leadf
logo-loader
viewNew Pacific Metals

New Pacific Metals ends fiscal 2020 with C$66.9 million to advance its Bolivia projects

Among the highlights of the 12 months, the group posted an initial resource estimate for Silver Sand - one of the largest new global silver discoveries in the last decade

New Pacific Metals -
The Silver Sand resource showed a measured and indicated resource of 155.86 million ounces of silver and 35.55 million ounces of silver in the inferred category

New Pacific Metals Corp (CVE:NUAG) (OTCQX:NUPMF) posted its results for the fiscal year to end June, a period which saw it advance its Silver Sand project and acquire the Silverstrike deposit in Bolivia and set in motion plans to spin-out its Tagish Lake Gold project in Yukon.

The group also strengthened its coffers by raising C$38.9 million net through two bought deal financings to fund exploration and development, it noted in a statement. As of June 30, the resource firm held C$66.9 million in cash.

READ: Roth reiterates Buy rating on New Pacific Metals after data underscore Bolivian silver project potential

Among the highlights of the 12 months, the group posted a first NI 43-101 resource for Silver Sand - one of the largest new global silver discoveries in the last decade, which showed a measured and indicated resource of 155.86 million ounces (oz) of silver and 35.55 million oz of silver in the inferred category.

It also acquired the stand-alone Silverstrike project, a Silver Sand analog, which comprises underexplored, structurally controlled, silver-polymetallic sandstone hosted mineralization centred on the historic Berenguela mining district.

During the year, New Pacific carried out a strategic review of the Taglish Lake Gold asset and established a subsidiary Whitehorse Gold, to hold its 100% interest.

In the fourth quarter, the firm updated the exploration plan for the asset, among others, and reversed the previously recorded impairment on the TLG Project to its recoverable amount, being its fair value less costs of disposal (FVLCD).

Post period-end, New Pacific struck a deal with Whitehorse Gold, in which it proposes to spin-out all of the existing common shares of Whitehorse Gold to New Pacific shareholders by way of a share exchange under a plan of arrangement.

For the 12 months to June 30, the pre-revenue firm posted net income of C$7.9 million, or C$0.05 per share, compared to a net loss of C$2.4 million, or C$0.02 per share in the fiscal year to June 30, 2019.

This was largely due to the impairment recovery for the year of C$11.7 million related to the Tagish Lake Gold project compared to impairment loss of C$779,823 in the prior year period.

Contact the author at giles@proactiveinvestors.com

Quick facts: New Pacific Metals

Price: 5.97 CAD

TSX:NUAG
Market: TSX
Market Cap: $909.22 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of New Pacific Metals named herein, including the promotion by the Company of New Pacific Metals in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Alastair Ford on China's spending spree, gold's goals and silver's surge

Mining Capital's Alastair Ford joins Proactive's Katie Pilbeam to discuss how China's multiple stimulus measures are helping to boost the mining industry as a whole. Silver is often forgotten due to Gold's stardom yet Ford notes that the commodity is also performing especially well. He...

on 28/8/20

2 min read