2020.01.06 BMO New Pacific Report

1. Key Changes
Rating Target
Mkt $6.50
OP (S) $5.75
Our Thesis
We view Silver Sand as a unique deposit given the lack
of large silver development projects in the world. We
rate the shares market perform based on a valuation
that is toward the upper end of the early-stage
developer group.
Downgrading to Market Perform on Large Run-Up
Bottom Line: Our view on the large-scale potential of Silver Sand hasn't changed.
That said, with the shares up ~400% in the past year, ~120% since mid-September,
and a market cap now over C$1B, we think the risk/reward is more balanced at the
current valuation. Therefore, we are downgrading our rating to Market Perform from
Outperform (S). We look forward to the maiden resource estimate, which is expected in
Q1. Our current U$633M valuation is based on a mineable resource of 248Moz of silver
at 85gpt and a 0.7:1 strip ratio.
Key Points
Merely a valuation call. We continue to think Silver Sand has the potential to be a
large and economic open pit silver mine. That said, the shares are up ~400% in the
past year and 120% since mid-September. Based on our estimates, NUAG is trading at
1.2x our fully diluted NAV, which is toward the high end of the early-stage developer
peer group. In our view, the risk/reward outlook is now less compelling given the sharp
increase in the share price over the past year.
Valuation sensitivity. If we assume a mineable resource estimate 50% higher than
our base case of 248Moz at 85gpt (i.e., 372Moz at 85gpt), we estimate NUAG trades
at 0.9x P/NPV. Even in a 50% upside scenario, we don't think the stock is particularly
cheap for an asset that is still very early stage (pre-resource) and has above-average
country risk.
NUAG will continue to offer high beta to silver. NUAG's NAV is derived 100% from
silver revenue, offering investors a high amount of leverage to a rising silver price. For
an overview of silver exposure and NAV sensitivities, please refer to our most recent
Silver Pages publication.
Raising our target price. We have increased our fully diluted target price to C$6.50 as
a result of assuming lower future equity dilution driven by the rising share price.
January 06, 2020 | 18:06 ET | 18:06 ET~
New Pacific Metals Corp
NUAG-TSXV Rating 
Market Perform
Price: Jan-6
$6.83
Target 
$6.50
Total Rtn
-5%
Metals & Mining
Ryan Thompson, CFA Analyst
ryan1.thompson@bmo.com (416) 359-6814
Darren Viegas Associate
Darren.Viegas@bmo.com (416) 359-8090
Legal Entity: BMO Nesbitt Burns Inc.
7.00
6.00
5.00
4.00
3.00
2.00
1.00
JanJulJanJul
1.5
1
0.5
0
LHS: Price (C$) / RHS: Volume (mm) Source: FactSet
2YR Price Volume Chart
Company Data in C$
Dividend $0.00
Yield 0.0%
NAV $4.24
Shares O/S (mm) 147.3
Market Cap (mm) $1,006
P/NAV 1.2x
BMO Estimates in C$
(FY- Jun .) 2018A 2019E 2020E
Revenue (mm) $(1) $(0) $2
EPS $(0.03) $(0.02) $0.01
CFPS $(0.01) $(0.02) $(0.01)
Silver Eq. Prd 0 0 0
AISC Ag ($/oz) 0.00 0.00 0.00
Consensus Estimates
2018A 2019E 2020E
EPS $(0.01)
Valuation
2018A 2019E 2020E
P/E NA NA
P/CFPS NA NA
EV/EBITDA NM NM
NAV: *NAV is in USD
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not
registered as a research analyst(s) under FINRA rules.
For disclosure statements, including the Analyst Certification, please refer to page(s) 5 to 8.

