6-K
NEW PACIFIC METALS CORP (NEWP)
UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OFTHE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2025
Commission File No. 001-40381
NEW PACIFICMETALS CORP.(Translation of registrant's name into English)
Suite 1750 - 1066 W. Hastings Street
Vancouver BC, Canada V6E 3X1
(Address of principal executive office)
[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]
Form 20-F [ ] Form 40-F [ X ]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: May 7, 2025 | NEW PACIFIC METALS CORP. |
|---|---|
| /s/ Jonathan Hoyles | |
| Jonathan Hoyles | |
| General Counsel & Corporate Secretary |
EXHIBIT INDEX
| EXHIBIT | DESCRIPTION OF EXHIBIT |
|---|---|
| 99.1 | News<br> Release dated May 7, 2025 |
Exhibit 99.1
New Pacific Reports Financial Results for the Three and Nine Months Ended March 31, 2025
VANCOUVER, BC, May 7, 2025 /CNW/ - New Pacific Metals Corp. ("New Pacific" or the "Company") reports its financial results for the three and nine months ended March 31, 2025. All figures are expressed in US dollars unless otherwise stated.
FINANCIAL RESULTS
Net loss attributable to equity holders of theCompany for the three and nine months ended March 31, 2025 was $0.86 million and $2.86 million or $0.01 per share and $0.02 per share, respectively (three and nine months ended March 31, 2024 – net loss of $1.27 million and $4.54 million or $0.01 and $0.03 per share, respectively). The Company's financial results were mainly impacted by the following items:
- Working Capital: As of March 31, 2025, the Company had working capital of $16.67 million.
- Operating expensesfor the three and nine months ended March 31, 2025 was $1.36 million and $4.56 million respectively (three and nine months ended March 31, 2024 – $1.72 million and $5.41 million, respectively).
- Income from investments for the three and nine months ended March 31, 2025 was $0.22 million and $0.66 million, respectively (three and nine months ended March 31, 2024 – $0.44 million and $0.74 million, respectively).
- Gain on disposal of property, plant and equipment for the three and nine months ended March 31, 2025 was $nil and $nil, respectively (three and nine months ended March 31, 2024 – $nil and $0.05 million, respectively).
- Foreign exchange gain for the three and nine months ended March 31, 2025 was $0.28 million and $1.02 million, respectively (three and nine months ended March 31, 2024 – $0.01 million and $0.08 million, respectively).
PROJECT EXPENDITURE
The following schedule summarized the expenditure incurred by category for each of the Company's projects for relevant periods:
| Cost | Silver Sand | Carangas | Silverstrike | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Balance, July 1, 2023 | $ | 86,135,820 | $ | 18,137,910 | $ | 4,862,942 | $ | 109,136,672 |
| Capitalized exploration expenditures | ||||||||
| Reporting and assessment | 999,402 | 408,874 | - | 1,408,276 | ||||
| Drilling and assaying | 47,217 | 23,894 | - | 71,111 | ||||
| Project management and support | 1,765,297 | 1,079,177 | 63,919 | 2,908,393 | ||||
| Camp service | 249,764 | 241,945 | 36,754 | 528,463 | ||||
| Permit and license | 33,073 | 9,308 | - | 42,381 | ||||
| Value added tax receivable | 112,332 | 31,061 | 979 | 144,372 | ||||
| Foreign currency impact | (365,571) | (78,127) | (30,039) | (473,737) | ||||
| Balance, June 30, 2024 | $ | 88,977,334 | $ | 19,854,042 | $ | 4,934,555 | $ | 113,765,931 |
| Capitalized exploration expenditures | ||||||||
| Reporting and assessment | 94,616.00 | 176,278.00 | - | 270,894.00 | ||||
| Drilling and assaying | - | 6,763.00 | - | 6,763.00 | ||||
| Project management and support | 916,373.00 | 732,381.00 | 31,560.00 | 1,680,314.00 | ||||
| Camp service | 134,500.00 | 179,587.00 | 13,500.00 | 327,587.00 | ||||
| Permit and license | 7,481.00 | 34,129.00 | - | 41,610.00 | ||||
| Value added tax receivable | 78,364.00 | 26,566.00 | 1,044.00 | 105,974.00 | ||||
| Foreign currency impact | (599,059.00) | (166,138.00) | (43,074.00) | (808,271.00) | ||||
| Balance, December 31, 2024 | $ | 89,609,609 | $ | 20,843,608 | $ | 4,937,585 | $ | 115,390,802 |
SILVER SAND PROJECT
For the three and nine months ended March 31, 2025, total expenditures of $0.30 million and $1.23 million, respectively (three and nine months ended March 31, 2024 - $0.71 million and $2.09 million, respectively) were capitalized under the project.
CARANGAS PROJECT
For the three and nine months ended March 31, 2025, total expenditures of $0.41 million and $1.16 million, respectively (three and nine months ended March 31, 2024 - $0.40 million and $1.31 million, respectively) were capitalized under the project.
