Announcement • May 06
Flagship Minerals Limited, Annual General Meeting, May 29, 2026 Flagship Minerals Limited, Annual General Meeting, May 29, 2026. Location: the commons, level m, 388 george street, sydney nsw 2000 Australia New Risk • Mar 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m (US$29k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$82.3m market cap, or US$57.8m). Announcement • Jan 02
Xinhai Nominates Zhongyi (John) Zhang, as Key Representative to Represent on Flagship's Board of Directors, Formal Appointment Effective Later January, 2026 Flagship Minerals Limited announced that along with this approval, Xinhai has nominated Zhongyi (John) Zhang, a key representative and one of Xinhai's major shareholders, to represent it on Flagship's Board of Directors, with formal appointment to take place later in January, 2026. Mr. Zhang will bring a range of expertise to Flagship, which will facilitate an accelerated feasibility program during 2026. Mr. Zhang has a Bachelor and Master degree of Mathematics from the University of Oxford and is an Industry MBA Mentor at the University of International Business and Economics in China. Mr. Zhang's has substantial experience in mining and processing technologies, EPC, and investment, and has played a key role in developing Xinhai's services business in 102 countries and Xinhai's resources business in 7 countries. The Xinhai due diligence delegation of five was led by Qingmin Wang, Vice President and Mineral Processing Engineer. The visit began with a visit to Flagship's core shed located in Copiapo, followed by a field trip to the Pantanillo Gold Project and surrounding areas to consider the geology, topography, access and infrastructure. These considerations were key in Xinhai's final investment committee approval. In addition to Mr. Wang, Xinhai's representatives included Qingbao Ma, Director of Xinhai's Geological Exploration Department and Geological Engineer; Ruiqing Gong, Director of Xinhai's Mining Engineering Department and Mining Engineer; Zhenhua Gao, Deputy Director of Xinhai's Engineering Office and Plot Plan Engineer; and Haoyu Li, Project Manager. New Risk • Dec 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 46% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Revenue is less than US$1m (US$29k revenue). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Market cap is less than US$100m (AU$59.1m market cap, or US$39.2m). New Risk • Nov 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m (US$29k revenue). Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (AU$49.4m market cap, or US$31.8m). Announcement • Oct 03
Flagship Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million. Flagship Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Transaction Features: Subsequent Direct Listing New Risk • Sep 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.9m free cash flow). Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m (US$29k revenue). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$17.7m market cap, or US$11.5m). Announcement • Jun 30
Flagship Minerals Limited, Annual General Meeting, Jul 23, 2025 Flagship Minerals Limited, Annual General Meeting, Jul 23, 2025. Location: the commons, level m, 388 george street, sydney nsw 2000 Australia New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (US$28k revenue). Market cap is less than US$10m (AU$11.1m market cap, or US$7.22m). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • May 30
Flagship Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.249449 million. Flagship Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.249449 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,824,156
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Transaction Features: Subsequent Direct Listing New Risk • Apr 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.1m free cash flow). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (US$28k revenue). Market cap is less than US$10m (AU$11.8m market cap, or US$7.52m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Announcement • Apr 14
Flagship Minerals Limited has filed a Follow-on Equity Offering. Flagship Minerals Limited has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 408,354,545
Transaction Features: Subsequent Direct Listing Board Change • Apr 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Frank Chanyapoon was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$9.10m market cap, or US$5.77m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Announcement • Aug 23
Pan Asia Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.761 million. Pan Asia Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.761 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,097,222
Price\Range: AUD 0.072
Discount Per Security: AUD 0.00432
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,472,222
Price\Range: AUD 0.072
Transaction Features: Subsequent Direct Listing Board Change • Jul 09
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jun 28
Pan Asia Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.2 million. Pan Asia Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,538,462
Price\Range: AUD 0.13
Discount Per Security: AUD 0.00195
Transaction Features: Subsequent Direct Listing Announcement • May 16
Pan Asia Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.215 million. Pan Asia Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.215 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,076,924
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,269,230
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Transaction Features: Subsequent Direct Listing Announcement • Apr 11
Pan Asia Metals Limited, Annual General Meeting, May 06, 2024 Pan Asia Metals Limited, Annual General Meeting, May 06, 2024, at 16:00 E. Australia Standard Time. Location: Sir Warwick Fairfax Room, Radisson Blu Plaza Hotel, 27 O'Connell Street Sydney Nsw 2000 Australia Agenda: To receive and consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2023 which includes the Financial Report and the Directors' and Independent Auditor's Reports; to re-elect Mr. David Docherty; to re-appoint auditor; to ratify director's emoluments for 2023; to approve issue of convertible note to Mr. Thanasak Chanyapoon; to issue new shares; and to consider and approve other matters of business. Announcement • Mar 29
Pan Asia Metals Limited announced that it expects to receive AUD 0.894619 million in funding Pan Asia Metals Limited announced a private placement of unsecured convertible notes for the gross proceeds of AUD 894,619 on March 28, 2024. The notes will have a coupon rate of 16% and will be convertible at a conversion price of AUD 0.15 per share.
On the same day, the company announced that it has issued convertible note for the gross proceeds of AUD 852,219 in its first tranche closing. New Risk • Aug 04
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.2m free cash flow). Earnings have declined by 30% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Market cap is less than US$100m (AU$43.6m market cap, or US$28.6m). Announcement • Jul 29
Pan Asia Metals Limited (ASX:PAM) entered into binding Memorandums of Understanding to acquire a portion of the Pink Li Project and the Hilix Li Project from Thomas Eggers for $4.6 million. Pan Asia Metals Limited (ASX:PAM) entered into binding memorandums of understanding to acquire a portion of the Pink Li Project and the Hilix Li Project from Thomas Eggers for $4.6 million on July 28, 2023. As per the memorandums of understanding, Pan Asia Metals will pay $0.11 million on signing to Thomas Eggers with due diligence to be completed by September 30, 2023. Pan Asia Metals will pay exclusivity payment of $0.01 million, at end of first year will pay $0.05 million, at end of second year will pay $0.15 million, at end of year third will pay $0.3 million, at end of fourth year will pay $1 million, will pay for exploitation permit $3 million. Announcement • Jun 05
Pan Asia Metals Limited, Annual General Meeting, Jun 28, 2023 Pan Asia Metals Limited, Annual General Meeting, Jun 28, 2023, at 16:30 E. Australia Standard Time. Location: Sir Warwick Fairfax Room 27 O'Connell Street Sydney NSW 2000 Sydney Nsw 2000 New South Wales Australia Agenda: To receive and consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2022 which includes the Financial Report and the Directors' and Independent Auditor's Reports; to consider RE-ELECTION OF MR. DAVID HOBBY; to consider RE-ELECTION OF MR. THANASAK CHANYAPOON; to consider RATIFICATION OF DIRECTORS' EMOLUMENTS FOR 2022; to consider RE-APPOINTMENT OF AUDITOR; to consider RATIFICATION OF PRIOR ISSUE (LR 7.1) | CAPITAL RAISE; to consider RATIFICATION OF PRIOR ISSUE (LR 7.1) | CAPITAL RAISE; to consider RATIFICATION OF PRIOR ISSUE (LR 7.1) | GOLDEN DRAGON CAPITAL; to consider AUTHORITY TO ALLOT AND ISSUE SHARES;and to consider ISSUE OF NEW SHARES | DAVID DOCHERT. Announcement • Feb 17
Pan Asia Metals Limited Announces Company Secretary Changes Pan Asia Metals Limited announced the appointment of Ms. Elissa Hansen as Australian Company Secretary following the resignation of Mr. Wayne Kernaghan as Australian Company Secretary. Elissa is a Chartered Secretary with over 20 years' of experience and brings best practice governanceadvice, ensuring compliance with the Listing Rules and other relevant legislation. She is a Fellow of the Governance Institute of Australia, a Graduate Member of the Australian Institute of Company Directors and has a Bachelor of Commerce and a Graduate Diploma in Applied Corporate Governance. Elissa's appointment is effective immediately. Announcement • Jan 19