2. New Pacific Metals Corp - Block Summary Model
Income Statement 2018A 2019E 2020E
Revenue $(1) $(0) $2
Operating Costs 0 0 0
SG&A 0 0 0
EBITDA $(4) $(3) $(0)
Depreciation 0 0 0
Tax (1) (1) (1)
Adjusted Net Earnings (4) (2) 1
EPS $(0.03) $(0.02) $0.01
Cash Flow Statement 2018A 2019E 2020E
Cash Flow From Operations (1) (3) (1)
Cash Flow From Investments (59) (4) (4)
Cash Flow From Financing 72 20 16
Free Cash Flow (8) (14) (12)
FCF/Share $(0.06) $(0.11) $(0.08)
Balance Sheet 2018A 2019E 2020E
Cash & Equivalents 15 28 39
Short-term debt 0 0 0
Long-Term Debt 0 0 0
Total Assets 105 124 142
Total Liabilities 2 2 2
Total Shareholders' Equity 103 122 140
Attrib. Production & Cash Costs 2018A 2019E 2020E
Silver Sands - Silver Prodn (koz) 0 0 0
Silver Sands - AISC (US$/oz) 0.00 0.00 0.00
Total Silver Prodn (koz) 0 0 0
Total Gold Prodn (koz) 0 0 0
Total Silver Equiv Prodn (koz) 0 0 0
Avg AISC Silver (US$/oz) 0.00 0.00 0.00
Price Assumptions 2018A 2019E 2020E
Gold Price (US$/oz) 1,297 1,263 1,491
Silver Price (US$/oz) 16.72 15.00 17.55
Lead Price (US$/lb) 1.10 0.90 0.89
Zinc Price (US$/lb) 1.44 1.20 1.06
USD:MXN 18.729 19.273 19.241
Source: BMO Capital Markets, Company Reports
Valuation
Our C$6.50 target price is based on a 100% weighting
given to a 1.2x P/NAV multiple. Our multiple reflects: the
scarcity value of large, potentially economic silver deposits;
Silver Sand is still in its early stages with several de-risking
activities ahead of it; Silver Sand is not yet financed; and
some investors may have a reluctance to invest in Bolivia.
Upside Scenario $10.00
Our upside scenario is based on a 1.7x P/NPV multiple. This
scenario could play out in a rising silver price environment,
coupled with further advancement of the project (resource
estimate, PEA) and eventual production.
Downside Scenario $2.00
Our downside scenario is based on a 0.3x P/NPV multiple.
This scenario could happen in a falling silver price
environment or if the company delivers a lower-than-
expected resource. The shares would also be pressured if
the company fails to expand the land package because of
the MPC agreement not being ratified into law.
-71% +46%-5%
Target
Price
6.50
in CAD
Current
Price
6.83
Downside
Scenario
2.00
Upside
Scenario
10.00
Key Catalysts
Drilling results (ongoing); a resource estimate in Q1/20; a
PEA later in 2020; ratification of the MPC into law
Company Description
New Pacific Metals is a precious metals developer currently
progressing the Silver Sand Project in Bolivia.
NUAG-TSXV
Research
Glossary
Company
Models
New Pacific Metals Corp | Page 2 January 6, 2020

3. Exhibit 1: NUAG Block Model at BMO Metal Price Assumptions
New Pacific Metals NUAG CASH FLOW ANALYSIS - C$M
(June Year End) 2018A 2019A 2020E 2021E 2022E
Recommendation Mkt Analyst RT Cash Flows From Operating Activities
Net Income (4.1) (2.6) 0.8 2.2 (2.1)
As at 6-Jan-20 BMO Capital Markets Non-Cash Items 2.0 0.3 (2.1) (0.6) (1.8)
Re-invested in Working Capital 1.3 (0.3) 0.3 0.0 0.0
Year End June $6.83 US$/share
Share Price $6.83 C$/share $5.26 US$/share Cash Flows From Investing Activities
Property and Business Activities 0.0 0.6 5.2 0.0 0.0
