NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTH ENDED SEPTEMBER 30, 2023

VANCOUVER, BC, Nov. 7, 2023

FISCAL 2024 Q1 HIGHLIGHTS

•   The Company filed its inaugural independent National Instrument 43–101 – Standards of Disclosure for Mineral Projects ("NI 43-101") mineral resource estimate (the "MRE") for its Carangas Project on September 18, 2023. Total indicated mineral resources of 214.9 million tonnes ("Mt") containing 205.3 million ounces ("Mozs") of silver ("Ag"), 1,588.2 thousand ounces ("Kozs") of gold ("Au"), 1,444.9 million pounds ("Mlbs") of lead ("Pb"), 2,653.7 Mlbs of zinc ("Zn"), and 112.6 Mlbs of copper ("Cu"); or collectively 559.8 Mozs silver equivalent ("AgEq"). Total inferred mineral resources are 45.0 Mt containing 47.7 Mozs of silver, 217.7 Kozs of gold, 297.9 Mlbs of lead, 533.7 Mlbs of zinc, and 16.8 Mlbs of copper; or collectively 109.8 Mozs AgEq. For further details, please refer to the Company's news release dated September 18, 2023.
• The Company successfully closed a bought deal financing on September 29, 2023. A total of 13,208,000 common shares of the Company were sold under the bought deal financing at a price of $1.96 (CAD $2.65) per common share for total gross proceeds of approximately $25.9 million (CAD $35 million). The underwriter's fee and other issuance costs for the transaction were approximately $1.4 million.
• The Company strengthened the Board by appointing Mr. Paul Simpson as a director on September 11, 2023.
• Completed leadership transition as Mr. Andrew Williams was appointed as Chief Executive Officer ("CEO") of the Company on September 11, 2023. Mr. Williams previously held the role of President of the Company. Dr. Rui Feng, founder of the Company, stepped down as CEO.

FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the three months ended September 30, 2023 was $1.75 million or $0.01 per share (three months ended September 30, 2022 – net loss of $2.09 million or $0.01 per share).  The Company's financial results were mainly impacted by the following items:

• Operating expenses for the three months ended September 30, 2023 were $1.87 million (three months ended September 30, 2022 - $2.06 million).
• Net Income from investments for the three months ended September 30, 2023 was $0.02 million (three months ended September 30, 2022 – $0.04 million).
• Gain on disposal of plant and equipment for the three months ended September 30, 2023 was $0.05 million (three months ended September 30, 2022 – $nil).
• Foreign exchange gain for the three months ended September 30, 2023 was $0.05 million (three months ended September 30, 2022 – gain of $0.01 million).

Working Capital: As of September 30, 2023, the Company had working capital of $27.06 million.

PROJECT EXPENDITURE