Pan Asia Metals Limited Announces Reung Kiet Lithium Project Metallurgical Test-Work Results Pan Asia Metals Limited provided initial metallurgical testwork results for flotation recovery of lithium mica concentrates using representative sample from the Reung Kiet lithium prospect. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective has been to continue drilling with the aim of increasing and upgrading the existing Mineral Resource, which will then be used as part of a Pre-Feasibility Study that will consider various options to determine the technical and economic viability of the project including the LCE production profile as well as associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed near the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. The RK Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide. Mining of the weathered pegmatites extended up to 30m below surface, to the top of hard rock. Pan Asia has identified a prospective zone at least 1km long, reporting an Inferred Mineral Resource estimate. The Mineral Resource is based upon the first 46 holes drilled at Reung Kiet. Ongoing drilling has seen the completion of an additional 54 holes, most of which will be included in the Mineral Resource update which aims to increase the Mineral Resource tonnage and upgrade portions of the Mineral Resource from Inferred to Indicated and possibly Measured classification. The testwork was conducted on two separate composites comprised of fresh and weathered mineralisation derived from laboratory `coarse crush rejects' (100% <3.35mm) from ½ HQ sized drill core selected from drillholes (orange drill collars). The fresh composite sample weighed approximately 125kg and was derived from 278 individual samples from 16 holes. This sample returned a head assay of 0.62% Li2O. The oxide composite weighed approximately 100kg, derived from 133 individual samples from 11 holes. It returned a head assay of 0.77% Li2O. The samples were selected to represent mineralisation throughout the deposit and reflect what are considered to be mineable widths in a potential open cut mine. Therefore, the samples contain both internal and external dilution predominantly composed of low-grade siltstone. The samples were delivered to the technology division of Beijing General Research Institute of Mining & Metallurgy (BGRIMM) in China. BGRIMM has particular experience and expertise regarding metallurgical aspects of lithium mica `lepidolite' deposits in China. The testwork was overseen by Dr. Evan Kirby of Metallurgical Management Services, a metallurgist with over 45 years experience in minerals testing and feasibility work, including several assignments with BGRIMM. China is the only jurisdiction where lithium chemicals are being commercially produced from lepidolite `ores'. The Hard Rock LCE Cost Curve below uses data compiled by Wood Mackenzie (Asia Pacific) Pte. Ltd. (WM) for Tianqi Lithium Corporation. It demonstrates the cost competitiveness of lepidolite as a source of LCE and that China produced approximately 50,000t of LCE from lepidolite in 2021, representing about 18% of global hard-rock LCE production. Benchmark Intelligence recently stated. BGRIMM carried out extensive process mineralogy and beneficiation research andtestwork on the samples provided by PAM. The research included ICP spectrometry, chemical composition analysis, mineral composition and relative content determination, characteristics and grain size of the main lithium minerals, study of the occurrence state of lithium, study on the association and separation characteristics of main lithium minerals in different grinding products, analysis of mineralogy factors influencing lithium recovery. Beneficiation research and testwork included acid-base process scheme comparisontests, flotation tests using different grind sizes, contrast tests for desliming and notdesliming, and different desliming quantities, type and amount of reagents/conditioning tests, type and amount of collector tests, flotation time tests, flotation tests for the regrinding fineness, tests for cleaning conditions, rougher concentrate screening analysis, classification and separation test for rougher concentrate, several open circuit process comparison tests and closed circuit tests. The technical means and instruments used in this study included chemical analysis, optical microscopy, scanning electron microscopy, electron micro-probe analysis, Advanced Mineral Identification and Characterization System (AMICS) and other applicable measures. Announcement • Nov 23
Pan Asia Metals Limited Provides Update for Eleven (11) More Drill Holes Completed at the Reung Kiet Lithium Prospect Pan Asia Metals Limited provided an update for eleven (11) more drill holes completed at the Reung Kiet lithium prospect. Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of plus 1km and remains open along strike to the north and south, and at depth on many sections, especially in the south. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective is to continue drilling with the aim of increasing and upgrading the existing Mineral Resource. The Mineral Resource will be used as part of a ScopingStudy that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed near the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. The RK Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide. Announcement • Nov 22
Pan Asia Metals Limited Announces Exceptional Ore Sorting Test-Work Results Confirmed Pan Asia Metals Limited advised that final assays and weights have been reported for ore sorting test-work being conducted on drill core sample from the Reung Kiet Prospect (Reung Kiet) located in southern Thailand. Ore Sorting is a relatively simple and low cost process that can facilitate in upgrading mineralisation and rejecting low grade and waste. Modern ore sorting has been employed for about 30 years. Recent improvements in technology, especially various sorting sensors combined with rapid data processing speeds, has allowed for large scale sorting to be undertaken. Sorting is particularly effective in minimizing dilution experienced in many modern mines. This can lead to improvements in capital and operating costs and other efficiencies. In ore sorting, individual ore particles are sorted from low grade/waste material based on differing physical and chemical properties of the materials. Crushed and screened run of mine ore, with fines removed, is fed into the Ore Sorter via conveyor. Sensors detect which individual rocks in the feed have mineralisation (ore) and which is waste. As the rock continues to the end of the conveyor and free falls, air jets are used to selectively "shoot" the ore (Accept) away from the waste stream (Reject), thus concentrating the grade of the ore in a reduced tonnage. The ore sorting sample is from drillhole RKDD006 and comprises half HQ core (63mm diameter) for the interval 54.5m to 81.5m. The total sample weight was approximately 107kg. The core was crushed at Nagrom in Perth and sized to -50mm, +25mm and - 25mm, +10mm. A -10mm fines product was also produced. The crushed core samples show good physical separation of aplo-pegmatite, which is purple-white, from the siltstone which is dark grey to black. The crushed sample was tested at Steinhart Australia's Test Centre in Perth. After theoretical modelling, the crushed samples were fed in a single-pass and subjected to 3D laser scanning and colour camera sensors used in combination. This produced excellent separation of the mineralised aplo-pegmatite from the low grade to waste siltstone. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Supriya Sen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Pan Asia Metals Limited Updates on Metallurgical Test-Work Being Conducted on Drill Core Sample from the Reung Kiet Prospect Pan Asia Metals Limited to provide an update regarding metallurgical test-work being conducted on drill core sample from the Reung Kiet Prospect (Reung Kiet) located in southern Thailand. The ore sorting sample is from drillhole RKDD006 and comprises half HQ core (63mmdiameter) for the interval 54.5m to 81.5m. The sample has a mass of 107.8kg. The core was crushed at Nagrom in Perth and sized to 100% <50mm to +10mm. Any -10mm material cannot be sorted and would go direct to grinding. The sample zone from 54.5m to 81.5m contains a "bulk mineralised intersection" of 27m @ 0.48% Li2O. Geology through the intersection shows there is 9.95m in aggregate width of aplo-pegmatite at a weighted average grade of 0.95% Li2O,ranging from 0.45-1.26% Li2O The remainder of the intersection is siltstone with anaverage grade of 0.21% Li2O, ranging from 0.10-0.37% Li2O. The weighted grades vgeology in this intersection indicates approximately 72% of contained lithium occurs inthe aplo-pegmatite which represents about 37% of the intersection.The drill core sample was crushed to -50mm, +25mm and -25mm, +10mm. In thecrushed core samples there is good physical separation of pegmatite,which is purple-white, from the siltstone which is dark grey to black. The crushed sample was tested at Steinhart Australia's Test Centre in Perth. Aftertheoretical modelling, the crushed samples were fed in a single-pass and subjected to3D laser scanning and colour camera sensors used in combination. This producedexcellent separation of the mineralised aplo-pegmatite from the low grade to wastesiltstone as shown in Photo 3. The data indicates that the sorted -50mm, +10mm pegmatite and mixed -10mm fines samples constitute about 39% of the sample yield and contain around 73% of the contained lithium. Conversely the siltstone sample constitutes approximately 61% ofsample yield but only 27% of contained lithium, being waste siltstone which is generallywell below the current Mineral Resource cutoff grade of 0.25% Li2O. This initial test demonstrates the sampled mineralisation is highly amenable to ore sorting which results in the separation of the material into essentially homogenous aplo-pegmatite with little siltstone contamination and siltstone with little pegmatite. The sorted samples have been dispatched to Nagrom where crushing, sub-sampling and assaying will be undertaken to enable accurate analysis and deportment results to be reported. Announcement • Nov 02