Target Price $6.50 C$/share $5.01 US$/share Acq.of Property, Plant and Equip. (6.9) (11.7) (11.2) (7.8) (429.9)
Net Present Value 5% $5.50 C$/share $4.24 US$/share Other (52.5) 6.8 1.7 0.0 0.0
0% $9.03 C$/share $6.96 US$/share
Cash Flows From Financing Activities
Market Cap 973.5 C$M 750.4 US$M Proceeds From Borrowings 0.0 0.0 0.0 150.0 200.0
Ordinary Shares 142.6 M Repayment of Borrowings 0.0 0.0 0.0 0.0 0.0
Options & Warrants 5.6 M Other 71.6 20.1 16.1 300.0 0.9
Net Increase In Cash Held 10.1 13.2 10.9 443.7 (232.9)
Cash At Beginning of Year 3.8 14.6 27.8 38.7 482.4
PRICE ASSUMPTIONS - BMO PRICES Cash At End of Year 14.6 27.9 38.7 482.4 249.5
(June Year End) 2018A 2019A 2020E 2021E 2022E
Exchange Rate USD/BOB 6.91 6.91 6.91 6.91 6.91
Exchange Rate CAD/USD 0.79 0.76 0.76 0.77 0.78 BALANCE SHEET ANALYSIS - C$M
Gold US$/oz 1,297 1,263 1,491 1,475 1,413 (June Year End) 2018A 2019A 2020E 2021E 2022E
Silver US$/oz 16.72 15.00 17.55 18.30 17.26
Copper US$/lb 3.06 2.79 2.74 2.90 2.74 Current Assets
Zinc US$/lb 1.44 1.20 1.06 1.02 1.07 Cash and Cash Equivalents 14.6 27.8 38.7 482.4 249.5
Oil US$/bbl 58.25 60.73 54.97 56.73 59.37 Other 18.4 11.3 9.5 9.5 9.5
Non-Current Assets
Investments 5.8 5.1 2.1 2.1 2.1
FINANCIAL SUMMARY Fixed Assets 65.2 78.1 89.7 97.5 527.4
(June Year End) 2018A 2019A 2020E 2021E 2022E Other 33.7 41.0 50.6 494.3 261.4
NPAT (pre-Abs) (C$M) (3.5) (2.2) 0.9 2.2 (2.1) Current Liabilities
ADJUSTED EPS (C$/share) (0.03) (0.02) 0.01 0.01 (0.01) Borrowings 0.0 0.0 0.0 0.0 0.0
PER (x) na na na na na Creditors 1.8 2.0 2.6 2.6 2.6
EBITDA (C$M) -4.1 -2.6 -0.4 -3.0 -3.1 Other 0.0 0.1 0.1 0.1 0.1
EBITDA/share (C$/share) (0.03) (0.02) (0.00) (0.02) (0.02)
EV/EBITDA (x) -211.8x -359.5x -2,350x -339.7x -480.8x Non-Current Liabilities
Cash Flow (C$M) -0.8 -2.5 -1.0 1.5 -3.9 Borrowings 0.0 0.3 0.0 150.0 350.0
Cash Flow/share (C$/share) (0.01) (0.02) (0.01) 0.01 (0.02) Other 1.9 2.1 2.5 1.9 0.9
P/Cash Flow (x) na na na na na
Dividend (C$/share) 0.00 0.00 0.00 0.00 0.00 Shareholders Funds 102.8 121.9 139.8 442.0 439.9
Ordinary Shares (M) 122.1 134.0 145.3 177.3 196.4 Net Debt to Equity -14.2% -22.6% -27.7% -75.2% 22.8%
0% 5%
PROFIT AND LOSS STATEMENT - C$M PROJECT NPV NPV SILVER EQ. PRODUCTION (koz)
(June Year End) 2018A 2019A 2020E 2021E 2022E US$M US$M 2018A 2019A 2020E 2021E 2022E
SILVER SAND (BOLIVIA) 1,187.8 632.7 0 0 0 0 0
Sales Revenue 0.0 0.0 0.0 0.0 0.0
Other Revenue (1.1) (0.0) 2.2 0.0 0.0
Operating Costs 0.0 0.0 0.0 0.0 0.0
Depreciation (0.0) (0.0) (0.0) 0.0 0.0
Interest 0.0 0.0 0.0 (4.1) (18.0)
Exploration 0.0 0.0 0.0 (0.8) (0.8) Total Silver Eq. Production 0 0 0 0 0
Corporate (0.3) (0.3) (0.1) 0.0 0.0 Total Silver Eq. Sales 0 0 0 0 0
Other Costs (1.9) (2.0) (2.3) 1.8 15.7
Operating Profit Before Tax (3.3) (2.4) (0.2) (3.0) (3.1) Exploration Credit 0.0 0.0
Income Tax 0.0 0.0 0.5 2.1 6.3 Hedge Book 0.0 0.0
Operating Profit After Tax (3.3) (2.4) 0.3 (0.9) 3.3 Corporate (72.5) (64.9)
Minorities 0.0 0.2 0.0 0.0 0.0 Net Cash 38.2 38.2
Net Profit After Tax (3.5) (2.2) 0.9 2.2 (2.1) Investments/Bullion 0.0 0.0
Abnormals (0.9) (0.3) (0.2) 0.0 0.0 Future Equity Financing 248.4 248.4
