry. Their expertise will strengthen the Board’s ability to oversee the Company as it continues to create shareholder value by advancing the flagship Silver Sand Project and the emerging Carangas discovery. I would also like to thank Mr. Hawkins for his valuable input and contributions to the Board and wish him much success in his future endeavors.”

Ms. Tang said, “It is my pleasure to rejoin New Pacific as a member of the board of directors. I am excited to see the Company on its way to becoming a major player in the silver mining industry through the acquisition and discovery of the Silver Sand Project in Bolivia. I look forward to joining the Board and contributing to the Company’s future.”

Mr. Salman noted, “I was fortunate to visit the Silver Sand project in its early stages with Dr. Rui Feng. There is an old adage that you find gold and silver where the people have found it previously. I was intrigued by the historical workings at the site and saw the potential for a new silver discovery, which today has a become a large silver deposit. I am excited and look forward to working with the New Pacific team to maximize the value of the Company’s properties in Bolivia.”

Ms. Tang has over 20 years of experience in accounting with focus on the mining industry. She has held a number of executive and board leadership positions within this period. Ms. Tang is the President, Chief Financial Officer and Director of HempNova LifeTech Corp. She sits on the Board of Directors of Minco Silver Corporation. Previously, Ms. Tang served as the Director of Finance at Revery Architect until 2019 as well as the Chief Financial Officer at Silvercorp Metals Inc. and the Chief Financial Officer at New Pacific until 2015. Prior to that, Ms. Tang held positions with Ernst & Yong LLP, where she focused on public company audits of mining, pharmaceutical and manufacturing companies. Ms. Tang holds a Bachelor of Science degree from the Nankai University and the Chartered Accountancy and the American Institute of Certified Public Accountant designations.

Mr. Salman has over 35 years of experience in exploration and mining finance. He is the President and Chief Executive Officer at Salman Capital Inc. and Salman Partners Inc. At Salman Partners Inc., he raised over $20 billion for over 400 exploration and mining companies. Previously, Mr. Salman held positions with Nesbitt Thomson, subsequently acquired by the Bank of Montreal (“BMO”), where he was an Executive Vice-President and a Director. Mr. Salman was instrumental in forming the mining team at Nesbitt Thomson and its mining conference in the early 1990’s, which subsequently became the BMO Mining and Metals Conference. He is the Chairman Emeritus of the Vancouver Public Library Foundation. Formerly, he acted as the Chairman of the Investment Dealers Association of Canada and a director or chairman of numerous charities. Mr. Salman was the recipient of the 2016 Murray Pezim Award in recognition of his career in Canadian mining finance and was inducted to the Cambridge House Resource Hall of Fame in 2018. He was appointed to the Order of Canada for his contributions to mining exploration and for his generous philanthropy and community activism. Mr. Salman is an Honorary Consul-General of the Republic of Singapore and received the Public Service Star from the Office of the President of Singapore in 2021. He served with the United States Marine Corps and is a Vietnam veteran. Mr. Salman received an MBA from the University of Hartford.

AGM Voting Results

The Company is pleased to report that all matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, both dated October 28, 2021, were approved by the requisite majority of votes cast at the AGM. A total of 120,967,893 common shares, representing 77.80% of the votes attached to all outstanding shares as at the record date for the meeting, were represented at the AGM. The details of the voting results for the election of directors are set out below:

Shareholders also approved the re-appointment of Deloitte LLP as auditors of the Company for the ensuing year. The final results for all matters voted on at the AGM will be filed on SEDAR at www.sedar.com and on the Company’s website.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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 the anticipated timing, amount and completion of exploration, drilling, development, construction, and other activities or achievements of the Company; the Phase II Drill Program and anticipated outcomes therefrom; future economics of the Company’s projects; timing of receipt of permits and regulatory approvals; 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 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 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.

Highlights include 176.77 m at 94 g/t AgEq including 60.45 m at 169 g/t AgEq

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VANCOUVER, British Columbia – November 22, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), together with its local Bolivian partner, announces the receipt of assay results from five additional drill holes from the Phase I discovery drill program at the Carangas Silver Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”).

Similar to the first six drill holes reported previously, all five drill holes intersected broad zones of silver-rich, polymetallic mineralization in the Central Valley Zone starting near-surface or immediately beneath younger fluvial sediment cover and continuing to depth (Table 1 and Figure 1).

Dr. Mark Cruise, CEO of New Pacific, notes: “Ongoing drilling continues to increase the size of the silver-rich polymetallic mineralization at the emerging Carangas discovery. We are encouraged by the most recent intercepts in the Central Valley Zone which confirm the presence of a large mineralized system. The Phase II drill program, which is expected to be completed by year-end, will continue to test this area.”

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 silver (“Ag”), US$0.95/lb for lead (“Pb”), US$1.10/lb for zinc (“Zn”), and US$3.40/lb for copper (“Cu”). The formula used for the AgEq calculation is as follows: AgEq= Ag grams per tonne (“g/t”) + Pb g/t * 0.0029 + Zn g/t * 0.00335 + Cu g/t * 0.01036. 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 for calculation of length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts. Future ongoing test work is contingent on the success of the exploration program. The results outlined in this table do not guarantee a specific outcome.

The Phase I discovery drill program consisted of 3,790 metres (“m”) drilled in 13 drill holes (Table 2), testing the West Dome, East Dome, Central Valley, and South Dome targets. All 13 drill holes intersected thick intervals of predominantly structurally controlled (with or without disseminations) polymetallic mineralization, defining a mineralized area approximately 1,000 m long by 700 m wide and up to 400 m in depth (Figure 1).

The West and East Dome zones are comprised of outcropping mineralized volcanic breccia and/or altered lithic tuff cut by mineralized fracture zones associated with widespread historical mining workings.

The Central Valley Zone sits between the West and East Domes and is covered by recent fluvial sediments, which range from a few metres up to 40 metres of thickness (Figure 1). The most recent drill assays provide initial results from the East Dome and Central Valley targets.

Encouraged by results to date, two additional drill rigs were mobilized to site, for a total of three, to compete the Phase II drill campaign (for details please refer to the Company’s news release dated October 26, 2021). Additional assay results will be provided upon receipt.

