The PEA significantly de-risks Carangas with robust economics and a clear path to permitting. Monitor progress on AMC conversion and the upcoming drill program for resource upgrades. The stock may re-rate as project milestones are achieved, but political and permitting risks in Bolivia remain key overhangs.
Price Chart
Executive Summary
New Pacific Metals released an updated Preliminary Economic Assessment (PEA) for its Carangas silver-gold project in Bolivia, showing a post-tax NPV(5%) of $2.65 billion and IRR of 35.9% at base-case metal prices. The 19-year mine plan includes 339 million ounces of silver equivalent production, with initial capex of $644.5 million and a 2.4-year payback. The company also plans a 30,000-meter infill drilling program starting September 2026 and is advancing permitting toward Administrative Mining Contracts.
Key Facts
- Post-tax NPV(5%) of $2.65 billion and IRR of 35.9% at base-case metal prices ($45/oz Ag, $3,400/oz Au, $1.20/lb Zn, $0.90/lb Pb)
- 19-year life of mine producing 339.0 million ounces of silver equivalent (195 Moz payable Ag, 1.1 Moz payable Au, 1,453 Mlbs Zn, 941 Mlbs Pb)
- Initial capital costs of $644.5 million with a post-tax payback period of 2.4 years
- Average LOM AISC of $19.16/oz AgEq, or $0.11/oz Ag net of by-products
- Updated PEA includes a gold production period (years 9-16) averaging 142.7 koz Au per year
- Company plans 30,000-meter infill drilling program in September 2026, with 25,000 meters focused on converting inferred to indicated resources
- Community consultation completed July 6, 2026; EL-to-AMC conversion expected within six months
Financial Impact
Post-tax NPV of $2.65 billion (3.7x current market cap of $718M) at base-case metal prices; IRR of 35.9%
Risk Factors
- Political and social instability in Bolivia, including protests and blockades
- Permitting delays for EL-to-AMC conversion and environmental impact assessment
- Financing risk for $644.5 million initial capex
- Commodity price sensitivity (silver, gold, zinc, lead)
- Reliance on contractor mining and third-party infrastructure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001279569-26-000679 |
| Document: newpacificform6k.htm | 0001279569-26-000679 |
| Document: 0001279569-26-000679-index-headers.html | 0001279569-26-000679 |
| Document: 0001279569-26-000679-index.html | 0001279569-26-000679 |
| Document: 0001279569-26-000679.txt | 0001279569-26-000679 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 29d ago | 6-K | $6.39 $5.63 | ▼ −11.89% | ▼ −12.61% | $5.54 (−13.30%) |
Aug 26, 2026 8w ago | 6-K | $7.14 $6.63 | ▼ −7.14% | ▼ −7.37% | $5.54 (−22.41%) |
Aug 17, 2026 10w ago | 6-K | $6.66 $5.70 | ▼ −14.41% | ▼ −12.44% | $5.54 (−16.82%) |
Jul 16, 2026 14w ago | 6-K | $3.95 $6.72 | ▲ +70.13% | ▲ +66.51% | $5.54 (+40.25%) |
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