NEW PACIFIC REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED JUNE 30, 2022 – QNT Press Release


VANCOUVER, BC, Aug. 25, 2022 /PRNewswire/ – New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its financial results for the three months and year ended June 30, 2022. All figures are expressed in US dollars unless otherwise stated.

FISCAL 2022 HIGHLIGHTS
  • Commenced the 2022 drill program at the Silver Sand Project which includes resource infill drilling to improve the confidence in the continuity of mineralization and step-out drilling to test the extension of the major mineralized zones up and down dip as well as on strike. To date , a total of 21,309 metres (“m”) in 94 drill holes have been completed, of which assay results for 35 drill holes have been received;
  • Completed the 2021 drill program of 13,313.7 m in 55 drill holes and received assay results for all drill holes at the Silver Sand Project;
  • Commenced the 2022 drill program at the Carangas Silver-Gold Project, a total of 21,980 m in 43 drill holes have been completed so far, of which assay results for 12 drill holes have been received. The assay results continue to show near surface silver horizons stacking over a broad bulk of gold mineralization below;
  • Completed the 2021 initial discovery drill program at the Carangas Silver-Gold Project for a total of 13,209 m in 35 drill holes and received assay results for all drill holes. All assay results intersected silver-rich polymetallic mineralization near surface, with some deep holes intersecting a wide zone of gold mineralization below;
  • Commenced a 6,000 m initial discovery drill program at the Silverstrike Project and a 2,000 m initial discovery drill program at the Jisas prospect, a satellite concession located in the north block of the Silver Sand Project;
  • Continue to advance the preliminary economic assessment (“PEA”) study for the Silver Sand Project, including a mineral resource estimate (“MRE”). The PEA is expected to be completed by the end of 2022; and
  • Maintained working capital of $29.3 millionsufficient to advance the existing exploration projects and other regional exploration initiatives.
FINANCIAL RESULTS

Net loss attributable to equity holders of the Company for the year ended June 30, 2022 was $6.42 million or $0.04 per share (year ended June 30, 2021 – net loss of $6.57 million or $0.04 per share). The Company’s financial results were mainly impacted by the following: (i) operating expenses of $6.78 million compared to $5.95 million in the prior year; (ii) income from investments of $0.22 million compared to $0.40 million in the prior year; and (iii) foreign exchange gain of $0.19 million compared to loss of $1.02 million in the prior year.

For the three months ended June 30, 2022net loss attributable to equity holders of the Company was $2.34 million or 0.01 per share (three months ended June 30, 2021 – net loss of $1.97 million or 0.01 per share).

Operating expenses for the three months and year ended June 30, 2022 were $2.29 million and $6.78 millionrespectively (three months and year ended June 302021 – $1.57 million and $5.95 millionrespectively).

Income from investments for the three months and year ended June 30, 2022 was $0.01 million and $0.22 millionrespectively (three months and year ended June 30, 2021 – loss of $0.21 million and income of $0.40 millionrespectively).

Foreign exchange gain for the year ended June 30, 2022 was $0.19 million (year ended June 30, 2021 – loss of $1.02 million). The Company holds a portion of cash and short-term investments in USD to support its operations in Bolivia. Revaluation of these USD-denominated financial assets to their Canadian dollar (“CAD”) functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods. For the year ended June 30, 2022the USD appreciated by 4.0% against the CAD (from 1.2394 to 1.2886) while in the prior year the USD depreciated by 9.1% against the CAD (from 1.3628 to 1.2394).

For the three months ended June 30, 2022foreign exchange gain was $0.02 million (three months ended June 30, 2021 – loss of $0.20 million).

Working Capital: As of June 30, 2022the Company had working capital of $29.3 million.

PROJECT OVERVIEW

SILVER SAND PROJECT

In 2021, the Company completed a drill program of 13,313.7 m in 55 holes. The 2021 drill program comprised structure orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results of all drill holes have been received. Detailed structural logging and assay of the oriented drill cores confirmed previous understanding of . ..

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