NEW PACIFIC METALS CORP
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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Contents
EX-99.2 · Notes:
Notes:
| · | CIM Definition Standards (2014) were used for reporting the mineral resources. |
| · | Mineral Resources are constrained by an optimized pit shell at a metal price of $41.00/oz Ag, $3,300.00/oz Au, $1.00/lb Pb, $1.30/lb Zn, $4.00/lb Cu, recovery of 81.6% Ag, 93.4% Au, 73.4% Pb, 66.9% Zn, 38.7% Cu and Cut-off grade of 30 g/t AgEq. |
| Management’s Discussion and Analysis | Page 6 |
|---|
| · | AgEq formula is: AgEq g/t = Ag g/t + (Au g/t * 80.49) + (Pb %*2204.6 /100 + Zn %2866 /100 + Cu % 8818.5 /100) / 1.318 |
| · | Drilling results up to June 1, 2023. |
| · | The numbers may not compute exactly due to rounding. |
| · | Mineral resources are reported on a dry in-situ basis. |
| · | Mineral resources are not Mineral Reserves and do not have demonstrated economic viability. |
| (b) | Advanced Study |
On August 14, 2026, the Company filed the Updated Carangas PEA Technical Report. Ausenco was contracted to conduct the Updated Carangas PEA Technical Report in cooperation with SLR Canada (minerals resources), Moose Mountain Technical Services (mining), and JJ Metallurgical Services (metallurgy). The Updated Carangas PEA Technical Report is based on the Carangas MRE. 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. Please see “Cautionary Note Regarding Results of Preliminary Economic Assessment”.
Highlights from the Updated Carangas PEA Technical Report are as follows:
| · | 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”); |
| · | 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”); |
| · | Initial capital costs of $644.5 million and a post-tax payback of 2.4 years. |
For more details on the Updated Carangas PEA Technical Report, please refer to the Company’s news releases dated August 14, 2026 and July 16, 2026.
| (c) | Permitting |
The Company intends to continue its efforts to secure the necessary permits for the Carangas Project and is working to complete the ratification and approval of AMCs by the Plurinational Legislative Assembly of Bolivia, complete an EEIA and obtain legal certainty for the Carangas Project’s location within 50 kilometres of the Bolivian border with Chile.
On August 30, 2025, the Carangas community discussed the economic, environmental, and social impacts of the Carangas Project to their community during their community assembly meeting. At the end of the meeting, the Carangas community voted in favor of the Carangas Project and the presence of the Company in the community area to carry out permitting and development activities as a whole.
On February 23, 2026, the Company, through its Bolivian Partner, signed a Framework Agreement for Cooperation and Coordination (the “Agreement”) with the Carangas community (“TIOC Carangas”). 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. The Agreement includes the terms, conditions, and commitments of both the Company and TIOC Carangas.
| Management’s Discussion and Analysis | Page 7 |
|---|
On July 6, 2026, the Company, the Bolivian Partner successfully completed a Prior Consultation process to obtain TIOC Carangas’ and other regional stakeholders’ consent as part of the requirements for the conversion of the Carangas exploration licenses to AMCs.
On August 21, 2026, the Company, through its Bolivian Partner, signed two AMCs in respect of the Carangas Project covering a total area of 39km 2 with AJAM which completed the administrative conversion of exploration licenses to AMCs. The signed AMCs are subject to ratification and approval by the Plurinational Legislative Assembly of Bolivia. As of the date of this MD&A, the AMCs have not been ratified nor approved by the Plurinational Legislative Assembly of Bolivia. The Company cautions that there is no assurance that the Company will be successful in obtaining ratification of the AMCs in a timely manner or at all, or that the ratification of the AMCs will be obtained on reasonable terms. The Company cannot predict the Bolivia government’s positions on foreign investment, mining concessions, land tenure, environmental regulation, community relations, taxation or otherwise. A change in the government’s position on these issues could adversely affect the ratification of the AMCs and the Company’s business
| (d) | Project Expenditure |
Forthe three months ended September 30, 2026, total expenditures of $916,576 (the three months ended September 30, 2025 - $173,583) were capitalized under the Carangas Project.
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