Drilling Continues to Intersect Thick Zones of Silver Mineralization

EAST DOME

Three drill holes, DCAr0007, DCAr0008 and DCAr0009, were drilled to the north-east at -45 degrees, testing the East Dome target. All drill holes returned broad zones of silver-rich polymetallic mineralization. Numerous mined-out voids, which historically exploited outcropping higher-grade veins / structures at depth, were intersected, suggesting that the drill holes may be under-reporting the true average grades of the mineralized intervals. Future drilling will test the East Dome target at depth.

Drill hole DCAr0007 was collared midway on the western slope of East Dome and intercepted a 220.51 m interval at a grade of 49 g/t AgEq (19 g/t Ag, 0.30% Pb, 0.62% Zn, and 0.01% Cu), including a higher-grade sub-interval of 40.13 m at a grade of 125 g/t AgEq (29 g/t Ag, 0.74% Pb, and 2.21% Zn). An aggregate length of 13.34 m of historical mined-out zones (zero core recovery) was intersected. Mineralization continues at the end of the drill hole (300 m) but systematical sampling only occurred to 220.51 m depth. The Carangas technical team is currently sampling the lower portions of the drill hole.

Drill hole DCAr0008 was collared in the lower western slope of East Dome and intercepted a 236.81 m interval at a grade of 64 g/t AgEq (31 g/t Ag, 0.28% Pb, 0.72% Zn, and 0.01% Cu), including two higher-grade sub-intervals of 17.72 m at a grade of 194 g/t AgEq (96 g/t Ag, 0.84% Pb, 2.15% Zn, and 0.01% Cu) and 16.70 m at a grade of 184 g/t AgEq (171 g/t Ag, 0.22% Pb, and 0.19% Zn). Drill hole DCAr0008 encountered 5.23 m of historical mining voids. Similar to drill hole DCAr0007, mineralization continues at the end of the drill hole with systematical sampling stopping at 250.38 m. The Carangas technical team is currently sampling the lower portions of the hole.

Drill hole DCAr0009 was collared near the top of East Dome and intercepted a 52.91 m interval at a grade of 49 g/t AgEq (30 g/t Ag, 0.52% Pb, 0.08% Zn, and 0.01% Cu). The majority of the drill hole is geochemically anomalous and, based on the current geological model, is interpreted to represent the distal / upper portions of the large mineralized system.

Based on results to date, mineralization (thickness and grade) increases towards the Central Valley Zone.

Please refer to Figure 1 below.

CENTRAL VALLEY

The first two drill holes completed in the Central Valley Zone, DCAr0010 and DCAr0011, were drilled to the north-east at -45 degrees and returned long mineralized intercepts, which start immediately below semi-consolidated younger fluvial sediments. In general, both drill holes returned thicker and broadly higher average grade intervals compared to the East Dome drill holes, which suggests that they may be closer to the hydrothermal source.

The results demonstrate that the mineralized structures mapped and intersected in the West and East Dome zones continue below younger cover in the Central Valley Zone. Based on current data, these structures are expected to form a large geological contiguous silver-rich polymetallic system. It is anticipated that future assay results will continue to support this working geological model.

Drill hole DCAr0010, the first hole to test the Central Valley target, intercepted a 98.01 m interval at a grade of 98 g/t AgEq (43 g/t Ag, 0.41% Pb, 1.2% Zn, and 0.02% Cu) from bedrock at 61.69 m downhole (with depth 0.00 m to 61.69 m comprised of fluvial sediments). The drill hole terminated in a weakly altered basaltic dyke cut by sparse mineralized veinlets.

Drill hole DCAr0011 collared approximately 100 m to the south of drill hole DCAr0010, intercepted a 176.77 m interval at a grade of 94 g/t AgEq (44 g/t Ag, 0.39% Pb, 1.07% Zn, and 0.03% Cu), including a higher-grade sub interval of 60.45 m at a grade of 169 g/t AgEq (84 g/t Ag, 0.61% Pb, 1.86% Zn, and 0.04% Cu). The drill hole terminated in mineralization. Fluvial sediments are present from 0.00 m to 73.23 m.

Please refer to Figure 1 below.

­Figure 1. Simplified geology plan map and drill holes of the Phase I discovery drill program at the Carangas Project

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 Real-Time Kinematic GPS upon completion of the drilling program.

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). 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, including the flagshipSilver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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 the anticipated timing, amount and completion of exploration, drilling, development, construction, and other activities or achievements of the Company; the Phase II Drill Program and anticipated outcomes therefrom; future economics of the Company’s projects; timing of receipt of permits and regulatory approvals; 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 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 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 NI 43‐101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws. NI 43‐101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

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VANCOUVER, BRITISH COLUMBIA – NOVEMBER 11, 2021: New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its unaudited consolidated financial results for the three months ended September 30, 2021, the first quarter of fiscal 2022. All figures are expressed in US dollars unless otherwise stated.

QUARTERLY HIGHLIGHTS

• Subsequent to quarter-end, announced results of the 2020-2021 metallurgical test program for the Silver Sand Project. Defined heap leach process as the preferred processing method, which achieves 80% silver recovery and significantly de-risks the project;

• Maintained working capital of $41.70 million, sufficient to advance the flagship Silver Sand Project, the Carangas Project and other regional exploration initiatives;

• Silver Sand Preliminary Economic Assessment (“PEA”) continues to advance. A total of 12,857 metres (“m”) of drilling were completed in 55 drill holes as part of the current resource expansion drill program;

• Received an administrative mining contract for the Silver Sand Project, establishing a clear title to the project mineral rights; and

• Completed the Phase I discovery drill program at the Carangas Project with a total of 3,790 m drilled in 13 holes. Announced a Phase II drill program to complete an additional minimum 7,500 m of drilling by the end of 2021.

Dr. Mark Cruise, CEO of New Pacific, said, “During the last quarter, we continued to advance the Silver Sand PEA. As part of our PEA work, we completed a metallurgical test program, which determined a path forward at Silver Sand as a bulk-tonnage, open pit, heap leach operation, producing silver doré on site. We are particularly pleased with this outcome as it significantly de-risks the project due to its lower capital and operating cost requirements, lower technical complexity and optimized project economics. We look forward to providing updates on our progress, while we maintain focus on creating value for our shareholders.”

