Business
New Pacific Metals Reports Financial Results for the Three Months Ended September 30, 2020
VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its unaudited condensed consoli
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) reports its unaudited condensed consolidated interim financial results for the three months ended September 30, 2020. This news release should be read in conjunction with the Company's MD&A and the financial statements and notes thereto for the corresponding period which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian dollars unless otherwise stated. QUARTERLY HIGHLIGHTS Working capital of $68.88 million to advance the Silver Sand Project and regional exploration initiatives including the Silverstrike Project; Continued to expand the Snake Hole Zone on the Silver Sand Project – intersecting 30.9 m @ 159 g/t Ag including 12.2 m @ 354 g/t Ag (see news release dated August 6, 2020 for details); Commenced field work on the Silverstrike Project - results indicating good to excellent potential for both high-grade and near-surface bulk tonnage silver-rich polymetallic mineralization at Silverstrike North (see news release dated September 29, 2020 for details); Silver Sand Preliminary Economic Assessment, Environmental and Social studies commenced during the quarter; Continued focus on Sustainability – expanded the Bolivian CSR team with key hires; Received 99.77% shareholders’ support to continue creating shareholder value by spinning out the Tagish Lake Gold project into Whitehorse Gold Corp.; and Graduated from the TSX Venture Exchange to the Toronto Stock Exchange and added to the VanEck Vectors Junior Gold Miners ETF (“GDXJ”). FINANCIAL RESULTS Working Capital: As at September 30, 2020, the Company had working capital of $68.88 million. Net loss attributable to equity holders of the Company for the three months ended September 30, 2020 was $1.51 million or $0.01 per share (three months ended September 30, 2019 - net income of $1.29 million or $0.01 per share). The Company’s financial results were mainly impacted by: (i) income from investments of $0.84 million compared to income of $2.12 million in the prior year quarter; (ii) operating expenses of $2.03 million compared to $1.01 in the prior year quarter; and (iii) foreign exchange loss of $0....