New Pacific Metals (US:NEWP)2025-02-07 18:36Financial Performance - Net loss for the three months ended December 31, 2024, was $764,659, compared to a net loss of $1,527,071 for the same period in 2023, indicating a 50% improvement year-over-year[3] - Total comprehensive loss for the six months ended December 31, 2024, was $4.52 million, compared to $2.75 million for the same period in 2023, indicating an increase in losses[4] - The company reported a net loss of $2,751,582 for the six months ended December 31, 2024, compared to a net loss of $3,273,685 for the same period in 2023, indicating a 16% improvement year-over-year[6] - For the three months ended December 31, 2024, the total operating expenses were $1.59 million, compared to $1.82 million for the same period in 2023, reflecting a decrease of approximately 12.7%[54] - For the six months ended December 31, 2024, the net loss was $2.02 million, compared to a net loss of $3.27 million for the same period in 2023, indicating a reduction of approximately 38.4%[55] Cash and Assets - Total assets decreased to $134.52 million as of December 31, 2024, from $137.67 million on June 30, 2024, representing a decline of approximately 2.8%[2] - Cash and cash equivalents decreased to $18.06 million at the end of December 2024, down from $21.95 million at the end of June 2024, reflecting a decrease of 17.5%[5] - The company’s cash and cash equivalents as of December 31, 2024, totaled $18,061,992, down from $21,950,211 as of June 30, 2024[41] - Total liabilities decreased from $1.21 million on June 30, 2024, to $1.04 million on December 31, 2024[53] Operating Expenses - Operating expenses for the six months ended December 31, 2024, totaled $3.20 million, a decrease of 13% compared to $3.69 million for the same period in 2023[3] - The company incurred share-based compensation expenses of $395.67 thousand for the three months ended December 31, 2024[54] - Total operating expenses for the six months ended December 31, 2024, were $3.20 million, down from $3.69 million in the same period of 2023[55] Foreign Exchange and Investments - The company reported a foreign exchange gain of $635,941 for the three months ended December 31, 2024, compared to a gain of $16,666 in the same period of 2023, showing significant improvement[3] - The company reported income from investments of $190.04 thousand for the three months ended December 31, 2024, compared to $275.02 thousand in the same period of 2023[54] Shareholder Information - The weighted average number of common shares for the six months ended December 31, 2024, was 171,471,452, compared to 164,334,249 for the same period in 2023, indicating an increase of approximately 4.5%[3] - The company reported a loss per share of $0.01 for the six months ended December 31, 2024, consistent with the loss per share for the same period in 2023[3] - As of December 31, 2024, the company has 171,640,213 common shares issued, with a share capital amounting to $182,757,685[6] Capital Expenditures - The company had capital expenditures of $1.45 million for the six months ended December 31, 2024, compared to $2.98 million in the same period of 2023, reflecting a decrease of 51%[5] - For the three and six months ended December 31, 2024, total capitalized expenditures for the Silver Sand Project were $418,680 and $935,787, respectively, compared to $413,362 and $1,379,261 for the same periods in 2023[18] - The Carangas Project incurred capitalized expenditures of $387,175 and $750,396 for the three and six months ended December 31, 2024, compared to $321,877 and $936,734 in 2023[21] - The Silverstrike Project had capitalized expenditures of $5,736 and $31,879 for the three and six months ended December 31, 2024, down from $10,125 and $77,441 in 2023[22] Related Party Transactions - Related party transactions for the three and six months ended December 31, 2024, amounted to $278,094 and $495,753, respectively, compared to $193,296 and $409,487 in 2023[25] - The company expects to continue making payments to Silvercorp Metals Inc. in the normal course of business, with related party balances of $37,825 as of December 31, 2024[25] Mineral Properties - The company has not yet determined if its mineral properties contain economically recoverable mineral reserves, which impacts the underlying value of its mineral property interests[7] - The balance of mineral property acquisition costs as of December 31, 2024, is $114,654,730, an increase from $113,765,931 on June 30, 2024[23] Other Financial Metrics - Interest income for the six months ended December 31, 2024, was $461,917, up from $300,721 in the same period of 2023, representing a 54% increase[15] - The fair value change on equity investments for the three months ended December 31, 2024, was a loss of $7,972, compared to a loss of $11,626 in the same period of 2023, showing a 31% reduction in losses[15] - The company’s accumulated deficit increased to $76,645,514 as of December 31, 2024, from $74,645,012 on June 30, 2024[6] - The accumulated depreciation for property, plant, and equipment as of December 31, 2024, is $(880,869), up from $(789,608) on June 30, 2024[16] Company Overview - The company is publicly listed on the Toronto Stock Exchange under the symbol "NUAG" and on the NYSE American under the symbol "NEWP"[8] - The company operates in four reportable segments, including a corporate segment and three exploration and development segments based on mineral properties in Bolivia[52]