Tax on Abnormals (0.3) (0.1) (0.1) 0.0 0.0 Total NPV 1,401.8 854.3
Reported Profit (4.1) (2.4) 0.8 2.2 (2.1) Per Share $6.96 $4.24 IRR = 3.4% P/NPV 1.2x
New Pacific Metals 2018A 2019A 2020E 2021E 2022E Co-Product Cash Cost (US$/oz) 2018A 2019A 2020E 2021E 2022E
Cash Operating Costs US$/oz 0.00 0.00 0.00 0.00 0.00 SILVER SAND (BOLIVIA) 0.00 0.00 0.00 0.00 0.00
Total Cash Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Sustaining-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
EBIT to Total Assets -2.4% -1.5% -0.1% -0.3% -0.3%
NPAT to Shareholders Equity -4.0% -2.0% 0.5% 0.5% -0.5% QUARTERLY SUMMARY Q1/20A Q2/20A Q3/20A Q4/20E
ADJUSTED EPS (US$/sh) 0.01 0.00 0.00 0.00
CFPS (US$/sh) 0.00 0.00 0.00 0.00
FCFPS (US$/sh) -0.04 -0.02 -0.02 -0.01
Source: BMO Capital Markets
New Pacific Metals Corp | Page 3 January 6, 2020

4. Exhibit 2: NUAG Block Model at Spot Metal Prices
New Pacific Metals NUAG CASH FLOW ANALYSIS - C$M
(June Year End) 2018A 2019A 2020E 2021E 2022E
Recommendation Mkt Analyst RT Cash Flows From Operating Activities
Net Income (4.1) (2.6) 0.8 2.2 (2.1)
As at 6-Jan-20 BMO Capital Markets Non-Cash Items 2.0 0.3 (2.1) (0.6) (1.9)
Re-invested in Working Capital 1.3 (0.3) 0.3 0.0 0.0
Year End June $6.83 US$/share
Share Price $6.83 C$/share $5.26 US$/share Cash Flows From Investing Activities
Property and Business Activities 0.0 0.6 5.2 0.0 0.0
Target Price $6.50 C$/share $5.01 US$/share Acq.of Property, Plant and Equip. (6.9) (11.7) (11.1) (7.8) (432.5)
Net Present Value 5% $6.19 C$/share $4.77 US$/share Other (52.5) 6.8 1.7 0.0 0.0
0% $10.09 C$/share $7.77 US$/share
Cash Flows From Financing Activities
Market Cap 973.5 C$M 750.4 US$M Proceeds From Borrowings 0.0 0.0 0.0 150.0 200.0
Ordinary Shares 142.6 M Repayment of Borrowings 0.0 0.0 0.0 0.0 0.0
Options & Warrants 5.6 M Other 71.6 20.1 16.1 300.0 0.9
Net Increase In Cash Held 10.1 13.2 11.0 443.8 (235.6)
Cash At Beginning of Year 3.8 14.6 27.8 38.8 482.6
PRICE ASSUMPTIONS - SPOT PRICES Cash At End of Year 14.6 27.9 38.8 482.6 247.0
(June Year End) 2018A 2019A 2020E 2021E 2022E
Exchange Rate USD/BOB 6.91 6.91 6.91 6.91 6.91
Exchange Rate CAD/USD 0.79 0.76 0.77 0.77 0.77 BALANCE SHEET ANALYSIS - C$M
Gold US$/oz 1,297 1,263 1,543 1,566 1,566 (June Year End) 2018A 2019A 2020E 2021E 2022E
Silver US$/oz 16.72 15.00 17.86 18.15 18.15
Copper US$/lb 3.06 2.79 2.73 2.76 2.76 Current Assets
Zinc US$/lb 1.44 1.20 1.04 1.04 1.04 Cash and Cash Equivalents 14.6 27.8 38.8 482.6 247.0
Oil US$/bbl 58.25 60.73 61.35 63.03 63.03 Other 18.4 11.3 9.5 9.5 9.5
Non-Current Assets
Investments 5.8 5.1 2.1 2.1 2.1
FINANCIAL SUMMARY Fixed Assets 65.2 78.1 89.6 97.4 529.8
(June Year End) 2018A 2019A 2020E 2021E 2022E Other 33.7 41.0 50.7 494.5 258.9
NPAT (pre-Abs) (C$M) (3.5) (2.2) 0.9 2.2 (2.1) Current Liabilities
ADJUSTED EPS (C$/share) (0.03) (0.02) 0.01 0.01 (0.01) Borrowings 0.0 0.0 0.0 0.0 0.0
PER (x) na na na na na Creditors 1.8 2.0 2.6 2.6 2.6
EBITDA (C$M) -4.1 -2.6 -0.4 -3.0 -3.1 Other 0.0 0.1 0.1 0.1 0.1
EBITDA/share (C$/share) (0.03) (0.02) (0.00) (0.02) (0.02)
EV/EBITDA (x) -211.8x -359.5x -2,349x -339.9x -480.9x Non-Current Liabilities