FINANCIAL RESULTS

Working Capital: As of September 30, 2021, the Company had working capital of $41.70 million.

Net loss attributable to equity holders of the Company for the three months ended September 30, 2021 was $1.38 million or $0.01 per share (three months ended September 30, 2020 – net loss of $1.13 million or $0.01 per share). The Company’s financial results were mainly impacted by the following: (i) operating expenses of $1.60 million compared to $1.52 million in the comparative quarter; (ii) loss from investments of $0.01 million compared to income of $0.63 million in the in the comparative quarter; and (iii) foreign exchange gain of $0.26 million compared to loss of $0.24 million in the comparative quarter.

Operating expenses for the three months ended September 30, 2021 were $1.60 million (three months ended September 30, 2020 – $1.52 million).

Loss from investments for the three months ended September 30, 2021 was $0.01 million (three months ended September 30, 2020 – $0.63 million).

Foreign exchange gain for the three months ended September 30, 2021 was $0.26 million (three months ended September 30, 2020 – loss of $0.24 million). The Company holds a large portion of cash and short-term investments in US dollars to support its operations in Bolivia. Revaluation of these US-dollar-denominated financial assets to their Canadian dollar functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods. During the three months ended September 30, 2021, the US dollar appreciated by 2.8% against the Canadian dollar (from 1.2394 to 1.2741) while in the comparative quarter the US dollar depreciated by 2.1% against the Canadian dollar (from 1.3628 to 1.3339).

PROJECT OVERVIEW

SILVER SAND PROJECT
Since acquiring the project in 2017, the Company has carried out extensive exploration and Mineral Resource definition drill programs. From 2017 to 2019, the Company completed a total of 97,619 m of drilling in 386 diamond core drillholes.

On July 27, 2021, the Company announced the commencement of a 38,000 m diamond drill program at the project with the objectives to expand the existing resource, which remains open along strike and at depth, and to complete geotechnical drilling to support the PEA study. Highlights of the drill program include:

• 80% of the drill program is intended to focus on expanding the existing Mineral Resources and discovering new resources;

• 5,000 m of the drill program is dedicated to testing for feeder zones for the large Silver Sand deposit;

• District exploration drilling to target the North Block and Snake Hole Zone; and

• Mineral continuity and geotechnical drilling to support the Silver Sand PEA.

For additional information on the 2021 drill program, please see the Company’s news release dated July 27, 2021. As of the date of this news release, a total of 12,857 m of drilling were completed in 55 holes.

In addition to the 2021 drill program, the Company continues to advance and has commenced key studies and initiatives in support of the Silver Sand Project development. These include environmental baseline, socioeconomic and hydrogeology studies.

Subsequent to quarter-end, the Company reported results of the metallurgical test program for the Silver Sand Project. Highlights of the test work include:

• Defined heap leach process as the preferred processing method;

• 80% silver recovery achieved through heap leach column testing;

• Approximately 80% of the resource is amenable to heap leaching and is located near the top of the deposit;

• Lower capital and operating costs compared to alternative process methods;

• Silver doré production on site further improves project economics;

• Significantly de-risks the project due to low technical complexity; and

• Increased project efficiency as the heap leach process may allow for lower cut-off grade, leading to an increased minable resource.

For additional details on the metallurgical test program, please refer to the Company’s news release dated October 19, 2021.

For the three months ended September 30, 2021, total expenditures of $2.21 million (three months ended September 30, 2020 – $0.68 million) were capitalized under the Silver Sand Project.

CARANGAS PROJECT

In April 2021, the Company signed a mining association agreement with a private Bolivian company to acquire a 98% interest in the Carangas Project. Under the agreement, the Company will cover 100% of the future expenditures of exploration, mining, development and production activities. The agreement has a term of 30 years and is renewable for another 15 years.

On June 29, 2021, the Company announced the commencement of an initial discovery drill program at the Carangas Project. As of the date of this news release, Phase I drilling of 3,790 m in 13 holes has been completed.

On October 26, 2021, the Company announced that based on the encouraging results from the Phase I drill program, two additional drill rigs were mobilized and the drill program was expanded to include at least an additional 7,500 m by the end of 2021.

For the three months ended September 30, 2021, total expenditures of $0.55 million (three months ended September 30, 2020 – $nil) were capitalized under the Carangas Project.

The Carangas Project is comprised of two exploration licenses covering an area of 6.25 km2 and owned 100% by the Company’s Bolivian partner. New Pacific has entered into a mining association agreement with the Bolivian partner, under which New Pacific is required to cover 100% of the future expenditures on exploration, mining, development, and production activities in return for 98% economic interest in the Project.

SILVERSTRIKE PROJECT

During 2020, the Company’s exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project. The results to date indicate good to excellent exploration potential for hosting narrow, high-grade, near-surface broad-zones of silver mineralization. Please refer to the Company’s news release dated September 29, 2020 for details on the exploration program at the northern areas of the project and to the news release dated November 19, 2020 for details on exploration activities and field work on the central and southern areas of the project.

For the three months ended September 30, 2021, total expenditures of $1,748 (three months ended September 30, 2020 – $0.41 million) were capitalized under the Silverstrike Project.

MANAGEMENT DISCUSSION AND ANALYSIS

This news release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and the unaudited condensed consolidated interim 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 are 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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:

Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1 (877) 631-0593
E-mail: info@newpacificmetals.com
www.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 approval of the mining association agreement for the Silverstrike Project by AJAM; the ability of the Company 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

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.

Highlights include 228.3 m at 73 g/t AgEq from surface including 18.06 m at 317 g/t AgEq and 182.5 m at 89 g/t AgEq from surface including 37.2 m at 249 g/t AgEq

VANCOUVER, British Columbia – November 1, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE American: NEWP), together with its local Bolivian partner, announces the receipt of assay results from four additional drill holes of the Phase I discovery drill program at the Carangas Silver Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”).