Pan Asia Metals Limited Provides Update on Metallurgical Test-Work from Reung Kiet Prospect Pan Asia Metals Limited to provide an update regarding metallurgical test-work being conducted on drill core sample from the Reung Kiet Prospect (Reung Kiet) located in southern Thailand. Drill core sample typical of lithium mineralisation from Reung Kiet has been delivered to Steinhart Australia's Test Centre in Perth to investigate the potential to sort and separate low grade and waste siltstone from higher grade aplo-pegmatite. Higher grades of lithium are hosted in the aplo-pegmatite dykes and veins which intrude a sequence of meta siltstone. The two lithologies have quite different physical, mineralogical and chemical properties. The ore sorting sample is from drillhole RKDD006 and comprises half HQ core (~63mm diameter) for the interval 54.5m to 81.5m. The sample has a mass of 107kg. The core was crushed at Nagrom in Perth and sized to 100% <50mm to +10mm. Any -10mm material cannot be sorted and would go direct to grinding. The sample zone from 54.5m to 81.5m contains a "bulk mineralised intersection" of 27m @ 0.48% Li2O. Geology through the intersection shows there is 9.95m in aggregate width of aplo-pegmatite at a weighted average grade of 1.00% Li2O, ranging from 0.49-1.26% Li2O The remainder of the intersection is siltstone with an average grade of 0.20% Li2O, ranging from 0.10-0.37% Li2O. The weighted grades v geology in this intersection indicate approximately 72% of contained lithium occurs in aplo-pegmatite which represents only 37% of the intersection mass. In the crushed core samples there is good separation of pegmatite, which is purple-white, from the siltstone which is dark grey to black. Steinert will employ a number of methods targeting the differing physical, mineralogical and chemical properties of the rock and apply those to sorting with a view to retaining the pegmatite and rejecting the siltstone. A successful conclusion to the sorting test-work would increase the feed grade reporting to the mill, which would in turn decrease required throughput for the mill. PAM is also pleased to advise that the final report on the lepidolite flotation test-work being conducted by BGRIMM in China is close to complete. BGRIMM has also prepared several kilograms of lepidolite concentrate that will be used for pyro and hydrometallurgical test-work to formulate saleable lithium compounds used in battery construction. The Company looks forward to keeping Shareholders and the market updated on its progress and results obtained from the drilling and test-work programs and other activities related to the Company's ongoing evaluation of the Reung Kiet Lithium Project. Announcement • Oct 24
Pan Asia Metals Limited Reports Results from Rock-Chip, Soil Sampling and Associated Geological Mapping Have Substantially Increased Exploration Potential At the Bang I Tum Lithium Prospect Located in Southern Thailand Pan Asia Metals Limited reported that results from rock-chip, soil sampling and associated geological mapping have substantially increased the exploration potential at the Bang I Tum Lithium Prospect (Bang I Tum or BIT) located in southern Thailand. The newly defined prospective zone is approximately 800m long and 200m wide and is characterized by numerous lepidolite rich alpo-pegmatite dykes and veins that are interpreted to be a westerly extension of the dyke swarm where PAM has defined a drill supported Exploration Target of 8 to 14 Million tonnes at a grade ranging between 0.5% to 0.8% Li2O. Grades have also been estimated for Sn, Ta2O5, Rb, Cs and K,. The new results indicate considerable potential to increase the Exploration Target at Bang I Tum. Recent Work at Bang I Tum; Pan Asia has completed additional soil and rock chip sampling and geological mapping at BIT. The program was conducted to follow-up previous work, to assist in drill planning to evaluate the existing Exploration Target at Bang I Tum and assess for new potential in adjacent areas. Laboratory assay results have been received. Rock-chip sampling; A total of 64 samples were collected typically weighing around 1-2kg each. The samples were non-selective and consisted of float, sub-crop and outcrop, with some channel chip samples across 1-2m widths. The reported Li2O grades indicate that 44 of the 64 samples returned >0.30% Li2O ranging up to 2.62% Li2O and averaging 1.56% Li2O, with 35 of these samples returning Li2O grades of >1.00% Li2O and averaging 1.80% Li2O. Many of the samples are described as weathered, purple to white or white pegmatite or aplite. The purple color corresponds to observed lepidolite, which is a direct indication as to the presence of lithium. Soil sampling; Soil sampling was conducted on east-west lines 100m apart with samples spaced at approximately 25m along the lines. Samples were typically collected from 0.2-0.4m below surface. A total of 129 samples were taken Anomalous lithium values in soils are interpreted as >250ppm Li2O. Many soil samples returned Li2O values of >500ppm ranging up to a maximum of 9602ppm or 0.96% Li2O. Announcement • Oct 12
Pan Asia Metals Limited Provides Update for Eighteen More Drill Holes Completed at the Reung Kiet Lithium Prospect Pan Asia Metals Limited provided an update for eighteen (18) more drill holes completed at the Reung Kiet lithium prospect. Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km and remains open along strike to the north and south, and at depth on many sections. Assay results for holes RKDD062 to RKDD078 are expected in the near term. Samples for holes RKDD079 to RKDD087 and RKDD032 (tail) are currently in transit to the laboratory. HIGHLIGHTS: Infill and extensional drilling at Reung Kiet continues to deliver strong visual results. Deepest lepidolite observed to date at RK South. Mineralisation remains open along strike and at depth. Mineral Resource upgrade to include approximately 40 additional holes. New Mineral Resource to underpin Scoping Study. Drilling planned at the Bang I Tum lithium prospect 10km to the north of Reung Kiet to evaluate the Exploration Target and adjacent highly prospective zone. Lepidolite flotation test-work results being finalized. Ore sorting test-work to commence. Reung Kiet Prospect – Drilling: Pan Asia Metals has been conducting diamond core drilling at the Reung Kiet Lithiumprospect since March 2021. PAM reported the visual results for holesRKDD069-086. The holes are a mix of infill and extensional drilling. New results RKDD069 to 086: On Section W, drillhole RKDD083 represents the northern most extent of drilling at RKto date. In RKDD083 pegmatite dykes and veins with variable lepidolite and white mica wereintersected in numerous intervals between 24.0m-178.1m downhole, resulting in anaggregate thickness of 16.0m of pegmatite in 33 individual veins and dykes. This intersection defines the northern most point of the pegmatite vein and dykeswarm drilled to date. On Section V drillhole RKDD084 was designed to test for deeper potential betweensections U and W. From 100.5m to 199.35m the aggregate pegmatite thickness is 12.5mincluding a 6.5m wide dyke from 132.5m. On Section T RKDD082 was drilled as an infill hole but also serves to extend thepegmatite up-dip. From 50.1m to 72.95m the hole intersected 19.4m of aggregatepegmatite thickness including a solid 17.5m thick dyke from 55.45m. On Section S RKDD081 was drilled as extensional hole. From 34.3m to 269.75m the holesintersected 21.3m aggregate thickness of pegmatite veins and dykes. This includes a5.95m thick dyke from 203.15m and a 6.9m wide dyke from 244.4m.Lepidolite was observed occasionally in these pegmatites described as white massiveand banded. On Section R, RKDD080 was drilled test for up-dip extensions of the pegmatite.RKDD080 intersected pegmatite veins and dykes in numerous interval between 8.35mto 94.6m, resulting in an aggregate thickness of 26.3m of pegmatite across this interval.This includes a central zone from 55.15m-82.5m in which 18.4m of aggregate pegmatitethickness was intersected. Announcement • Sep 22
Pan Asia Metals Limited Provides Exploration Update At the Bang I Tum Lithium Prospect Pan Asia Metals Limited reporedt that follow-up mapping, soil and rock-chip sampling has significantly increased the exploration potential at the Bang I Tum Lithium Prospect (Bang I Tum or BIT) located in southern Thailand. The new zone is approximately 800m long and 200m wide and is characterized by numerous lepidolite rich alpo-pegmatite dykes and veins that are interpreted to be a westerly extension of the dyke swarm where PAM has previously defined a drill supported Exploration Target of 8 to 14 Million tonnes at a grade ranging between0.5% to 0.8% Li2O, see PAM ASX announcement titled "Reung Kiet Lithium Project Exploration Target" and dated 27 July, 2022. Grades have also been estimated for Sn, Ta2O5, Rb, Cs and K. The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Pan Asia has completed additional soil and rock chip sampling and geological mapping at BIT. The program was conducted to follow-up previous work and to assist in drill planning to further evaluate the existing Exploration Target at Bang I Tum. Soil sampling: Soil sampling was conducted on east-west lines 100m apart with samples spaced at approximately 25m along the lines. Samples were typically collected from 0.2-0.4m below surface. A total of 129 samples were taken and analysed using PAM's Olympus Vanta M Series)Model VMW -CCC-G3-U) hand-held XRF analyser (hhXRF). The hhXRF does not provide direct lithium analysis but does report many lithium pathfinder elements, in particular rubidium, which has been shown to have a very strong correlation with lithium in soils, rock-chips and drill core analytical data. This is due to lepidolite containing appreciable amounts of rubidium in association with lithium, and so, elevated rubidium commonly equates to elevated lithium. Rubidium levels of >150ppm in soils are considered anomalous and are supported by rock-chips collected within and adjacent to these zones. Rock-chip sampling: Rock-chip sampling was conducted over a similar area to that covered by the soil sampling, Samples collected are described as outcrop, subcrop and float. A total of 67 samples were collected and typically weighed around 0.5-1kg. Many of the samples are described as weathered, purple to white or white pegmatite or aplite. The purple color corresponds to observed lepidolite, which is a direct indication as to the presence of lithium. Using the new data and previous rock-chip data along with geological observations it is evident that many rock chips containing elevated rubidium will contain elevated lithium. The Li2O modelled grades indicate 48 of the 67 samples have Li2O modelled grades > 0.3% Li2O, ranging up to 2.4% Li2O and averaging 1.0% Li2O. Announcement • Sep 07
