NEW PACIFIC METALS CORP

A rebuilt Carangas study, this time including the gold zone and a higher throughput rate, put the project's after-tax value at US$2.65 billion with a 35.9% return at US$45 silver and US$3,400 gold - against US$501 million and 26% in the 2024 version at US$24 silver. Nineteen-year life, 339.0 million ounces of silver equivalent produced. Most of the jump comes from adding the gold and from far higher metal prices, and it remains a preliminary assessment with no reserves.

resource reserve update

Signed a Framework Agreement for Cooperation and Coordination with the Carangas community (TIOC Carangas), setting out commitments from both sides. The company called it a critical step towards production and said it lets the formal prior consultation with AJAM Oruro be completed.

regulatory community update

Progress report on permitting: at Carangas the company applied to convert its exploration licences into administrative mining contracts, the mining authority cleared it to begin prior consultation, and in August 2025 the Carangas community voted in favour of the process continuing and of further permitting and development work. Bolivia's newly elected government has said it wants to encourage foreign investment in mining.

regulatory community update

Closed a C$40.4 million bought deal of 11,385,000 shares at C$3.55, including the full over-allotment. Proceeds are for exploration and development at Carangas and Silver Sand, plus working capital; Silvercorp took 3,083,536 shares and Pan American 1,263,416.

capital raising announcement

Andrew Williams stepped down as CEO and director effective 15 April 2025. CFO Jalen Yuan became interim CEO and financial controller Chester Xie interim CFO, while the board began a search for a permanent CEO.

director officer appointment

First economic study of Carangas, three years after the discovery: a 16-year open pit on a near-surface, silver-rich subset of the deposit producing about 106 million payable ounces of silver, 620 million pounds of zinc and 382 million pounds of lead, for US$324 million of initial capital, an after-tax value of US$501 million at a 5% discount and a 26% return at US$24 silver, with all-in sustaining costs of US$7.60 an ounce net of by-products. A preliminary assessment on indicated and inferred material, not reserves.

resource reserve update

The Silver Sand prefeasibility study delivered New Pacific's first mineral reserves: 52.0 million tonnes at 105 g/t for 175.4 million ounces of silver, proven and probable. It describes a 13-year open pit producing about 157 million payable ounces on US$358 million of initial capital, worth US$740 million after tax at a 5% discount with a 37% return at US$24 silver and all-in sustaining costs of US$10.69 an ounce. The company said the next step is agreeing surface rights with local communities - the deposit is defined, the ground it sits on is not yet secured.

resource reserve update

First resource estimate for Carangas, two years after the discovery hole: 214.9 million tonnes indicated containing 205.3 million ounces of silver, 1.59 million ounces of gold, 1,444.9 million pounds of lead, 2,653.7 million pounds of zinc and 112.6 million pounds of copper - 559.8 million ounces of silver equivalent - plus 45.0 million tonnes inferred at 109.8 million ounces equivalent. Mineralisation starts at surface with a 1.8:1 strip ratio in the conceptual pit, and the project is 98%-controlled rather than wholly owned.

resource reserve update

Silver Sand's first economic study: a 14-year open pit producing about 171 million payable ounces of silver, initial capital of US$308 million, cash costs of US$8.45 and all-in sustaining costs of US$10.42 an ounce, for an after-tax value of US$726 million at a 5% discount and a 39% return at US$22.50 silver. A preliminary assessment, the lowest-confidence study type, and it carries no reserves - the deposit New Pacific has drilled since 2017 now has a number attached to it for the first time.

resource reserve update

AMC's updated Silver Sand estimate put measured and indicated resources at 54.26 million tonnes grading 116 g/t for 201.77 million ounces of silver, 30% more than the 155.05 million ounces in the 2019 estimate. Inferred resources fell to 4.56 million tonnes for 12.95 million ounces, partly because infill drilling upgraded them. The estimate used a US$22.50 silver price and a 30 g/t cut-off.

resource reserve update

The first hole at Silverstrike cut 111 metres at 1.54 g/t gold near surface, a discovery in the first hole of a programme begun three months earlier; six more holes had been drilled and were awaiting assay.

drilling result

First five holes of the 2022 Carangas program returned 535 metres at 1.0 g/t gold and 58 metres at 507 g/t silver, holding the pattern of a shallow high-grade silver horizon over a thick gold zone.

drilling result

The last ten holes of the 2021 Carangas program produced its best numbers yet - 595.7 metres at 1.25 g/t gold and 10.25 metres at 1,213 g/t silver - completing assays for all 35 holes. What began as a silver target is now a silver-gold system with a broad gold zone beneath it.

drilling result

A 323 metre intercept grading 1.03 g/t gold and 12 g/t silver confirmed that the gold at Carangas is broad as well as deep; 25 of the 35 discovery holes had been assayed and every one had hit silver-rich material near surface.

drilling result

Carangas turned out to have a gold zone underneath the silver: 148 metres at 78 g/t silver with 2.07% lead and zinc sitting on top of 95 metres at 1.14 g/t gold and 31 g/t silver. Seventeen of the 35 holes drilled in 2021 had been assayed.

drilling result

Metallurgical work showed 80% silver recovery from Silver Sand by heap leaching, which New Pacific said is cheaper to build and run than the alternatives, and it works about equally on oxide and transitional material - together roughly 80% of a resource then standing at 35.39 million tonnes at 137 g/t measured and indicated (155.85 million ounces of silver) plus 9.84 million tonnes inferred (35.55 million ounces).

other

The first two holes at Carangas hit silver from surface: 187.7 metres at 101 g/t silver equivalent including 7.4 metres at 625 g/t, and 143.6 metres at 144 g/t including 26.2 metres at 589 g/t. Eleven more holes were still to be assayed, and this is the discovery that turns Carangas from a target into a project.

drilling result

Bolivia's mining authority granted an Administrative Mining Contract over Silver Sand to New Pacific's local subsidiary Empresa Minera Alcira, with registration and notarisation complete. It establishes clear title to the project's mineral rights - the foundational legal step in a jurisdiction where tenure is the main risk.

regulatory community update

Began a 38,000 metre drill program at the flagship Silver Sand project in Potosi, Bolivia, with about 80% of it aimed at expanding the existing resource, 5,000 metres testing for feeder zones, and geotechnical and continuity holes to support a first economic study of the deposit.

drilling progress report

Filed a final base shelf prospectus and a US Form F-10 allowing up to US$200 million of shares, debt or warrants to be issued at will over the shelf's life. Standing permission to raise, for a company with no production and no revenue.

securities registration