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The title slide ('Bolivia Looks Friendly Until A Coup Forces Your Friends to Flee to Mexico') is itself a masterclass in SCQA compression. Deck structure is notably clean: 3 labelled parts (Bolivian control risk, management red flags, fundamental overvaluation) + scenario-weighted price target. Dual short thesis (NUPMF + SVM). No stake percentage disclosed (short positions are sized in dollar terms, not %). 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The bull case rests on Bolivian concessions that Hindenburg believes were acquired in violation of Bolivian law under then-Mines Minister Cesar Navarro, who fled to Mexico after Evo Morales' November 2019 ouster; the COMIBOL contract is unratified and local officials doubt it will pass parliament. Management carries further red flags: CEO Rui Feng also chairs Silvercorp (alleged grade-inflator, litigious toward critics like Jon Carnes and Kun Huang), an 'independent' geologist who authored Silver Sand's technical report was a former Silvercorp VP, and prior Chinese projects bought from Silvercorp all failed. 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In no event should Hindenburg Research or any affiliated party be liable for any direct or indirect trading losses caused by any information in this report. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. You should assume that as of the publication date of any short-biased report or letter, Hindenburg Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Following publication of any report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Hindenburg Research does not undertake to update or supplement this presentation or any of the information contained herein. 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It's been signed by COMIBOL and the company but without (parliamentary) approval it does not enter into effect. 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Cesar Navarro initially supporting their revocation, but then conveniently moved to reinstate the concessions prior to the sale to New Pacific.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:35.285+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a887abc-ca9e-44c9-9474-4e2e90adcdef", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "RESUELVE, ÚNICO.- Revocar en todas sus partes la Resolución de Administrativa AJAM/DJU/AL/RES/ADM/1/2015, de 2 de octubre de 2015, emitida por el Director Ejecutivo de la Autoridad Jurisdiccional Administrativa Minera – AJAM, dentro del Recurso Jerárquico presentado por la Empresa Minera Alcira S.A. representado legalmente por CAI XIMING. 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For the three months ended September 30, 2018, the Company acquired total mineral concessions valued at $2,631,200 (US$2,000,000) by cash payments of $1,315,600 (US$1,000,000) and issuance of 832,000 of its common shares.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:34.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17c1f1da-760f-4639-84df-8fd4f25ada44", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.52, "y": 0.6 }, "kind": "callout", "text": "VANCOUVER, British Columbia – December 19, 2019 – New Pacific Metals Corp. (\"New Pacific\" or the \"Company\") is pleased to announce it has expanded its Silver Sand land package by acquiring a 100% interest in a Special Temporary Authorization (\"ATE\") located immediately to the north of the project by making a one-time cash payment of US$200,000 to arm's length private owners. 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And COMIBOL was telling us everything (all the mining areas) was for Alcira.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:35.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "777a89c7-5491-4630-b189-026cd72f4181", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.74, "x": 0.13, "y": 0.31 }, "kind": "quote", "text": "\"Those areas are changing hands for millions. I don't know too much about it because I can't stick my nose in too much. But you know that by law concessions can't be sold anymore. But up until last year they were still being sold. And tomorrow they'll be being sold as well.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:35.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8976e91a-4b95-480b-8992-f206029e8d25", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Those areas are changing hands for millions. I don't know too much about it because I can't stick my nose in too much. But you know that by law concessions can't be sold anymore. But up until last year they were still being sold. And tomorrow they'll be being sold as well.” — Local cooperative miner who lives and works next to Silver Sand", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f87-568af610fc82", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.13, "y": 0.82 }, "kind": "source-note", "text": "- Local cooperative miner who lives and works next to Silver Sand", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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If concession-holders do not respect the rules then those areas return to the state.\" \"If this company (Alcira/Jungie) sold areas that had already been revoked and reverted to the state then that would be very serious, quite simply be an act of corruption. I don't understand how the Ministry of Mines has allowed this type of operation and the exploitation of mineral wealth if the areas had reverted to the state.\" \"This sounds very serious. 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Would you be interested in this going ahead, so that I can take an interest in it? Or on the contrary would you prefer it to stop? I just wanted to talk to you a little about that because if you’re interested then I can do something ...to push forward this mining contract otherwise I can just ask about the situation, yes or no.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:35.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c91b8adf-9476-4eda-ae06-f76f43dcef5b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I’m going to look for an alternative to see if I can get bring that (Alcira/New Pacific) contract up for consideration and get it passed because I have been able to bring up several contracts like that and get them passed.” — Anonymous Bolivian Lawmaker. “And now a little question. 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New Pacific came public via reverse merger in October 2004 with options to acquire a majority stake in the Kang Dian Project in China from Silvercorp. (The project was owned by a Silvercorp subsidiary at the time.) New Pacific ultimately exercised the options, paying 6.5 million shares at a deemed price of ~$2.4 million. 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[Pg. 2] After much hype and about C$4.3 million in exploration expenditures, New Pacific quietly reported that it sold the project for C$30.5 million, representing a loss. 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But is Silver Sand a world-class silver deposit? The grades within the Silver Sand deposit are low, at about 132 g/t Ag. But investors should not expect this to be a low-cost open pit, heap leach project. The metallurgy is much more complex and includes sulphides. Therefore, processing capital and operating costs could be quite high. 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Bear Creek's primary project is Corani in southern Peru, a more politically stable mining jurisdiction than Potosi, Bolivia. Corani is an open pittable, silver-dominant polymetallic deposit that contains approximately 735 million silver-equivalent ounces.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:42.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75d1775b-c0ef-4af4-bbf9-56250f0f9d5e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.26 }, "kind": "list", "text": "Using 191 million ounces of contained silver, as per the resource estimate, New Pacific currently trades at about US$2.56 per ounce of in situ silver. 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Mineralization to the south and the west falls off a cliff, literally and appears to be cut-off by geology/structure to the east. Mineralization appears to be open to the north, but drilling and the plan map suggest that mineralization plunges and pinches out to the north. 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What it reveals is that neither flotation nor cyanide leaching seem to provide an optimal processing approach for all of the mineralization. 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High silver recoveries (i.e., >80%) were quoted for flotation, bottle roll cyanidation, and coarse column leach cyanidation testing. 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