Pan Asia Metals Limited Announces Grant of Exclusive Prospecting License No 19/2565 for Reung Kiet Lithium Project Pan Asia Metals Limited announced that Exclusive Prospecting License Application 2/2564 located immediately south of the Reung Kiet Lithium Project has been granted with license number 19/2565 (EPL 19/2565). EPL 19/2565 has been granted and provides PAM sole mineral prospecting and exploration rights within the designated license area, and is valid for two years. EPL 19/2565 captures the extension of the pegmatite dyke swarm at the southern end of the Reung Kiet Lithium Prospect, providing PAM the ability to extend the drill pattern to the south of the richest section of the lepidolite pegmatite dyke swarm. It also enables PAM to drill for depth extensions to the pegmatite dyke swarm on several of the southernmost sections where mineralisation remains open. PAM is currently drilling holes RKDD084 and RKDD085, the latter being the first of about 8 `priority one' extensional holes targeting higher grade Mineral Resource extensions of the southern end of the pegmatite swarm. Upon completion of the planned holes PAM will be moving the drilling rigs across to the Bang I Tum Lithium Prospect, which is located approximately 10 km to the north where PAM has recently announced a drill supported Exploration Target. Announcement • Aug 18
Pan Asia Metals Limited Provides an Update for Twelve (12) More Drill Holes Completed At the Reung Kiet Lithium Prospect Pan Asia Metals Limited provided an update for twelve (12) more drill holes completed at the Reung Kiet lithium prospect. Results continue to support the geological model of extensive lithium mineralization hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralized zone is currently defined over a strike length of 1km and remains open along strike to the north and south, and at depth on many sections. Pan Asia recently reported an Inferred Mineral Resource estimate for the Reung Kiet prospect. Please refer to PAM announcement, "Inaugural Mineral Resource Estimate Reung Kiet Lithium" dated June 28, 2022. Ongoing drilling at Reung Kiet is aimed at increasing Mineral Resource tonnage and upgrading portions of the Mineral Resource from Inferred to Indicated and possibly Measured classification. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective is to continue drilling with the aim of increasing and upgrading the existing Mineral Resource. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed at the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. The Reung Kiet Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide. Mining of the weathered pegmatites extended up to 30m below surface, to the top of hard rock. Pan Asia has identified a prospective zone at least 1km long for which a maiden Mineral Resource has been reported. Lithium mineralization remains open to the north and south and at depth on many sections. Pan Asia Metals has been conducting diamond core drilling at the Reung Kiet Prospect since March 2021. PAM recently received assay results for drillholes RKDD058 to RKDD061. Visual logging results for holes RLDD062-068 and an extension to hole RKDD032 are also reported. The holes are a mix of infill and extensional drilling. Collar details for these holes are provided in Table 2 - Reung Kiet Drill Hole Collars, with assay results reported in Table 3 - Reung Kiet Drilling Assay Results. Appropriate plans and sections are provided throughout this report. The Reung Kiet Prospect pegmatite trend is divided into two main parts, RK North and RK South, each about 500m long (see Figure 1). RK North includes the old open cut and immediate surrounds. RK South extends along strike to the southeast and encompasses a prominent knoll. At RK North the pegmatite dykes and veins dip at 65-70 degrees to the south-east. The Main dyke intersected in drilling beneath the pit can be up to 30m wide, narrower dykes and veins also occur, particularly to the east. At RK South the pegmatites form a dyke and vein swarm that dips at angles of 60 to 30 degrees. The pegmatite dykes and veins at RK South are typically more numerous when compared to RK North. The pegmatite dykes and veins host the bulk of the lithium mineralization. However, it is relatively common for adjacent and intercalated meta-siltstone to contain elevated lithium values in the order of 0.1-0.3% Li2O. Fom west to east the pegmatite swarm at RK South occurs in a zone approximately 100m wide which appears to taper slightly to the northeast as RK North is approached. Mineralization remains open along strike to the north and south, and down dip on many sections. Additional infill and extensional drilling are ongoing with drill holes RKDD083 and 084 currently in progress. The recently reported maiden Mineral Resource estimate was defined using drillholes RKDD001 to 046. The additional infill and extensional holes will be used to update the Mineral Resource later in the year.In this report newly received assay intersections for drillholes RKDD058-RKDD061 are presented and discussed. The geological results for hoes RKDD062-068 and RKDD032 are also discussed. Relevant plans and cross sections are also presented. On Section T located at the northern end of the old pit RKDD032 was re-entered and extended from 120m to 190.2m to test for extensions of deeper mineralization intersected in RKDDD047 approximately 75m NE of RKDD032. In RKDD032 pegmatite dykes and veins with variable lepidolite and white mica were intersected in numerous intervals between 135m-181.25m downhole, resulting in an aggregate thickness of 27.75m of pegmatite in several dykes ranging from 1.6m to 10.5m wide downhole. This zone represents an appreciable thickening of the pegmatite swarm and has the potential to extend the Mineral Resource to the north. The zone also remains open at depth. On Section R, RKDD068 was drilled from the western side of the pit to test for up-dip extensions of the pegmatite. On this section drilling from the eastern side of the pit to On Section K, RKDD062 was drilled as an infill hole between RKDD011 and 034. The hole intersected numerous pegmatite dykes and veins from 54m-199.65m. This included 31.45m of aggregate pegmatite thickness from 122.4m to 199.65m (see Figure 4). The pegmatites from 59m-158m contain local zones of lepidolite enrichment that correlate with adjacent drill holes. On Section I, holes RKDD060 and 063 were drilled as infill holes. RKDD060 was a shallow hole and intersected mineralisation with an aggregate width of 16.85m @ 0.51% Li2O between 11.1m and 75.5m. Better intersections included 9.15m @ 0.58% Li2O from 11.1m and 2.0m @ 0.70% Li2O from 22.4m and 2.2m @ 0.51% Li2O from 31.4m. These zone support an intersection of 12m @ 0.71% Li2O in hole RKDD010 (see Figure 6). Additional narrow dykes and veins were intersected from 65-86m. Announcement • Jul 28
Pan Asia Metals Limited Provides an Update on Bang I Tum Lithium Prospect Located in Southern Thailand Pan Asia Metals Limited reported that it has defined an Exploration Target of 8 to 14 million tonnes at a grade ranging between 0.5% to 0.8% Li2O in accordance with the JORC Code 2012 at the Bang I Tum Lithium Prospect located in southern Thailand. This Exploration Target lies within the Bang I Tum Lithium Prospect (Bang I Tum or BIT), which is located about 8km north-east of the Reung Kiet Lithium Prospect in southern Thailand. Pan Asia Metals retains a 100% interest in the project via Special Prospecting Licence 1 (JSPL1/2562). Grades have also been estimated for Sn, Ta2O5, Rb, Cs and K. The Exploration Target is based on the current geological interpretation of the mineralisation geometry, geochemistry and geology. This is provided by surface soil and rock-chip sampling, associated geological observations and the results from 3 (three) diamond drill holes as reported in the Company's ASX announcement dated 29 June, 2021, and titled `Drilling Update Reung Kiet Lithium Prospect, Thailand. The Exploration Target is reported in advance of a drilling program which is expected to commence at Bang I Tum in approximately two (2) months. The Exploration Target, being conceptual in nature, does not account for potential geological complexity, possible mining methods or metallurgical recovery factors. The Exploration Target was estimated in order to provide an assessment of the potential scale of the mineralisation intersected in drilling and supported by results and observations along the trend. The Exploration Target is defined by using: Polygonal/cross sectional end area extrapolation of the drilling results supported by surface geochemistry and geological observations. From the drill hole results, polygons were constructed using a >0.1% Li2O cut-off with average grades for Li2O, Sn, Ta2O5, Rb, Cs and K then calculated. Average grades were also calculated using a > 0.4% Li2O cut off. No top cut was applied. The polygons were extended 210m down dip from surface. Volumes of the polygonal blocks were then calculated as polygon area x strike length of 900m being approximately 450m either side of the drill section. Tonnage was estimated using a density of 2.6t/m3, and then rounded to the nearest 1 million tonnes. The upper tonnage and grades represent 100% of the polygon tonnage and contained average grades. The lower tonnage estimate represents approximately 55% of the upper tonnage. This was based on the ratio of sample values greater than 0.4% Li2O versus the number of samples greater than 0.1% Li2O. PAM intends to test the Exploration Target with further drilling which is expected to commence in the next 2 months. A metallurgical test work program is also planned to evaluate potential metallurgical performance of the mineralisation. PAM will also test other areas of potential that are not included in the Exploration Target estimate. Announcement • Jul 12
Pan Asia Metals Limited Provides Update for a Further Ten (10) Drill Holes Completed at the Reung Kiet Lithium Prospect Pan Asia Metals Limited provided an update for a further ten (10) drill holes completed at the Reung Kiet lithium prospect. Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km and remains open along strike to the north and south, and at depth on many sections. Ongoing drilling at the Reung Kiet lithium prospect aims to increase the Mineral Resource tonnage and upgrade portions of the Mineral Resource from Inferred to Indicated and Measured classifications. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970s. PAM's objective is to continue drilling with the aim of increasing and upgrading the existing Mineral Resource. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed near the bottom of the LCE cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. Announcement • Jun 29
