New Pacific Metals Corp. (NEWP)
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The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Buy today and you are not buying a business, you are buying a permitting bet with a financing requirement. The deposits are real and rare, the balance sheet carries no debt, and in Silvercorp Metals and Pan American Silver two experienced producers hold 39.5 percent between them. But between today’s company and the mine in the study sit three Bolivian administrative processes, a capital requirement fifteen times the cash balance, and several years without a single dollar of revenue. If you wait, watch exactly three things in the next filings: are the Carangas exploration licenses actually converted into mining contracts within the six months the company has indicated? Does the 30,000-metre programme start in September 2026 as announced? And at what price does the next equity raise come, after the last one was done at $2.53 a share? The decision is yours.
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New Pacific Metals owns two of the largest undeveloped silver deposits in the world, both in Bolivia. The updated study on its Carangas project, published July 16, 2026, puts the post-tax net present value at $2.65 billion. The same table names the build cost: $644.5 million. Cash on March 31, 2026 was $39.9 million. Flagship Silver Sand lost its environmental categorization back in November 2024, the contract with the state mining company has been waiting on Bolivia’s parliament since 2019 — and across all three projects the company capitalized $589 for drilling and assaying in nine months. A London fund went from zero to 9.96 percent of the company in a year. What follows is not advice but arithmetic: what is a blueprint worth while nobody is building?
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Stock Watch
This analysis is as of July 24, 2026. Stock Watch will tell you what's changed at NEWP since then.
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This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 24.07.2026 gegen den Jahresbericht 40-F für das Geschäftsjahr 2025 (eingereicht 15.09.2025) mit seinen drei Anhängen — Annual Information Form (99.1), Lagebericht (99.2) und geprüftem Konzernabschluss (99.3) — sowie gegen den Zwischenbericht zum 31.03.2026 (6-K vom 14.05.2026, Anhänge 99.1 und 99.2) und die Mitteilung zur aktualisierten Carangas-Vorstudie (6-K vom 16.07.2026, Anhang 99.1). In sämtlichen ausgewerteten SEC-Unterlagen findet sich kein einziger Treffer für „artificial intelligence“, „machine learning“, „AI“, „automation“ oder „algorithm“ — weder als Umsatzquelle noch als operativer Einsatz noch als Risikofaktor für das eigene Geschäftsmodell. New Pacific Metals ist ein Explorations- und Entwicklungsunternehmen ohne Umsatz und ohne laufende Förderung; seine drei bolivianischen Projekte (Silver Sand, Carangas, Silverstrike) werden in den Berichten ausschließlich geologisch, genehmigungsrechtlich und finanziell beschrieben. Auch der Risikoteil des Annual Information Form nennt KI an keiner Stelle. Dokumentierter Negativ-Befund: keine belastbare KI-Berührung, damit „neutral“ nach dem Kriterienkatalog.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 6-K 2026-07-16 · 6-K 2026-05-14 · 6-K 2026-05-14 · 40-F 2025-09-15 · 40-F 2025-09-15 · 40-F 2025-09-15
Rated on July 24, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.01 | 0.00 | 0 | – | – | 0 | -2 |
| 2024: Q3 | -0.01 | 0.00 | 0 | – | – | -1 | -2 |
| 2024: Q4 | 0.00 | 57.00 | 0 | – | – | -1 | -2 |
| 2025: Q1 | -0.01 | 0.00 | 0 | – | – | -1 | -2 |
| 2025: Q2 | -0.01 | 48.00 | 0 | – | – | -1 | -2 |
| 2025: Q3 | 0.00 | 57.00 | 0 | – | – | -1 | -1 |
| 2025: Q4 | -0.01 | -132.60 | 0 | – | – | -1 | -2 |
| 2026: Q1 | -0.01 | 0.00 | 0 | – | – | -1 | -2 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Two very large silver deposits in one hand: Silver Sand carries 201.77 million ounces of silver in the measured and indicated categories at 116 grams per tonne and already declares reserves of 175.42 million ounces. Carangas reaches 529.6 million ounces of silver equivalent in the indicated category, containing 213.4 million ounces of silver and 2.2 million ounces of gold. Both deposits are flat-lying and open-pittable — at Carangas with a strip ratio of 1.4 to 1.
