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TICKERS: NUAG; NUPMF

Maiden Resource Estimate Raised as Drill Results 'Continue to Impress'
Research Report

Source:

Assays and resource forecasts pertaining to this silver project in Bolivia are discussed in a ROTH Capital Partners report.

Drilling at Silver Sand

In an Aug. 29 research note, Joe Reagor reported that ROTH Capital Partners increased its estimate of New Pacific Metals Corp.'s (NUAG:TSX.V; NUPMF:OTCQX) initial Silver Sand project resource in Bolivia and, consequently, raised its target price on the explorer to CA$4.25 per share from CA$3.50. New Pacific's current share price is around CA$3.12.

Reagor highlighted that based on the data available thus far, ROTH estimated the entire mineralized envelope at Silver Sand to be about 478,900,000 ounces of silver (478.9 Moz) and the initial resource estimate to be roughly 250 Moz of silver, up from its previous forecast of 200 Moz.

New Pacific is expected to release its maiden resource estimate on the project by year-end. "For each 25 million ounces of additional silver resources the company delineates, our valuation would improve by approximately $0.40 per share," commented Reagor. He added that it is highly probable the resource could be expanded beyond the scope of the initial drilling.

Reagor explained that ROTH increased its estimate of the Silver Sand resource based on the drill results from an additional 20 holes, which "continue to impress." They showed a greater thickness and a higher grade on average than results from 2018.

Specifically, all 20 holes had an average total intercept length of 87.4 meters (87.4m) at an average grade of 94.3 grams per ton (94.3 g/t) silver. One specific assay was 336 g/t silver over 93.5m, "which demonstrates there are higher grades throughout the deposit," wrote Reagor.

ROTH has a Buy rating on New Pacific Metals.

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Disclosures from ROTH Capital Partners, New Pacific Metals Corp., Company Note, August 29, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

An Associated Person owns debt or equity securities of New Pacific Metals Corp.

Shares of New Pacific Metals Corp. and Silvercorp Metals Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH makes a market in shares of Silvercorp Metals Inc. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.




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