New Pacific Metals Corp. (NEWP): Business Model Canvas [Dec-2025 Updated]

You're looking at New Pacific Metals Corp., and honestly, the current business model isn't about selling silver yet; it's about building value through de-risking. As of their last fiscal year, revenue was $0.00, but they are sitting on massive potential, like the Silver Sand Project with a post-tax NPV of $740 million. So, what you'll see in the canvas below is a pure-play developer whose main activities are securing permits, strengthening ties with key partners like Silvercorp Metals Inc., and raising the necessary capital-like the CAD $40.4 million they brought in during October 2025-to turn those assets into a future producer. Let's break down exactly how they are funding this journey to potential production.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin New Pacific Metals Corp.'s (NEWP) strategy to advance its Bolivian silver assets. These aren't just vendors; these are strategic anchors that provide capital, market validation, and the necessary governmental and social access to operate in the jurisdiction.

Silvercorp Metals Inc. (approx. 28.05% shareholder post-October 2025 financing)

Silvercorp Metals Inc. is a major, controlling shareholder, providing deep-seated backing and operational alignment, especially given both companies operate in Bolivia. Silvercorp Metals Inc. has indicated its intent to own, directly and indirectly, approximately 28.05% of the outstanding Common Shares of New Pacific Metals Corp. assuming the over-allotment option from the October 2025 financing is not exercised.

The October 2025 bought deal financing saw Silvercorp Metals Inc. participate by subscribing for 3,083,536 Offered Shares, representing approximately C$10.95 million in gross proceeds. Upon the closing of the financing on October 21, 2025, Silvercorp's ownership stood at approximately 27.99%. This participation was a related party transaction, exempt from standard valuation and minority approval requirements under MI 61-101 regulations.

Pan-American Silver (strategic cornerstone investor)

Pan American Silver Corp. acts as a strategic cornerstone investor, lending significant credibility given its status as one of the world's largest primary silver producers and its existing operations in Bolivia, such as the San Vicente mine. Pan American Silver Corp. participated in the October 2025 financing round by subscribing for 1,263,416 Offered Shares. This investment amounted to approximately C$4.49 million in gross proceeds. As of the closing of that financing, Pan American owned, directly and indirectly, approximately 11.47% of New Pacific Metals Corp.'s outstanding Common Shares. Historically, in a November 2017 placement, Pan American subscribed for $22,720,000.

Bolivian Federal and Departmental Governments (for permitting and contracts)

Navigating the Bolivian regulatory environment is paramount, making relationships with federal and departmental government bodies critical for securing long-term mining rights. New Pacific Metals Corp. is actively working with the judiciary and senior law enforcement at both departmental and national levels to enforce its mineral rights, including obtaining an execution order from the Mining Jurisdictional Administrative Authority (AJAM) in 2024.

Key milestones in 2025 involved advancing the conversion of the Carangas project's Exploration License (EL) into an Administrative Mining Contract (AMC) under the 2014 Mining Code. A Ministerial Resolution outlining the AMC conversion process was achieved on July 25, 2024, which enabled the submission of the application to AJAM Oruro in early 2025. Furthermore, the Departmental Court of Justice of La Paz granted an amparo (constitutional protection action) in June 2025, providing the Silver Sand Project with protection against encroachment. The newly elected Bolivian government has signaled an intent to encourage foreign investment in the mining sector.

The following table summarizes the key governmental/regulatory interactions:

Local Bolivian Communities (for surface rights and social license)

Securing social license is as vital as securing government permits. New Pacific Metals Corp. is focused on formalizing agreements with local stakeholders to ensure sustainable operations. The company aims to complete the socialization process and sign framework agreements with the one immediately impacted community and four additional indirectly impacted communities by mid-2026.

At the Carangas project, the company began negotiating a long-term framework agreement in autumn 2025 after the community voted in favor to proceed with consultation activities. For the Silver Sand project, the focus in 2025 was securing surface rights via long-term land lease agreements with the local community. The company regained full site access after halting illegal artisanal mining operations, allowing it to rebuild community relations.

