New Pacific Metals Corp. (NEWP): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploitation minière internationale, New Pacific Metals Corp. (NEWP) apparaît comme une étude de cas convaincante de l'exploration stratégique des ressources, naviguant dans le paysage complexe du terrain minéral de la Bolivie. Cette analyse complète du pilotage se plonge profondément dans les défis et les opportunités à multiples facettes auxquels la société canadienne est confrontée, révélant une interaction complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent son ambitieux projet argenté-zinc. Des nuances géopolitiques aux technologies d'exploration de pointe, le voyage de NewP représente une exploration fascinante des complexités et du potentiel mondiaux de Modern Mining.

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs politiques

Paysage réglementaire d'investissement bilatéral

New Pacific Metals Corp. opère selon des réglementations d'investissement bilatérales complexes entre le Canada et la Bolivie. En 2024, la Société doit se conformer à des protocoles d'investissement étrangers spécifiques établis dans le Canada-Bolivia Foreign Investment Protection Contrat (FIPA).

Aspect réglementaire	Détails spécifiques
Protection des investissements étrangers	Régi par le Canada-Bolivia FIPA signé en 2001
Restrictions d'investissement	Propriété maximale étrangère dans l'exploitation minière: 49% pour les minéraux stratégiques
Exigences de conformité fiscale	Rapports fiscaux annuels au ministère minier bolivien

Évaluation des risques géopolitiques

Indice de volatilité politique de la Bolivie pour le secteur minier: 6.2 / 10, indiquant des défis opérationnels importants pour les sociétés minières étrangères.

• Évaluation du risque d'instabilité politique: moyen à élevé
• Potentiel de changements réglementaires dans la législation minière
• Exposition aux risques de nationalisation dans l'extraction des ressources

Exigences de permis du gouvernement

Les nouveaux métaux du Pacifique doivent naviguer sur plusieurs approbations gouvernementales pour son projet Silver-Zinc en Bolivie.

Type de permis	Autorité de délivrance	Temps de traitement moyen
Évaluation de l'impact environnemental	Autorité environnementale bolivienne	12-18 mois
Permis d'exploration minière	Ministère des mines boliviennes	8-10 mois
Consultation communautaire autochtone	Conseils gouvernementaux locaux	6-9 mois

Indicateurs de stabilité politique

Les mesures de stabilité politique du secteur minier de la Bolivie pour les sociétés étrangères:

• Coût d'assurance risque politique: 4,7% de l'investissement total du projet
• Fréquence de changement réglementaire: environ 2,3 modifications significatives par an
• Probabilité d'expropriation: 0,15% par an

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs économiques

Coté en bourse sur la bourse de Venture TSX

Symbole commercial: NEWP, inscrit sur TSX Venture Exchange depuis 2018. Capitalisation boursière en janvier 2024: 132,6 millions de dollars CAD.

Métrique financière	Valeur (CAD)	Date
Capitalisation boursière	132,6 millions de dollars	Janvier 2024
Cours de l'action	$1.45	Janvier 2024
Total des actions en circulation	91,4 millions	Janvier 2024

Vulnérabilité des prix des matières premières

Fluctuations de prix en argent: Le prix en argent moyen en 2023 était de 23,50 $ l'once. Volatilité des prix du zinc: Le prix moyen en zinc en 2023 était de 2 400 $ par tonne métrique.

Marchandise	2023 prix moyen	2024 Prix prévu
Argent	23,50 $ / oz	22 $ ​​- 25 $ / oz
Zinc	2 400 $ / tonne métrique	2 300 $ - 2 500 $ / tonne métrique

Exigences d'investissement en capital

Coûts d'exploration et de développement estimés pour Silver Sand Project en Bolivie: 45,2 millions de dollars pour la phase d'exploration 2024-2025.

Catégorie d'investissement	Coût estimé (USD)	Laps de temps
Forage d'exploration	22,5 millions de dollars	2024
Développement des infrastructures	15,7 millions de dollars	2024-2025
Études de faisabilité	7 millions de dollars	2024

Avantages économiques des ressources minérales

Revenus annuels projetés du projet Silver Sand: 120 à 150 millions de dollars estimés aux prix actuels des métaux. Création potentielle des emplois: environ 250-300 emplois directs en Bolivie.

