Here are 1-3 brief analogies for New Pacific Metals (NEWP):

• A Pan American Silver for early-stage exploration, primarily seeking new silver and gold deposits in Bolivia.
• The prospecting team for future silver, gold, and base metal mines, similar to a 'junior' version of a diversified miner like Hecla Mining.

• Silver: A precious metal deposit that the company explores and develops.
• Gold: A valuable precious metal deposit that the company explores and develops.
• Lead: A base metal deposit that the company explores and develops.
• Zinc: A base metal deposit that the company explores and develops.

New Pacific Metals Corp. (NEWP)

New Pacific Metals Corp. (NEWP) is an exploration and development company focused on identifying and advancing mineral properties containing silver, gold, lead, and zinc deposits. At its current stage, the company is primarily engaged in resource delineation, engineering studies, and advancing its projects towards potential production. Therefore, New Pacific Metals Corp. does not currently have major customers in the traditional sense, as it is not yet in commercial-scale production or generating significant sales revenue from its mineral properties.

Once New Pacific Metals Corp. transitions to commercial production and begins to extract and process ore, its output (typically in the form of mineral concentrates containing silver, gold, lead, and zinc) would be sold primarily to other companies. The categories of potential future customers for such mineral products would include:

• Smelters and Refiners: These are industrial facilities that purchase mineral concentrates to extract and refine the constituent metals (silver, gold, lead, and zinc) into saleable forms. Examples include large multinational mining and metals companies that own smelting and refining operations.
• Commodity Trading Houses: These firms specialize in the global buying, selling, and logistics of raw materials, including metal concentrates. They would act as intermediaries between the mining company and end-use industrial customers or refiners.
• Large Industrial Manufacturers: In some cases, very large industrial manufacturers that require specific metals as raw materials for their own production processes might enter into direct purchase agreements for concentrates or refined metals.

Jalen Yuan, Chief Executive Officer

Jalen Yuan is a corporate leader and professional accountant with over sixteen years of diverse international experience in the mining industry. Mr. Yuan was appointed permanent Chief Executive Officer in October 2025, having previously served as Chief Financial Officer of New Pacific Metals since 2015. He has been deeply involved in all of the company's strategic decisions, including the acquisition, exploration, technical studies, and permitting of the Silver Sand and Carangas projects in Bolivia. Mr. Yuan also played instrumental roles in the company's financing activities, raising a total of US$130 million since 2017.

Chester Xie, Chief Financial Officer

Chester Xie is a professional accountant with nearly a decade of diverse international experience in financial reporting, auditing, internal control, and accounting. He is a designated member of the Chartered Professional Accountants of British Columbia. Mr. Xie joined New Pacific Metals in 2023 as Financial Controller and was appointed permanent Chief Financial Officer in October 2025. Prior to his time in the mining industry, Mr. Xie worked in public practice, specializing in financial statement audits and internal control assessments for Canadian companies.

Dr. Rui Feng, Founder

Dr. Rui Feng is a successful entrepreneur, explorer, and mine builder with over 25 years of global mining industry experience. He founded Silvercorp Metals in 2003, acquiring early-stage properties in China and developing it into a profitable Canadian mining company. Dr. Feng was integral in discovering Jinshan Gold's CSH Gold Mine in China in 2002, which was subsequently acquired by China Gold International. As CEO of New Pacific Metals, he led the company to Bolivia in 2017 and acquired the Silver Sand project. Dr. Feng initially stepped down as CEO in April 2020 for corporate governance reasons, returned in early 2022, and then stepped down again in September 2023, remaining a director until the 2023 AGM. He continues to provide strategic insight to the company's growth initiatives.

Alex Zhang, Vice President, Exploration

Alex Zhang is a professional geoscientist with over 30 years of experience in mineral exploration. He has applied his technical and managerial skills to major gold and silver-lead-zinc polymetallic projects in China, Canada, and Bolivia, working with companies such as Eldorado Gold, Afcan Mining, Sino Gold, Silvercorp, and New Pacific Metals. His roles have included senior exploration geologist, senior resource geologist, exploration manager, chief geologist, and vice president of exploration, supervising activities from exploration and development to production. Mr. Zhang holds a Master of Engineering in mineral exploration from the China University of Mining and Technology and a Master of Science in mineral exploration from Queen's University in Ontario, Canada.

Carolina Ordoñez, Vice President, Corporate Affairs

Carolina Ordoñez has over 15 years of experience in the resource sector, serving as a liaison between governments, corporations, mining subsidiaries, and investors. She possesses extensive experience in government relations and global affairs. Ms. Ordoñez has also served as a Director of several NGOs focused on promoting Latin-American business and cultural strengths. She holds a global designation in International Trade Business and a Diploma in Business Management and International Commerce from the British Columbia Institute of Technology.