• Securing surface rights at Silver Sand via long-term lease agreements.
• Began negotiating a long-term framework agreement with Carangas community in autumn 2025.
• Carangas community voted favorably to proceed with consultation activities.
• Goal to sign framework agreements by mid-2026.

Raymond James Ltd. and BMO Capital Markets (Underwriters for 2025 financing)

These investment banks managed the critical capital raise in October 2025, which provided approximately C$40.42 million in gross proceeds. Raymond James Ltd. served as the sole bookrunner, with BMO Capital Markets (BMO Nesbitt Burns Inc.) acting as the co-lead underwriter. The underwriting agreement was dated October 15, 2025. The shares were sold at a price of C$3.55 per Common Share.

Beyond underwriting, BMO Capital Markets provides market analysis and validation. On December 5, 2025, BMO Capital initiated coverage on New Pacific Metals Corp. with an Outperform rating and a price target of C$6.00. BMO Capital Markets noted that the combined production profile of the Silver Sand and Carangas projects would position New Pacific Metals Corp. among the top silver producers in the industry.

The financing structure involved the following key financial partners:

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Key Activities

You're focused on the operational engine room of New Pacific Metals Corp. (NEWP) right now, which is all about de-risking those world-class Bolivian assets. The key activities here are a mix of regulatory navigation, technical validation, and keeping the lights on via the capital markets.

The primary focus for New Pacific Metals in 2025 has been advancing the permitting hurdles for its two main assets. For the Carangas Silver-Gold Project, the main push was converting the existing Exploration Licenses (EPLs) into Administrative Mining Contracts (AMCs) under Bolivia's 2014 Mining Code. The company submitted its AMC conversion application to AJAM Oruro in early 2025. A major win came in August 2025 when the Carangas community voted in favor of continuing the prior consultation process, which is a necessary step before finalizing the AMC.

Over at the flagship Silver Sand Silver Project, the activity centered on securing surface rights with local communities and pushing the environmental permit forward. You'll recall they had issues with illegal mining; well, significant progress was made, as by July 1, 2025, the artisanal and small-scale miners (ASMs) had withdrawn, and New Pacific Metals had regained access and established a 24/7 security presence.

To support the next stage of development, New Pacific Metals has been busy with project de-risking through technical studies, which is crucial for attracting future, larger-scale construction capital. The Pre-Feasibility Study (PFS) for Silver Sand, reported in June 2024, and the Preliminary Economic Assessment (PEA) for Carangas, effective September 5, 2024, form the backbone of the current valuation story. Here's a quick look at what those studies confirmed:

These studies set the stage for the next technical step. For Carangas, the plan is to commence work on a feasibility study, which will involve infill drilling to upgrade known resources. The company is definitely prioritizing permit advancement before committing to that higher-cost engineering work.

Keeping the operational momentum going requires cash, and New Pacific Metals executed a key capital raise activity in late 2025. They closed a bought deal financing on October 21, 2025, bringing in gross proceeds of approximately CAD $40.42 million. This was achieved by selling 11,385,000 common shares at C$3.55 per share. Strategic industry support was clear, with major shareholders participating:

• Silvercorp Metals Inc. invested approximately C$10.95 million, maintaining a 27.99% stake.
• Pan American Silver Corp. invested approximately C$4.49 million, holding about 11.47% ownership.

These proceeds are earmarked to fund exploration and development at both Carangas and Silver Sand, plus general corporate needs. That's a solid cash infusion to keep things moving.

Finally, there's the ongoing exploration and evaluation work across the three Bolivian projects: Silver Sand, Carangas, and Silverstrike. The company maintains a disciplined spending approach. Looking at the expenditures capitalized for the three months ended September 30, 2025 (Q1 Fiscal 2026):

• Expenditures capitalized under the Silver Sand Project totaled $513,274.
• Expenditures capitalized under the Silverstrike Project were $15,472.

