Nova Pacific Metals Completes Preliminary Field Reconnaissance and Enters into Marketing Agreements

Rhea-AI Summary

Nova Pacific Metals Corp. (NVPCF) has announced the completion of an Archaeology Preliminary Field Reconnaissance (PFR) report for its Lara VMS property near Duncan, BC. The assessment, conducted by Context Archaeology Consulting with Cowichan First Nations representatives, concluded that the area has low archaeological potential, requiring no further archaeological studies. The company has submitted the report to the Ministry of Energy, Mines and Low Carbon Innovation. Additionally, Nova Pacific has entered into marketing agreements with Native Ads Inc. for US$260,000 over six months and Alphai News Corp. for $75,000 over three months to execute digital marketing campaigns.

Positive

• Archaeological assessment concluded with low potential, clearing path for project development
• Strategic marketing investments totaling US$335,000 to enhance company visibility

Negative

• Significant marketing expenses of US$335,000 impact cash reserves

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce the successful completion of the Archaeology Preliminary Field Reconnaissance (PFR) report for its Lara VMS property near Duncan, BC. The report has been submitted to the Ministry of Energy, Mines and Low Carbon Innovation as part of the Company's Notice of Work (NOW).

The field portion of the PFR was conducted on September 20, 2024, by Context Archaeology Consulting Ltd., accompanied by representatives from both Cowichan First Nations and Nova Pacific. The primary objectives of the study were to:

• Determine the presence of archaeological sites or potential, if any, within the area of interest (AOI);
• Identify areas with high potential to contain protected archaeological resources;
• Record any archaeological sites; and
• Provide recommendations for future archaeological studies.

Following a thorough assessment, Context Archaeology reported that the AOI is evaluated as having low archaeological potential. As a result, no further archaeological studies are recommended for the proposed project area.

Mr. J. Malcolm Bell, CEO of Nova Pacific, commented on the significance of this development: "The completion of the Archaeology PFR marks an important step for Nova Pacific as we advance the Lara project. This process not only ensures our compliance with regulatory requirements but also demonstrates our commitment to fostering positive relationships and accommodation with nearby aboriginal communities. We are pleased with the findings in the report and look forward to progressing our work at the Lara VMS property while maintaining our focus on responsible and respectful development."

Nova Pacific has provided the final PFR report to the Ministry of Energy, Mines and Low Carbon Innovation with copies going to First Nation communities, further underlining the Company's commitment to transparency and collaboration.

In addition, Nova Pacific announces that the Company has entered into the following marketing agreements:

Native Ads Inc. Agreement

Nova Pacific has entered into a service agreement with Native Ads Inc. ("Native Ads") dated October 30, 2024, pursuant to which Native Ads will provide a marketing campaign for a total retainer of up to US$260,000, with a term of six months or until the retainer is depleted. Under the agreement, Native Ads will execute a comprehensive digital media advertising campaign for the Company which includes content creation, web development, search engine optimization, campaign reporting and optimization.

The Company will not issue any securities to Native Ads as compensation for its marketing services. As of the date hereof, to the Company's knowledge, Native Ads (including its directors and officers) does not own any securities of the Company and has an arm's length relationship with the Company.

Alphai News Corp. Agreement

The Company has entered into a service agreement with Alphai News Corp. ("Alphai News") dated October 30, 2024, pursuant to which Alphai News will provide marketing services for a total retainer of up to $75,000 (plus GST), with a term of three months, or until the retainer is depleted. The Company in its sole discretion can decide to extend the agreement on a monthly basis. Under the agreement, Alphai News shall, as appropriate, create campaigns, ad groups, text ads, display ads, perform detailed keyword research, setup and manage remarketing campaigns, optimize keyword options, coordinate online advertisers and marketers corresponding to online marketing targets, create landing pages for ad campaigns and generally bring attention to the business of the Company.

The Company will not issue any securities to Alphai News as compensation for its marketing services. As of the date hereof, to the Company's knowledge, Alphai News (including its directors and officers) does not own any securities of the Company and has an arm's length relationship with the Company.

About Nova Pacific Metals Corp.

Nova Pacific is a Canadian exploration and development company focused on pursuing projects with a significant mineral discovery thus providing a viable pathway to potential development. The key project being developed by the Company is its recently acquired Lara VMS Project located on southern Vancouver Island, British Columbia. The Lara Project is principally a brownfields development asset with excellent potential for expansion and near-term production.

For additional information please visit: www.novapacificmetals.com

Rights of Indigenous Communities Statement

Nova Pacific recognizes the Rights of all Indigenous Peoples of Canada. The Company is committed to consultation and accommodation with the Hul'qumi'num Treaty Group communities on whose Traditional, Ancestral and Unceded Territory the Lara Property is located. The Hul'qumi'num Treaty Group is a politically unified group that represents six Hul'qumi'num-speaking First Nations: Cowichan, Stz'uminus, Penelakut, Lyackson, Halalt, and Lake Cowichan.

On behalf of the Board of Directors

J. Malcolm Bell
Chief Executive Officer, Director

For Further Information, please contact:

Nova Pacific Metals Corp.
Investor Inquiries
info@novapacificmetals.com
+1-416-918-6785

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228445

FAQ

What were the findings of Nova Pacific Metals' (NVPCF) archaeological assessment at Lara VMS property?

The archaeological assessment conducted on September 20, 2024, concluded that the area of interest has low archaeological potential, and no further archaeological studies are recommended for the proposed project area.

How much is Nova Pacific Metals (NVPCF) spending on marketing agreements in 2024?

Nova Pacific Metals is spending US$260,000 with Native Ads Inc. for a six-month campaign and $75,000 with Alphai News Corp. for a three-month marketing campaign.

When did Nova Pacific Metals (NVPCF) complete its Preliminary Field Reconnaissance at Lara VMS?

The field portion of the Preliminary Field Reconnaissance (PFR) was conducted on September 20, 2024, by Context Archaeology Consulting