Cash Flow (C$M) -0.8 -2.5 -1.0 1.5 -4.0 Borrowings 0.0 0.3 0.0 150.0 350.0
Cash Flow/share (C$/share) (0.01) (0.02) (0.01) 0.01 (0.02) Other 1.9 2.1 2.5 1.9 0.9
P/Cash Flow (x) na na na na na
Dividend (C$/share) 0.00 0.00 0.00 0.00 0.00 Shareholders Funds 102.8 121.9 139.8 442.0 439.9
Ordinary Shares (M) 122.1 134.0 145.3 177.3 196.4 Net Debt to Equity -14.2% -22.6% -27.8% -75.2% 23.4%
0% 5%
PROFIT AND LOSS STATEMENT - C$M PROJECT NPV NPV SILVER EQ. PRODUCTION (koz)
(June Year End) 2018A 2019A 2020E 2021E 2022E US$M US$M 2018A 2019A 2020E 2021E 2022E
SILVER SAND (BOLIVIA) 1,340.3 731.7 0 0 0 0 0
Sales Revenue 0.0 0.0 0.0 0.0 0.0
Other Revenue (1.1) (0.0) 2.2 0.0 0.0
Operating Costs 0.0 0.0 0.0 0.0 0.0
Depreciation (0.0) (0.0) (0.0) 0.0 0.0
Interest 0.0 0.0 0.0 (4.1) (18.0)
Exploration 0.0 0.0 0.0 (0.8) (0.8) Total Silver Eq. Production 0 0 0 0 0
Corporate (0.3) (0.3) (0.1) 0.0 0.0 Total Silver Eq. Sales 0 0 0 0 0
Other Costs (1.9) (2.0) (2.3) 1.8 15.7
Operating Profit Before Tax (3.3) (2.4) (0.2) (3.0) (3.1) Exploration Credit 0.0 0.0
Income Tax 0.0 0.0 0.5 2.1 6.3 Hedge Book 0.0 0.0
Operating Profit After Tax (3.3) (2.4) 0.3 (0.9) 3.3 Corporate (62.6) (58.8)
Minorities 0.0 0.2 0.0 0.0 0.0 Net Cash 38.2 38.2
Net Profit After Tax (3.5) (2.2) 0.9 2.2 (2.1) Investments/Bullion 0.0 0.0
Abnormals (0.9) (0.3) (0.2) 0.0 0.0 Future Equity Financing 249.4 249.4
Tax on Abnormals (0.3) (0.1) (0.1) 0.0 0.0 Total NPV 1,565.3 960.5
Reported Profit (4.1) (2.4) 0.8 2.2 (2.1) Per Share $7.77 $4.77 IRR = 4.6% P/NPV 1.1x
New Pacific Metals 2018A 2019A 2020E 2021E 2022E Co-Product Cash Cost (US$/oz) 2018A 2019A 2020E 2021E 2022E
Cash Operating Costs US$/oz 0.00 0.00 0.00 0.00 0.00 SILVER SAND (BOLIVIA) 0.00 0.00 0.00 0.00 0.00
Total Cash Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Sustaining-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
EBIT to Total Assets -2.4% -1.5% -0.1% -0.3% -0.3%
NPAT to Shareholders Equity -4.0% -2.0% 0.5% 0.5% -0.5% QUARTERLY SUMMARY Q1/20A Q2/20A Q3/20A Q4/20E
ADJUSTED EPS (US$/sh) 0.01 0.00 0.00 0.00
CFPS (US$/sh) 0.00 0.00 0.00 0.00
FCFPS (US$/sh) -0.04 -0.02 -0.01 -0.01
Source: BMO Capital Markets
New Pacific Metals Corp | Page 4 January 6, 2020

5. New Pacific M etals Corp Rating History as of 01/03/2020
C$7
C$6
C$5
C$4
C$3
C$2
C$1
C$0
Apr 2017 Jul 2017 Oct 2017 Jan 2018 Apr 2018 Jul 2018 Oct 2018 Jan 2019 Apr 2019 Jul 2019 Oct 2019 Jan 2020
I:OP:C$3.75
08/13/2019
OP:C$5.50
10/25/2019
OP:C$5.75
12/18/2019
Closing Price Target Price
Outperform (OP); Market Perform (Mkt); Underperform (Und); Speculative (S); Suspended (Spd); Not Rated (NR); Restricted (R)
Source: FactSet, BMO Capital Markets
IMPORTANT DISCLOSURES
Analyst's Certification
I, Ryan Thompson, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or
issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views
expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and
their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in
generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service
to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These
analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst account.