SILVERSTRIKE PROJECT
For the three and nine months ended March 31, 2025, total expenditures of $0.01 million and $0.05 million, respectively (three and nine months ended March 31, 2024 - $0.01 million and $0.08 million, respectively) were capitalized under the project.
MANAGEMENT DISCUSSION AND ANALYSIS
This news release should be read in conjunction with the Company's management discussion and analysis 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.sedarplus.ca,on EDGAR at www.sec.gov and on the Company's website at www.newpacificmetals.com.
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 advancing its robust, high-margin silver-lead-zinc Carangas project. Additionally a discovery drill program was completed at Silverstrike in 2022.
For further information, pleasecontact:
Peter Lekich, VP Investor Relations
New Pacific Metals Corp. Phone: (604) 633-1368 Ext. 223
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 to receive the Company news by e-mail, please register using New Pacific's website at www.newpacificmetals.com.
CAUTIONARY NOTE REGARDING RESULTS OF PRELIMINARYECONOMIC ASSESSMENT
The results of the Preliminary Economic Assessmentprepared in accordance with NI 43-101 titled "Carangas Deposit – Preliminary Economic Assessment" with an effective dateof September 5, 2024 and prepared by certain qualified persons associated with RPMGlobal (the "Carangas PEA") are preliminaryin nature and are intended to provide an initial assessment of the Project's economic potential and development options. The CarangasPEA mine schedule and economic assessment includes numerous assumptions and is based on both indicated and Inferred Mineral Resources.Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable themto be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessments described herein will be achievedor that the Carangas PEA results will be realized. The estimate of Mineral Resources may be materially affected by geology, environmental,permitting, legal, title, socio-political, marketing or other relevant issues. Mineral resources are not Mineral Reserves and do not havedemonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the Inferred MineralResources to be considered in future advanced studies. RPMGlobal (mineral resource, infrastructure, tailings, water management, environmentaland financial analysis) was contracted to conduct the Carangas PEA in cooperation with Moose Mountain Technical Services (mining), andJJ Metallurgical Services (Metallurgy). The qualified persons for the Carangas PEA for the purposes of NI 43-101 are Mr. Marcelo del Giudice,FAusIMM, Principal Metallurgist with RPMGlobal, Mr. Pedro Repetto, SME, P.E., Principal Civil/Geotechnical Engineer with RPMGlobal,Mr. Gonzalo Rios, FAusIMM, Executive Consultant – ESG with RPMGlobal, Mr. Jinxing Ji, P.Eng., Metallurgist with JJ MetallurgicalServices, and Mr. Marc Schulte, P.Eng., Mining Engineer with Moose Mountain Technical Services., in addition to Mr. Anderson Candido,FAusIMM, Principal Geologist with RPMGlobal who estimated the Mineral Resources. All qualified persons for the Carangas PEA have reviewedthe disclosure of the Carangas PEA herein. The Carangas PEA is based on the Carangas MRE, which was reported on September 5, 2023. Theeffective date of the Carangas MRE is August 25, 2023. Mineral Resources are constrained by an optimized pit shell at a metal price ofUS$23.00/oz Ag, US$1,900.00/oz Au, US$0.95/lb Pb, US$1.25/lb Zn, recovery of 90% Ag, 98% Au, 83% Pb, 58% Zn and Cut-off grade of 40 g/tAgEq. Assumptions made to derive a cut-off grade included mining costs, processing costs, and recoveries were obtained from comparableindustry situations.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in thisnews release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation ReformAct of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statementsor 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) arenot 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; anticipated exploration, drilling, development, construction, and other activitiesor achievements of the Company; inferred, indicated or measured mineral resources or mineral reserves on the Company's projects, including,but not limited to, the Carangas PEA; the timing of receipt of permits and regulatory approvals; and estimates of the Company's revenuesand capital expenditures.
Forward-looking statements or information are subjectto a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from thosereflected in the forward-looking statements or information, including, 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; loss of key personnel; conflicts of interest; dependence on management, uncertainties relatingto the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatoryenvironment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors describedunder the heading "Risk Factors" in the Company's annual information form for the year ended June 30, 2024 and its other publicfilings. 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 necessarilybased 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 andcontingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related tothe 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 priceand market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratificationand approval of 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 project to administrative mining contracts;the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the currentand 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-looking statementsin 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 toupdate or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be requiredby law. These forward-looking statements are made as of the date of this news release.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
This news release has been prepared in accordancewith 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Unless otherwise indicated, the technical and scientific disclosureherein has been prepared in accordance with NI 43-101, which differs significantly from the requirements adopted by the United StatesSecurities and Exchange Commission.
Accordingly, information contained in this newsrelease containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by United Statescompanies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulationsthereunder.
Additional information relating to the Company,including the Company's annual information form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR atwww.sec.gov, and on the Company's website at www.newpacificmetals.com.
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SOURCE New Pacific Metals Corp.
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%CIK: 0001369085
CO: New Pacific Metals Corp.
CNW 17:05e 07-MAY-25