All four drill holes, similarly to the initial two drill holes, intersected broad zones of silver-rich, polymetallic mineralization starting at or near-surface and continuing to depth (Table 1 and Figure 1 below). For details of the assay results from the initial two drill holes, please refer to the Company’s news release dated September 8, 2021. Significant zones of higher-grade mineralization occur within several of the drill holes, in particular drill hole DCAr0005.

Notes:

1. Drill location, altitude, azimuth and dip of drill holes are provided in Table 2 below.

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 silver, US$0.95/lb for lead, US$1.10/lb for zinc, and US$3.40/lb for copper. 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. 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 for calculation of length-weighted intercept. At times, samples lower than 20 g/t AgEq may be included in the calculation of consolidation of mineralized intercepts. Future ongoing test work is contingent on the success of the exploration program. The results outlined in this table do not guarantee a specific outcome.

The Phase I discovery drill program commenced in early June 2021 (for details please refer to the Company’s news release dated June 29, 2021). A total of 3,790 metres (“m”) were completed in 13 drill holes (Figure 1 and Table 2) designed to test the depth extensions of the historically mined West and East Domes, as well the Central Valley target, below recent fluvial sediments (for details please refer to the Company’s news releases dated April 12, 2021 and June 14, 2021).

All drill holes intersected thick intervals of predominantly structurally controlled (with or without disseminations) polymetallic mineralization, hosted within sub-horizontal volcanic breccia and/or dacitic tuff-host units.

Assay results of the first six drill holes, which tested the West Dome target have been received. Assays for the remaining seven drill holes, which tested the East Dome and Central Valley Targets are pending; however, in aggregate the drill holes appear to define a mineralized area approximately 1,000 m long by 700 m wide and up to 400 m in depth (Figure 1 and Table 2). Mineralization remains open in every direction, including at depth, beyond the current drill footprint. Many drill holes were terminated in mineralization due to drill rig constraints.

As a result, two additional drill rigs have been mobilized to site and an expanded discovery drill program (the “Phase II Drill Program”) has been initiated to further define the extent of the emerging mineralized system. The Phase II Drill Program is expected to comprise approximately 7,500 m in 26 drill holes (Figure 1), and contingent on positive results, may be expanded (for details please refer to the Company’s news release dated October 26, 2021).

Intercepted Broad Zones of Silver Mineralization Starting at Surface

Drill holes DCAr0003, DCAr0004 and DCAr0005 were collared near the center of West Dome and drilled in various directions to test the morphology and extensions of historically mined workings (Figure 1).

Drill hole DCAr0003 was drilled to the south-west and intercepted a 90.86 m interval at a grade of 50 g/t AgEq (35 g/t Ag and 0.49% Pb) from surface. Multiple intervals, totaling 10.43 m, did not recover core as a result of historical mining voids encountered down hole.

Drill hole DCAr0004 was drilled to the north-east and intercepted 163.53 m at a grade of 52 g/t AgEq (22 g/t Ag, 0.33% Pb and 0.60% Zn) from surface. The drill hole intercepted four historical mining voids with an aggregate total length of 6.40 m without core recovery.

Drill hole DCAr0005 was drilled to the south-east and intercepted multiple zones of high-grade, silver-rich, polymetallic mineralization within a broad interval of 228.30 m which returned 73 g/t AgEq (39 g/t Ag, 0.56% Pb and 0.50% Zn) from surface. The drill hole intercepted multiple historical mining voids and broken zones with an aggregate length of 15.86 m without core recovery.

Drill hole DCAr0006 was collared on the eastern slope of West Dome above the historic Orko Tunko Adit (Figure 1). It was drilled to the north-east to test the down dip extensions of structural-controlled mineralized zones exposed in the adit. It intercepted 182.50 m at 89 g/t AgEq (42 g/t Ag, 0.41% Pb and 1.01% Zn) from surface within which 37.20 m returned 249 g/t AgEq (107 g/t Ag, 0.98% and 328% Zn). The drill hole intercepted multiple historical mining voids without core recovery for a total length of 5.65 m.

Figure 1. Simplified geology plan map and drill holes of the Phase I discovery drill program at the Carangas Project.

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 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). 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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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 the anticipated timing, amount and completion of exploration, drilling, development, construction, and other activities or achievements of the Company; the Phase II Drill Program and anticipated outcomes therefrom; future economics of the Company’s projects; timing of receipt of permits and regulatory approvals; 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 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 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 NI 43‐101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. Securities laws. NI 43‐101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Additional drill rigs mobilized to complete ~7,500 metres of drilling by year-end

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VANCOUVER, British Columbia – October 26, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE American: NEWP), together with its local Bolivian partner, announces that two additional drill rigs have been mobilized and the discovery drill program has been expanded for the Carangas Silver Project, Oruro Department, Bolivia (the “Carangas Project”). The expanded drill program (the “Phase II Drill Program”) includes a total of three drill rigs and is expected to complete an additional minimum of 7,500 metres (“m”) of diamond drilling by the end of 2021.

Target generation, which was carried out prior to the Phase I discovery drill program (the “Phase I Drill Program”), defined a near-surface, structurally controlled, bulk tonnage, exploration target, centered on and adjacent to extensive historic workings. These historic workings exploited narrow, high grade silver polymetallic veins (please refer to the Company’s news releases dated April 12, 2021 and June 14, 2021). The Phase I Drill Program commenced in late June 2021 and was recently completed (for details on the drill program, please refer to the Company’s news release dated June 29, 2021).

PHASE I DRILL PROGRAM HIGHLIGHTS:

• 3,790 m completed in 13 drill holes: All drill holes intersected thick intervals of predominantly fracture-controlled, volcanic breccia and/or dacitic tuff-hosted, polymetallic mineralization, defined by detailed geological logging and real-time, X-Ray Fluorescence analysis (utilizing a Niton XRF) (Figure 1);

• Assay results for the first two drill holes are consistent with the exploration thesis for bulk tonnage, high grade silver mineralization: Results returned broad zones of silver-rich polymetallic mineralization with higher grade intervals present (for details please see the Company’s news release dated September 8, 2021);

• Drilling to date appears to define large, mineralized area: While assays are pending, the drill holes completed during the Phase I Drill Program appear to define a mineralized area approximately 1,000 m long by 700 m wide and up to 400 m in depth (Figure 1); and

• Mineralization is open at depth: Mineralization remains open in every direction, including at depth, beyond the current drill footprint. Many drill holes were terminated in mineralization due to drill rig constraints.

