Investments

Investment Overview

• Tickers: NUAG-TSX; NEWP-NYSE

• Shares issued and outstanding: 156.4 million (May 10, 2022)

• Market capitalization: US$463 million (May 10, 2022)

• Silvercorp ownership: 28.25%

Company Highlights

New Pacific is a Canadian explorer and developer focused on advancing three high-quality precious metals projects in Bolivia.

Silver Sand

• Flagship silver project ~35 km northeast of Cerro Rico, near Potosi

• Largest silver discovery in Bolivia in the last 30 years

• 156 Moz indicated + 36 Moz inferred silver

• Near-surface deposit amenable to open pit operation

• Resource update in September 2022

• Preliminary Economic Assessment by yearend 2022

• Pre-feasibility study commencing later this year

• Exploration drilling ongoing at prospective satellite targets (e.g., Jisas and El Bronce) in the district

Carangas

• First mover in an underexplored safe silver-gold district

• ~180 km southwest of Oruro

• Drilling discovered an extensive (1,000 m by 700 m) near-surface horizontal silver-rich zone, stacked above a gold zone that extends to depth—analogous to the Filo del Sol Project in the same metallogenic belt

• Recent exploration highlights include:

  • 143.6 m of the silver zone in hole DCAr0002 grading 144 g/t AgEq (130 g/t Ag, 0.41% Pb and 0.04% Zn) from 1.70 m, including 26.2 m at 589 g/t AgEq

  • 187.7 m of the silver zone in hole DCAr0001 grading 101 g/t AgEq (67 g/t Ag, 0.63% Pb and 0.45% Zn) from surface, including 7.4 m at 625 g/t AgEq

  • 595.7 m of the gold zone in hole DCAr0031 grading 1.25 g/t Au from 161.6 m, including 98.9 m of 2.58 g/t Au and 42.1 m at 3.51 g/t Au

  • 535.6 m of the gold zone in hole DCAr0039 grading 1.00 g/t Au from 162.1 m, including 72.2 m at 3.54 g/t Au

• Ongoing 2022 40,000 m drill program continues to deliver promising intersections

Silverstrike

• ~140 km southwest of La Paz

• Project shares geological similarities to Silver Sand and Carangas

• Historic Rio Tinto drilling intersected widespread gold and silver mineralization

• 6,000 m drill program now underway, testing gold and silver zones at Silverstrike Central and near-surface silver zone at Silverstrike North