Carangas Project Preliminary Economic Assessment – August 27, 2026

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# Carangas Project Preliminary Economic Assessment – August 27, 2026

Source: https://www.newpacificmetals.com/wp-content/uploads/2026/08/Carangas_PEA_FINAL_3.pdf
Fetched: 2026-09-07T06:37:46.401+00:00
Source artifact: 117cbad0-5bde-4f40-880c-439e47e6bb5c
Normalizer input: text

## Content

# Carangas Project Preliminary Economic Assessment – August 27, 2026
Carangas Project
NI 43 - 101 Technical Report and
Preliminary Economic Assessment
Oruro, Bolivia
Effective Date : J uly 16, 2026
Report Date: August 13, 2026
Prepared for:
New Pacific Metals Corp.
Suite 1750 - 10366 W. Hastings Street
Vancouver, BC, Canada, V6E 3X1
Prepared by:
Ausenco Engineering Canada Inc.
1050 W Pender Street, Suite 1200
Vancouver, BC, Canada, V6E 3V6
List of Qualified Persons:
Kevin Murray, P.Eng., Ausenco Engineering Canada ULC
Scott C Elfen, PE , P.Eng. , Ausenco Engineering Canada ULC
James Millard, P.Geo., Ausenco Sustainability ULC
Jinxing Ji, P.Eng., JJ Metallurgical Services Inc.
Anderson G oncalves Candido, FAusIMM, SLR Advisory Brasil Ltda .
Marc Schulte, P.Eng., Moose Mountain Technical Services
CERTIFICATE OF QUALIFIED PERSON
Kevin Murray , P.Eng.
I, Kevin Murray, P.Eng., certify that:
1. I am employed as a Principal Process Engineer with Ausenco Engineering Canada ULC, (Ausenco), with an office
address of 1050 West Pender, Suite 1200, Vancouver, BC, V6E 3S7.
2. This certificate applies to the technical report titled “Carangas Project: NI 43-101 Technical Report and Preliminary
Economic Assessment, Oruro, Bolivia” that has an effective date July 16, 2026, and report date of August 13, 2026
(the “Technical Report”).
3. I graduated from University of New Brunswick with a Bachelor of Science in Chemical Engineering in 1995.
4. I am a member in good standing of Engineers and Geoscientists British Columbia (No. 32350), Northwest Territories
Association of Professional Engineers and Geoscientists (No. L4940) and Association of Professional Engineers and
Geoscientists of Saskatchewan (No. 82404).
5. I have practiced my profession continuously for 25 years. I have been directly involved in all levels of engineering
studies from preliminary economic assessments (PEAs) to feasibility studies. I have led preliminary test work
design, test work analysis and flowsheet development as well involvement in detailed design and commissioning.
I have also developed operating cost estimates and contributed to and reviewed capital cost estimates. I have been
involved with gold leach studies including Argonaut’s Magino and Seabridge Gold’s Courageous Lake projects as
well as lead-zinc flotation studies including Prairie Creek.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I have not visited the project site.
8. I am responsible for Sections 1.1–1.2, 1.15, 1.16.1, 1.17, 1.19, 1.20, 1.21, 2.1–2.3, 2.4.5, 2.5-2.7, 3.1, 17, 18.1–18.3,
18.7–18.8, 18.10, 19, 21.1, 21.2.1–21.2.2, 21.2.4–21.2.10, 21.3.1–21.3.2, 21.3.4–21.3.7, 22, 23, 24, 25.1, 25.10–
25.12, 25.14–25.16, 25.17.1, 25.17.2.7–25.17.2.8.1, 25.17.3.6, 26.1, 26.6, 26.7.5, and 27 of this Technical Report.
9. I am independent of New Pacific Metals Corp. as independence is defined in Section 1.5 of NI 43-101.
10. I have not been previously involved with the Carangas Project.
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: August 13, 2026
“Signed and sealed”
Kevin Murray, P.Eng.
Page 1 of 1
CERTIFICATE OF QUALIFIED PERSON
Scott C. Elfen , PE , P.Eng.
I, Scott C. Elfen, PE, P.Eng., certify that:
1. I am m employed as the Global Lead Geotechnical and Civil Services of Ausenco Engineering Canada ULC (Ausenco),
with an office address of 1050 West Pender Street, Suite 1200, Vancouver, BC, V6E 3S7, Canada.
2. This certificate applies to the technical report titled “Carangas Project: NI 43-101 Technical Report and Preliminary
Economic Assessment, Oruro, Bolivia” that has an effective date July 16, 2026, and report date of August 13, 2026
(the “Technical Report”).
3. I graduated from the University of California, Davis, CA, in 1991 with Bachelor of Science degree in Civil Engineering
(Geotechnical).
4. I am a professional engineer (civil) registered with the State of California in the United States of America (No.
C56527) by exam since 1996. I am a professional engineer registered within the province of British Columbia,
Canada (No. 64064) by Exam since 2025.
5. I have practiced my profession continuously for 32 years with experience in the development, design, construction
and operations of mine waste storage facilities, such as waste rock storage facilities and tailings storage facilities
ranging from slurry to dry stack facilities, focusing on precious and base metals, both domestic and international. I
have developed geotechnical design parameters for pit slope design, plant foundation design, and other supporting