PHASE II DRILL PROGRAM

As a result of the Phase I Drill Program highlights, two additional drill rigs have been mobilized and a Phase II Drill Program has been initiated to further define the extent of the large, emerging, mineralized system.

The Phase II Drill Program will comprise approximately 7,500 m in 26 drill holes (Figure 1), and contingent on positive results, may be expanded. The core processing facilities at the Carangas Project and the technical team have been expanded accordingly.

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). 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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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; 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 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 approval of the mining association agreement for the Silverstrike Project by AJAM; the ability of the Company 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 disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). The terms “proven mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101. Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Definition Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

Heap Leach Silver Recoveries of 80% – Flowsheet Demonstrates Superior Performance

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VANCOUVER, BRITISH COLUMBIA – October 19, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP) is pleased to announce the results from the 2020-2021 metallurgical test program at its flagship Silver Sand deposit, Bolivia.

HIGHLIGHTS:

• 80% silver recovery achieved through the heap leach process method.

• Heap leach process flowsheet demonstrates significantly superior performance due to anticipated lower capital intensity and operational costs versus other alternatives to produce silver doré on site.

• Heap leach performance of oxide and transitional mineralization is similar.

• Oxide and transitional material combined comprise approximately 80% of the resource, which includes Measured and Indicated Mineral Resources of 35.39 Mt at a grade of 137 grams per tonne (“g/t”) silver containing 155.85 Moz of silver and Inferred Mineral Resource of 9.84 Mt of silver, containing 35.55 Moz of silver (refer to the Company’s news release dated April 14, 2020).

• Adoption of a heap leach process flowsheet may allow for a lower cut-off grade in the updated Mineral Resource Estimate, which will be determined through continued test work.

Dr. Mark Cruise, CEO of New Pacific, notes: “The positive results from this metallurgical program, combined with the results from the 2019 Metallurgical Study, significantly de-risk the Silver Sand Project. We anticipate the project will move forward as a low-cost, open-pit heap leach operation. The Preliminary Economic Assessment (“PEA”) for the Silver Sand Project, including an updated Mineral Resource Estimate, is expected to be published in first half of 2022 and will incorporate results from our current 38,000-metre resource expansion drill program.”

METALLURGICAL TEST WORK RESULTS
Metallurgical testing was completed using three representative master composite samples with grades ranging from 90 g/t to 120 g/t silver of oxide, transitional (oxide-sulphide) and sulphide (fresh) mineralization, together with six grade variability composites.

The tested material was created from over 300 core samples sourced from four metallurgical drill holes completed in the first quarter of 2020. Please refer to the Company’s news release dated July 13, 2020 for further details.

A summary of the heap leach column test results and outcomes of additional work are presented below.

Heap Leach Column Test Work

• A 140-day heap leach column test was completed on approximately 100 kg of transitional master composite material using a one-half inch crush size, a sodium cyanide (NaCN or “reagent”) concentration of 0.6 grams per litre (“g/l”) and an irrigation rate of 10 liters per hour per metre squared (“l/hr/m2”).

• At 120 days, testing achieved an 80% final recovery with a consumption of 1.2 kg/t of reagent.

• The results complement the work completed in the 2019 Metallurgical Study for heap leach of oxide material, which demonstrated recoveries of 84% and 87% for low grade and median grade oxide material, respectively. Please refer to the Company’s news release dated August 20, 2019 for further details.

• Results indicate the heap leach performance of oxide and transitional material is similar, such that the two types of material may potentially be processed as a single metallurgical entity. Consequently, the oxide and transitional material will be referred to as “Transitional material”.

Coarse Bottle Roll Testing

• Bottle roll testing was completed for a range of fine grinds (53 micron to 100 micron (“µm”)) as well as a coarse grind of -2 millimetres (“mm”).

• Tests were performed on the time of leaching, reagent concentration, effects of dissolved oxygen, and the impact of lead nitrate.

• The best conditions for fine grind were determined at 72 hours and resulted in silver recovery for oxide, transitional and sulphide material of 91%, 94% and 81%, respectively.

• The coarse grind results demonstrated good correlation to the heap leach performance.

• Bottle roll testing was also conducted on concentrates produced from flotation.

Flotation Test Work

• Tested grind size (on rougher recoveries) of 100 µm, 75 µm and 53 µm. A grind size of 75 µm was selected as the most favourable.

• Trialed flotation time, completed cleaner performance tests and locked cycle tests.

• Locked cycle tests achieved silver recoveries of 67%, 83% and 87% for oxide, transitional and fresh composite samples, respectively, to produce silver concentrate grades ranging from 12,000 g/t silver in oxide concentrate to 2,200 g/t silver in a pyrite-silver sulphide concentrate with low base metal content.

COMPARATIVE PROCESS FLOWSHEET MODELLING

The Company conducted a comparative process flowsheet modelling study to determine relative performance between several technically viable processing path solutions, as follows.
Processing options for silver doré production:

• Heap leach of all material – oxide, transitional and sulphide;

• Heap leach of Transitional Material only;

• Heap leach of low-grade material and grinding plus leaching / Merryl Crowe of higher-grade mineralization;

• Grinding plus leaching / Merryl Crowe;

• Grinding plus single stage flotation and additionally leaching the flotation tail; and

• Grinding and single stage flotation with leaching of the concentrate.

Processing options for pyrite-silver concentrate production:

• Heap leach of oxide and Transitional Material, and grinding followed by single stage flotation of the sulphide component;

• Grinding plus single stage flotation; and

• Grinding plus single stage flotation and additionally leaching the flotation tail.