The Silverstrike project had its discovery drill program completed back in 2022, so the current work is more evaluative. At Carangas, the plan includes exploration drilling targeting deeper zones based on recent geophysical anomalies.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Key Resources

New Pacific Metals Corp. relies on its significant, de-risked mineral assets in Bolivia, supported by a strong financial base and specialized human capital.

The financial foundation supporting these assets includes the following as of the latest reported period.

• Working capital as of September 30, 2025: $14.88 million.
• Total gross proceeds from bought deal financing closed October 21, 2025: Approximately CAD $40.4 million (approximately $28.8 million).

Securing the operational base in Bolivia involves key legal and human resource components.

• Legal protection for the Silver Sand core area: Formal judicial resolution granting an amparo (constitutional protection action) received on June 25, 2025, providing immediate and long-term protection against encroachment and illegal mining activities.
• Permitting progress at Carangas: Community voted in favor of continuing the prior consultation process in August 2025.
• Technical team expertise: Strong local team in Bolivia with international mining expertise.

The Silver Sand Project has a defined mine life of 13 years, excluding a 2-year pre-production period, with LOM average annual payable silver production exceeding 12 Moz. Also, the Carangas Project outlines a 16.2-year mine plan, excluding 2 years of pre-production, with LOM average silver production exceeding 6.5 Moz per year. That's a lot of ounces to manage. Finance: review the cash burn rate against the $14.88 million working capital by end of week.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Value Propositions

Exposure to two of the world's largest undeveloped open-pit silver projects defines the core proposition for New Pacific Metals Corp. (NEWP).

The two primary assets are the flagship Silver Sand Project and the Carangas Project, both located in Bolivia.

The combined potential production scale positions New Pacific Metals as a major future producer.

• Potential for nearly 19 million ounces of annual silver production from both projects combined once in production.
• Silver Sand Project alone targets average annual payable silver production exceeding 12 million ounces over a 13-year mine life.
• Silver Sand production is projected to exceed 15 million ounces per year in the initial three years.
• Carangas Project targets an average annual production of 6.6 million ounces of silver over a 16-year mine life.

High-margin operation potential is demonstrated by the low projected operating costs for the Silver Sand development.

The business offers direct leverage to rising commodity prices, given the robust economics even at conservative base case metal prices. The Carangas Project specifically includes significant base metal credits.

• Carangas PEA forecasts production of 620 million pounds of payable zinc and 382 million pounds of payable lead annually.
• Silver Sand Project's post-tax NPV (5%) increases to $1,124 million and IRR to 48% at a US$30.00/oz silver price.
• Carangas has over 1 million ounces of gold potential at depth not yet incorporated into the PEA economics.

Responsible development is a stated focus, critical for advancing projects in the jurisdiction.

New Pacific Metals Corp. reports making significant progress in 2025 by working closely with local communities and governments. As of July 1, 2025, the company established a 24/7 on-site security presence and stopped illegal mining activities at the Silver Sand Project area.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Customer Relationships

New Pacific Metals Corp. maintains relationships with distinct stakeholder groups, each requiring tailored engagement strategies and reporting metrics.

Proactive investor relations and corporate development

Investor relations focus on maintaining capital through equity raises and transparent reporting, especially given the exploration-stage nature of the business.

The Company closed a bought deal financing on October 21, 2025, selling 11,385,000 common shares at CAD $3.55 (approximately $2.53) per share, yielding total gross proceeds of approximately CAD $40.4 million (approximately $28.8 million). As of September 30, 2025, New Pacific Metals Corp. reported $14.88 million in working capital. The net loss attributable to equity holders for the three months ended September 30, 2025, was $0.75 million. Operating expenses for that same three-month period totaled $1.32 million.

Direct engagement with local communities for land agreements

Engagement centers on securing surface rights for the Silver Sand Project and formalizing agreements for the Carangas Project. The Company is aiming to sign framework agreements with the one immediately impacted community and four additional indirectly impacted communities by mid-2026.