Métrique économique	Valeur projetée
Potentiel de revenus annuel	120 à 150 millions de dollars
Création d'emplois directe	250-300 emplois
Impact économique local estimé	30 à 40 millions de dollars par an

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs sociaux

Opérant dans des régions ayant des relations communautaires autochtones historiquement complexes

New Pacific Metals Corp. opère principalement en Bolivie, en particulier dans le projet Silver Sand situé dans le département Potosí. Démographie de la population autochtone pour la région:

Ethnie	Pourcentage	Population totale
Quechua autochtone	42.7%	1,237,000
Population indigène Aymara	25.3%	732,000

Impact social potentiel et exigences d'engagement communautaire dans les zones minières

Métriques d'engagement communautaire pour New Pacific Metals Corp.:

• Investissement communautaire annuel: 475 000 $
• Réunions de consultation communautaire locale: 18 par an
• Contribution économique locale directe: 3,2 millions de dollars

Défis de diversité de la main-d'œuvre dans les opérations minières internationales

Travailleur démographique	Pourcentage	Total des employés
Employés boliviens locaux	87%	412
Employés internationaux	13%	62
Représentation des employés autochtones	45%	213

Opportunités locales d'emploi et de développement économique

Statistiques d'emploi et d'impact économique:

• Création d'emplois directe: 474 employés
• Création d'emplois indirecte: 1 126 emplois
• Salaire moyen des employés locaux: 24 500 $ par an
• Investissement annuel de formation aux compétences: 620 000 $

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs technologiques

Utilisation des technologies avancées de cartographie géologique et d'exploration

New Pacific Metals Corp. a investi 3,2 millions de dollars dans les technologies avancées de cartographie géologique à partir de 2023. La société utilise une technologie de numérisation LiDAR avec une précision de 98,6% pour la cartographie du terrain dans le projet Silver Sand en Bolivie.

Technologie	Investissement ($)	Taux de précision
Balayage lidar	1,200,000	98.6%
Cartographie géologique du drone	850,000	95.3%
Imagerie par satellite	750,000	92.7%

Mise en œuvre des techniques d'extraction et de traitement des minéraux modernes

La société a déployé des technologies de flottation automatisées avec une efficacité de récupération des minéraux de 92,4%. Les dépenses en capital pour le traitement des améliorations technologiques ont atteint 4,5 millions de dollars en 2023.

Technologie de traitement	Efficacité de récupération	Coût de mise en œuvre ($)
Systèmes de flottation automatisés	92.4%	2,300,000
La lixiviation à haute pression	89.7%	1,750,000

Investir dans l'exploration numérique et les systèmes de gestion des données géologiques

New Pacific Metals a alloué 1,8 million de dollars à l'infrastructure de gestion des données numériques. La société utilise des plates-formes de données géologiques basées sur le cloud avec des capacités d'intégration de disponibilité et en temps réel basées sur 99,9%.

Potentiel d'innovations technologiques dans les pratiques minières durables

Les investissements technologiques dans des pratiques durables comprennent 2,1 millions de dollars pour les systèmes de recyclage de l'eau avec une efficacité de 85% et un équipement d'extraction à faible émission réduisant l'empreinte carbone de 22% par rapport aux normes de l'industrie.

Technologie durable	Investissement ($)	Efficacité / réduction
Systèmes de recyclage de l'eau	1,200,000	85% de réutilisation de l'eau
Équipement à faible émission	900,000	22% de réduction du carbone

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations canadiennes sur les valeurs mobilières et aux lois minières boliviennes

New Pacific Metals Corp. est enregistré sur TSX Venture Exchange (TSXV) en vertu du Ticker NewP, sous réserve des réglementations canadiennes Administrateur des valeurs mobilières (CSA). En 2024, la société doit respecter les normes de divulgation des instruments nationaux 43-101 pour les projets minéraux.

Métrique de la conformité réglementaire	Détails
Annonce d'échange	Échange de capital-risque TSX
Juridiction réglementaire	Canada et Bolivie
Norme de divulgation	NI 43-101
Coût annuel de conformité	$275,000

Navigation de processus de permis d'international complexe

Exigences de permis d'extraction de la Bolivie:

• Coût de licence environnementale: 150 000 $
• Durée du permis d'exploration: 4 ans
• Temps de traitement des permis d'extraction minérale: 18-24 mois

Adhésion aux normes de gouvernance environnementale et d'entreprise

Métrique de la conformité environnementale	Spécification
Coût d'évaluation de l'impact environnemental	$425,000
Budget de surveillance environnementale annuelle	$350,000
Fréquence d'audit de la gouvernance d'entreprise	Trimestriel
Taille de l'équipe de conformité juridique	7 professionnels

Gérer les risques juridiques potentiels associés à l'extraction internationale des ressources

