New Pacific Announces Filing of the Carangas Project Technical Report

NEWS RELEASE

NEW PACIFIC ANNOUNCES FILING OF THE CARANGAS PROJECT TECHNICAL REPORT

VANCOUVER, BRITISH COLUMBIA – NOVEMBER 22, 2022 – New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX: NUAG; NYSE American: NEWP), announces today the filing of a technical report entitled “Carangas Project Technical Report” with an effective date of June 16, 2022 (the “Technical Report”) prepared by Donald J. Birak, SME, AusIMM Fellow, a Qualified Person as defined by National Instrument 43-101.

The Technical Report was prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

A copy of the Technical Report is available under the Company's profile on SEDAR at www.sedar.com, 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 precious metal projects in Bolivia. The Company’s flagship Project, the Silver Sand Silver Deposit, is expecting a new Mineral Resource Estimate Update and a PEA by the end of 2022. The recently discovered Carangas Silver-Gold Project is undergoing a 40,000 m drill program. The third project, the Silverstrike Silver-Gold Project, commenced a 6,000 m discovery drill program in June 2022 and discovered a near surface broad gold zone in its first hole drilled.

For further information, please contact:

New Pacific Metals Corp.

Phone: (604) 633-1368 Ext. 222 U.S. & Canada toll-free: 1-877-631-0593 E-mail: [email protected] For additional information and 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; 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 for the year ended June  30, 2022 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 of the Company’s Bolivian partner 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 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.  The  technical  and  scientific  information  contained  herein  has  been  prepared in accordance with NI 43‐101, which differs from the standards adopted by the U.S. Securities and Exchange Commission  (the “SEC”). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves  and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure  requirements of the SEC. 

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.sedar.com, on EDGAR at www.sec.gov, and on the Company’s website at  www.newpacificmetals.com.