• The Carangas community voted in favor of continuing the process in August 2025.
• New Pacific Metals Corp. presented a draft long-term framework agreement to the Carangas community in autumn 2025.
• The Carangas Project anticipates creating approximately 500 direct permanent jobs.
• The Departmental Court of Justice of La Paz granted an amparo (constitutional protection action) for the Silver Sand Project on June 25, 2025.
• Since July 1, 2025, artisanal and small-scale miners (ASMs) have stopped mining activities at the Silver Sand Project area.

High-level government negotiation for critical permits

The focus for the Carangas Project in 2025 was converting its Exploration Licenses (EPLs) to Administrative Mining Contracts (AMCs). The newly elected Bolivian government indicated it is looking to encourage foreign investment in its mining industry in 2025.

• The application to convert Carangas EPLs to AMCs was submitted to AJAM Oruro in early 2025.
• AJAM Oruro gave permission to progress the conversion process, which precedes community consultation.
• The Silver Sand Project already holds a 3.2 km2 Administrative Mining Contract (AMC) and a 5.6 km2 Mining Production Contract (NPC).
• Restarting the environmental categorization and EEIA process is anticipated following the signing of framework agreements (target mid-2026).

Transparent financial reporting to shareholders

New Pacific Metals Corp. maintains regulatory transparency by filing required documents with securities commissions.

• Filed its fiscal 2025 annual report on Form 40-F with the U.S. Securities and Exchange Commission (SEC) as of September 15, 2025.
• Reported financial results for the three months ended September 30, 2025, on November 7, 2025.
• The Company's financial statements and MD&A for the year ended June 30, 2025, were filed.
• The Company's baseline 2025 budget was $8 million.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Channels

You're looking at how New Pacific Metals Corp. (NEWP) gets its message and its equity capital out to the world as of late 2025. It's a mix of traditional exchange listings, targeted investor events, and mandatory public disclosures. The goal is to keep the capital markets informed about the progress on their Bolivian assets, namely Silver Sand and Carangas.

TSX and NYSE American stock exchanges (for equity capital)

New Pacific Metals Corp. uses its dual listing to access both Canadian and U.S. capital pools. This is where the actual trading happens, and it's a primary channel for raising funds through equity offerings, like the one they executed recently.

The company's structure as of late 2023 showed 170.9 M Shares Issued & Outstanding, with 176.4 M Fully Diluted, which is the baseline for any new equity issuance channel.

Investor presentations and conferences (e.g., PDAC 2025)

These events are critical for presenting the technical and economic case for their projects directly to institutional and retail investors. The narrative focuses heavily on the scale of their silver deposits in Bolivia.

• Presented at PDAC 2025 in Toronto.
• Stated a cash position of roughly $18 million USD at the time of the PDAC 2025 interview.
• Projects (Silver Sand and Carangas) on a proforma basis could produce upwards of 19 million ounces of silver a year when in production.
• Silver Sand project PFS indicated a capital spend of $358 million USD.
• Carangas project is projected to produce 6.6 million ounces of silver a year for 16 years.
• Silver Sand project is projected to produce 12 million ounces of silver a year for 13 years.

Corporate website and regulatory filings (SEDAR+, EDGAR)

This is the mandatory, official channel for transparency and compliance. You can find the detailed numbers here, which are the foundation for any analyst's due diligence.

New Pacific Metals Corp. filed its fiscal 2025 annual report on Form 40-F with the U.S. Securities and Exchange Commission (SEC) on September 15, 2025. This filing includes the fiscal 2025 annual audited financial statements.

The company reports its financial results quarterly; the results for the three months ended September 30, 2025, were released on November 7, 2025. For the fiscal year 2025, NEWP's earnings were reported as -$2,317,900 USD, with a forecast revenue of $0 for 2025.

Shareholder engagement is also tracked here; at the November 28, 2025 AGM, 144,270,137 common shares were represented, which was 78.53% of the total votes attached to outstanding shares.

Direct communication with government and community leaders

For an exploration and development company operating in Bolivia, this channel is arguably the most critical for unlocking value, as it directly impacts permitting timelines. This communication is often detailed in the Management's Discussion and Analysis (MD&A) section of their filings.