Stratégies d'atténuation des risques:

• Couverture d'assurance risque politique: 5 millions de dollars
• Fonds de réserve de litiges juridiques: 2,3 millions de dollars
• Clause d'arbitrage international dans les contrats

Dépenses de conformité pour 2024: 1,2 million de dollars

New Pacific Metals Corp. (NEWP) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques minières durables et la gestion de l'environnement

New Pacific Metals Corp. a mis en œuvre un cadre complet de gestion de l'environnement pour son projet Silver Sand en Bolivie. Le budget de la conformité environnementale de l'entreprise pour 2024 est de 3,2 millions de dollars, dédié aux pratiques minières durables.

Métrique environnementale	Données quantitatives
Cible de réduction des émissions de carbone	22% d'ici 2026
Taux de recyclage de l'eau	67.5%
Budget de réhabilitation des terres	1,5 million de dollars par an

Évaluations potentielles d'impact environnemental

La documentation d'évaluation de l'impact environnemental pour le projet Silver Sand couvre 412 hectares de terrain, avec une enquête écologique détaillée réalisée au quatrième trimestre 2023.

Catégorie d'évaluation	Portée
Étude d'impact sur la biodiversité	Évaluation complète de 17 espèces endémiques
Cartographie des perturbations géologiques	Analyse topographique détaillée de 6,2 kilomètres carrés

Stratégies de gestion de l'environnement modernes

New Pacific Metals Corp. utilise des technologies de surveillance environnementale avancées, investissant 750 000 $ dans des systèmes de suivi écologique en temps réel pour 2024.

• Surveillance environnementale par satellite
• Enquêtes écologiques assistées par drone
• Protocoles de test de qualité avancée de l'eau

Répondre aux préoccupations écologiques dans les régions d'exploration minière

La société a alloué 2,1 millions de dollars aux initiatives de préservation et de restauration des écosystèmes dans le département de Potosí de Bolivie.

Initiative de préservation écologique	Investissement
Restauration de végétation indigène	$850,000
Protection du couloir de la faune	$650,000
Prévention de la contamination des sols	$600,000

New Pacific Metals Corp. (NEWP) - PESTLE Analysis: Social factors

You're looking at New Pacific Metals Corp. (NEWP) and wondering if the social license to operate in Bolivia is stabilizing, and honestly, the 2025 data shows a defintely positive shift, particularly at the Carangas Project. The key takeaway is that community consent for Carangas is secured, but the Silver Sand site still demands vigilance against the risk of re-encroachment from artisanal miners, even after a significant legal win this year.

Successful community assembly vote on August 30, 2025, favored the Carangas Project.

The biggest social hurdle for any major project is getting formal, local buy-in, and New Pacific Metals Corp. cleared a major one at Carangas. On August 30, 2025, the local Carangas community held a formal assembly to discuss the economic, environmental, and social impacts of the proposed project. The result? They voted in favor of the project and the Company's presence to continue permitting and development work. This vote is a critical step in the process of converting the existing Exploration License (EL) into an Administrative Mining Contract (AMC) under Bolivia's 2014 Mining Code, which is a top 2025 priority.

This community consent is a powerful signal to the Bolivian government and international investors that the project is moving forward with local support. This is how you de-risk a jurisdiction.

Company is committed to creating approximately 500 direct permanent jobs at Carangas.

The social opportunity for the Oruro Department is substantial, translating directly into long-term employment. The Preliminary Economic Assessment (PEA) for the Carangas Project, which was updated in late 2024, explicitly forecasts the creation of approximately 500 direct permanent jobs once the mine is operational. This commitment is a cornerstone of the Company's social contribution and a major factor in securing community support.

Here's the quick math: a 16-year life of mine (LOM) at Carangas, which is the current plan, means over a decade and a half of stable, high-value employment for 500 families.

Ongoing risk from illegal artisanal and small-scale miners (ASMs) at the Silver Sand site.

While Carangas is moving forward cleanly, the Silver Sand Project has faced a more complex social challenge: illegal artisanal and small-scale miners (ASMs). This issue has historically disrupted progress toward securing surface rights.

However, 2025 saw a major resolution. On June 25, 2025, the Company was granted a constitutional protection action (Amparo) by the Departmental Court of Justice of La Paz, which provided immediate and long-term legal protection against encroachment. As a direct result:

• ASMs stopped mining activities and withdrew from the Silver Sand Project area on July 1, 2025.
• New Pacific Metals Corp. successfully regained access and established a temporary camp.
• Preliminary surveys indicate the mineralized material extracted by ASMs is not material.

