New Pacific Metals ends 4Q with nearly C$63M in working capital to advance Bolivian silver projects

New Pacific Metals Corp (TSE:NUAG) (OTCMKTS:NUPMF) (FRA:3N7A) reported it has nearly C$63 million in working capital as of the end of December 2020, according to its 4Q financial results released Friday. 

The $62.79 million will primarily be used to advance the company’s flagship Silver Sand project, with a portion dedicated towards exploration around the Silverstrike project. 

During the quarter, the company successfully completed the spin out of Whitehorse Gold Corp (CVE:WHG.V) (OTCMKTS:WHGDF) and its Tagish Lake gold project, a move that the Vancouver-based company said would allow shareholders to realize the value of the property in a strong gold price environment. 

READ: New Pacific Metals reports high-grade gold and silver finds from Silverstrike project in Bolivia

At Silver Sand, the company started environmental and social baseline studies and chose three consultants to lead those initiatives, as well as a preliminary economic assessment. New Pacific said it spent $870,000 over the three-month period to end December 31 and cumulatively spent $1.78 million during the second half of the year on the project.

Over at Silverstrike, New Pacific said it generated a number of high-priority drill targets and strengthened its local presence with a new community outreach team and office.

The company reported a net loss of $2.32 million or $0.02 per share during 3Q compared to the net loss of $1.6 million or $0.01 in 4Q 2019, comprised mainly of operating expenses and foreign exchange losses.

Also on Friday, New Pacific said it had parted ways with President Gordon Neal, who resigned his position but will continue to advise the company in a consulting role. The company also appointed Svetoslava (Stacey) Pavlova to the role of vice president, investor relations and corporate communications.

“I am pleased to introduce and welcome Stacey to our management team. I look forward to working with her as she leads and executes our investor relations strategy,” said Mark Cruise, CEO of New Pacific in a statement.

“I would also like to thank Gordon for his contribution to the company. Gordon has been a key member of the company and was a part of the discovery team of the Silver Sand Project. I wish him success in his new endeavours.”

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Story by ProactiveInvestors