• The core focus for 2025 was advancing the permitting stages at both Silver Sand and Corangas projects.
• Key activities involve negotiating surface rights with the community and working with the government to convert exploration licenses to administrative mining contracts.
• The company noted challenges with illegal mining activity at Silver Sand, requiring increased pressure on the community to resolve this before securing the surface agreement and advancing permitting.

You can always find the latest updates and registration for email news at www.newpacificmetals.com.

Finance: review the cash burn rate from Q3 2025 against the CAD $40.4 million raised by Friday.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Customer Segments

You're looking at the core groups that hold a stake in New Pacific Metals Corp. (NEWP) as of late 2025, which is crucial because, as an exploration and development company, its immediate 'customers' are its capital providers and future partners.

Institutional Precious Metals Investors and Funds

This segment is characterized by large, established players in the metals space who see value in New Pacific Metals Corp.'s Bolivian assets, Silver Sand and Carangas. Their commitment is demonstrated through significant equity positions and participation in capital raises.

As of the October 2025 Annual General Meeting (AGM) data, public companies held a substantial 39% of the shares, with retail investors holding 43%. This implies a significant portion of the institutional base is captured within that public company figure.

The table below breaks down the known major institutional and strategic holders based on late 2025 reporting:

The company's financial activity in late 2025 supports this segment's role; New Pacific Metals Corp. closed a bought deal financing in October 2025, raising gross proceeds of approximately C$40.42 million, with proceeds earmarked for project development.

Strategic Mining Companies (e.g., Silvercorp, Pan-American Silver)

These entities are customers in the sense that they provide strategic capital and validation, often with the potential to become future partners or acquirers once projects de-risk further. Silvercorp Metals Inc. is the most prominent example here.

• Silvercorp Metals Inc. holds a stake between 27% and 28.05%.
• Pan American Silver Corp. holds a 13% stake.
• These strategic investors are clearly aligned with the development of the Silver Sand and Carangas projects.

The commitment from Silvercorp Metals Inc. to subscribe for shares worth roughly C$10.95 million in the October 2025 financing shows continued confidence in New Pacific Metals Corp.'s assets.

Retail Equity Investors seeking silver development exposure

This segment comprises individual investors attracted to the high-leverage nature of an exploration-stage company with world-class assets. They provide the necessary liquidity and a broad base of support, though they are often more sensitive to market sentiment.

Retail investors held a 43% stake in New Pacific Metals Corp. as of October 2025. This is the single largest shareholder group by percentage.

Financially, the company is in a pre-revenue stage typical for developers; the net loss attributable to equity holders for the three months ended September 30, 2025, was $0.75 million. This ongoing burn is funded by capital raises like the one in October 2025, which retail investors participated in alongside institutions.

Future Metal Off-takers (industrial and financial buyers)

While New Pacific Metals Corp. is not yet selling physical metal, its future off-takers are a critical segment whose interest is predicated on the massive scale of the resource base. These buyers-refiners, fabricators, or financial institutions hedging exposure-will ultimately purchase the metal produced.

The potential scale of production drives the interest from this future segment:

• Combined potential production from Silver Sand and Carangas is estimated at 18.7 million ounces per year of silver.
• In the first three years of production, this could exceed 20 million ounces per year of silver.
• The Carangas Project alone is projected to produce approximately 106 million oz of payable silver, 620 million lbs of payable zinc, and 382 Mlbs of payable lead over its 16-year LOM.

The economic studies supporting these figures, such as the Carangas PEA Technical Report (effective September 5, 2024), provide the basis for future off-take negotiations, which will be vital for securing project financing down the line.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Cost Structure

You're looking at the expenses New Pacific Metals Corp. incurs to keep its exploration and development engine running in late 2025. These costs are primarily tied to advancing the Silver Sand and Carangas projects in Bolivia, funded significantly by recent capital raises.

