New Pacific Metals is a pre-revenue Canadian developer whose two Bolivian silver systems just moved from exploration paper onto the desk of the national legislature. In late August the company signed thirty-year Administrative Mining Contracts at Carangas with Bolivia's mining authority, covering the full project area after community prior consultation closed in July. That signature is genuine progress. It is not finished tenure. The contracts now sit with the Plurinational Legislative Assembly, the same body that has left the Silver Sand production contract with the state miner unsigned for years.
The market is already treating those deposits as a large option against an empty income statement. An updated Carangas preliminary economic assessment published in mid-July shows a post-tax net present value of $2.65 billion at a $45 silver deck that sits below recent spot. Combined with the older Silver Sand pre-feasibility study, study-level project value clears three billion on paper. Cash at fiscal year-end was $38 million, and neither project produces an ounce. The shares last closed at $6 on the American listing. The entire equity story lives in the gap between those study values and a checkbook that cannot build either mine.
Fiscal-year results released in early September show another year of corporate burn and almost no drilling. A bought-deal last October sold eleven million shares and raised about $27 million net, which rebuilt working capital and funded the permitting push. The next year resolves a single question. Does La Paz ratify Carangas, and does Silver Sand's community process restart, or does the equity remain a high-beta silver warrant written on unsigned paper?