New Pacific Metals Corp · TSX:NUAG
New Pacific Metals — Investor Presentation (September 2026)
23 slides from New Pacific Metals's investor presentation, September 2026
Slide 1: Developing World Class Silver & Gold Deposits in Bolivia
September 2026 Developing World Class Silver & Gold Deposits in Bolivia TSX: NUAG | NYSE American: NEWP
Slide 2: Cautionary Notes
Cautionary Notes Currency All references to dollar values are in U.S. dollars unless otherwise stated. Qualified Person Unless otherwise stated, the scientific and technical information contained in this presentation has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploratio
Slide 3: Cautionary Notes
Cautionary Notes Silver Sand PFS Technical Report The disclosure in this presentation of a scientific or technical nature for the Silver Sand Project is supported by the pre-feasibility study technical report titled "Technical Report – Silver Sand Project Pre-Feasibility Study" with an effective dat
Slide 4: Who's Covering The Next Silver Demand?
Who’s Covering The Next Silver Demand? NUAG: Two Silver Assets with Global Scale 22.7 22.8 Moz Moz Annual Production 17.9 Carangas Moz 17.0 10.6 Moz 15.4 Moz 6.8 6.5 Silver Sand Moz 5.0 Moz 12.1 Moz 1.0 Moz NUAG PAAS CDE HL AG SVM EDR AYA FSM Note: Consolidated annual silver production based on 1) a
Slide 5: Silver Producers are Becoming Gold Producers
Silver Producers are Becoming Gold Producers Due to a few silver discoveries and scarce silver deposits Silver as % of Revenue for Selected Silver Producers 2014 2025 Difference Fortuna Mining 64% 4% -60% Pan American Silver 57% 23% - 34% Coeur Mining 52% 35% - 17% SSR Mining 39% 24% -15% Endeavour
Slide 6: Two of the Largest Undeveloped Silver Projects in the World
Two of the Largest Undeveloped Silver Projects in the World 2 1,2 SILVER SAND CARANGAS Preliminary Feasibility Preliminary Economic Report Study, June 2024 Assessment, July 2026 10.6 Moz Ag Annual Production 12 Moz Ag 62 koz Au 59 kt Pb+Zn Mine Life 13 years 19 years AISC1 $10.69/oz Ag $19.16/oz AgE
Slide 7: NUAG Near Term Catalysts
NUAG Near Term Catalysts Silver Sand: Align stakeholder interest to advance Environmental License Carangas: Legislative approval of Administrative Mining Contract then advance Environmental License INCREASED VALUE NEW PACIFIC METALS Technical Work, Pre-Discovery Discovery Production Development & Pe
Slide 8: Bolivia is Big for Silver
Bolivia is Big for Silver 1.6 Boz of silver mined at New Pacific discovery Cerro Rico in Potosí since the Producing mine 1500s Three Large-scale silver LA PAZ mines in operation 4th largest silver-producing country SANTA CRUZ ~42 Moz Annual Ag 2024 CARANGAS Silver Sand and Carangas, if ORURO SILVER
Slide 9: Our Strategy for Permitting Both Projects
Our Strategy for Permitting Both Projects A coordinated, bottom-up and top-down approach to advancing project permitting Build alliances Engage Government "from the bottom up" "from the top down" Local Community Legislative Approval Regional Mining Federal Government Industry Support Local Governmen
Slide 10: Carangas: 2026 Objectives
2026 Objectives Carangas Completed ✓ Signed Community Agreement Permitting & Resource ✓ Update PEA to include Au Zone Expansion Strategy ✓ Conversion of Exploration License (EL) to Exploitation License (AMC) Priorities ❑ Legislative Assembly to approve AMC ❑ +30,000 m drilling program to upgrade and
Slide 11: Carangas: World Class Silver Project
Carangas: World Class Silver Project Items Unit Value • Post-Tax NPV (5%): Total Ore Mined Mt 251.5 ‒ $2.7 billion ($45.00/oz Ag, $3,400/oz Au) ‒ $4.2 billion ($67.50/oz Ag, $3,400/oz Au) Open Pit Strip Ratio t:t 1.4 • Post-Tax IRR: Annual Processing Rate Mt 8.0 – 16.0 ‒ 36% ($45.00/oz Ag, $3,400/oz
Slide 12: Carangas: Silver horizon above gold deposit
Carangas: Silver horizon above gold deposit Conceptual Pit constrained Mineral Resources as of 31 March 2026 AgEq Ag Au Pb Zn Domain Category Mt g/t Mozs g/t Mozs g/t Kozs % Mlbs % Mlbs Upper Silver Indicated 121.6 70 272.4 44 173.9 0.06 220.0 0.34 923.3 0.65 1,729.6 Zone Inferred 33.6 67 72.9 42 45
