New Pacific Reports Financial Results FOR the Three and Six Month Ended Dece Mber 3 1 , 202 3
1
NEWS RELEASE
NEW PACIFIC REPORTS FINANCIAL RESULTS FOR
THE
THREE
AND SIX
MONTH
ENDED
DECE
MBER
3
1
, 202
3
VANCOUVER, BRITISH COLUMBIA
–
FEBRUARY 13
,
202
4
:
New Pacific Metals Corp.
(“New Pacific” or the “Company”)
reports
its financial results for the
three
and six
months
ended
December 31
, 202
3
.
All figures are expressed in
US
d
ollars unless otherwise stated.
FINANCIAL RESULTS
Net
loss
attributable to equity holders of the Company
f
or the
three
and six
months
ended
Dec
ember
3
1
, 202
3
was
$
1
.
52
million
and $3.27 million
or $0.0
1
and $0.02
per share
, respectively
(
three
and six
months
ended
December 31
,
202
2
–
net loss of $
1
.
87
million
and $3.96 million
or $0.0
1
per share
and $0.03 per share, respectively
). T
he Company
’
s
financial results were mainly impacted by the following
items:
Operating expenses
f
or the three
and six
months
ended
December 31
, 202
3
of
$
1.
8
2
million
and $3.69 million,
respectively
(three
and six
months
ended
December 31
, 202
2
-
$
1.93
million
and $3.99 million, respectively
).
Net
I
ncome
from investments
f
or the three
and six
months ended
December 31
, 202
3
of
$0.
28
million
and $0.30
million, respectively
(three
and six
months
ended
December 31
, 202
2
–
$0.
0
8
million
and $0.04 million,
respectively
).
Gain
on disposal of plant and equipment
for the three
and six
months ended
December 31
, 2023
of
$nil and
$0.05 million
,
respectively
(three
and six
months ended
December
3
1
, 2022
–
$nil
and $nil, respectively
).
Foreign exchange
gain
f
or the
three
and six
months
ended
December 31
, 202
3
of
$
0.0
2
million
and $0.07
million, respectively
(
three
and six
months
ended
December 31
, 202
2
–
loss
of
$
0.
03
million
and $0.01 million,
respectively
).
Working Capital:
As of
December 31
, 202
3
, the Company had working capital of
$
2
5
.
70
million.
2
PROJECT
EXPENDITURE
The following schedule summarized the expenditure incurred by category for each
of the Company’s
project
s
for
relevant periods:
SILVER SAND PROJECT
For the three
and six
months
ended
December 31
, 202
3
, total expenditures of $
0.
41
million
and $1.38 million,
respectively
(three
and six
months
ended
December 31
, 202
2
-
$
1
.
7
0
million
and $4.20 million, respectively
) were
capitalized under the project.
CARANGAS PROJECT
For the three
and six
months
ended
December 31
, 202
3
, total
expenditures of $
0
.
32
million
and $0.94 million,
respectively
(three
and six
months
ended
December 31
, 202
2
-
$
2.
87
million
and $5.85 million, respectively
) were
capitalized under the project.
SILVERSTRIKE PROJECT
For the
three
and six
months
ended
Dec
ember
3
1
, 202
3
, total expenditures of
$
0.0
1
million
and $0.08 million,
respectively
(
three
and six
months
en
ded
Decem
ber
3
1
,
202
2
-
$
0.
70
million
and $1.15 million, respectively
)
were
capitalized under the
p
roject.
MANAGEMENT DISCUSSION
AND ANALYSIS
This news release should be read in conjunction with the Company’s
m
anagement
d
iscussion and
a
nalysis
and
the
un
audited
condensed and
consolidat
ed
f
inancial
statements
and notes thereto for the corresponding period, which
have been filed
with the Canadian Securities Administrat
ors
and are available
under the Company’s profile on
SEDAR
+
at
www.sedarplus.ca
,
on EDGAR at
www.sec.gov
and on the Company’s website at
www.newpacificmetals.com.
3
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company with three precious metal projects in Bolivia. The
Company’s flagship Silver Sand project has the potential to be developed into one of the world’s largest silver mines.
The Company is also rapi
dly advancing its Carangas project towards a Preliminary Economic Assessment. For the
Silverstrike project, the Company completed a discovery drill program in 2022.
For further information, please contact:
Andrew Williams,
CEO
New Pacific Metals
Corp.
Phone: (604) 633
-
1368
Ext. 236
1750
–
1066 Hastings Street, Vancouver, BC V6E 3X1, Canada
U.S. & Canada toll
-
free: 1
(
877
)
631
-
0593
E
-
mail:
invest
@newpacificmetals.com
For additional information and t
o receive
the C
ompany
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 s
tatements 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
the Company’s financial results
.
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, includ
ing, without limitation, risks relating to: 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; l
oss 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 a
nd 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, 2023 and its other public filings. T
his 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 sign
ificant 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: 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; forei
gn exchange
rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of
4
the Mining Production Contract with the Corporacion Minera de Bolivia by the Plurinational Legislative Assembly of
Bolivia; the ability of the Company’s Bolivian partner to convert the exploration licenses at
its
Carangas
p
roject to
administrative mining contracts; 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
-
l
ooking 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
und
er 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 U
NITED STATES
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.
All mining terms used herein but not otherwise
defined have the
meanings set forth in N
ational Instrument
43
-
101
–
Standards
of Disclosure for Mineral Projects
(“NI 43
-
101”)
.
Unless otherwise indicated, the technical and scientific disclosure herein has been prepared in
accordance with NI 43
-
101, which differs significantly from the requirements adopted by the
United States
Securities
and Exchange Commission.
Accordingly, information contained in this
news release
containing descriptions of the Company's mineral deposits
may not be comparable to similar information made public by U
nited States
companies subject to the reporting and
disclosure requirements of United States federal securities laws and the rules and regulations thereunder.
Additional information relating to the Company
, including the Company’s
a
nnual
i
nformation
f
orm,
can be obtained
under the Company’s profile on
SEDAR
+
at
www.sedar
plus
.c
a
,
on EDGAR at
www.sec.gov
,
and
on
the Company’s
website at www.newpacific
metals.com
.