New Pacific Metals Corp. (NYSE: NEWP) (TSX: NUAG) is drawing increased attention from the financial community after analysts from BMO Capital Markets, Roth Capital Partners, and ATB Cormark Capital Markets visited the company's two Bolivian projects, Silver Sands and Carangas. The visits have generated optimistic commentary and, in BMO's case, a higher price target, underscoring the development potential of what some analysts describe as two of the best undeveloped silver deposits globally.
BMO analyst Kevin O'Halloran raised his price target on New Pacific Metals to $12 from $8.82 following the site visits, citing meaningful progress at both projects over the past two years and a political shift in Bolivia that appears more receptive to private investment in natural resources. O'Halloran noted that together the projects represent potential silver production of over 27 million ounces per year, and he sees valuation upside as they advance.
At Carangas, O'Halloran pointed to a framework agreement with the local community signed earlier this year and Administrative Mining Contracts that the government is expected to sign by year-end. At Silver Sands, he was encouraged by continued progress with the community to advance development. The company operates Silver Sands, which is in the Pre-Feasibility Study phase with potential to produce between 12 million and 15 million ounces of silver annually, while Carangas features an updated Preliminary Economic Assessment with potential to produce up to 15.5 million ounces of silver annually during its initial high-grade phase and is currently undergoing a 30,000-metre drill campaign.
Roth Capital Partners analyst Joe Reagor, who visited both mines in October, suggested there could be further catalysts ahead. He noted significant regional exploration potential at Carangas, where New Pacific has identified exploration targets outside the existing resource and had three drills operating at the time of the visit. Roth has a buy rating on the stock. The analysts also said that while Silver Sands requires agreements with local communities, such challenges fall within the normal scope of South American mine development and should not prevent development.
ATB Cormark Capital Markets analysts said they walked away with further conviction that the two projects are among the best undeveloped silver deposits globally. They cited the removal of widespread roadblocks from citizen protests earlier this year and anticipated positive headlines related to permitting and political developments, including the restructuring of the Ministry of Mining and Metallurgy and new mining regulations aimed at attracting foreign capital. The firm has an outperform rating on the stock and sees New Pacific Metals as a clear takeout target if its projects are advanced through permitting.
The bullish sentiment comes as demand for silver continues to outstrip supply, driven by electric vehicles, AI data centers, and green energy, with 2025 marking the fifth consecutive year of a supply/demand imbalance. Bolivia is home to vast undeveloped silver and gold resources, and the new government is courting foreign investment and mining partnerships. For readers and investors, the analyst visits highlight how political and community developments in Bolivia could de-risk these projects and potentially re-rate the stock. More details about the company's Carangas project are available here, and the original release was published on NewMediaWire. The content was originally published on Benzinga.