Pan Asia Metals Limited Announces Inaugural Mineral Resource Estimate Rueng Kiet Lithuim Pan Asia Metals Limited announced an inaugural Mineral Resource Estimate (MRE) for its 100% owned Reung Kiet Lithium Project (RKLP) located in southern Thailand. The MRE is classified in the Inferred category at a 0.25% Li2O lower cut-off. The current Mineral Resource at RKLP is: Mineral Resource Estimate: The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/muscovite-rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals, including some rare earths. Previous open pit mining extracting tin and tantalum from the weathered pegmatites was conducted into the early 1970's and was focused on the northern half of the Mineral Resource trend. PAM has been conducting diamond drilling at RKLP for nearly 18 months, and drilling continues. The inaugural Mineral Resource estimate at RKLP is based upon 46 diamond drillholes. The Mineral Resource is spilt into two categories based upon the weathering profile. The oxide & transitional portion of the Mineral Resource is composed of variably weathered to totally oxidized rock with some minor fresh rock in the transitional zone. The oxide/transitional Mineral Resource Estimate is 3.2Mt @ 0.49% Li2O, 0.03% Sn, 0.009% Ta2O5, 0.15% Rb and 0.02% Cs. The oxide/transitional zone extends from surface up to 70m vertically below surface and is chiefly composed of deeply weathered to completely oxidised siltstone and pegmatite, with increased levels of kaolin. Test work to date suggests that lithium is recoverable to a lepidolite concentrate from the oxide zones at RKLP. The fresh rock Mineral Resource is that part of the deposit that occurs below the base of the oxide-transitional zone. The fresh Mineral Resource Estimate is 7.2Mt @ 0.42% Li2O, 0.04% Sn, 0.009% Ta2O5, 0.16% Rb and 0.02% Cs. Geology & Mineralisation: The Reung Kiet Lithium Project is situated in the Western Granite Province of the South East Asian Tin and Tungsten Belt. In the project area Cretaceous to Tertiary aged granites intrude older Permo-Carboniferous glacio-marine meta-sedimentary rocks of the Phuket Group. Lepidolite rich pegmatites and associated quartz feldspar pegmatites intrude the sediments of the Phuket Group along the NE trending Phang Nga Fault Zone. The Mineral Resource is hosted in an aplo-pegmatite dyke and vein swarm intruding pebbly siltstone. Lithium mineralisation is contained in lithium-rich micas, mostly lepidolite and some muscovite disseminated through the dykes and veins. Some lithium mineralisation also occurs with the micas in the siltstone adjacent to the aplo- pegmatite dykes and veins, but generally at lower grades. Sampling and sub-sampling techniques: Samples for assay are half drill core, cut from the whole drill core at intervals averaging 1m in length. The core samples are prepared by ALS Global in Vientiane where the sample is fine crushed to 70% passing 2mm and a sub-sample up to 1.2kg is taken using a rotary splitter. This sample is then pulverised to 85% passing 75 microns. A smaller sub-sample of approximately 100g is sent to ALS Global in Vancouver for analysis. The sample preparation method is ALS method Prep-31BY. Drilling techniques: The MRE is based on 7279.7m of diamond drilling in 46 holes. Most of this drilling is HQ3 (61.1mm) diameter with some NQ3 (45.1mm) diameter core in deeper areas. Triple tube methods are employed so as to maximize core recovery. Resource Classification - Drill and data spacing and distribution: The Mineral Resource is classified as 100% Inferred. Drill spacings are locally down to 50m x 50m nearer surface and become wider spaced in many areas particularly as depth increases. The drilling covers approximately 1km of strike length and has targeted mineralisation from surface to maximum depths of approximately 200m below surface. The bulk of the Mineral Resource defined is less than 150m below surface. Sample Analysis: All samples have been analysed for Li by ALS Global using ALS methods Li-OG63 or ME-ICP89L. Multi-element analysis is also reported for method ME-ICP89L. For some holes Sn, Ta, Rb and Cs analysis are derived from the Company's hand-held XRF. Estimation methodology: Wireframes were interpreted using a 0.10% Li2O cut-off in combination with geology. Drill assays were used to interpolate grades into blocks using Localised Multivariate Uniform Conditioning and Ordinary Kriging. The blocks are predominantly 5m wide, 5m high and 10m long. Several methods were used to validate the estimated results including grade-tonnage curves using a change of support model, visual review and comparison of sampling results and block model grades. Announcement • Jun 15
Pan Asia Metals Limited Provides Exploration Update of Reung Kiet Lithium Project Pan Asia Metals Limited advised that its inaugural Mineral Resource for the Reung Kiet Lithium Project (RKLP) is being finalised and will be released next week. Two drilling rigs are now operating at RKLP with a focus on infill and extensional drilling, which is going well and delivering results within expectations. The company expects to be reporting assay results for a portion of this drilling by the end of next week. CSA Global is progressing well on the preparation of PAM's inaugural Mineral Resource for RKLP, which will be reported next week. As previously advised the Mineral Resource will incorporate drill holes RKDD001 through RKDD046. The company is currently drilling RKDD072. After releasing the inaugural Mineral Resource PAM will then complete the RKLP exploration drilling program, complete preliminary metallurgical test work, and also undertake ore sorting and other test work. The additional drilling and the test work programs will feed into an updated Mineral Resource and a Scoping Study, which will be released later this year. The Company will also release a drill supported Exploration Target for Bang I Tum in late June /early July. Announcement • Jun 02
Pan Asia Metals Limited, Annual General Meeting, Jun 23, 2022 Pan Asia Metals Limited, Annual General Meeting, Jun 23, 2022, at 11:01 E. Australia Standard Time. Location: Boardroom ground, floor 3 spring street Sydney Australia Agenda: To consider Adoption of Audited Financial Statements for FY2021; to consider Re-election of Directors; to discuss Directors Remuneration for financial year ended 31 December 2021; and discuss Re-appointment of Auditors. Announcement • Apr 27
Pan Asia Metals Limited Announces Second Drilling Rig Arrives at Reung Kiet Lithium Project Pan Asia Metals Limited announced that a second drilling rig recently arrived at the Reung Kiet Lithium Project. The rig is being prepared and is expected to commence drilling later this week. PAM will continue drilling at the Reung Kiet lithium prospect. This drilling will aim to infill current high priority areas so as to generate a drill pattern of around 50m x 50m. Broader spaced deeper drilling will also target down-dip extensions of mineralized zones intersected in previous shallower drilling. Upon the grant of EPL application 2/2564 PAM will commit to additional drilling extending immediately south of existing drilling where 20-40m wide zones of lithium mineralization remain completely open along strike to the southwest and at depth. The ongoing drilling program at Reung Kiet has two primary aims: to increase the size of the Mineral Resource and to enable the Mineral Resource to be reported with a larger component classified in the higher confidence Indicated category in preparation for feasibility level studies, which will be fast tracked. Drilling is also planned to commence at the Bang I Tum lithium prospect, where previous drilling has returned highly encouraging widths and grades associated with lithium rich pegmatite dykes and veins as well as tin rich pegmatites. As the Reung Kiet drilling program nears completion PAM expects to send one of the drilling rigs to Bang I Tum. Landholder access is currently being finalized following the successful conclusion and approval of the local community organization. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Roger Jackson was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
Pan Asia Metals Limited Provides Update on Four More Drill Holes Completed at the Reung Kiet Lithium Project Pan Asia Metals Limited provided an update on four (4) more drill holes (RKDD043-046) completed at the Reung Kiet Lithium Project. Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km and remains open along strike to the north and south, and at depth on many sections. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective is to continue drilling with the aim of reporting a Mineral Resource in accordance with the JORC Code 2012. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed at the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. Reung Kiet Prospect (RK): The RK Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide. Mining of the weathered pegmatites extended up to 25m below surface, to the top of hard rock. Pan Asia has identified a prospective zone at least 1km long in association with extensive surface indications of lithium in trenching, rock-chips and soil anomalies, which are now supported by drilling results along the whole of the trend. Lithium mineralisation remains open to the north and south and at depth on many sections. Reung Kiet Prospect – Drilling: Pan Asia Metals has been conducting diamond core drilling at the Reung Kiet Lithium prospect since March 2021. PAM has recently received assay results for drillholes RKDD043 to RKDD046. Technical Discussion: The RK pegmatite trend is divided into two main parts, RK North and RK South, each about 500m long. RK North includes the old open cut and immediate surrounds. RK South extends along strike to the southeast and encompasses a prominent knoll. At RK North the pegmatite dykes and veins dip at 65-70 degrees to the south-east. The Main dyke intersected in drilling beneath the pit can be up to 30m wide, narrower dykes and veins also occur, particularly to the east. At RK South the pegmatites form a dyke and vein swarm that dips at angles of 60 to 30 degrees. The pegmatite dykes and veins at RK South are typically more numerous when compared to RK North. The pegmatite dykes and veins host the bulk of the lithium mineralisation however, it is relatively common for adjacent and intercalated meta-siltstone to contain lithium above the cut-off grade selected of 0.2% Li2O. From west to east the pegmatite swarm at RK South occurs in a zone approximately 100m wide, but may taper slightly to the northeast as RK North is approached. The whole 1km long trend remains open to the north, south and down dip on many sections. Additional infill and extensional drilling is ongoing with drillhole RKDD062 currently in progress. However, in order to report a maiden Mineral Resource estimate PAM has elected to use all holes up to RKDD046. The additional infill and extensional holes will be used to update the Mineral Resource later in the year. Announcement • Mar 28