infrastructure. Examples of projects I have worked on include Skeena’s Eskay Creek Project PEA, PFS, and FS, O3
Mining’s Marban Project PEA and PFS, and First Mining Gold’s Springpole PEA and PFS.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I visited the project site on March 16 and March 17, 2026.
8. I am responsible for Sections 1.16.2, 2.4.2, 12.3, 18.4, 18.5, 18.6, 18.9, 25.17.2.8.2, 26.5.2, 26.7.1-26.7.2, 26.7.4
and 27 of this Technical Report.
9. I am independent of New Pacific Metals Corp. as independence is defined in Section 1.5 of NI 43-101.
10. I have not been previously involved with the Carangas Project.
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: August 13, 2026
“Signed and sealed”
Scott C. Elfen, P.Eng.
CERTIFICATE OF QUALIFIED PERSON
James Millard , P.Geo.
I, James Millard, P.Geo., certify that:
1. I am employed as a Director, Strategic Projects with Ausenco Sustainability Inc (Ausenco), with an office address
of 18-4515 Central Blvd, Burnaby BC V5H 0C6, Canada.
2. This certificate applies to the technical report titled “Carangas Project: NI 43-101 Technical Report and Preliminary
Economic Assessment, Oruro, Bolivia” that has an effective date July 16, 2026, and report date of August 13, 2026
(the “Technical Report”).
3. I graduated from Brock University in St. Catharines, Ontario in 1986 with a Bachelor of Science in Geological
Sciences, and from Queen’s University in Kingston, Ontario in 1995 with a Master of Science in Environmental
Engineering.
4. I am a professional geologist and member in good standing with the Engineers and Geoscientists British Columbia
(No. 64426), the Association of Professional Geoscientists of Nova Scotia (No. 021), and the Association of
Professional Engineers, Geologists and Geophysicists of the Northwest Territories and Nunavut (No. 1624).
5. I have practiced my profession for over 30 years. I have worked for mid- and large-size mining companies where I
have acted in senior technical and management roles, in senior environmental consulting roles, and providing
technical advice and subject matter expertise. My key areas of expertise include feasibility-level study reviews; NI
43-101 technical report writing and review; environmental, social, and governance (ESG) due diligence for
proposed mining operations and acquisitions, and the management of environmental impact assessments (EIAs)
and permitting applications to support the construction, operations, and closure of mining projects. Recently, I
acted as Qualified Person for environmental/sustainability sections in the following project reports: “Volcan
Project, NI 43-101 Technical Report on Preliminary Economic Assessment, Tierra Amarilla, Atacama Region, Chile”;
“Santo Tomás Copper Project, NI 43-101 Technical Report and Preliminary Economic Assessment, Northern Sinaloa
State, Mexico”; "Tolillar Project NI 43-101 Technical Report on Preliminary Economic Assessment, Salta Argentina";
“Santo Domingo Project NI 43-101 Technical Report on Feasibility Study Update, Atacama Region, Chile”; and
“Cerro Las Minitas Project NI 43-101 Technical Report Preliminary Economic Assessment, Durango State, Mexico.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I have not visited the project site.
Page 1 of 2
8. I am responsible for Sections 1.18, 2.4.6, 3.2, 12.4, 20, 25.13, 25.17.2.9, 25.17.3.7, 26.7.3, 26.8, and 27 of this
Technical Report.
9. I am independent of New Pacific Metals Corp.as independence is defined in Section 1.5 of NI 43-101.
10. I have not been previously involved with the Carangas Project.
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: August 13, 2026
“Signed and sealed”
James Millard , P.Geo.
Page 1 of 1
CERTIFICATE OF QUALIFIED PERSON
Jinxing Ji, P.Eng .
I, Jinxing Ji, P.Eng., certify that:
1. I am employed as Consulting Metallurgist with JJ Metallurgical Services Inc. with an office at 7547 Lambeth Drive,
Burnaby, British Columbia, Canada, V5E 4A5.
2. This certificate applies to the technical report titled “Carangas Project: NI 43-101 Technical Report and Preliminary
Economic Assessment, Oruro, Bolivia” that has an effective date July 16, 2026, and report date of August 13, 2026
(the “Technical Report”).
3. I graduated from Shanghai University in China with a bachelor’s in engineering Metallurgy in 1982 and a master’s
in engineering Metallurgy in 1985 and from The University of British Columbia in Canada with Ph.D. Metallurgy in
1993.
4. I am a registered professional engineer (license# 59035) in good standing of the Engineers and Geoscientists BC
(EGBC) in the province of British Columbia, Canada with core competency in metallurgy.
5. I have practiced my profession in the mining industry continuously since 1993. My relevant experiences include
mineral/metallurgical testing, process development, base-metal metallurgy, precious metal me

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]