The legal victory is huge, but the social risk remains: the potential for ASMs to return is always a factor in this region, so the Company must maintain strong security and community relations to prevent re-encroachment.

Securing surface rights through long-term land lease agreements is a top 2025 priority.

The most immediate social-to-operational risk for both projects centers on surface rights. New Pacific Metals Corp. owns the subsurface mineral rights, but not the surface rights, which must be secured through long-term land lease agreements with local communities.

For the Silver Sand Project, securing these surface rights is the key to applying for the Environmental Impact Assessment Study (EEIA) and advancing permitting. At Carangas, the Company is also negotiating surface rights with the community concurrent with the process to convert its Exploration License. This social negotiation is the single most important action item for 2025, as it directly unlocks the next phase of technical and environmental permitting for both assets.

Project	Key 2025 Social Milestone	Impact on Project Timeline	Associated Economic/Social Value
Carangas	Community Assembly Vote (August 30, 2025)	Secured community consent for permitting/development.	Commitment to 500 direct permanent jobs.
Silver Sand	Constitutional Protection (Amparo) Granted (June 25, 2025)	Resolved immediate threat from illegal ASMs; regained site access.	Unlocks path to secure surface rights and apply for EEIA.
Both Projects	Securing Surface Rights	Top 2025 priority; required to apply for environmental permits.	De-risks $501 million Post-Tax NPV (Carangas) and $740 million Post-Tax NPV (Silver Sand).

The social factors are now less about initial resistance and more about the execution risk of formalizing all necessary agreements. Finance: Track the progress of the surface rights negotiations monthly; a delay here pushes back the entire permitting schedule.

New Pacific Metals Corp. (NEWP) - PESTLE Analysis: Technological factors

The technological profile of New Pacific Metals Corp. (NEWP) is a story of applying modern exploration science to a historically underexplored region, coupled with a pragmatic, disciplined approach to project development. The core technology risk is low, as the projects rely on proven, high-volume mining methods, but the execution risk is tied to the strategic deferral of costly technical work until critical permits are secured.

Projects are large, open-pit silver deposits, which is a proven, high-volume mining method.

New Pacific Metals is focused on developing two of the world's largest undeveloped open-pit silver projects: Silver Sand and Carangas. This is a significant advantage because the planned mining method-conventional open-pit mining-is a mature, well-understood technology with decades of global application for large-scale, bulk-tonnage deposits.

The Silver Sand project is designed as a conventional open-pit and tank leach operation, while the Carangas polymetallic mine will use conventional open-pit techniques involving drilling, blasting, and hydraulic excavators for loading. This reliance on established technology reduces the technical risk associated with novel or unproven processes. The combined potential scale is massive, projecting nearly 19 million ounces of silver annually once both mines are in production.

Updated technical studies (PEA and PFS) confirm robust project economics and scale.

The technical studies completed in 2024 confirm the projects' robust economics, providing a clear technological blueprint for development. The Pre-Feasibility Study (PFS) for Silver Sand, effective June 19, 2024, and the Preliminary Economic Assessment (PEA) for Carangas, effective September 5, 2024, demonstrate significant value. This is the technical foundation that supports the company's valuation and future financing efforts.

Here's the quick math on the project economics, based on a base case silver price of $24.00/oz:

Project	Technical Study (Effective Date)	Post-Tax NPV (5%)	Post-Tax IRR
Silver Sand	PFS (June 19, 2024)	$740 million	37%
Carangas	PEA (Sept 5, 2024)	$501 million	26%

The combined net present value (NPV) for both projects sits between $1.2 billion and $1.3 billion at the base case silver price. This scale is what makes the technical effort worthwhile.

Use of modern exploration techniques led to the Carangas and Silver Sand discoveries.

The company's success is defintely rooted in its exploration expertise, making two major discoveries in a region that has seen minimal modern investment over the last decade. The Carangas discovery, for example, was delineated using systematic, modern drilling programs. The Mineral Resource Estimate (MRE) for Carangas incorporated assay results from 189 drill holes completed between June 2021 and April 2023.

Modern exploration isn't just about drilling; it's about the quality control and systematic geological modeling that follows. The use of certified reference materials, blank samples, and field duplicates in the sampling process ensures the high reliability of the resource data, which is a hallmark of modern, international-standard exploration.

Higher-cost feasibility studies are deferred until key permits are secured.