Pan Asia Metals Limited Updates Reung Kiet Lithium Project Pan Asia Metals Limited Announced that it has engaged leading mining industry consultants CSA Global to assist PAM with the preparation of its inaugural Mineral Resource estimate for the Reung Kiet Lithium Project, and also advises that there will be a slight delay in reporting the Mineral Resource estimate. The delay is due to increasing assay backlogs at all testing laboratories, including ALS Global, PAM's testing laboratory, and the decision to include holes RKDD043-47 in the Mineral Resource dataset as this batch includes extensional drilling that should contribute to the Mineral Resource. RKDD047, the last of this 5 hole batch, was completed on February 1, 2022, with samples dispatched for analysis shortly thereafter and assay results imminent. The Company would like to emphasize that the delay is not to do with the project, its geology or its mineralogy. PAM expects to be reporting the Mineral Resource estimate in about mid May. PAM recently completed hole RKDD055 and expects to drill another 30 or so holes at the Reung Kiet lithium prospect. Holes drilled subsequent to RKDD047 may assist with geological interpretation for the Mineral Resource and the reporting of an Exploration Target, however, assays for these holes and for additional infill and extensional holes cannot be included in the inaugural Mineral Resource estimate but they will be included in a Resource update later in the year. PAM will also report an Exploration Target for the Bang I Tum lithium prospect where six exploratory diamond holes were drilled in early 2021. With the additional drilling planned at Reung Kiet, PAM has secured a second rig which is due to arrive at the project soon. The second rig will increase drilling rates and expedite the Mineral Resource update later this year and facilitate an earlier start to drilling at Bang I Tum. Announcement • Mar 03
Pan Asia Metals Limited Provides an Update for Seven More Drill Holes Completed At the Reung Kiet (RKDD036-042) Pan Asia Metals Limited provided an update for seven (7) more drill holes completed at the Reung Kiet (RKDD036-042). Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km and remains open along strike to the north and south, and at depth on many sections The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective is to continue drilling with the aim of reporting a Mineral Resource in accordance with the JORC Code 2012. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed at the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. The RK Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide. Mining of the weathered pegmatites extended up to 25m below surface, to the top of hard rock. Pan Asia has identified a prospective zone at least 1km long in association with extensive surface indications of lithium in trenching, rock-chips and soil anomalies, which are now supported by drilling results along the whole of the trend. Lithium mineralisation remains open to the north and south and at depth on many sections. Pan Asia Metals has been conducting diamond core drilling at the Reung Kiet Lithium prospect since March 2021. PAM has recently received assay results for drillholes RKDD036 to RKDD042. On Section B at the RK South, drillhole RKDD042 was designed to infill between 100m spaced sections A and C and to test the mineralised zone up-dip of RKDD023. In RKDD042 the pegmatite dyke/vein swarm was intersected between surface and 100.05m. This interval yielded a composite mineralised thickness of 62.75m @ 0.59% Li2O. This includes central intersections of 30.25m @ 0.76% Li2O from 26.5m and 7.8m @ 0.42% Li2O from 59m. RKDD046 was drilled to test up-dip of RKDD042 and intersected numerous weathered dykes and veins from 5.65m to 70m. This zone is further supported by outcrop mapping and sampling at surface. On Section F, RKDD038 and 039 were drilled as infill holes between Sections E and G, and to test for pegmatite extensions down-dip of RKDD026. Mineralisation remains open down-dip of RKDD039. On Section H RKDD036 and 037 were drilled as infill holes between sections G and I and targeting down-dip extensions extending from RKDD027. Both holes intersected numerous zones of lithium mineralisation associated with extensive pegmatite dyke-vein swarm and adjacent metasediments. Tin and tantalum mineralisation occur in association with lithium. Mineralisation remains open down-dip of RKDD036. On Section N, drillhole RKDD040 was drilled as infill between Sections M and O and tested down-dip of RKDD029. RKDD040 intersected the main pegmatite from around 116m-157m with local zones of intercalated siltstone. Lithium, tin and tantalum mineralisation occur in association with pegmatite. On Section P, RKDD041 was drilled as infill between 100m spaced sections O and Q and tested down-dip of RKDD030. RKDD041 intersected the pegmatite swarm between 52m and 153m. Better results included 5.15m @ 0.36% Li2O from 110.7m and 4.55m @ 0.56% Li2O from 135.2m, along with a host of narrower intersections. PAM has further drill holes planned at both the Reung Kiet and Bang I Tum lithium prospects, with the aim of defining Mineral Resources and Exploration Targets. At Reung Kiet drilling will focus on deeper holes at RK South seeking to extend higher grade zones down-dip as well as infill drilling of higher priority areas. Additional drilling will also target potential for mineralisation north of the old pit as well as geochemical targets on the eastern and western margins of the trend. PAM is now awaiting results for holes RKDD043-046, which are expected later in March. Drillholes RKDD047-049 are currently being logged and sampled. Metallurgical samples have been delivered to BGRIMM in China and sample preparation for test-work has commenced. The test-work will investigate flotation recovery of lepidolite into a concentrate as well as test-work to assess the potential recovery of tin and tantalum. Announcement • Feb 09
Pan Asia Metals Limited Provides Drilling Update Pan Asia Metals Limited provided an update for five (5) more drill holes completed at the Reung Kiet (RKDD031-035) along with the results obtained from additional infill and extensional sampling conducted on previously sampled and reported holes (RKDD006-022). The results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km, which remains open along strike to the north and south, and at depth on many sections. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective is to continue drilling with the aim of reporting a Mineral Resource in accordance with the JORC Code 2012. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed at the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. Announcement • Dec 03
Pan Asia Metals Limited Provides Drilling Update - Reung Kiet Lithium Prospect Pan Asia Metals Limited provided an update for four (4) more drill holes completed at the Reung Kiet lithium prospect in southwest Thailand. These new holes and the results from previously reported holes continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes- veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of 1km, which remains open along strike to the north and south, and at depth on many sections The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets. RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Previous open pit mining extracting tin from the weathered pegmatites was conducted intothe early 1970's. PAM's objective is to continue drilling with the aim of reporting a Mineral Resource in accordance with the JORC Code 2012. The Mineral Resource will be used as part of a Scoping Study that plans to consider initial production of up to 10,000tpa of LCE and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed at the bottom of the cost curve. Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. Announcement • Sep 29
Pan Asia Metals Limited Provides Drilling Update - Reung Kiet Lithium Project Specialty metals explorer and developer Pan Asia Metals Limited provided an update for three more drill holes completed at the Reung Kiet lithium prospect in southwest Thailand. These new holes and the results from previously reported holes continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes and veins currently defined over a strike length of 1km, which remains open. HIGHLIGHTS: Drilling continues to intersect pegmatite dykes and vein swarms. Results include: RKDD034: 71.55m of composite pegmatite thickness, the bulk of which comprises: 24.8m of composite pegmatite thickness in 28.7m from 173.5m-202.3m, and 39.55m of composite pegmatite thickness in 46.8m from 238.5m-285.3m; RKDD033: 31.4m of composite pegmatite thickness in 68m from 25.15m-93.15m; and RKDD032: 6.65m of composite pegmatite thickness in 9.1m from 98.6m-107.7m. New thick pegmatite dykes in hole RKDD034 indicate a coalescing and thickening of pegmatites at depth; Spot hand-held XRF analysis of RKDD034 drill core has identified lithium indicator elements Rb, Cs and Mn as well as elevated levels on Sn and Ta in much of the pegmatite; Pegmatite intersected in RKD032 remains open north of the pit and at depth; Pegmatite intersected in RKDD033 remains open at depth; Lithium associated with lepidolite (lithium mica) in pegmatite dykes and veins; Pegmatite trend is 1km long, and remains open to the north, south and at depth; Drillholes being processed and samples being readied for dispatch; Drillhole samples for holes RKDD023-RKDD030 now at the laboratory; Drilling is ongoing at Reung Kiet, will soon progress to Bang I Tum lithium prospect; Mineral Resource estimates and Scoping Study expected in 1st Quarter 2022; and Pan Asia is initially targeting low cost production of up to 10,000tpa LCE, plus by- products, with a minimum 10 year mine life. Announcement • Sep 06
Pan Asia Metals Limited announced that it expects to receive AUD 6 million in funding Pan Asia Metals Limited announced that it has issued 15,000,000 shares at a price of AUD 0.40 per share for gross proceeds of AUD 6,000,000 to institutional and sophisticated investors in a round of funding on September 6, 2021. The transaction is expected to close on September 10, 2021. Announcement • Apr 28
