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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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  "notes": "The slide uses a peer comparison to justify a lower valuation estimate for New Pacific.",
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      "text": "A more appropriate comparable for New Pacific is likely Bear Creek Mining (TSX: BCM), which currently has a market capitalization of US$145 million.",
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      "text": "Bear Creek is currently being valued at US$0.16 per silver-equivalent ounce, which is more in line with the majority of silver explorers and developers than the valuation at which New Pacific is currently trading.",
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      "text": "A more appropriate comparable for New Pacific is likely Bear Creek Mining (TSX: BCM), which currently has a market capitalization of US$145 million. 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.",
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      "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. According to the technical consultant we worked with, that is in the ballpark of advanced silver developers and producers, not early stage explorers.",
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      "text": "valuation per ounce: C$0.29",
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      "text": "Technical Analysis Shows New Pacific's Silver Sand Project Is Worth Est. C$0.29/Share",
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