Jun 30, 2026 Fourth Quarter & Year-End Management’s Discussion and Analysis (MD&A)

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# Jun 30, 2026 Fourth Quarter & Year-End Management’s Discussion and Analysis (MD&A)

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# Jun 30, 2026 Fourth Quarter & Year-End Management’s Discussion and Analysis (MD&A)
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the year ended June 30, 2026
(Expressed in United States Dollars)
NEW PACIFIC METALS CORP.
Management’s Discussion and Analysis
For the year ended June 30, 2026
(Expressed in United States dollars, unless otherwise stated)
DATE OF REPORT: September 3, 2026
This management’s discussion and analysis (“MD&A”) for New Pacific Metals Corp. and its subsidiaries
(collectively, “New Pacific” or the “Company”) should be read in conjunction with the Company’s audited
consolidated financial statements for the year ended June 30, 2026 and 2025 and the related notes
contained therein. The Company prepares its financial statements in accordance with IFRS® Accounting
Standards as issued by the International Accounting Standards Board (“IASB”). The Company’s material
accounting policy information is set out in Note 2 of the audited consolidated financial statements for the
years ended June 30, 2026 and 2025. All dollar amounts are expressed in United States dollars (“USD”) unless
otherwise stated. Certain amounts shown in this MD&A may not add exactly to total amounts due to
rounding differences. This MD&A contains “forward-looking statements” that are subject to risk factors set
out in a cautionary note contained at the end of this MD&A. All information contained in this MD&A is
current and has been approved by the Board of Directors of the Company (the “Board”) as of September 1,
2026.
BUSINESS OVERVIEW AND STRATEGY
The Company is a Canadian mining issuer engaged in exploring and developing mineral properties in Bolivia.
The Company’s precious metal projects include the Silver Sand project (the “Silver Sand Project”) located in
Potosi, under permitting stage, the Carangas project (the “Carangas Project”), located in Oruro, as well
under the permitting stage, and the early-stage Silverstrike project (the “Silverstrike Project”), located in La
Paz. With over a decade of operating experience in Bolivia, the Company believes that it has sufficient
technical and financial resources, and has earned the confidence of its stakeholders and shareholders.
The Company is publicly listed on the Toronto Stock Exchange under the symbol “NUAG” and on the NYSE
American stock exchange under the symbol “NEWP”. The head office, registered address and records office
of the Company are located at 1066 West Hastings Street, Suite 1750, Vancouver, British Columbia, Canada,
V6E 3X1.
FISCAL 2026 HIGHLIGHTS
 On August 21, 2026, the Company signed the Administrative Mining Contracts (“AMCs”) for the
Carangas Project with the Autoridad Jurisdiccional Administrativa Minera (Administrative Mining
Jurisdictional Authority) (“AJAM”). The AMCs, which cover the approximately 39 km2 of the Carangas
Project, have a 30-year fixed term. The signed AMCs will now be submitted to the Plurinational
Legislative Assembly of Bolivia for ratification and approval.
 On August 14, 2026, the Company filed an updated independent preliminary economic assessment
technical report for the Carangas Project titled “Carangas Project NI 43-101 Technical Report and
Preliminary Economic Assessment” (the “Updated Carangas PEA Technical Report”). The Updated
Carangas PEA Technical Report is effective July 16, 2026 and was independently prepared by Ausenco
Engineering Canada ULC. (“Ausenco”) in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”). The Updated Carangas PEA Technical Report considers
an increased throughput rate and the inclusion of the gold zone when compared to the previous
preliminary economic assessment technical report dated September 5, 2024. See "Cautionary Note
Regarding Results of Preliminary Economic Assessment". Highlights of the Updated Carangas PEA
Technical Report are as follows:
Management’s Discussion and Analysis Page 2
NEW PACIFIC METALS CORP.
Management’s Discussion and Analysis
For the year ended June 30, 2026
(Expressed in United States dollars, unless otherwise stated)
o Post-tax net present value (“NPV”) (5%) of $2.65 billion and internal rate of return (“IRR”) of 35.9%
at base case metal prices of: $45.00/ounce (“oz”) silver (“Ag”), $3,400/oz gold (“Au”), $1.20/pound
(“lb”) zinc (“Zn”), and $0.90/lb lead (“Pb”);
o 19-year life of mine (“LOM”), excluding two-years of pre-production, producing approximately 195
million oz (“Moz”) of payable Ag, 1.1 Moz of payable Au, 1,453 million pounds (“Mlbs”) of payable
Zn and 941 Mlbs of payable Pb, or 339.0 Moz silver equivalent (“AgEq”); and
o Initial capital costs of $644.5 million and a post-tax payback of 2.4 years.
 On February 23, 2026, the Company signed a Framework Agreement for Cooperation and Coordination
(the “Agreement”) with the Carangas community (“TIOC Carangas”) in respect to the Carangas Project.
The Agreement establishes a general framework of understanding and commitment between the
Company and TIOC Carangas that reflects the shared intention to develop the Carangas Project based
on transparency, fairness, mutual benefits, mutual respect, and long-term cooperation.
 On October 21, 2025, the Company closed a bought deal financing. A total of 11,385,000 common
shares of the Company were sold under the bought deal financing at a price of CAD $3.55
(approximately $2.53) per common share for total gross proceeds of approximately CAD $40.4 million
(approximately $28.8 million). Raymond James Ltd. acted as sole bookrunner, and the offering was co-
led by Raymond James Ltd. and BMO Nesbitt Burns Inc. on behalf of a syndicate of underwriters.
