New Pacific Metals Corp. (NEWP) gained a further 12.84% in the after-hours on January 07, 2022. No recent developments from the company seem to be driving the stock up.
During the regular session, the stock traded between $2.51 and $2.59 at 94.08 thousand shares. Subsequently, NEWP closed the session with a slight gain of 1.18% at $2.57. The stock increased further in the after-hours to reach $2.90 on Friday.
More about NEWP and its Movement
The Bolivia properties mineral explorer and developer, New Pacific Metals Corp. was founded in 1972. Currently, the company has a market capitalization of $396.48 million with its 155.56 million outstanding shares.
Since the start of the new year, the NEWP stock had been trading in the red. Its year-to-date loss (past five days) stands at 12.59%. The stock finally recovered on Friday, as its entered green with a slight gain of 1.18%. NEWP further continued the uptrend to add $0.33 in the after-hours session. While there was no news from the company, the stock reached $2.90 in the after-hours.
Recent Changes to the NEWP Board
On December 10, the company announced the appointment of Dr. Rui Feng as the Chairman of its Board. Dr. Feng was elected by the new board directors selected in the Annual General Meeting of shareholders. The AGM was held on December 03, 2021, during which two additional directors, Ms. Maria Tang and Mr. Terry Salman were elected.
Dr. Feng is the largest shareholder of Silvercorp Metals Inc. (28.3%) of which he is the Chairman and CEO as well.
Dr. Feng is the founder of New Pacific and has remained as its CEO from 2010 to 2020. Moreover, in 2017, Dr. Feng identified, financed, and acquired the Siler Sand Project in Bolivia. Further, he led the company to acquire the Silverstrike project in 2019 and identify the Carangas project in 2020. Hence, his appointment as the Chairman will not only lead to huge new achievements for the company but also advance the Silver Sand and Carangas discovery projects.
Financial Analysis
On November 11, the company declared its financial results for the third quarter of 2021.
NEWP had a net loss of $1.38 million in the third quarter of 2021, against $1.13 million in the year-ago quarter. Consequently, the net loss per basic and diluted share was $0.01 in both Q3 of 2021 and 2020.
Furthermore, the company ended the quarter with a working capital of $41.70 million.