Company Specific Disclosures
Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to New Pacific Metals Corp within the past 12 months.
Disclosure 2: BMO Capital Markets has provided investment banking services with respect to New Pacific Metals Corp within the past 12 months.
Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to New Pacific Metals Corp within
the past 12 months.
Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from New Pacific Metals Corp within
the past 12 months.
Disclosure 6A: New Pacific Metals Corp is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets
Limited or an affiliate within the past 12 months: A) Investment Banking Services
Disclosure 16: A research analyst has extensively viewed the material operations of New Pacific Metals Corp.
Disclosure 17: New Pacific Metals Corp has paid or reimbursed some or all of the research analyst's travel expenses.
Methodology and Risks to Target Price/Valuation for New Pacific Metals Corp (NUAG-TSXV)
Methodology: Price targets for precious metals developers are set using a 100% weighting assigned to a P/NAV multiple.
Risks: Risks to the BMO Research target price include commodity/currency, technical/operating, and litigation/political risks inherent in mining
operations, as well as feasibility, permitting, and financing risks related to the development of growth projects.
Distribution of Ratings (January 05, 2020)
Rating category
BMO rating
BMOCM US
Universe*
BMOCM US IB
Clients**
BMOCM US IB
Clients***
BMOCM
Universe****
BMOCM IB
Clients*****
StarMine
Universe~
Buy Outperform 45.3 % 23.8 % 55.3 % 47.6 % 57.3 % 57.7%
Hold Market Perform 50.6 % 16.4 % 42.7 % 49.1 % 41.9 % 37.5%
Sell Underperform 4.2 % 9.1 % 1.9 % 3.2 % 0.8 % 4.8%
* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
New Pacific Metals Corp | Page 5 January 6, 2020

6. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services
as percentage within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking
services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services
as percentage of Investment Banking clients.
~ As of April 1, 2019.
Ratings Key (as of October 2016)
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the analyst’s coverage universe on a total return basis;
Mkt = Market Perform - Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis;
Und = Underperform - Forecast to underperform the analyst’s coverage universe on a total return basis;
(S) = Speculative investment;
Spd = Suspended - Coverage and rating suspended until coverage is reinstated;
NR = No Rated - No rating at this time; and
R = Restricted - Dissemination of research is currently restricted.
BMO Capital Markets' seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US
Large Cap, US Small Cap, Income, CDN Quant, and US Quant have replaced the Top Pick rating).
Prior BMO Capital Markets Rating System
(April 2013 - October 2016)
http://researchglobal.bmocapitalmarkets.com/documents/2013/rating_key_2013_to_2016.pdf
(January 2010 - April 2013)
http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf
Other Important Disclosures
For Important Disclosures on the stocks discussed in this report, please go to https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
or write to Editorial Department, BMO Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1
First Canadian Place, Toronto, Ontario, M5X 1H3.
Dissemination of Research
Dissemination of BMO Capital Markets Equity Research is available via our website https://researchglobal0.bmocapitalmarkets.com/ Institutional
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7. advice nor is it to be relied on in any investment or decision. If you are in doubt about any of the contents of this document, the reader should
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8. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST
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