Results of the comparative study indicate a heap leach operation is significantly superior to all other modeled options. This is due to several factors, including:

• Anticipated lower capital and operating costs required for a heap leach operation compared to the other potential mineral processing solutions;

• Relatively small difference in recovery for the oxide and transitional material, which forms the majority of the current Mineral Resources; and

• Potential for lower cut-off grades leading to a possible increase in mineralization available for processing.

The comparative process flowsheet modeling study was completed for the purpose of selecting a process flowsheet for the project PEA and is not intended to provide guidance on the project economics. No mine plan or economic model of the project has been produced. The comparative process studies were completed for the purpose of determining an optimal processing path, which determines future metallurgical testing efforts and provides a basis for the PEA analysis. Guidance on the project economics and profitability, assuming a heap leach process flowsheet, will be provided in the PEA.

Further work will focus on the optimization of a heap leach process flowsheet. This decision is supported by the large difference between the results of heap leach process modeling and the results of the next most likely processing method.

New Pacific acknowledges that a significant growth in the sulphide component of the Mineral Resource could change the comparative modelling results and subsequent potential implications of future test work. This could potentially lead to a Phase II processing solution in the contemplated life-of-mine operation plan.

ADDITIONAL TEST WORK
Mineralogy studies and heavy media separation test work was completed at SGS Lakefield in Ontario, Canada. Mineral particle sorting test work was completed at TOMRA Sorting Solutions’ facility in Wedel/Hamburg, Germany.

Mineral particle sorting and heavy media separation results demonstrated poor performance in the oxide and transitional material, but may have future applications with sulphide processing, should the size of the sulphide component of the Mineral Resources increase significantly.

SGS del Perú S.A.C. in Lima, Peru (“SGS Lima”) completed grind hardness and abrasion test work, which indicated the Bond Ball Mill Index for oxide, transitional and sulphide materials would be 16.6 kilowatt-hour per dry metric tonne (“kWhr/dmt”), 14.1 kWhr/dmt, and 12.3 kWhr/dmt, respectively, and considered generally “moderate to hard” for purposes of grinding.

The abrasion index for oxide, transitional and sulphide materials is 0.31 grams (“g”), 0.33 g, and 0.37 g, respectively, which indicates that the rock is slightly abrasive. Major wear-related issues are not expected to arise from processing the material.

Future Metallurgical Work
An additional 115 kg of drill core coarse reject material has been delivered to SGS Lima for -2mm coarse bottle roll variability test work. The results will be used to refine the relationship between the oxidation state of the mineralization and the silver recovery in the transitional and sulphide components of the Mineral Resources. This data will also help refine the selection of composites for future anticipated prefeasibility-level column leach tests.
Additional work to support more advanced studies includes:

• Determination of the effect of crush size and irrigation rates on silver recoveries for column leach testing;

• Rock permeability testing; and

• Additional environmental characterization.

Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Gary DeSchutter, M.Sc., P. Geo., Manager Silver Sand Project, who is a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Resources (“NI 43-101”).

The metallurgical work described in this news release was conducted at SGS Lima, SGS Lakefield, Ontario, Canada and TOMRA Sorting Solutions’ facility in Wedel/Hamburg, Germany. The work was completed under the supervision of Andy Holloway, P.Eng., Principal Process Engineer of AGP Mining Consultants Inc. and Jillian Gong, a consultant of the Company. The final CSA Global metallurgical report was peer-reviewed by Andrew Sharp, P.Eng., FAusIMM., Principal Mining Engineering at CSA Global.

About CSA Global
CSA Global is a geological, mining and management consulting company providing strategic mining services and advice to companies in the international mining industry. Together with its parent company ERM, CSA Global has access to more than 5,500 people specializing in environmental, health, safety, risk, social and sustainability related services in over 40 countries and territories working out of over 160 offices around the world.

About SGS
SGS is one of the world’s leading inspection, verification, testing and certification companies. SGS is recognized as the global benchmark for quality and integrity. With more than 89,000 employees, SGS operates a network of over 2,600 offices and laboratories around the world. Bankable flowsheets help prove the viability of a gold mining project to financers and stakeholders. SGS has, in this regard, earned a global reputation as a proven leader in the development of transparent, bankable flowsheets for a wide range of mineral and metal extraction operations.

ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company of precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: info@newpacificmetals.com
www.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; 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 approval of the mining association agreement for the Silverstrike Project by AJAM; the ability of the Company 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 disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). The terms “proven mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101. Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7.Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021.The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7.As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Definition Standards. During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

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VANCOUVER, British Columbia – SEPTEMBER 28, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP) reports that the Company has filed today its fiscal 2021 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 2021 annual audited financial statements, management’s discussion and analysis, and annual information form, is available on the Company’s website at https://staging.newpacificmetals.com/ and on the SEC’s website at www.sec.gov/edgar.shtml. Printed copies of the Company’s fiscal 2021 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 is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information

Stacey Pavlova, CFA

VP, Investor Relations and Corporate Communications

New Pacific Metals Corp.

Phone: (604) 633-1368

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

E-mail: info@newpacificmetals.com

www.newpacificmetals.com

 

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

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VANCOUVER, BRITISH COLUMBIA – SEPTEMBER 16, 2021: New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its audited consolidated financial results for the year ended June 30, 2021.  All figures are expressed in US dollars unless otherwise stated.

FISCAL 2021 HIGHLIGHTS

• Maintained working capital of $46.36 million, sufficient to advance the Silver Sand Project and regional exploration initiatives, including the Carangas and Silverstrike Projects;

• Silver Sand Preliminary Economic Analysis (“PEA”) continues to advance as scheduled. A 38,000-metre (“m”) exploration and resource expansion drill program commenced in July 2021;

• Received an administrative mining contract for the Silver Sand Project, establishing a clear title to the project mineral rights;

• Acquired a 98% interest in the Carangas Silver Project in April 2021. A 5,000 m initial discovery drill program commenced in June 2021;

• Identified three significant new zones of gold and silver rich polymetallic mineralization on the Silverstrike Project;

• Developed and implemented a Company-wide environmental policy and corporate social responsibility policy;

• Successfully completed the spin-out transaction of Whitehorse Gold Corp. (TSX.V: WHG.V), enabling shareholders to realize the value of the Tagish Lake Gold Project in the current strong gold market;

• Listed on the Toronto Stock Exchange (“TSX”) and delisted all of the Company’s issued and outstanding shares from the TSX Venture Exchange (“TSX.V”) in August 2020; and

• Listed on the NYSE American stock exchange in May 2021, achieving a significant milestone in the growth of the Company.

