Earnings release
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1 NEWS RELEASE NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 VANCOUVER, BRITISH COLUMBIA – November 7, 2025: New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its financial results for the three months ended September 30, 2025. All figures are expressed in US dollars unless otherwise stated. FISCAL 2026 Q1 HIGHLIGHT The Company closed a bought deal financing on October 21, 2025. A total of 11,385,000 common shares of the Company were sold under the bought deal financing at a price of CAD $3.55 (approximately $2.53) per common share for total gross proceeds of approximately CAD $40. 4 million (approximately $28.8 million). Raymond James Ltd. acted as sole bookrunner, and the Offering was co-led by Raymond James Ltd. and BMO Nesbitt Burns Inc. on behalf of a syndicate of underwriters. On October 23, 2025, the Company appointed Mr. Jalen Yuan as Chief Executive Officer (“CEO”) and Mr. Chester Xie as Chief Financial Officer (“CFO”). Mr. Yuan has also been appointed to the Company’s board of directors. This announcement follows the appointments of Mr. Yuan and Mr. Xie as Interim CEO and Interim CFO, respectively, in April 2025. FINANCIAL RESULTS Net loss attributable to equity holders of the Company for the three months ended September 30, 2025 was $0.75 million or $0.00 per share (three months ended September 30, 2024 – net loss of $1.26 million $0.01 per share). The Company’s financial results were mainly impacted by the following items: Working Capital: As of September 30, 2025, the Company had working capital of $14.88 million. Operating expenses for the three months ended September 30, 20 25 was $1.32 million (t hree months ended September 30, 2024 – $1.61 million). Income from investments for the three months ended September 30, 2025 was $0.11 million (three months ended September 30, 2024 – $0.25 million). Foreign exchange gain for the three months ended September 30, 2025 was $0.46 million (three month ended September 30, 2024 – $0.10 million). PROJECT EXPENDITURE The following schedule summarized the expenditure incurred by category for each of the Company’s projects for relevant periods:
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2 SILVER SAND PROJECT For the three months ended Septem ber 30, 2025, total expenditures of $0.51 million (thr ee months ended September 30, 2024 - $0.52 million) were capitalized under the project. CARANGAS PROJECT For the three months ended Septem ber 30, 2025, total expenditures of $0.17 million (thr ee months ended September 30, 2024 - $0.36 million) were capitalized under the project. SILVERSTRIKE PROJECT For the three months ended Septem ber 30, 2025, total expenditures of $0.02 million (thr ee months ended September 30, 2024 - $0.03 million) were capitalized under the project. MANAGEMENT DISCUSSION AND ANALYSIS This news release should be read in conjunction with the Company’s management discussion and analysis (the "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.sedarplus.ca,on EDGAR at www.sec.gov and on the Company’s website at www.newpacificmetals.com. ABOUT NEW PACIFIC New Pacific is a Canadian exploration and development company with three precious metal projects in Bolivia. The Company’s flagship Silver Sand project has the potential to be developed into one of the world’s largest silver mines. The Company is also advancing its robust, high-margin silver-lead-zinc Carangas project. Additionally a discovery drill program was completed at Silverstrike in 2022.
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3 For further information, please contact: Peter Lekich, VP Investor Relations New Pacific Metals Corp. Phone: (604) 633-1368 Ext. 223 1750 – 1066 Hastings Street, Vancouver, BC V6E 3X1, Canada U.S. & Canada toll-free: 1 (877) 631-0593 E-mail: invest@newpacificmetals.com For additional information and to receive the Company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical facts relating to the Company, certain information contained herein constitutes “forward-looking statements” within the meaning of the Unit ed States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “goals”, “forecast”, “budget”, “potential” or variations thereof and other similar words, or statemen ts that certain events or conditions “may”, “could”, “would”, “might”, “will” or “can” occu r. Forward-looking statem ents include, but are not limited to: statements regarding the Company's financial results. Forward-looking statements are based on a number of estimates, assumptions, beliefs, expectations and opinions of management on the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include fluctuating equity pric es, bond prices and commodity prices; calculation of resources, reserves and mineralization; general economic co nditions; 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 C anada; risks associated with community relations and corporate social responsibilit y; and other factors described in the MD&A , under the heading “Risk Factors”, in the Company's most recent annual information form and its other public filings. The foregoing is not an exhaustive list of the factors that may affect any of the Company’s forward-looking statements or information. The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and opinio ns include, but are not limit ed to, those related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and ec onomic viability of such operations; the accuracy and reliabili ty of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the ti mely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with Corporación Minera de Bolivia by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Company's Carangas project to Administrative Mining Contract; the ability of the Company to obtain national recognition of its Carangas project’s proposed “State of Necessity” designation; the ability to meet current and future obligations; the ability to obta in 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-
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4 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 ex pressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release. CAUTIONARY NOTE TO UNITED STATES INVESTORS This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securi ties laws. All mining terms used herein but not otherwise defined have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Unless otherwise indicated, the technical and scientific disclosure herein has been prepared in accordance with NI 43-101, which differs significantly from the requirements adopted by the United States Securities and Exchange Commission. Accordingly, information contained in this news release containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder. Additional information relating to the Company, including the Company’s annual information form, can be obtained under the Company’s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.newpacificmetals.com.