ADVANCE METALS LIMITED — Capital/Financing Update 2021

Nov 21, 2021

ASX RELEASE

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ASX Release

Monday 22 November 2021

ASX Code PAK

About Us

Pacific American Holdings Limited (the Company) is an ASX listed company with a diversified asset portfolio with a focus on renewable energy including hydro power generation and bulk commodities for steel making. PAK is advancing the development of its Primary Power subsidiary to expand its portfolio of renewable energy technologies. PAK holds a 50% interest in GP Hydro Pte Ltd and 100% ownership of the Elko Project with JORC 2012 compliant resources in the highly productive East Kootenay region of British Columbia. The Company continues to invest in the exploration of gold and base metal projects that give shareholders exposure to high value assets.

Board

Non-Executive Chairman – Geoff Hill Executive Director & CEO – Mark Sykes Non-Executive Director – Simon Bird

Company Secretary Wayne Kernaghan

PLACEMENT OF SHORTFALL FROM RIGHTS ISSUE

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Further to the Pacific American Holdings (ASX: PAK) ( Company ) announcement on 2 November 2021, the Company is pleased to announce, it has completed the Placement of the Shortfall arising from the NonRenounceable Rights Issue offered on the basis of 1 New Share for every 2 Shares held at an issue price of $0.016 per New Share and issued 60,437,946 New Shares, raising a further $0.967 million, for a total raising of $2.548 million from the Non-Renounceable Rights Issue.

The Company will use the funds raised as follows:

• Advance the Company’s Anderson Creek Gold Project in Idaho;

  • The Company has recently updated the market on the Anderson Creek Project with historic reports showing gold grades up to 160g/t.

• Expand our North American Metals portfolio

• Expand our footprint in North America as well as commencing exploration activities on site, including further geological mapping, sampling and drilling programs.

• Planning underway to submit a drilling permit application to support on site activities in Q4 2021.

• Expand North American asset base through project origination of additional gold and base metal opportunities.

• The Company has identified additional assets of interest and subject to final review and funding, intends to pursue these in order to broaden the Company’s assets portfolio.

• Actively progress existing options for the development of Elko

Management Business Development – Dom Hill

Investment GP Hydro Pte Ltd Ownership 50%

Project Elko Project Ownership 100% Stage Exploration

Pacific American Holdings Limited ABN 83 127 131 604 GPO Box 1546 SYDNEY, NSW, 2001

• All classes of Metallurgical Coal prices rebounded during the first half of the year, supporting the Company’s position to retain Elko due to its significant underlying asset value.

PAK Chairman, Mr Geoff Hill on the placement of the Shortfall and the successful Rights Offer:

“The Rights Issue uptake from our existing Shareholders and the interest shown from new shareholders who have taken up the Shortfall, is an endorsement of the Company’s strategy to pursue gold and base metal projects in North America. We have already started planning to bolster our North American in-house expertise as we deliver on our strategy of compiling a portfolio of assets in highly prospective mineralised regions within North America.”

info@pamcoal.com www.pacificamerican.com.au

This market announcement has been authorised for release to the market by the Board of Pacific American Holdings Limited.

Pacific American Holdings Limited ABN 83 127 131 604 Suite 706, Level 7, 89 York Street, Sydney NSW 2000

P: +61 (0) 2 9238 1175 W: www.pacificamerican.com.au