Dr. Mark Cruise, CEO of New Pacific, said, “Fiscal year 2021 has been very productive for our team and I am pleased with the work we have accomplished to advance our projects and the milestones we have achieved. We continue to advance the Silver Sand PEA and have commenced an extensive drill program with the aim to continue growing our silver resources. In parallel, we have strengthened our portfolio with a third project, the Carangas silver project, where a discovery drill program is underway. Importantly, our listing on the NYSE American and graduation to the TSX, have increased our ability to appeal to the investment community, offering greater investability and liquidity, while we continue to focus on creating value for our shareholders.”

FINANCIAL RESULTS

Working Capital: As of June 30, 2021, the Company had working capital of $46.36 million.

Net loss attributable to equity holders of the Company for the year ended June 30, 2021 was $6.57 million or $0.04 per share (year ended June 30, 2020 – net income of $5.91 million or $0.04 per share).  The Company’s financial results were mainly impacted by the following: (i) operating investment expenses of $5.95 million compared to $4.61 million in the prior year; (ii) income from investments of $0.40 million compared to $1.31 million in the prior year; (iii) impairment recovery of $nil compared to $8.72 million in the prior year; and (iv) foreign exchange loss of $1.02 million compared to gain of $0.47 million in the prior year.

Operating expenses for the year ended June 30, 2021 were $5.95 million (year ended June 30, 2020 – $4.61 million).  The increase in operating expenses was mainly due to the following reasons: (i) a $0.62 million increase in project evaluation and corporate development expense as a result of the Company’s increased efforts in seeking and evaluating other exploration and investment opportunities in Bolivia; (ii) a $0.46 million increase in regulatory filing, listing, and professional fees as a result of the Whitehorse Gold spin-out transaction, the Company’s graduation from the TSX.V to the TSX, and listing on the NYSE American; (iii) a $0.26 million increase in annual incentive payout; and (iv) a $0.17 million increase in office administrative expense as a result of the inclusion of the Company’s La Paz office expenses as it transitioned to a regional office overseeing multiple projects.  The increase in operating expenses was offset by a $0.2 million decrease in investor relation expense as a result of reduced travel expenses due to the COVID-19 pandemic.    

Income from investments for the year ended June 30, 2021 was $0.40 million (year ended June 30, 2020 – $1.31 million).

Foreign exchange loss for the year ended June 30, 2021 was $1.02 million (year ended June 30, 2020 – gain of $0.47 million).  The Company holds a large portion of cash and short-term investments in US dollars to support its operations in Bolivia.  Revaluation of these US-dollar-denominated financial assets to their Canadian dollar functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods.  During the year ended June 30, 2021, the US dollar depreciated by 9.1% against the Canadian dollar (from 1.3628 to 1.2394) while in the prior year the US dollar appreciated by 4.1% against the Canadian dollar (from 1.3087 to 1.3628).

PROJECT OVERVIEW

SILVER SAND PROJECT

Since acquiring the project in 2017, the Company has carried out extensive exploration and Mineral Resource definition drill programs.  From 2017 to 2019, the Company completed a total of 97,619 m of drilling in 386 diamond core drillholes. 

On July 27, 2021, the Company announced the commencement of a 38,000 m diamond drill program with the objectives to expand the existing resource, which remains open along strike and at depth, and to complete geotechnical drilling to support the PEA study. Highlights of the drill program include:

• 80% of the drill program is intended to focus on expanding the existing Mineral Resources and discovering new resources;

• 5,000 m of the drill program is dedicated to testing for feeder zones for the large Silver Sand deposit;

• District exploration drilling to target the North Block and Snake Hole Zone; and

• Mineral continuity and geotechnical drilling to support the Silver Sand PEA.

For additional information on the 2021 drill program, please see the Company’s news release dated July 27, 2021.

In addition to the 2021 drill program, the Company continues to advance or has commenced key studies and initiatives in support of the Silver Sand Project development. These include environmental baseline, socioeconomic and hydrogeology studies.

For the year ended June 30, 2021, total expenditures of $3.36 million (year ended June 30, 2020 – $9.48 million) were capitalized under the Silver Sand Project.

CARANGAS PROJECT

In April 2021, the Company signed a mining association agreement with a private Bolivian company to acquire a 98% interest in the Carangas Project. Under the agreement, the Company will cover 100% of the future expenditures of exploration, mining, development and production activities.  The agreement has a term of 30 years and renewable for another 15 years.  

On June 29, 2021, the Company announced the commencement of an initial discovery drill program at the Carangas Project.  Phase I of the 5,000 m drill program is expected to be comprised of approximately 20 drillholes with an initial 3,000 m to be completed over an eight-week period.  Contingent on the success of initial results, follow-up drilling will complete the budgeted 5,000 m program.

For the year ended June 30, 2021, total expenditures of $0.25 million (year ended June 30, 2020 – $nil) were capitalized under the project.

The Carangas Project is comprised of two exploration licenses covering an area of 6.25 km2 and owned 100% by the Company’s Bolivian joint venture partner. New Pacific has entered into a mining association agreement with the Bolivian partner (the “Carangas Joint Venture”), under which New Pacific is required to cover 100% of the future expenditures on exploration, mining, development, and production activities in return for 98% economic interest in the Project. 

SILVERSTRIKE PROJECT

During the fiscal year ended June 30, 2021, the Company’s exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project. The results to date indicate good to excellent exploration potential for hosting narrow, high-grade, near-surface broad-zones of silver mineralization.  Please refer to the Company’s news release dated September 29, 2020 for details on the exploration program at the northern areas of the project and to the news release dated November 19, 2020 for details on exploration activities and field work on the central and southern areas of the project.

For the year ended June 30, 2021, total expenditures of $1.29 million (year ended June 30, 2020 – $0.48 million) were capitalized under the Silverstrike Project.

