Earnings release
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1 NEWS RELEASE NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED JUNE 3 0 , 202 6 VANCOUVER, BRITISH COLUMBIA – September 3 , 202 6 : New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its financial results for the three months and year ended June 3 0 , 202 6 . All figures are expressed in US d ollars unless otherwise stated. FISCAL 202 6 HIGHLIGHT S On August 2 1 , 2026, the Company signed the Administrative Mining Contracts (“AMCs”) for its Carangas Silver - Gold Project (the “Carangas Project”) with the Autoridad Jurisdiccional Administrativa Minera (Administrative Mining Jurisdictional Authority, or “AJAM”). The AMCs, which cover the approximately 39 km2 of the Carangas Project, have a 30 - year fixed term. The signed AMCs will now be submitted to the Plurinational Legislative Assembly of Bolivia for ratification and approval. On August 1 4 , 2026, the Company filed an updated independent p reliminary e conomic a ssessment technical report for its Carangas Project titled “Carangas Project NI 43 - 101 Technical Report and Preliminary Economic Assessment” (the “ Updated Carangas PEA Technical Report”). The Updated Carangas PEA Technical Report is effective July 16, 2026 and was independently prepared by Ausenco Engineering Canada ULC. (“Ausenco”) in accordance with National Instrument 43 -101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The Updated Carangas PEA Technical Report considers an increased throughput rate and the inclusion of the gold zone when compared to the previous p reliminary e conomic as sessment technical report dated September 5, 2024 . See “ Cautionary Note Regarding Results of Preliminary Economic Assessment ” . Highlights of the Updated Carangas PEA Technical Report are as follows: o Post - tax net present value (“NPV”) (5%) of $2.65 billion and internal rate of return (“IRR”) of 35.9% at base case metal prices of: $45.00/ounce (“oz”) silver (“Ag”), $3,400/oz gold (“Au”), $1.20/pound (“lb”) zinc (“Zn”), and $0.90/lb lead (“Pb”); o 19 - year life of mine (“LOM”), excluding two - years of pre - production, producing approximately 195 million oz (“Moz”) of payable Ag, 1.1 Moz of payable Au, 1,453 million pounds (“Mlbs”) of payable Zn and 941 Mlbs of payable Pb, or 339.0 Moz silver equivalent (“AgEq”); and o Initial capital costs of $644.5 million and a post - tax payback of 2.4 years . On February 23, 2026, the Company signed a Framework Agreement for Cooperation and Coordination (the “Agreement”) with the Carangas community (“TIOC Carangas ”) in respect to the Carangas Project. The Agreement establishes a general framework of understanding and commitment between the Company and TIOC Carangas that reflects the shared intention to develop the Carangas Project based on transparency, fairness, mutual benefits, mutual respect, and long - term cooperation. O n October 21, 2025 , t he Company closed a bought deal financing. A total of 11,385,000 common shares of the Company were sold under the bought deal financing at a price of CAD $3.55 (approximately $2.53) per common share for total gross proceeds of approximately CAD $40.4 milli on (approximately $28.8 million). Raymond
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2 James Ltd. acted as sole bookrunner, and the Offering was co - led by Raymond James Ltd. and BMO Nesbitt Burns Inc. on behalf of a syndicate of underwriters. On October 23, 2025, the Company appointed Mr. Jalen Yuan as Chief Executive Officer (“CEO”) and Mr. Chester Xie as Chief Financial Officer (“CFO”). Mr. Yuan has also been appointed to the Company’s board of directors. This announcement follows the appointments of Mr. Yuan and Mr. Xie as Interim CEO and Interim CFO, respectively, in April 2025. FINANCIAL RESULTS Net loss attributable to equity holders of the Company for the three months and year ended June 3 0 , 202 6 was $ 0 . 99 million or $0. 0 1 per share and $ 4 . 19 million or $0.0 2 per share, respectively (the three months and year ended June 30, 2025 – net loss of $ 0. 8 9 million or $0.0 1 per share and $ 3 . 76 million or $0.0 2 per share, respectively). T he Company ’ s financial results were mainly impacted by the following items: Working Capital: As of June 3 0 , 202 6 , the Company had working capital of $ 3 7 . 76 million. Operating expenses for the three months and year ended June 30, 2026 were $1 . 59 million and $ 5 . 95 million , respectively (the three months and year ended June 30, 2025 - $1 . 42 million and $ 5 . 98 million , respectively). I ncome from investments for the three months and year ended June 30, 2026 were $ 0. 30 million and $ 1 . 01 million , respectively (the three months and year ended June 30, 2025 – $ 0. 13 million and $ 0. 79 million ). Loss on disposal of plant and equipment for the three months and year ended June 30, 2026 were $nil and $ 0.0 2 million (the three months and year ended June 30, 2025 – $nil and $nil, respectively). Foreign exchange gain for the three months and year ended June 30, 2026 was $ 0. 30 million and $0. 77 million , respectively (the three months and year ended June 30, 2025 – $ 0. 39 million and $ 1 . 