Pan Asia Metals Limited Provides Khao Soon Tungsten Project Drilling Update 712904844
Pan Asia Metals Limited (PAM) reported that laboratory assays have been received for the final four holes of a drilling program conducted at the Than Pho West prospect (TPW) within the Khao Soon Tungsten Project (KSTP) in southern Thailand. This brings an end to the Priority One drilling program at Khao Soon which saw the completion of nineteen (19) holes for a total of 1601.5m. PAM has received assay results for holes KSDD038 to KSDD041 from the TPW prospect. The results support and generally enhance the previously reported spot hand-held XRF analysis of drill core and PAM notes a general increase in tungsten trioxide (WO3) concentrations. In the current program PAM has completed ten (10) holes at TPW (KSDD032-041) for a total of 828.2m. Further drilling is planned. Drillholes KSDD032 and 033 were drilled as infill holes on a previously drilled section. Both holes intersected wide zones with robust WO3 grades, averaging around 0.47% WO3, which is generally line or above those of previous drilling and the Exploration Target grade ranges. The mineralized zone as interpreted on this cross section attains a maximum true width of almost 60m, extends at least 150m down dip and remains open. Drillholes KSDD034, 035 and 036 were drilled on the same section about 120m north of KSDD032/033 cross section. These three holes have delineated a thick zone of tungsten mineralisation dipping about 35 degrees to the east and extending at least 200m down dip, where the zone remains open down dip of hole KSDD036, which intersected 27.5m @ 0.38% WO3 from 79.2m. This represents the deepest intersection at TPW to date. At it's widest the true thickness of the mineralized zone on this section is interpreted to be approximately 63m. The thickness and grade of the mineralized zone on this section is in-line with the Exploration Target model. Drillholes KSDD037 and 038 were drilled on a cross section about 120m south of the KSDD032/033 cross section. KSDD037 intersected a 52m wide zone (true width), averaging 0.11% WO3 which remains open down dip. The thickness of this zone is in line with the Exploration Target model. Drillhole KSDD038 was drilled up-dip of KSDD037. Results for KSDD038 correspond with the broad lower grade zone intersected down-dip in hole KSDD037. The 10m wide zone @ 0.39% WO3 in KSDD038 corresponds with a higher-grade zone at the base of the KSDD037 intersection. Hole KSDD038 was extended to 170m to test an Induced Polarisation "chargeability" anomaly possibly related to mineralisation. The target area was found to contain unmineralized pyritic siltstone. Hole KSDD039 was drilled down-dip of KSDD004. Results for KSDD039 indicate the 46.5m wide zone with an average grade of 0.32% WO3. This zone confirms the down-dip extension of mineralisation in hole KSDD004 which returned similar WO3 grades. The mineralized zone in KSDD039 remains open down dip. Hole KSDD040 was drilled toward the northern of TPW on a previously undrilled section. The results indicate a strong zone of mineralisation, with an intersection of 20.1m @ 0.74% WO3 from 47.9m. Lower grades were also intersected from surface. Hole KSDD041 was drilled on a previously undrilled sections about 90m south of KSDD040. KSDD041 intersected 15.1m @ 0.10% WO3 from 35.9m. On this section the surface soil anomaly seems to reduce in WO3 grade and size, potentially indicating some local control to mineralisation. Importantly most of the core intersections through the mineralized zones at TPW are PQ diameter. This larger diameter (85mm) core maximizes core recovery and also provides additional material for metallurgical test work. The results support previous work, confirming a thick, shallow dipping mineralized zone with typical grades averaging between 0.2-0.5% WO3. These results serve to confirm and locally enhance the Exploration Target model at TPW. Drilling at TPW is being undertaken at sufficient spacing that should enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource. Further drilling is planned at the TPW prospect and will seek to extend the mineralized zone along strike and down dip. Target 2 is defined by a large high tenor, tungsten in soil anomaly about 450m long and 150m wide. Based upon the results of previous drilling and the large tungsten in soil anomaly an Exploration Target of 6-12Mt @ 0.1-0.3% WO3 was estimated. A total of nine (9) holes (KSDD023-031) have been drilled for an aggregate of 773.3m. Results from the drilling program have confirmed robust near surface WO3 grades exist beneath much of the tungsten in soil anomaly which are generally in-line with the grades stated for the Exploration Target. The mineralised zone is interpreted to dip about 25 degrees to the south-east. Results for holes (KSDD023), drilled to test a deep Induced Polarisation chargeability anomaly, and holes (KSDD031-031) drilled to test laterite hosted WO3 mineralisation west of the soil anomaly have tended to downgrade these targets. Although further drilling is required at Target 2 the results of the recent drilling would appear to downgrade the Exploration Target. Additional drilling is planned at Target 2 and will test the soil anomaly along strike to the northeast and southwest where it remains open. Further holes are also planned to test the mineralised zone down dip. The estimation of a Mineral Resource is contingent upon the results of future drilling. At the Khao Soon project PAM has two other prospects where Exploration Targets have been estimated, Rabbit and Than Pho Ridge. Pan Asia has estimated an Exploration Target of 4 to 7 Mt at 0.2 to 0.4% WO3 for the Rabbit prospect. Drilling is planned to test the Exploration Target with the aim of ultimately defining Mineral Resources. PAM estimated an Exploration Target of 1 to 2Mt at 0.2 to 0.4% WO3 at the Than Pho Ridge prospect. A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect. This prospect will also be the focus of future drill testing. A single hole previously drilled by PAM is interpreted to have been drilled in the footwall zone below the mineralisation. The new results will be used to enhance geological interpretations and grade modelling with a view to updating the Exploration Target. At some prospects it is anticipated that PAM may be able to report an inaugural Inferred Mineral Resource estimate, subject to ongoing success. Further drilling is planned at several prospects. Announcement • Feb 24
Pan Asia Metals Limited Announces the Results from Khao Soon Tungsten Project in Thailand Pan Asia Metals Limited reported that laboratory assays have been received for the drilling program at the Khao Soon Tungsten Project (KSTP) located in southern Thailand. PAM has received assay results for holes KSDD024 to KSDD037 from the Target 2 (T2) and Than Pho West (TPW) prospects. The results support and generally enhance the previously reported spot hand-held XRF analysis on drill core and PAM notes a general increase in tungsten trioxide (WO3) concentrations. The drilling program at Target 2 had three main objectives: Test an Induced Polarisation anomaly, Test the large WO3 in soil anomaly and Evaluate the Exploration Target defined at Target 2. A total of nine holes have been drilled for an aggregate of 773.3m. Drilling results have confirmed robust near surface WO3 grades exist beneath much of the tungsten in soil anomaly which are generally in-line with the grades stated for the Exploration Target. Results for holes (KSDD023) drilled to test a deep Induced Polarisation and holes (KSDD030- 031) drilled to test laterite hosted WO3 mineralization west of the soil anomaly, have tended to downgrade these targets, although further drilling is required due to the wide spaced nature of previous and current drillholes at these targets. Additional drilling is planned at Target 2 and will test the soil anomaly along strike to the northeast and southwest where it remains open. Further holes are also planned to test the mineralised zone down dip. The estimation of a Mineral Resource is contingent upon the results of future drilling. The TPW prospect is defined by a large plus 1km long WO3 soil anomaly supported by rock- chips and subsequent drilling. PAM has previously completed seven widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation over substantial widths. The drilling program at TPW was designed as infill and extensional drilling to test the Exploration Target. Should the program be successful it may allow a Mineral Resource to be estimated. In the current program PAM has completed ten (10) holes at TPW (KSDD032-041) for a total of 828.2m. Results have been received for holes KSDD032 to KSDD037. Results for the remaining four holes are expected in the near term. Drillholes KSDD032 and 033 were drilled as infill holes on a previously drilled section. Both holes intersected wide zones with robust WO3 grades, averaging around 0.47% WO3 which is generally in-line or above those of previous drilling and the Exploration Target grade ranges. The mineralized zone as interpreted on this cross section attains a maximum true width of almost 60m, and extends at least 150m down dip and remains open. Drillholes KSDD034, 035 and 036 were drilled on the same section about 120m north of KSDD032/033 cross section. These three holes have delineated a thick zone of tungsten mineralisation dipping about 35 degrees to the east and extending at least 200m down dip, where the zone remains open down dip of hole KSDD036, which intersected 27.5m @ 0.38% WO3 from 79.2m. This represents the deepest intersection at TPW to date. At its widest the true thickness of the mineralized zone on this section is interpreted to be approximately 63m. The thickness and grade of the mineralized zone on this section is in line with the Exploration Target model. Drillhole KSDD037 was drilled on a cross section about 120m south of the KSDD032/033 cross section. KSDD037 intersected a 52m wide zone (true width), averaging 0.11% WO3 which remains open down dip. The thickness of this zone is in line with the Exploration Target model. Drillhole KSDD038 was drilled up-dip of KSDD037. PAM has no grade information from this hole due to a malfunction in the hand-held XRF. Laboratory assays for KSDD038 and subsequent holes 039, 040 and 041 are expected in the near term. Drilling at TPW is being undertaken at sufficient spacing that should enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource. Further drilling is planned at the TPW prospect and will seek to extend the mineralized zone along strike and down dip, along with local infill drilling. Announcement • Feb 01
