New Pacific Metals Reports Signing of Administrative Mining Contracts and Commencement of the 2026 Drill Program at the Carangas Project
New Pacific signed 30,000-m drill agreements for Carangas, with legislative ratification still pending.
New Pacific Metals Corp. (NUAG) signed Administrative Mining Contracts (AMCs) for its Carangas Project in Bolivia, converting approximately 39 km² of exploration licenses into a 30-year fixed-term framework. The AMCs were executed with the Autoridad Jurisdiccional Administrativa Minera (AJAM) on August 21, 2026, following the conclusion of successful community consultation on July 6, 2026. These contracts require ratification by the Plurinational Legislative Assembly of Bolivia before further permitting steps, including environmental categorization and the Environmental Impact Assessment (EEIA), can proceed.
The company also announced the commencement of its 2026 drill program, scheduled to begin the week of September 8, 2026. The campaign targets approximately 30,000 metres to upgrade mineral resources, test step-out targets, and gather metallurgical and geotechnical data for a future feasibility study.
New Pacific Metals Corp. (NUAG) announced progress on the Carangas permitting pathway, aligning with the July 16, 2026 Preliminary Economic Assessment (PEA) filing and the February 2026 community framework agreement. The market was already aware of the planned 30,000-metre drill program and the AMC conversion process, making the signing of the AMCs a procedural milestone rather than a fundamental shift in project economics or risk profile.
The primary risk remains the pending legislative ratification in Bolivia, which introduces political uncertainty. The news does not alter the company's financial position or near-term cash burn.
New Pacific Metals Corp. (NUAG) is a Canadian exploration and development company advancing three precious metal projects in Bolivia: Silver Sand, Carangas, and Silverstrike.
Carangas serves as the company’s flagship project, a silver-gold deposit featuring an updated Preliminary Economic Assessment (PEA) effective July 16, 2026. The PEA outlines a 19-year mine life, $644.5 million in initial capital expenditures, and robust economics, including a $2.65 billion post-tax net present value at a 5% discount rate and a 35.9% internal rate of return. These figures are driven by increased throughput and the inclusion of a newly identified gold zone.
Silver Sand is a pre-feasibility stage silver project with a Pre-Feasibility Study (PFS) indicating a $740 million net present value and a 37% internal rate of return. Both projects are currently in the permitting phase, targeting environmental licenses and community agreements.