Exploration and Evaluation Expenses

For the three months ended September 30, 2025 (Fiscal Q1 2026), New Pacific Metals Corp. capitalized exploration expenditures across its projects, meaning these costs were added to the asset value on the balance sheet rather than expensed immediately. The breakdown for this period shows the allocation of capital deployment:

• Silver Sand Project capitalized expenditures: $0.51 million
• Carangas Project capitalized expenditures: $0.17 million
• Silverstrike Project capitalized expenditures: $0.02 million

General and Administrative Costs

These are the day-to-day overhead costs not directly tied to project work. For the first quarter of Fiscal Year 2026 (three months ended September 30, 2025), the operating expenses were:

• Total Operating Expenses: $1.32 million

This figure represents a reduction from the $1.61 million reported for the same period in the prior year.

Project Permitting and Community Engagement Costs

While specific dollar amounts for only permitting and community engagement are not itemized separately from capitalized exploration in the Q1 FY2026 results, the company's 2025 objectives included significant non-capitalized efforts. These efforts involved:

• Submitting applications to convert Exploration Licenses (EPLs) to Administrative Mining Contracts (AMCs) for the Carangas Project.
• Initiating the prior consultation process with the Carangas community, including socializing economic, environmental, and social impacts.

The company's general quarterly spending around June 2025 was noted to be around US$1.5 million, focused on permitting activities, which suggests ongoing cash burn outside of capitalized work.

Capitalized Project Expenditures for Development Work

The total amount added to the asset base from project work during the first quarter of Fiscal 2026 was the sum of the capitalized exploration expenditures:

This total represents the investment in moving the projects forward during the reporting period.

Financing Costs Associated with Bought Deal Equity Offerings

New Pacific Metals Corp. executed a significant capital raise in late 2025 to bolster liquidity and fund project advancement. The primary cost structure element here is the capital raised, which offsets future financing costs:

• Date of Closing: October 21, 2025
• Gross Proceeds Raised: Approximately C$40.42 million or C$40.4 million
• Gross Proceeds in USD: Approximately $28.8 million
• Shares Issued: 11,385,000 common shares at C$3.55 per share.

The net proceeds from this offering were earmarked for exploration and further development at the Carangas and Silver Sand projects, working capital, and general corporate purposes. The actual underwriting fees and associated financing costs for this offering are not explicitly detailed as a separate expense line item in the Q1 FY2026 summary data provided.

New Pacific Metals Corp. (NEWP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of New Pacific Metals Corp. (NEWP) as of late 2025. Since New Pacific Metals Corp. is an exploration and development company, its current revenue from operations is minimal, relying instead on financing and investment returns to fund its projects in Bolivia.

The primary revenue components, or sources of cash inflow, for New Pacific Metals Corp. currently fall into three buckets: non-operating income, capital raises, and the anticipated future revenue from its mineral properties once they reach production.

For the fiscal year ended June 30, 2025, New Pacific Metals Corp. reported $0.00 in revenue. This is typical for a company focused purely on exploration and development rather than active mining and sales.

Still, the company generates some income from its treasury holdings.

• Income from investments for the three months ended September 30, 2025 (Q1 FY2026) was $0.11 million.

The most significant cash inflow recently came from equity financing, which bolsters the balance sheet for ongoing work at the Silver Sand and Carangas projects.

• New Pacific Metals Corp. closed a bought deal financing on October 21, 2025.
• This financing generated total gross proceeds of approximately CAD $40.4 million, which is reported as approximately $28.8 million in US dollars.
• The company issued 11,385,000 common shares at CAD $3.55 per share to complete this capital raise.

The long-term revenue stream hinges entirely on developing its Bolivian assets, specifically the Carangas Project, which has a Preliminary Economic Assessment (PEA) outlining significant potential metal production.

Here's what the Carangas PEA, effective September 5, 2024, projects for its life of mine (LOM) production, which will translate into future sales revenue:

This potential production is based on a base case price of $24.00/ounce for silver, $1.25/pound for zinc, and $0.95/pound for lead. The PEA also suggested a post-tax Net Present Value (NPV) of $501 million (at a 5% discount rate). The Silver Sand project is the flagship asset, noted for its potential to become one of the world's largest silver mines. The Carangas project is described as a robust, high-margin silver-lead-zinc operation.