Pan Asia Metals Limited Progresses Drilling Program At Reung Kiet Lithium Project Pan Asia Metals Limited report that drillhole BTDD001, the first ever hole drilled at the Bang I Tum lithium prospect, has been completed. The Reung Kiet Lithium Project (RKLP) is one of PAM's key projects. RKLP, inclusive of the Bang I Tum lithium prospect, is a hard rock project with demonstrated potential for lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite, muscovite with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. Drilling at BIT is planned on 100-150m spaced sections along the pit length and extending southwest to "Lepidolite Hill". Drillhole depths are planned up to about 180m and will test the interpreted pegmatite positions beneath the open pit and along strike to the south west. Drillhole BTDD001 was drilled to a depth 171m at a dip of -60 degrees, to direction 310 degrees magnetic. The drillhole traversed weathered siltstone to 14.5m, and then passed into fresh meta- siltstone. The hole intersected a swarm of 17 separate pegmatite stringers, veins and dykes commencing at 46.5m and continuing through to 164.5m. These zones ranged in thickness from 0.1m to 6.9m. A central zone of more extensive and wider dykes is present from 86.3m to 135.3m. This 49m wide zone contains seven dykes which total 24.7m of composite thickness. Individual dykes in this zone are typically 2 to 6.9m wide. Additional, but narrower pegmatite veins and stringers continue to 164.5m. The pegmatite swarm would appear to be vertically extensive, occurring from 50m to 110m below the old pit floor. All of the pegmatites intersected in the hole contain quartz, feldspar and varying amounts of fine grained to clotty muscovite, as well as tourmaline which is locally altered to chlorite. Detailed logging is yet to be undertaken, however, the observed muscovite, is visually estimated to vary between 5% and 25% of the pegmatite. The muscovite is the potential lithium-bearing mineral phase in the pegmatite. Muscovite is a white mica, unlike lepidolite which is predominantly a purple to pink coloured mica. At Bang I Tum previous work has identified that both muscovite and lepidolite can contain lithium. In a 1960's study it is stated "much paler-coloured, and also white lepidolite (aka muscovite) with over 4.0% lithia (Li2O) occurs in the Bang I Tum pegmatitei". Work by PAM, including mineralogical studies of lithium bearing pegmatite from Lepidolite Hill about 500m south of BTDD001, shows that muscovite is the dominant lithium bearing mineral over lepidolite. This is also borne out visually, in that the characteristic purple/pink coloured lepidolite is less abundant in the lithium rich pegmatites at Lepidolite Hill. Is New 90 Day High Low • Jan 20
New 90-day high: AU$0.23 The company is up 47% from its price of AU$0.16 on 22 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 20% over the same period. Announcement • Jan 19
Pan Asia Metals Limited Commences Drilling at Reung Kiet Lithium Project in Thailand Pan Asia Metals Limited reported that rig mobilisation to the Reung Kiet Lithium Project in southern Thailand is complete and BTDD001, the first hole at the highly prospective Bang Tum prospect, has been collared and drilling is underway. The Reung Kiet Lithium Project (RKLP) is one of PAM's key projects. RKLP is a hard rock project with demonstrated potential for lithium hosted in lepidolite rich pegmatites chiefly composed of quartz, albite, lepidolite with minor cassiterite and tantalite as well as other accessory minerals including some rare earths. The advantages of lepidolite (unlike spodumene) is that lithium can be extracted without the need for energy intensive roasting, and lepidolite has a suite of potential by-products which are recoverable at the concentrator and processing stages of the flow sheet. Peer feasibility work has demonstrated lepidolite has the potential to be one of the highest purity sources of battery grade lithium carbonate and lithium hydroxide, that lepidolite is one of the lowest cost sources of lithium hydroxide on an All In Sustaining Costs basis, and that lepidolite has one of the lowest capex requirements on a per tonne LCE basis after by-products. There is little detailed information available regarding previous exploration and mining in the project area but up to the late 1980's southern Thailand was a globally significant tin producer. In Phang Nga Province tin concentrate production of approximately 300,000 tonnes was recorded from 1965 to 1990. In the late 1960's a joint Thai/British Geological Survey study was undertaken in the region. It was during this study that the lithium bearing mineral lepidolite was identified in weathered pegmatites that were being mined for tin at the Reung Kiet and Bang Tum open pit mines as well as at several other mines in close proximity. The 1960's study conducted geological mapping, geochemical analysis and mineralogical descriptions of various tailings, concentrate and rock samples as well as lepidolite beneficiation studies. The lepidolite and lithium bearing muscovite was found to contain 3-4% Li2O. With significant focus on two key tin mines, Reung Kiet and Bang Tum, the survey stated: "the pegmatites at Reung Kiet and Bang Tum may well be the largest un-zoned lepidolite pegmatites yet recorded"; "lepidolite is fairly evenly distributed both along the length of the pegmatite and from wall to wall. In places there is local enrichment of massive lepidolite"; and "much paler-coloured, and also white lepidolite with over 4.0% lithia (Li2O) occurs in the Bang I Tum pegmatite". There is no recorded exploration activity in the project area since the 1960's study. In 2011, Thai company Mae Fah Mining Co. Limited (Mae Fah) lodged prospecting licence applications over the area. In 2014 UK based ECR Minerals Plc (ECR) entered into an option agreement to acquire the project. That option did not proceed and the tenement applications lapsed. Mae Fah and ECR conducted some minor sampling in the area. This work reported 11 rock chip samples from unknown locations with analytical results showing 8 of the 11 samples yielding elevated Li2O, ranging up to 1.9%. Accessory Sn and Ta was also identified. Announcement • Dec 25
Pan Asia Metals Limited Provides Update of the Drilling Program At the Khao Soon Tungsten Project Pan Asia Metals Limited provided update of the drilling program at the Khao Soon Tungsten Project (KSTP) located in southern Thailand. KSTP is one of PAM's key assets and a significant historical high-grade producer. Modern exploration has discovered potentially world-class, district scale tungsten mineralisation across numerous prospects. Reconnaissance diamond drilling by PAM has intersected robust widths and grades associated with strong surface anomalies, from which Exploration Targets have been estimated. The current drilling program seeks to test the Exploration Targets with the aim of estimating Inferred Resources. Drilling at the Than Pho West (TPW) Prospect is continuing, and three (3) new holes have been completed for a total of 257.6m. Information on the drillholes and spot hand-held X-ray fluorescence analysis (spot hhXRF) are included in Tables 1 and 2, respectively. PAM uses a Delta Olympus Premium hhXRF device which utilises an X-ray fluorescence tube to take relatively rapid (30 second) measurements over an area about 20mm2. PAM conducts routine spot hhXRF analysis at regular spacings along the drill core, especially in areas of enriched tungsten, where sample points are typically at 0.3m. In this case the hhXRF is used by PAM geologists to take readings on drill core to evaluate the tenor of the contained tungsten mineralisation and associated pathfinder elements. This assists with onsite decision making and in the selection of intervals to sample and dispatch for laboratory analysis. Spot hhXRF readings on the drill core are yet to be verified by an independent laboratory and the Company wishes to emphasise that the hhXRF results are not formal assays but are preliminary estimates of tungsten grade only and require confirmation by appropriate sampling and independent laboratory analysis. However, based upon extensive QA/QC conducted by PAM during previous drilling campaigns at Khao Soon it is PAM's experience that the spot hhXRF analysis does provide a relatively good indication of tungsten grades when compared to those reported from later laboratory analysis. This is especially the case in the more weathered tungsten mineralisation. Than Pho West (TPW) The TPW prospect is defined by a large plus 1km long WO3 soil anomaly supported by rock-chips and subsequent drilling. PAM has previously completed seven (7) widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation over substantial widths. An Exploration Target of 4-8Mt @ 0.2-0.4% WO3 was estimated, with details reported on October 8, 2020 in ASX announcement PAM Projects -Technical Reports. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The current drilling program at TPW is designed as infill and extensional drilling to test the Exploration Target. If the program is successful it may allow a Mineral Resource to be estimated. In the current program PAM has completed five (5) holes at TPW (KSDD032-036) and expects to complete an additional 8-10 holes. Holes 032 and 033 were previously reported in ASX announcement on November 30, 2020: `Khao Soon Tungsten Project Drilling Update. The three new holes being reported, KSDD034, 035 and 036 were drilled essentially on the same section. These three holes have delineated a thick zone of tungsten mineralisation dipping about 35 degrees to the east and extending at least 200m down dip, where the zone remains open down dip of hole KSDD036, which represents the deepest intersection at TPW to date. At its widest the true thickness of the mineralized zone on this section is interpreted to be approximately 63m. Mineralisation is associated with The Khao Soon Tungsten Project is a wolframite style tungsten project located approximately 600km south of Bangkok in Nakhon Si Thammarat Province, Southern Thailand. PAM holds a 100% interest in 2 contiguous Special Prospecting Licences (SPL) a 1 Special Prospecting Licence Application (SPLA) covering about 33km². 