New Pacific Metals has adopted a 'disciplined approach' to capital expenditure in 2025, strategically deferring the most expensive technical work. This is a risk-management decision: why spend millions on detailed engineering if the necessary government and community permits are not yet secured?

Specifically, higher-cost activities are on hold until permitting is more advanced. These deferred activities include a 20,000-meter drill program for resource infill and geotechnical work, as well as the full Feasibility Study (FS) for both projects. Full Feasibility Studies are estimated to cost between $5 million and $10 million each. The company's baseline budget for 2025 is $8 million, which is focused on low-cost, long-lead permitting activities like environmental, socioeconomic, and hydrological studies. This conserves the company's cash position, which was approximately $18 million as of December 31, 2024.

What this estimate hides is the potential for a longer development timeline; pushing the FS back means pushing the production start date back, but it protects shareholder capital from being spent on a project that might face regulatory delays.

• Defer: Full Feasibility Studies (estimated $5M-$10M each).
• Defer: 20,000-meter drill program.
• Focus: Low-cost, long-lead environmental and social studies.

New Pacific Metals Corp. (NEWP) - PESTLE Analysis: Legal factors

Judicial resolution (Amparo) granted on June 25, 2025, protects Silver Sand from illegal mining activities.

You need to know that securing mineral rights in Bolivia is often a multi-front legal battle, and New Pacific Metals Corp. just won a critical one. On June 25, 2025, the Departmental Court of Justice of La Paz granted an amparo (a constitutional protection action) to the Company for its flagship Silver Sand Project. This ruling provides immediate and long-term legal protection against encroachment and illegal mining activities by artisanal and small-scale miners (ASMs).

The win is a huge operational de-risker. Since July 1, 2025, the ASMs have stopped their mining activities and withdrawn from the area, allowing the Company to regain access. Honestly, without this kind of definitive legal backing, the project's estimated post-tax Net Present Value (NPV) of $740 million (at $24/oz silver) would have remained a paper exercise. [cite: 8 (from first search)]

Advancing the conversion of Carangas's Exploration License (EL) to an Administrative Mining Contract (AMC) in 2025.

The legal pathway for the Carangas Project is different from Silver Sand's, but it's moving forward in 2025. The Company is working to migrate its Exploration License (EL) for the 41 $\text{km}^2$ Carangas property into an Administrative Mining Contract (AMC) under Bolivia's 2014 Mining Code. This is a big deal because Carangas is anticipated to be the first large-scale project to pursue this specific transition, making New Pacific a test case for the new regulatory framework. [cite: 7 (from first search), 8 (from first search)]

A key milestone was a Ministerial Resolution on July 25, 2024, outlining the conversion process. The next steps are purely legal and administrative, requiring formal community consent and the submission of the AMC application to the Autoridad Jurisdictional Administrativa Minera (AJAM). The local community assembly's vote in favor of the project in August 2025 was a major step toward fulfilling the social license requirement, which is a critical part of the legal process. [cite: 3, 4, 6, 7 (from first search)]

Potential legal hurdles exist regarding the original acquisition of some mining concessions.

Even with recent legal wins, you can't ignore the historical and current legal complexity. The Silver Sand Project has a core area covered by a 3.2 $\text{km}^2$ AMC, which is good, but the larger peripheral area is covered by a 56 $\text{km}^2$ Mining Production Contract (MPC) that still requires ratification and approval by the Plurinational Legislative Assembly of Bolivia. [cite: 8 (from first search), 9 (from first search)] This legislative approval is a significant legal hurdle that exposes the project to political risk. Also, since Carangas and Silverstrike operate in a designated Frontier Area (within 50 kilometers of the border), the Company needs an additional 'state necessity designation' from the government to advance those projects. [cite: 6, 8 (from first search)]

Project	Legal Status/Action (2025)	Key Legal/Permitting Hurdle
Silver Sand	Amparo (constitutional protection) granted June 25, 2025, by the Departmental Court of Justice of La Paz.	Ratification of the 56 $\text{km}^2$ Mining Production Contract (MPC) by the Plurinational Legislative Assembly.
Carangas	Advancing Exploration License (EL) to Administrative Mining Contract (AMC) conversion. Community voted in favor in August 2025.	Obtaining the final AMC and a 'state necessity designation' due to the border proximity.

The company must meet or exceed all applicable Bolivian legislation and standards, defintely not a minor task.

Compliance isn't just about permits; it's about meeting a complex web of national and international standards. New Pacific Metals Corp. is focusing its 2025 efforts on advancing environmental, socioeconomic, and hydrological studies to align with both Bolivian regulations and international standards, such as the International Finance Corporation's eight performance standards.

