FISCAL 2021 HIGHLIGHTS
- Maintained working capital of
$46.36 million , sufficient to advance theSilver Sand Project and regional exploration initiatives, including the Carangas and Silverstrike Projects; - Silver Sand Preliminary Economic Analysis ("PEA") continues to advance as scheduled. A 38,000-metre ("m") exploration and resource expansion drill program commenced in
July 2021 ; - Received an administrative mining contract for the
Silver Sand Project , establishing a clear title to the project mineral rights; - Acquired a 98% interest in the
Carangas Silver Project inApril 2021 . A 5,000 m initial discovery drill program commenced inJune 2021 ; - Identified three significant new zones of gold and silver rich polymetallic mineralization on the
Silverstrike Project ; - Developed and implemented a Company-wide environmental policy and corporate social responsibility policy;
- Successfully completed the spin-out transaction of Whitehorse Gold Corp. (TSX.V: WHG.V), enabling shareholders to realize the value of the
Tagish Lake Gold Project in the current strong gold market; - Listed on the
Toronto Stock Exchange ("TSX") and delisted all of the Company's issued and outstanding shares from theTSX Venture Exchange ("TSX.V") inAugust 2020 ; and - Listed on the
NYSE American stock exchange inMay 2021 , achieving a significant milestone in the growth of the Company.
Dr.
FINANCIAL RESULTS
Working Capital: As of
Net loss attributable to equity holders of the Company for the year ended
Operating expenses for the year ended June 30, 2021 were
Income from investments for the year ended
Foreign exchange loss for the year ended
PROJECT OVERVIEW
SILVER SAND PROJECT
Since acquiring the project in 2017, the Company has carried out extensive exploration and Mineral Resource definition drill programs. From 2017 to 2019, the Company completed a total of 97,619 m of drilling in 386 diamond core drillholes.
On
- 80% of the drill program is intended to focus on expanding the existing Mineral Resources and discovering new resources;
- 5,000 m of the drill program is dedicated to testing for feeder zones for the large Silver Sand deposit;
- District exploration drilling to target the
North Block and Snake Hole Zone ; and - Mineral continuity and geotechnical drilling to support the Silver Sand PEA.
For additional information on the 2021 drill program, please see the Company's news release dated
In addition to the 2021 drill program, the Company continues to advance or has commenced key studies and initiatives in support of the
For the year ended
CARANGAS PROJECT
In
On
For the year ended
SILVERSTRIKE PROJECT
During the fiscal year ended
For the year ended
MANAGEMENT DISCUSSION AND ANALYSIS
This news release should be read in conjunction with the Company's Management Discussion and Analysis ("MD&A") and the audited consolidated financial statements and notes thereto for the corresponding period, which have been filed with the Canadian Securities Administrators and are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.newpacificmetals.com.
QUALIFIED PERSON
The scientific and technical information contained in this news release has been reviewed and approved by
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship
For further information, please contact:
VP, Investor Relations and Corporate Communications
Phone: (604) 633-1368
E-mail: info@newpacificmetals.com
www.newpacificmetals.com
To receive company 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 statements 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 anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; and estimates of the Company's revenues and capital expenditures.
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, including, without limitation, risks relating to: global economic and social impact of COVID-19; 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; loss 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
This 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 significant 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: the duration and effects of COVID-19 on our operations and workforce; 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
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-looking 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 under 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 US INVESTORS
This news release, including the documents incorporated by reference herein, has been prepared in accordance with the requirements of the securities laws in effect in
Accordingly, information contained in this news release and the documents incorporated by reference herein containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by
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