As of March 31, 2026, $160.8 million of total assets faced just $1.06 million of liabilities; equity was $159.7 million and the equity ratio 99.3 percent. Cash stood at $39.9 million with working capital of $39.3 million. There is no bank debt, no bond and no convertible — no lender can put this company under pressure. The Altman Z-Score of 559.51 is arithmetically correct and worthless as proof of creditworthiness for exactly that reason: it arises only because there are almost no liabilities.
Silver Sand’s environmental categorization expired in November 2024 and a new one is being opened. The 2019 contract with state mining company COMIBOL has still not been ratified by Bolivia’s parliament and covers roughly 10 percent of the resources in the Silver Sand study. The Carangas exploration licenses have not yet been converted into mining contracts, and roughly 1.85 percent of the resources in the economic model sit on concessions held by the state of Bolivia that are not currently on offer. The study itself cites significant social unrest, blockades and a declared state of emergency.
The two studies together call for $1,002.5 million of initial capital; cash covers about 4 percent of that. With no revenue, only new shares, a project partner or a sale of the company can close the gap. The share count rose from 154,451,263 on June 30, 2021 to 184,749,865 on March 31, 2026, most recently by 11,385,000 shares at $2.53 on October 21, 2025. Of the $18,545,802 used from the 2023 raise, roughly 91 percent went into running the company.
The soft factors are moving: a framework community agreement at Carangas in February 2026, prior consultation completed on July 6, 2026, and the withdrawal of illegal artisanal miners from Silver Sand since July 1, 2025. Drilling, by contrast, has all but stopped — $589 was capitalized group-wide for drilling and assaying in the first nine months of fiscal 2026, and the Carangas resource estimate rests on drilling results up to June 1, 2023. A 30,000-metre programme is due to start in September 2026. As a Canadian issuer, New Pacific files no 10-K and no 10-Q.
New Pacific Metals is the blueprint trap in pure form: the updated Carangas assessment of July 16, 2026 shows a post-tax net present value of $2.65 billion and a 35.9 percent return — and the same list names $644.5 million of initial capital, against $39.9 million of cash on March 31, 2026. Add Silver Sand and initial capital comes to $1,002.5 million; cash covers about 4 percent of it. Meanwhile the flagship’s environmental categorization has been expired since November 2024, the contract with the state miner has been unratified since 2019, and $589 was capitalized group-wide for drilling in nine months. Against that stand two exceptional deposits, a debt-free balance sheet and two silver producers on the register. Not investment advice.
- New Pacific Metals reached our research list not through a scanner hit but through the Form 13F-HR of Helikon Investments Ltd (London) as of March 31, 2026: 9,936,183 shares worth $41,135,798, after 2,293,539 shares as of December 31, 2025 and zero as of September 30, 2025 — a gain of 333 percent in one quarter and the strongest build in the entire portfolio. A later ownership filing already reports 18,438,377 shares, or 9.96 percent, as of June 30, 2026. A 13F shows only U.S.-listed long positions with a 35- to 45-day lag, without shorts and derivatives — a rear-view mirror, not a road map.
- The scanner metrics on this stock are deliberately not to be read as a quality verdict. The Piotroski F-Score of 2 of 9 measures changes in profitability and efficiency — at a company with no revenue and no profit it cannot come out high. The Altman Z-Score of 559.51 arises only because $160.8 million of total assets face just $1.06 million of liabilities. A price/earnings ratio and an interest coverage ratio cannot be formed, because neither earnings nor interest expense exist (data as of July 24, 2026).
- New Pacific is a Canadian issuer under the multijurisdictional disclosure system with the United States: there is no 10-K and no 10-Q. Audited figures appear once a year in the Form 40-F (filed September 15, 2025 for fiscal 2025); interim figures are furnished only as unaudited exhibits to a Form 6-K. Accounting is IFRS, reporting is in U.S. dollars. The fiscal year ends June 30, which is why every annual and quarterly figure here is named with its fiscal year.
About the Company
New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia. The company primarily explores for silver and gold deposits. Its flagship property is the 100% owned Silver Sand property, which covers an area of 5.42 square kilometers located in the Potosí Department, in Southwestern Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.
| IPO Year | 2017 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.