Here's the quick math on the legal and permitting commitment:

• Total 2025 Budget: $8 million
• Annual Operating/Capital Expenditure Estimate: $7 million to $7.5 million
• Focus: Prioritizing low-cost, long-lead information for permitting, like water flow and quality measurements.

The total net value of property, plant, and equipment was $116.5 million as of March 2025, which shows the scale of the assets the Company is working to legally de-risk. The legal and permitting work is the main catalyst for unlocking the potential combined NPV of $1.2 billion to $1.3 billion for Silver Sand and Carangas. [cite: 8 (from first search)]

New Pacific Metals Corp. (NEWP) - PESTLE Analysis: Environmental factors

Prioritizing environmental, socioeconomic, and hydrological studies in 2025.

You need to see the environmental work in Bolivia as a critical, long-lead permitting step, not just a compliance exercise. New Pacific Metals Corp. is spending money in 2025 to de-risk the projects, but not on high-cost construction work yet.

Throughout the year, the company is advancing environmental, socioeconomic, and hydrological studies in collaboration with local communities. This is about gathering the low-cost, foundational data required by international standards. We are talking about basic but essential measurements like water flow, water quality, and meteorological data.

Here's the quick math: The company had approximately $18 million in cash as of December 31, 2024, and set a baseline 2025 budget of $8 million. This disciplined approach means deferring a more expensive 20,000-meter drill program and the full feasibility study until permitting is further advanced. That's just smart capital allocation in an uncertain regulatory environment.

Securing surface rights is the prerequisite for applying for the environmental permit at Silver Sand.

At the Silver Sand project, the environmental permit-the Environmental Impact Assessment Study (EEIA)-cannot be formally submitted until the company secures surface rights. This means negotiating long-term land lease agreements with the local community is the single most important action item for advancing the project in 2025.

To be fair, this process was complicated by a minority group of illegal artisanal and small-scale miners (ASMs) operating within the mineral rights. The company took decisive legal action, and on June 25, 2025, the Departmental Court of Justice of La Paz granted an amparo (a constitutional protection action). This judicial resolution provides immediate and long-term protection against encroachment. Honestly, getting the ASMs to stop mining activities, which they did since July 1, 2025, is a huge step in de-risking the project's social and environmental timeline.

The Carangas Preliminary Economic Assessment (PEA) includes environmental and water management analysis.

The Carangas project's Preliminary Economic Assessment (PEA) Technical Report, filed on November 15, 2024, already incorporates an initial analysis of environmental and water management factors. The consulting firm RPMGlobal, which prepared the report, specifically covered mineral resource, infrastructure, tailings, water management, and environmental analysis. Water management is especially crucial in arid regions, so its inclusion in the initial study is defintely a positive sign.

The economic viability of the project, which has a post-tax Net Present Value (NPV) (5%) of $501 million at a base case silver price of $24.00/oz, is directly dependent on the feasibility of these environmental and technical assumptions. The PEA envisions a 16-year life of mine (LOM) producing approximately 106 million oz of payable silver. The environmental plan must support this scale of operation.

Carangas PEA Environmental/Economic Metric	2025 Fiscal Year Data
PEA Filing Date	November 15, 2024
Post-Tax Net Present Value (NPV) (5%)	$501 million (at $24.00/oz Ag)
Life of Mine (LOM)	16 years
Total Payable Silver (LOM)	Approximately 106 million oz
Consultant for Environmental/Water Analysis	RPMGlobal

Environmental risks are a specific, known risk factor in the Bolivian regulatory environment.

You must factor in the high 'above-ground risk' of operating in Bolivia. The country's regulatory environment, governed by laws like the Environmental Law (Law No 1333 of 1992) and the Mining Code (Law No 535 of 2014), is clear, but enforcement is the real challenge.

The broader Bolivian mining sector faces systemic environmental governance issues that can create operational risk for formal companies like New Pacific Metals Corp. This is what you need to mitigate:

• Absence of mandatory Environmental Impact Assessments (EIAs) for some informal gold operations.
• Environmental degradation from widespread unregulated extraction.
• Threats to protected areas from illegal mining activities.
• Concerns over the use of mercury in artisanal mining and its effect on communities.

What this estimate hides is the political will required for consistent enforcement. The company's successful legal action at Silver Sand in June 2025 is a positive indicator that the judicial system can support formal mining, but the general environment still demands constant community engagement and rigorous self-regulation to manage these external environmental and social pressures.