New Pacific Announces Offering Participation

No ot for distrib bution to U.S.

. news wire s services or d disseminatio on in the Unit ted States.

NEW PACIFI IC ANNOUNC CES OFFERI ING PARTICIPATION

New Pacific Metals Corp VANCOU UVER, BRITIS SH COLUMB BIA – Octobe er 11, 2019: N

p. ("New Pacific" or the "Company") is plea ased to anno ounce that Pa an American Silver Corp. (“Pan Americ can”) has indi icated its intent t to participate in the Comp pany's bought t deal offering g (the "Offering"), announ nced on October 2, anding common shares of the Company (the 2019, to m maintain its pro rata intere est of 16.79% of the outsta "Common n Shares").

indicated its intent to partic nfirms that Silvercorp Meta The Comp pany also con als Inc. (“Silve ercorp”) has i cipate in the Offering to main ntain its pro ra ata interest of 28.93% of t the outstanding Common Shares. Further to the Comp pany's news release date ed October 2, 2019, the C Company wis shes to clarif fy that it doe es not consider S Silvercorp to be a control p person of the Company.

Company receiving The Offer ring is expected to close o on or about October 25, 20 019 and is su ubject to the C all necess sary regulator ry and stock e exchange app provals.

Each of P Pan American n and Silverco orp are relate ed parties of t the Company y for the purpo oses of Multil lateral Instrumen nt 61-101 — Protection of f Minority Sec curity Holders s in Special T Transactions ("MI 61-101" ") and the acquis sition by each h of Pan Ame erican and Sil lvercorp of Co ommon Shar res pursuant t to the Offerin ng is a related pa arty transactio on. The acquisition by Pan American an nd Silvercorp of Common S Shares pursu uant to the Offering is exempt t from the valuation and m minority appro oval requirem ments of MI 6 61-101 pursuant to the exemp ptions in Sect tions 5.5(a) and 5.7(a) of M MI 61-101.

a solicitation of an offer to buy any o This news release do oes not const titute an offe er to sell or a of the securities in the Unit ted States. T The securitie es have not been registe ered under t the United S States Securities s Act of 1933, as amended d, or any state e securities la aws and may not be offered d or sold with hin the United Sta ates, absent s such registrat tion or an app plicable exem mption from su uch registratio on requiremen nts.

About Ne ew Pacific Me etals Corp.

New Pacific is a Canadian explorat tion and deve elopment com mpany which o owns the Silv ver Sand Proj ject in the Potosí Department t of Bolivia, th he Tagish Lak ke gold projec ct in Yukon, C Canada and the RZY Proj ject in Qinghai P Province, Chin na.

For furthe er informatio on, please co ontact:

New Pacific Metals Co orp.

Gordon N Neal, Presiden nt Phone: (6 604) 633-1368 Fax: (604) 669-9387 info@new wpacificmetals s.com www.new wpacificmetals s.com

Neither the e TSX Venture Exchange nor r its Regulation n Services Prov vider (as that te erm is defined in the policies s of the TSX Ventu ure Exchange) accepts respon nsibility for the adequacy or a accuracy of this s news release e.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “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 obtaining required regulatory and stock exchange approvals required for the Offering; completion of the Offering; the closing date of the Offering and participation in the Offering.

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: the ability of the Company to close the Offering and the ability of the Company to obtain all stock exchange and regulatory approvals.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2019 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements or information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements or information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements or information.