New Pacific closes $40.42-million bought deal financing

Mr. Jalen Yuan reports NEW PACIFIC METALS CLOSES C$40.4 MILLION BOUGHT DEAL FINANCING New Pacific Metals Corp. has closed the bought deal financing that was previously announced on Oct. 14, 2025. A total of 11,385,000 common shares of the company were sold under the offering (as defined below) at a price of $3.55 per offered share for total gross proceeds of approximately $40.42-million, which includes the exercise in full by the underwriters of their overallotment option to purchase up to an additional 1,485,000 offered shares at the issue price. Raymond James Ltd. acted as sole bookrunner, and the offering was co-led by Raymond James and BMO Nesbitt Burns Inc., on behalf of a syndicate of underwriters which included Canaccord Genuity Corp., Cormark Securities Inc., Red Cloud Securities Inc. and Roth Canada Inc., pursuant to the terms of an underwriting agreement between the company and the underwriters dated Oct. 15, 2025. Silvercorp Metals Inc. participated in the offering by subscribing for 3,083,536 offered shares, representing approximately $10.95-million in gross proceeds. As of the closing, Silvercorp owns, directly and indirectly, approximately 27.99 per cent of the outstanding common shares of the company. Pan American Silver Corp. participated in the offering by subscribing for 1,263,416 offered shares, representing approximately $4.49-million in gross proceeds. As of the closing, Pan American owns, directly and indirectly, approximately 11.47 per cent of the outstanding common shares. Each of Silvercorp and Pan American is a related party of the company for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), and the acquisition by each of Silvercorp and Pan American of offered shares pursuant to the offering was a related-party transaction. The acquisition by each of Silvercorp and Pan American of offered shares pursuant to the offering was exempt from the valuation and minority approval requirements of MI 61-101 pursuant to the exemptions in sections 5.5(a) and 5.7(a) of MI 61-101. The offering was completed by way of a prospectus supplement dated Oct. 15, 2025, to the company's short form base shelf prospectus dated Oct. 3, 2025. Copies of the prospectus supplement and base shelf prospectus are available under the company's profile on SEDAR+. The company intends to use the net proceeds of the offering for exploration and further development at the company's Carangas project and its Silver Sand project and for working capital and general corporate purposes, as disclosed in the prospectus supplement. About New Pacific Metals Corp. New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the company's flagship project, the Silver Sand silver project, the company's recently discovered Carangas silver-gold project and the company's third project, the Silverstrike silver-gold project. We seek Safe Harbor.