New Pacific Reports Financial Results for the Three and Nine Months Ended March 31, 2024
New Pacific Metals Corp. reports a net loss of $1.27 million for the three months ended March 31, 2024, with a working capital of $23.67 million. The company's financial results show a decrease in operating expenses and an increase in net income from investments. Project expenditures for the Silver Sand, Carangas, and Silverstrike projects are detailed in the press release.
Working capital of $23.67 million as of March 31, 2024.
Net income from investments increased to $0.44 million for the three months ended March 31, 2024.
Net loss of $1.27 million for the three months ended March 31, 2024.
Operating expenses decreased to $1.72 million for the three months ended March 31, 2024.
Insights
FINANCIAL RESULTS
Net loss attributable to equity holders of the Company for the three and nine months ended March 31, 2024 of
- Operating expenses for the three and nine months ended March 31, 2024 of
and$1.72 million , respectively (three and nine months ended March 31, 2023 -$5.41 million and$2.38 million , respectively).$6.36 million - Net Income from investments for the three and nine months ended March 31, 2024 of
and$0.44 million , respectively (three and nine months ended March 31, 2023 –$0.74 million and$0.12 million , respectively).$0.16 million - Gain on disposal of plant and equipment for the three and nine months ended March 31, 2024 of $nil and
, respectively (three and nine months ended March 31, 2023 – $nil and $nil, respectively).$0.05 million - Foreign exchange gain for the three and nine months ended March 31, 2024 of
and$0.01 million , respectively (three and nine months ended March 31, 2023 – loss of$0.08 million and$0.02 million , respectively).$0.03 million
Working Capital: As of March 31, 2024, the Company had working capital of
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, 2022 | $ 76,568,598 | $ 5,460,946 | $ 3,269,232 | 85,298,776 |
Capitalized exploration expenditures | ||||
Reporting and assessment | 1,008,174 | 88,558 | - | 1,096,732 |
Drilling and assaying | 1,925,695 | 8,289,678 | 977,881 | 11,193,254 |
Project management and support | 2,719,120 | 1,424,573 | 256,569 | 4,400,262 |
Camp service | 467,690 | 1,005,158 | 174,651 | 1,647,499 |
Permit and license | 195,821 | 9,389 | - | 205,210 |
Foreign currency impact | (201,972) | (8,831) | (24,680) | (235,483) |
Balance, June 30, 2023 | $ 82,683,126 | $ 16,269,471 | $ 4,653,653 | $ 103,606,250 |
Capitalized exploration expenditures | ||||
Reporting and assessment | 470,438 | 198,479 | - | 668,917 |
Drilling and assaying | 47,217 | 23,894 | - | 71,111 |
Project management and support | 1,307,101 | 842,711 | 51,530 | 2,201,342 |
Camp service | 235,081 | 231,985 | 31,678 | 498,744 |
Permit and license | 33,047 | 9,308 | - | 42,355 |
Foreign currency impact | (246,085) | (49,389) | (20,995) | (316,469) |
Balance, March 31, 2024 | $ 84,529,925 | $ 17,526,459 | $ 4,715,866 | $ 106,772,250 |
SILVER SAND PROJECT
For the three and nine months ended March 31, 2024, total expenditures of
CARANGAS PROJECT
For the three and nine months ended March 31, 2024, total expenditures of
SILVERSTRIKE PROJECT
For the three and nine months ended March 31, 2024, total expenditures of
MANAGEMENT DISCUSSION AND ANALYSIS
This news release should be read in conjunction with the Company's management discussion and analysis and the unaudited condensed and 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
For further information, please contact:
Andrew Williams, CEO
New Pacific Metals Corp. Phone: (604) 633-1368 Ext. 236
1750 – 1066 Hastings Street,
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 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 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, 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 relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in
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: 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
CAUTIONARY NOTE TO
This news release has been prepared in accordance with the requirements of the securities laws in effect in
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
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 at www.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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