41 million , respectively). PROJECT EXPENDITURE The following schedule summarized the expenditure incurred by category for each of the Company’s project s for relevant periods: Cost Silver Sand Carangas Silverstrike Total Balance, June 30, 2024 88,977,334 $ 19,854,042 $ 4,934,555 $ 113,765,931 $ Capitalized exploration expenditures Reporting and assessment 94,894 190,352 - 285,246 Drilling and assaying 342 6,763 5,125 12,230 Project management and support 1,155,235 889,034 37,828 2,082,097 Camp service 179,873 295,804 17,033 492,710 Permit and license 12,606 47,818 - 60,424 Value added tax not claimed 109,086 44,020 2,046 155,152 Foreign currency impact 51,499 26,018 3,058 80,575 Balance, June 30, 2025 90,580,869 $ 21,353,851 $ 4,999,645 $ 116,934,365 $ Capitalized exploration expenditures Reporting and assessment 765 519,339 - 520,104 Drilling and assaying 11,014 8,919 589 20,522 Project management and support 1,610,799 958,627 55,006 2,624,432 Camp service 899,749 154,812 19,458 1,074,019 Permit and license 6,359 42,203 - 48,562 Value added tax not claimed 176,952 21,178 965 199,095 Foreign currency impact (527,807) (181,714) (36,361) (745,882) Balance, June 30, 2026 92,758,700 $ 22,877,215 $ 5,039,302 $ 120,675,217 $
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3 SILVER SAND PROJECT For the three months and year ended June 30, 2026 , total expenditures of $ 0. 80 million and $ 2 . 71 million , respectively ( three months and year ended June 30, 2025 - $ 0. 3 2 million and $ 1 . 55 million , respectively) were capitalized under the project. CARANGAS PROJECT For the three months and year ended June 30, 2026 , total expenditures of $ 0. 75 million and $ 1 . 71 million , respectively ( the three months and year ended June 30, 2025 - $ 0 . 32 million and $ 1 . 47 million , respectively) were capitalized under the project. SILVERSTRIKE PROJECT For the three months and year ended June 30, 2026 , total expenditures of $ 0.0 2 million and $ 0.0 8 million , respectively (the three months and year ended June 30, 2025 - $ 0.0 2 million and $ 0.0 6 million , respectively) were capitalized under the project. MANAGEMENT DISCUSSION AND ANALYSIS This news release should be read in conjunction with the Company’s m anagement d iscussion and a nalysis (the "MD&A") and the audited consolidat ed f inancial statements and notes thereto for the corresponding period, which have been filed with the Canadian Securities Administrat ors and are available under the Company’s profile on SEDAR + 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 advancing two permitting stage precious metals projects in Bolivia. Its Silver Sand project in Potosí has the potential to become one of the world’s largest silver mines. The Carangas Silver – Gol d Project in Oruro strengthens the Company’s portfolio through scale, robust economics, and regional exploration potential. With over a decade of operating experience in Bolivia, New Pacific has earned the confidence of its stakeholders and shareholders. T he Company is headquartered in Vancouver, British Columbia, and its shares trade on the Canadian Securities Exchange under the symbol “NUAG” and on the New York Stock Exchange under the symbol “NEWP”. For further information, please contact: Peter Lekich , VP Investor Relations New Pacific Metals Corp. Phone: (604) 633 - 1368 Ext. 223 1750 – 1066 Hastings Street, Vancouver, BC V6E 3X1, Canada U.S. & Canada toll - free: 1 ( 877 ) 631 - 0593 E - mail: invest @newpacificmetals.com For additional information and t o receive the C ompany news by e - mail, please register using New Pacific’s website at www.newpacificmetals.com . CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARY ECONOMIC ASSESSMENT The results of the Updated Carangas PEA Technical Report are preliminary in nature and are intended to provide an initial assessment of the Carangas Project’s economic potential and development options. The Updated Carangas PEA Technical Report mine schedule and economic assessment includes numerous assumptions and is based on both I ndicated and Inferred Mineral Resources. Inferred resources are considered too speculative geologically to have the
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4 economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessments described herein will be achieved or that the Updated Carangas PEA Technical Report re sults will be realized. The estimate of Mineral Resources may be materially affected by geology, environmental, permitting, legal, title, socio - political, marketing or other relevant issues. Bolivia has recently experienced significant social unrest, inclu ding protests and blockades that led to a government - declared state of emergency. The Company’s projects have also previously been affected by illegal artisanal and small - scale mining activity, which resulted in disruption to operations. Such political and social instability could adversely affect the assumptions underlying the Updated Carangas PEA Technical Report, including anticipated permitting timelines, construction schedules, and operating costs. Mineral resources are not Mineral Reserves and do not have demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the Inferred Mineral Resources to be considered in future advanced studies. The pit design for the deeper gold zone requires mining of waste (waste stripping) on Mining Concessions in the southern portion of the planned open pit that do not belong to the Company. These concessions include approximately 1.85% of the mineral resources that have been included in the economic analysis for the Updated Carangas PEA Technical Report . These Concessions are held by the state of Bolivia and are not currently available for tenure. Although the Company is actively working with the Bolivian government to obtain them, there is no certainty that such concessions will be obtained or that a mining agreement will be entered into on acceptable