Slide 13: Carangas: Silver horizon above gold deposit
Carangas: Silver horizon above gold deposit PRE -GOLD PROD . Y E A R 1 – 8 Ag 124 Moz Pb+Zn 541 kt AISC $18.25/oz AgEq GOLD PROD . Y E A R 9 – 1 6 CONCEP TUA L PIT Ag 61 Moz Ore 252 Mt Strip ratio 1.4 Au 1,142 koz Pb+Zn 353 kt AISC $17.78/oz AgEq GOLD B ELOW CONCEP T UA L PIT Potential for undergrou
Slide 14: Carangas: Regional Exploration Potential
Carangas: Regional Exploration Potential The current drilling focused only on 41 km2 property Only 1 of 6 Regional geophysical survey covering entire Anomalies Drilled landholding completed in 2023 • Revealed multiple anomalies exhibiting high chargeability from 200 m to 800 m depth • Notably, one o
Slide 15: Silver Sand: 2026 Objectives
2026 Objectives ❑ Finalize community agreements Silver Sand ❑ Align stakeholders’ interests to advance the Environmental License (EEIA) ❑ Combine government engagement Permitting Strategy with strong local community partnerships ❑ Conduct additional Geotechnical and Hydrogeological drilling for the
Slide 16: Silver Sand: Near Surface, High Grade, Pure Silver
Silver Sand: Near Surface, High Grade, Pure Silver Starter pit @ ~140 g/t Ag grade, enable to produce 15Moz/year silver for first 3 years SW Line 5250 Cross Section NE Notes: See "Cautionary Note – Silver Sand PFS Technical Report“ TSX: NUAG | NYSE American: NEWP newpacificmetals.com 16
Slide 17: Silver Sand: PFS Highlights
Silver Sand: PFS Highlights • Post-Tax NPV (5%): Items Unit Value • $740 million($24.00/oz Ag) Total Ore Mined Kt 52,014 • $1.12 billion($30.00/oz Ag) Open Pit Strip Ratio t:t 3.3:1 • Post-Tax IRR: Annual Processing Rate Kt 4,000 • 37% ($24.00/oz Ag) LOM Silver Head Grade g/t 105 • 48% ($30.00/oz Ag
Slide 18: Developers: Unsung Heroes of Value Creation
Developers: Unsung Heroes of Value Creation Significant Gains Through Project Advancement $8 $17 New Pacific $14 Lundin Gold Orla $12 $6 $13 $10 $9 $4 $8 $5 $2 $6 $0 $1 $4 Jan/17 Jan/19 Jan/21 Jan/22 Jan/24 Jan/26 May/16 May/18 May/20 Emerald Resources Capricorn Metals Atlantic Gold $3 $3 $2 $2 $2 $
Slide 19: Leadership & Shareholder Base
Leadership & Shareholder Base Management 1.1% Management, 5.8% Rui Feng Board & Insiders Jalen Yuan CEO 11.4% 22.8% Pan American Presumptive Chester Xie CFO Retail Silver Alex Zhang VP Exploration Shareholders Carolina Ordoñez VP Corporate Affairs 30.9% Institutional Ownership* Hianny Romero VP Boli
Slide 20: Developing World Class Silver & Gold Deposits in Bolivia
Photo: Carangas Project Developing World Class Silver & Gold Deposits in Bolivia TSX: NUAG | NYSE American: NEWP HEAD OFFICE Suite 1750 – 1066 West Hastings Street Vancouver, BC | V6E 3X1 INVESTOR RELATIONS Tel: (604) 633-1368 U.S. & Canada toll-free: 1-877-631-0593 newpacificmetals.com Email: inves
Slide 21: Mineral Reserves and Resources Estimates
Measured + Indicated AgEq Resources of 732 Moz NI 43-101 Mineral Reserves Estimate Project Category Tonnes (Mt) Ag (g/t) Ag (Moz) Pure Silver Proven 15 121 59 Silver Sand Probable 37 98 117 Total Proven + Probable 52 105 175 NI 43-101 Mineral Resources Estimate (inclusive of Mineral Reserves) Tonnag
Slide 22: Silver Sand: PFS Capital Cost Estimate
Silver Sand: PFS Capital Cost Estimate Cost Project Advantages Description ($M) • Contract mining: eliminates Mine pre-production procurement of mining fleet and 76 sustaining capital for fleet and development costs replacement Processing plant 207 • Connection to electrical grid: TSF2 and site low-
Slide 23: Carangas: Operating & Capital Cost Estimate
Carangas: Operating & Capital Cost Estimate Project Advantages Operating Costs $/t milled • Near surface, flat-lying mineralization resulting Mining1 8.43 in a shallow pit with low strip Processing 7.12 • Contract mining eliminates mining fleet G&A 1.38 procurement and replacement Total operating co
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