The key risks for New Pacific Metals (NEWP) are primarily associated with the complexities of operating an exploration and development mining company, particularly in Bolivia.

1. Political and Regulatory Risks in Bolivia: New Pacific Metals' operations are heavily concentrated in Bolivia, a jurisdiction historically characterized by political and regulatory uncertainties in its mining sector. Risks include potential policy reversals, bureaucratic hurdles, challenges in securing land tenure and surface rights, and the need for continuous engagement with various levels of government and regulatory bodies. While the company is actively engaging with the new Bolivian government, which has expressed a desire to encourage foreign investment and modernize mining laws, the historical context and ongoing need for consistent policy implementation present an overarching risk.
2. Social License to Operate and Artisanal Mining: A significant challenge for New Pacific Metals has been obtaining and maintaining its social license to operate, particularly concerning its flagship Silver Sand project. The company has faced issues with illegal artisanal and small-scale miners operating within its mineral rights, leading to legal actions and the necessity for extensive discussions and agreements with local communities and authorities to secure surface rights and ensure safe operations. Although progress has been reported in addressing these issues, managing community relations and preventing unauthorized mining activities remain critical for project advancement.
3. Project Development and Capital Intensity: As an exploration and development company, New Pacific Metals is exposed to the inherent risks of bringing mineral projects from the exploration phase through to production. This involves substantial upfront capital investments, exposure to geological and exploration uncertainties, and technical challenges in project execution. The company is currently advancing its Silver Sand and Carangas projects and has not yet commenced commercial production, meaning it incurs significant operating and exploration expenses without generating revenue from mineral sales, which can impact liquidity and financing needs.

• Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024, with projections to grow to USD 202.07 billion by 2033.
• Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030.
• Lead: The global lead market size was estimated at USD 24 billion in 2023 and is anticipated to reach USD 36 billion by the end of 2032.
• Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033.

1. Advancement of the Carangas Silver-Gold-Polymetallic Project: The Carangas project, with a Preliminary Economic Assessment (PEA) completed in October 2024, is a key driver. The company is actively progressing towards a feasibility study (expected to take 12-18 months), securing necessary permits, and solidifying community agreements. A Framework Agreement for Cooperation and Coordination with the Carangas community was signed in February 2026. Successful navigation of these stages is crucial for de-risking the project and enabling its eventual construction and production of silver, gold, lead, and zinc.
2. Advancement of the Silver Sand Silver Project: As a flagship project, the Silver Sand project has significant potential to be developed into one of the world's largest silver mines. A Pre-Feasibility Study (PFS) was completed in June 2024. Future revenue growth hinges on restarting the environmental categorization and Environmental Impact Assessment (EEIA) process, successfully securing long-term land lease agreements with the local community (following the cessation of illegal mining activities in the first half of 2025), and ongoing exploration drilling, all of which are vital steps towards a construction decision and future production.
3. Supportive Political and Regulatory Environment in Bolivia: A shift in Bolivia's political landscape in November 2025 has led to a new government committed to modernizing mining laws, reducing bureaucracy, and attracting foreign investment. This potentially more favorable regulatory and political environment could significantly accelerate the development and permitting processes for New Pacific Metals' projects, thereby fostering an environment conducive to future revenue generation.
4. Exploration and Development of the Silverstrike Project: While currently in earlier stages of development, continued exploration success and systematic advancement of the Silverstrike project represent another potential driver for long-term revenue growth. The project has demonstrated similar geological characteristics and potential to the Silver Sand project, indicating its capacity to contribute to the company's future production pipeline.

Share Issuance

• In October 2025, New Pacific Metals completed a follow-on equity offering, raising CAD 35.145 million.
• This offering involved the issuance of 9.9 million common shares at C$3.55 per share.
• The number of shares outstanding for New Pacific Metals increased from approximately 0.153 billion in June 2021 to 0.172 billion by June 2025, and further to 0.181 billion by December 2025.

Capital Expenditures

• For the nine months ending March 31, 2025, New Pacific Metals capitalized $1.23 million in expenditures for the Silver Sand project and $1.16 million for the Carangas project.
• During the six months ending December 31, 2025, the company capitalized $0.40 million for the Silver Sand project and $1.18 million for the Carangas project.
• A Preliminary Economic Assessment (PEA) for the Carangas Project, effective September 5, 2024, projected initial capital costs of $324 million for its development, focusing on establishing it as a silver-lead-zinc mine.