 On October 23, 2025, the Company appointed Mr. Jalen Yuan as Chief Executive Officer (“CEO”) and
Mr. Chester Xie as Chief Financial Officer (“CFO”). Mr. Yuan has also been appointed to the Company’s
board of directors. This announcement follows the appointments of Mr. Yuan and Mr. Xie as Interim
CEO and Interim CFO, respectively, in April 2025.
PROJECTS OVERVIEW
Bolivian Licence Tenure
A summary of Bolivian mining laws with respect to the Administrative Mining Contract (“AMC”) and
exploration license is presented below.
Exploration and mining rights in Bolivia are granted by the Ministry of Mines and Metallurgy through the
AJAM. Under Bolivian mining laws, tenure is granted as either an AMC or an exploration license. Tenure
held under the previous legislation was converted to Autorización Transitoria Especiales (each, an “ATE”)
which are required to be consolidated into new 25-hectare sized cuadriculas (concessions) and converted
to AMCs. AMCs created by conversion recognize existing rights of exploration and/or exploitation and
development, including treatment, metal refining, and/or trading. AMCs have a fixed term of 30 years and
can be extended for an additional 30 years if certain conditions are met. Each AMC requires ongoing work
and the submission of plans to the AJAM.
Exploration licenses allow exploration activities only and must be converted to AMCs to conduct
exploitation and development activities. Exploration licenses are valid for a maximum of five years and
provide the holder with the preferential right to request an AMC. In specific areas, mineral tenure is owned
by the Bolivian state mining corporation, Corporación Minera de Bolivia (“COMIBOL”). In these areas,
development and production agreements can be obtained by entering into a Mining Production Contract
(“MPC”) with COMIBOL.
Management’s Discussion and Analysis Page 3
NEW PACIFIC METALS CORP.
Management’s Discussion and Analysis
For the year ended June 30, 2026
(Expressed in United States dollars, unless otherwise stated)
Silver Sand Project
The Silver Sand Project is located in the Colavi District of Potosí Department in southwestern Bolivia at an
elevation of 4,072 m above sea level, 33 kilometres (“km”) northeast of Potosí City, the department capital.
The Silver Sand Project is comprised of two claim blocks, the Silver Sand south and north blocks, which
covers a total area of 5.42 km2. The Silver Sand south block, covering an area of 3.17 km2 hosts the Silver
Sand deposit. On August 12, 2021, the Company announced the receipt of an AMC for the Silver Sand south
block from the AJAM. The Silver Sand north block covers an area of 2.25 km2 and is comprised of two AMCs
(Jisasjardan and Bronce). The AMCs establish a clear title to the Silver Sand Project.
(a) Exploration
The Company carried out extensive exploration and resource definition drill programs on the Silver Sand
Project between 2017 and 2022, completing a total of 139,920 metre (“m") of diamond drilling in 564 holes
during the period. Silver Sand Project’s current Mineral Resource Estimate (the “Silver Sand MRE”) is based
on these extensive exploration programs. Based on the Silver Sand MRE, the Silver Sand Project has an
estimated measured and indicated mineral resource of 201.77 Moz of silver at an average grade of 116
gram per tonne (“g/t”) and an estimated inferred mineral resource of 12.95 Moz of silver at 88 g/t.
(b) Advanced Study
On August 8, 2024, the Company filed its pre-feasibility study technical report for the Silver Sand Project
titled "Technical Report – Silver Sand Project Pre-Feasibility Study" dated August 8, 2024 and with an
effective date of June 19, 2024 (the “Silver Sand PFS Technical Report”). AMC Mining Consultants (Canada)
Ltd. (mineral resource and reserves, mining, infrastructure and financial analysis) was contracted to conduct
the Silver Sand PFS Technical Report in cooperation with Halyard Inc. (metallurgy and processing), and
NewFields Canada Mining & Environment ULC (tailings, water and waste management). The Silver Sand PFS
Technical Report superseded and replaced the previous preliminary economic assessment technical report
for the Silver Sand Project. Highlights of the Silver Sand PFS Technical Report are as follows:
 Post-tax NPV at a 5% discount rate of $740 million and IRR of 37% at a base case price of $24.00/oz
silver;
 13 years mine life, excluding the 2 years pre-production period, producing approximately 157 Moz of
silver. Annual silver production exceeds 15 Moz in years one through three with LOM average annual
silver production exceeding 12 Moz;
 Initial capital costs of $358 million and a post-tax payback of 1.9 years (from the start of production) at
$24.00/oz silver; and
 Average LOM AISC of $10.69/oz silver.
For more details on the Silver Sand PFS Technical Report, please refer to the Company’s news releases dated
June 26, 2024 and August 8, 2024.
(c) Permitting
In May 2023, the Silver Sand Project obtained its environmental categorization as a proposed open pit
operation from Bolivia’s Ministry of Environment and Water, formally commencing the Environmental
Impact Assessment Study (“EEIA”) process. The environmental categorization expired in November 2024
Management’s Discussion and Analysis Page 4
NEW PACIFIC METALS CORP.
Management’s Discussion and Analysis
For the year ended June 30, 2026
(Expressed in United States dollars, unless otherwise stated)
and the Company is in the process of opening a new environmental categorization. The Company continues
to advance its socialization process with communities located within the Silver Sand Project’s area of
influence. After completion of the socialization process, the Company plans to achieve the following:
 obtain surface rights through long-term land lease agreements;
 create employment and business opportunities for community members;
 finalize a resettlement and compensation plan for impacted families; and
 implement measures to safeguard cultural and historical heritage.
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