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New Pacific Metals Corp. (NEWP) Stock Skyrocketed in Aftermarket Despite any Clear Reason.

New Pacific Metals Corp. (NEWP) is a company associated with the exploration and development of valuable metal programs. Some of the projects completed by the company include Silver Sand project, Carangas Project and the Silverstrike Project. The company primarily focuses on the exploration of silver, lead, zinc, and gold deposits.

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The price of NEWP stock during the regular trading on January 7, 2022, was $2.57 with a slight incline of 1.18%. At last check in the aftermarket, the stock skyrocketed by 16.34%.

NEWP: Events and Happenings

On December 9, 2021, NEWP reported that Dr. Rui Feng was appointed as the Chairman of the Board by the company’s board of directors. The decision was taken at the annual general meeting of stockholders on December 3, 2021. On November 22, 2021, NEWP reported that it received the assay outcomes of the Phase 1 drill program from five drill holes at the Carangas Project. All the holes crossed each other in the Central Valley Zone.

NEWP: CEO Comments

Speaking at the occasion, NEWP CEO Dr. Mark Cruise, said that the drilling improved the size of the silver-rich polymetallic mineralization at Carangas. He further added that the intercepts in the Central Valley Zone confirmed the existence of a huge mineralized system.

NEWP: Key Financials

On November 11, 2021, NEWP reported its financial results for the three months of first quarter of fiscal 2022 ended September 30, 2021. Some of the key highlights are as follows

Net Loss per Share

Basic and diluted net loss per share for Q1 2022 was $ 1.38 million or $0.01 per share as compared to the same period prior year when it was $1.13 million or $0.01 per share.

Total Current Assets

Total current assets for Q1 2022 were $43.8 million for Q1 2022 as compared to the same period prior year when it was $70.9 million.

On November 5, 2021, NEWP reported that the company’s management presented at the Virtual Critical and Precious Metals Investor Conference on November 10-11, 2021. On November 1, 2021, NEWP reported that it received the assay outcomes of the Phase 1 drill program from four drill holes at the Carangas Project. All the holes crossed each other at or near the surface and continued towards the depth.

On October 26, 2021, NEWP reported that two added drill rigs were mobilized and the drilling program had been extended for the Carangas Project. The program included three total drill rigs.

Conclusion

NEWP stock fell 40% compared to the past six months period but showed an incredible surge in the current aftermarket session. The reasons for the incline are unclear but the analysts are giving due credit to the strong investor-based strategies to be the possible causes of the surge.

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