New Pacific Metals Corp. provided an update on its 2023 plan for its three precious metal projects in Bolivia. The Silver Sand Project: With the filing of the independent Preliminary Economic Assessment technical report for the Silver Sand project in February 2023, the Company is working to advance the Silver Sand Project in 2023 by 1) completing a pre-feasibility study, and 2) working towards obtaining an "environmental license", that is the "Environmental Impact Statement issued by the Ministry of Environmental and Water of Bolivia.

The Company already has an Administrative Mining Contract which grants mineral exploration and exploitation rights in the AMC area to the Company for 30 years. For starting to construct the mine and mill at Silver Sand, the Company is required to obtain the "Environmental Impact Statement issued by the Ministry of environmental and Water of Bolivia after submitting an "Environmental Impact Assessment Study technical report to the Ministry. The key components of the EEIA include: Technilal documents for the project (PEA or PFS); Environmental and social baseline data; Socialization and agreements with local communities; Historical site study; and Minutes of public consultation.

With the proposed mine development design, infrastructure layout, aneconomic evaluation for the Silver Sand Projecect outlined in the PEA, the Company has now identified communities impacted directly and indirectly, and plans to carry out socialization with these communities. The Company is also actively engaging with the Bolivia state mining corporation, Corporacin Minera de Bolivia, to obtain the ratification and approval of the signed Mining Production Contract at Silver Sand by the Plurinational Legislative Assembly of Bolivia. The MPC presents an opportunity to explore and evaluate the possible extensions and/or satellites of mineralization outside of the currently defined Silver Sand Project.

The Company remains committed to finding an economically viable solution with COMIBOL to unlock the potential of this additional exploration ground for the benefit of all stakeholders. The Carangas Project: At the Carangas Silver-Gold Project in Oruro Department, the Company remains on schedule to complete a 15,000-meter drill program by the end of March 2023 with five drill rigs. This drill program focuses on three objectives: (1) to extend the deep gold mineralization to the northeast; (2) to extend the shallow silver mineralization to the southwest; and (3) resource definition infill drilling.

The Company is currently working with an independent consulting firm to complete an inaugural mineral resource estimate for Carangas, completion is expected by the middle of 2023 based on data from approximately 80,000 meters of drilling in more than 180 holes completed since June 2021. The Company will also work with independent consulting firms to complete a PEA study, expected to be completed by the end of 2023. The Silverstrike Project: At the Silverstrike Project in La Paz Department, the Company has decided to pause its exploration activities this year.

The Company has made the prudent decision to scale back its operations at Silverstrike to focus on the programs for Silver Sand and Carangas projects as outlined above.