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 Projects (“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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:

Stacey Pavlova, CFA

VP, Investor Relations and Corporate Communications

New Pacific Metals Corp.

Phone: (604) 633-1368

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

E-mail: info@newpacificmetals.com

www.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; 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, 2020 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 approval of the mining association agreement for the Silverstrike Project by AJAM; the ability of the Company 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

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.

Download PDF Version

Highlights include 187.7 m at 101 g/t AgEq including 7.4 m at 625 g/t AgEq and 143.6 m at 144 g/t AgEq including 26.2 m at 589 g/t AgEq

VANCOUVER, British Columbia – September 8, 2021 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG; NYSE-A: NEWP) is pleased to announce that the Company has received assay results from the first two drill holes of the initial ~3,000 metres (“m”) Phase I discovery drill program in a total of 13 drill holes at the Carangas Silver Project, Oruro Department, Bolivia (the “Carangas Project” or the “Project”). The drill holes intersected silver-rich polymetallic mineralization starting at or near-surface and continuing to depth (Table 1, Figure 1).  The assay results of the remaining drill holes are pending.

1.      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.

2.      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 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 generally applied for calculation of length-weighted intercept. Occasionally, samples lower than 20g/t AgEq may be included in the calculation of consolidation of mineralized intercepts.

The discovery drill program commenced on June 21, 2021 (for details please refer to the Company’s news release dated June 29, 2021). Phase I of the program comprises ~3,000 m of diamond core drilling designed to test the depth extensions of the historically-mined mineralized zones at West and East Dome (for details please refer to the Company’s news releases dated April 12, 2021 and June 14, 2021).

To date, 3,012 m have been completed in 12 drill holes (Figure 1). All drill holes encountered thick intervals of predominantly fracture-controlled, volcanic breccia and/or dacitic tuff-hosted, polymetallic mineralization. While assays are pending, based on geological features and field based, real-time, X-Ray Fluorescence analysis (utilizing a Niton XRF), drilling to date appears to have defined mineralization covering an area approximately 1,000 m long by 300 m wide and up to 200 m in depth (Figure 1). Mineralization remains open in every direction including depth beyond the current drill footprint (Figure 1).

Broad Zones of Silver Mineralization Starting at Surface

Drill hole DCAr0001 was collared in the centre of the West Dome, the locus of historic mining activities. The drill hole was drilled to the south-east at -55 degrees to test the depth extension of historically mined hydrothermal breccias. The drill hole intercepted a 187.70 m interval with a grade of 101 g/t AgEq (67 g/t Ag, 0.63% Pb and 0.45% Zn) from surface. The interval includes a high-grade sub-interval of 7.38 m at 625 g/t AgEq (578 g/t Ag, 1.58% Pb) from 23.90 m to 31.28 m (Table 1).

Two historical mining voids were recorded from 21.22 m to 23.90 m and from 72.80 m to 74.00 m. Near the end of the drill hole, from 288.23 m to 292.36 m, an interval of 4.13 m dacitic, lithic, tuff-hosted mineralization yielded 80 g/t AgEq (48 g/t Ag, 0.37% Pb and 0.63% Zn) suggesting a second mineralized horizon may occur at depth. 

Drill hole DCAr0002 was collared on the same drill pad as DCAr0001 and drilled to the south-west at -40 degrees to test for potential extensions of mineralization at depth. The drill hole intercepted 143.62 m at a grade of 144 g/t AgEq (130 g/t Ag, 0.41% Pb and 0.04% Zn) from 1.70 m to 145.32 m, including a high-grade sub-interval of 26.24 m at a grade of 589 g/t AgEq (577 g/t Ag, 0.4% Pb) from 39.45 m to 65.69 m. This drill hole intercepted multiple mining voids with an aggregate total length of 18.93 m without core recovery.  

These two drill holes have defined initial morphology of the mineralized host units as sub-horizontal. Breccia-hosted mineralization is characterized by the presence of very fine silver-lead sulfides disseminated in a dark grey, chalcedony matrix between altered rhyolite clasts. Mineralization in the underlying dacitic lithic tuff is characterized by veins and veinlets of silver-lead-zinc sulfides which form sheet veins and veinlets, stockworks, tectonic breccias and associated weakly disseminated sulfides. 

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

West Dome

The first six drill holes of the program were completed at West Dome, with individual hole lengths varying from 150.0 m to 300.4 m. The first five drill holes, from DCAr0001 to DCAr0005, were collared on the top of the West Dome in volcanic breccia and were drilled in various azimuth directions and dip angles to define and test the mineralization hosted in the surface volcanic breccia horizon and in the underlying dacitic lithic tuff (Figure 1).

The sixth drill hole, DCAr0006, is located on the eastern slope of the dome to test the down dip extension of the wide mineralized fracture zones exposed in historical underground mining workings (Figure 1).

East Dome

Three drill holes, from DCAr0007 to DCAr0009, were completed at East Dome, with individual hole length varying from 250 m to 350 m. All three holes were drilled to the north-northeast at dips of -45 degrees. The drill holes were designed to test the depth extents of the historically mined mineralized fracture zones.

Central Valley

Three drill holes, from DCAr0010 to DCAr0012, were completed to test the fluvial filled Central Valley between West Dome and East Dome. All three drill holes are lined in azimuth direction 20 degrees at dip angle -45 degrees.

South Dome

The final planned hole of Phase I drilling, DCAr0013, will test for mineralization beneath the mineralized outcrop of lithic tuff and breccia at South Dome and the underlying surrounding fluvial sediments.

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.

3.      Depth numbers in the table for holes DCAr0012 and DCAr0013 are planned depth.

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). 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, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources thro­­­ugh the exploration and acquisition of properties in the Americas.

For further information, please contact:

Stacey Pavlova, CFA

VP, Investor Relations and Corporate Communications

New Pacific Metals Corp.

Phone: (604) 633-1368

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

E-mail: info@newpacificmetals.com

www.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; 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 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 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 disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”).  The terms “proven mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101.  Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity.  An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.  Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.  Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.  Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7.  Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021.  The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7.  As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”.  In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Definition Standards.  During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards.  While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.