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New Pacific Metals earned more than $1.5 million in investment income in fiscal year 2019

In comparison, the Vancouver-based company had lost more than $1.5 million in investment income in fiscal year 2018

New Pacific Metals - New Pacific Metals Corp earned more than $1.5 million in income from investments in fiscal 2019
New Pacific is exploring and developing precious and base metals properties in South America, Canada and China

New Pacific Metals Corp (CVE:NUAG) (OTCMKTS:NUPMF) on Tuesday released its fiscal year 2019 financials, noting it earned more than $1.5 million in income from investments.

In comparison, according to a statement, the Vancouver-based company had lost more than $1.5 million in investment income in fiscal year 2018.  

For the fiscal year that ended on June 30, New Pacific said most of the profits made on investments were due to the fair value change on bonds and interest earned.

READ: New Pacific Metals continues to find wide intervals of silver at flagship Bolivia asset

The company also reported a narrowing net loss of $2.4 million, or $0.02 a share, compared to a net loss of $4.1 million, or $0.03 a share, at the end of June 30, 2018. 

Higher operating expenses and foreign exchange losses impacted New Pacific’s bottomline as well.

New Pacific is exploring and developing precious and base metals properties in South America, Canada and China. Its flagship property is the Silver Sand project in the Potosí Department of Bolivia. 

Other fiscal 2019 highlights:

  • Successfully completed the 2018 drill program on the Silver Sand Property. A total of 55,010 metres in 195 HQ size diamond core drill holes had been completed.  
  • Expanded the Silver Sand Property by acquiring 100% interest of certain mineral concessions in the adjacent area.
  • Entered into a mining production contract with La Corporación Minera de Bolivia to explore and mine the area adjoining the Silver Sand Property. 

The company's stock closed up 0.35% to C$2.90 in Canada and ticked up slightly by 0.07% to US$2.21 on the OTC Markets. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: New Pacific Metals

Price: 6.38 CAD

TSX:NUAG
Market: TSX
Market Cap: $971.67 m
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