terms. Failure to obtain such concessions , or to enter into a mining agreement on them could cause the Company to reevaluate the pit design and the outcome of the Updated Carangas PEA Technical Report . Ausenco Engineering Canada ULC (“Ausenco”) (Processing Plant, Infrastructure, Tailings, Water Management, Environment, Cost Estimate) was contracted to prepare the PEA in cooperation with SLR Canada (minerals resources), Moose Mountain Technical Services (mining), and JJ Metallurgical Services (Metallurgy). The qualified persons for the Updated Carangas PEA Technical Report are Mr. Anderson Candido, FAusIMM, Prin cipal Geologist with SLR Mr. Jinxing Ji, P.Eng., Metallurgist with JJ Metallurgical Services, Mr. Kevin Murray, P.Eng., Principle Process Engineer with Ausenco, Mr. Scott Elfen, PE, SME, and Global Technical Lead (Geotechnical) with Ausenco, Mr. James Mill ard, P. Geo., Director, Strategic Projects with Ausenco, and Mr. Marc Schulte, P.Eng., Mining Engineer with Moose Mountain Technical Services. All qualified persons for the Updated Carangas PEA Technical Report have reviewed and verified the disclosure of the Updated Carangas PEA Technical Report herein. The mineral resource estimate contained in the Updated Carangas PEA Technical Report is based on the Carangas MRE with an effective date of August 25, 2023, with a re - statement on March 31, 2026. Mineral Resources are constrained by an optimized pit shell at a metal price of $41.00/oz Ag, $3,300.00/oz Au, $1.00/lb Pb, $1.30/lb Zn, $4.00/lb Cu, recovery of 81.6% A g, 93.4% Au, 73.4% Pb, 66.9% Zn, 38.7% Cu and Cut - off grade of 30 g/t AgEq. Assumptions made to derive a cut - off grade included mining costs, processing costs, and recoveries were obtained from comparable industry situations. CAUTIONARY NOTE REGARDING FORWARD - LOOKING INFORMATION Except for statements of historical facts relating to the Company, certain information contained herein constitutes “forward - looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward - looking i nformation” within the meaning of applicable Canadian provincial securities laws (collectively, “forward - looking statements”). Forward - looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “goals”, “forecast”, “budget”, “potential” or variations thereof and other similar words, or statements tha t certain events or conditions “may”, “could”, “would”, “might”, “will” or “can” occur. Forward - looking statements include, but are not limited to: statements regarding the Company's financial results and the result s of the Updated Carangas PEA Technical Report . Forward - looking statements are based on a number of estimates, assumptions, beliefs, expectations and opinions of management on the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actu al events or results to differ materially from those projected in the forward - looking statements. These factors include fluctuating equity prices, bond prices and commodity prices; calculation of resources, reserves and mineralization; general economic conditions; foreign exchange risks; interest rate risk; foreign investment risk; loss of key personne l; conflicts of interest; dependence on management; uncertainties relating to the availability and costs of financing needed in the future; environmental risks; operations and political
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5 conditions; the regulatory environment in Bolivia and Canada; risks associated with community relations and corporate social responsibility; and other factors described in the MD&A, under the heading “Risk Factors”, in the Company's most recent annual information form and its other public filings. The foregoing is not an exhaustive list of the factors that may affect any of the Company’s forward - looking statements or information. The forward - looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and opinions include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, durat ion and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political cli mate in Bolivia; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with Corporación Minera de Bolivia by the Plurinational Legislative Assembly of Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at the Company's Carangas p roject to Administrative Mining Contract ; the ability of the Company to obtain national recognition of its Carangas p roject’s proposed “State of Necessity” designation; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other as sumptions and factors generally associated with the mining industry. Although the forward - looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward - looking statements. All forward - looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward - looking statements w hether as a result of new information, future events or otherwise except as may be required by law. These forward - looking statements are made as of the date of this news release . CAUTIONARY NOTE TO U NITED STATES INVESTORS This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws. All mining terms used herein but not otherwise defined have the meanings set forth in N ational Instrument 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 U nited States companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder. Additional information relating to the Company , including the Company’s a nnual i nformation f orm, can be obtained under the Company’s profile on SEDAR + at www.sedar plus .c a , on EDGAR at www.sec.gov , and on the Company’s website at www.newpacific metals.com .