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  "docSlug": "9da925e2a5ff",
  "documentTitle": "New Pacific Metals (NUAG)",
  "authorId": "50_Hindenburg_Research",
  "authorName": "Nathan Anderson",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-20 00:00:00",
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  "pageNumber": 55,
  "pageCount": 65,
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  "nDataPoints": 5,
  "notes": "This is a short-selling thesis slide, likely from a research report or activist investor presentation.",
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      "kind": "callout",
      "text": "The recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed.",
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      "text": "New Pacific trades at a market capitalization of approximately CAD$700 million. The only way to justify such a lofty valuation for a mineral asset without a resource estimate, located in Potosi, Bolivia, is if the project has in the ballpark of a billion ounces of silver.\nSilver exploration and development companies, most of which are at a more advanced stage of exploration than New Pacific, currently trade at a valuation of less than US$0.50 per silver ounce in the ground. Even ascribing an in situ value of US$0.50/oz to New Pacific, would mean that it would need a resource of ~1.3 billion ounces.\nThe recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed.",
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      "text": "valuation per share: C$0.29",
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      "kind": "title",
      "text": "Technical Analysis Shows New Pacific's Silver Sand Project Is Worth Est. C$0.29/Share",
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