FLAGSHIP MINERALS LIMITED — Capital/Financing Update 2020

Dec 22, 2020

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ASX Announcement | December 23, 2020

Khao Soon Tungsten Project - Drilling Update

HIGHLIGHTS

• Drilling at the Than Pho West prospect intersects tungsten mineralisation over substantial widths

• Spot handheld XRF results include:

• KSDD034: 45.6m @ 0.20% WO3 from 2.5m, incl. 4.5m @ 0.31% WO3 from 15.1m

• KSDD035: 65.6m @ 0.17% WO3 from 13.8m, incl. 22.3m @ 0.26% WO3 from 57.1m

• KSDD036: 27.7m @ 0.28% WO3 from 75.5m, incl. 9.3m @ 0.35% WO3 from 93.9m

• True width of mineralised zone is up to 63m

• Results in line with Exploration Target model

• Shallow dipping geometry confirmed, effectively commencing at surface

• Mineralisation has shape and dimensions amenable to potential open cut mining

• KSDD036 intersection is deepest tungsten intersection to date at Than Pho West

• Drilling is ongoing

Specialty metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this 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.

Details of the current and previous drilling programs can be found on Appendix 1, being JORC Table 1. Readers are also advised to refer to the following ASX announcements:

• October 8, 2020: ‘PAM Projects – ‘Technical Reports’

• November 30, 2020: ‘Khao Soon Tungsten Project Drilling Update’

PAN ASIA METALS LIMITED

Level 3, 8 Robinson Road, ASO Building, Singapore, 048544 Level 23, 52 Thaniya Plaza, Silom Road, Bangrak, Bangkok, 10500 www.panasiametals.com

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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 20mm[2] . 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 rockchips and subsequent drilling (see Figure 2). 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 (see Figure 2). 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 (see Figures 2 and 3). 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

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weathered fault breccia containing abundant clay, quartz and metasediment clasts commonly with abundant iron.

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Figure 1: Khao Soon Tungsten Project – TPW collar plan, proposed holes and geochemistry

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Figure 2: Khao Soon Tungsten Project – Cross Section 938530mN (KSDD34, 35, 36)

The results support previous work, confirming a thick, shallow dipping mineralized zone. Spot hhXRF analysis indicates typical grades of around 0.2-0.3% WO3 in the mineralized zone

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intersected in all holes. Although the spot hhXRF results require confirmation by laboratory analysis the grades obtained are generally in line with grades expressed in the Exploration Target.

Importantly the holes reported are PQ diameter. This larger diameter (85mm) core maximizes core recovery, compared to previous HQ diameter core (61mm), where recovery was variable in some of the mineralized zones. The PQ core also provides additional material for metallurgical test work.

Drilling at TPW is continuing with a further 8-10 holes planned. The drilling 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.

Table 1. Drillhole collar details

Hole_ID	East UTM Zone 47N	North UTM Zone 47N	Elevation (m)	Dip	Azimuth mag.	Depth (m)
KSDD034	553192	938534	99	-60	270	53.6
KSDD035	553265	938526	90	-70	270	89
KSDD036	553325	938535	88	-75	270	115

Table 2. Spot hand-held XRF analysis (KSDD034 to 036)

Hole ID	from (m)	to (m)	interval (m)	no. of XRF readings	WO3 (%)
KSDD034	2.5	48.1	45.6	147	0.20
incl.	4.2	21.6	17.4	59	0.27
and	4.2	7.0	2.8	10	0.45
and	15.1	19.6	4.5	16	0.31
KSDD035	13.8	79.4	65.6	198	0.17
incl.	27.4	32.5	5.1	18	0.22
and	57.1	79.4	22.3	75	0.26
KSDD036	75.5	103.2	27.7	100	0.28
incl.	86.1	92.4	6.3	22	0.35
and	93.9	103.2	9.3	32	0.35

Forward Planning

As laboratory results for the current drilling program at Khao Soon are received they will be used to enhance geological interpretations and grade modelling with a view to updating the Exploration Target. At Than Pho West it is anticipated that PAM may be able to report an inaugural Inferred Mineral Resource estimate, subject to ongoing success.

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Following the completion of drilling at Than Pho West, PAM intends to relocate the drill rig to the Reung Kiet Lithium Project where drilling is planned at the Bang I Tum and Reung Kiet Lithium prospects, where previous work by PAM has identified high priority lithium drill targets.

The planned drilling program at the Minter Tungsten Project in NSW has been postponed until early 2021 pending ratification of a land transfer relevant to the Land Access and Compensation Agreement.

The Company looks forward to keeping Shareholders and the market updated on the drilling progress and results obtained from the ongoing drilling program at Khao Soon.

Pan Asia Metals Managing Director Paul Lock said: “We are very pleased with the progress that we are making at Than Pho West. The program is delivering the results we are looking for and we expect that they will position PAM to deliver an inaugural JORC Mineral Resource in early 2021. The grades, thickness and geometry of the mineralized zone seem to indicate potential amenability to open cut mining. If we achieve our targets, then we expect that PAM will be positioned very well in the tungsten peer group from both a capital and operating cost perspective.”

Ends

Authorised by: Board of Directors

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About the Khao Soon Tungsten Project

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.

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Figure 3: Regional map identifying the location of the Khao Soon Tungsten Project

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About Pan Asia Metals Limited (ASX:PAM)

Pan Asia Metals Limited (ASX:PAM) is a specialty metals explorer and developer focused on the identification and development of projects in South East Asia that have the potential to position Pan Asia Metals to produce metal compounds and other value-added products that are in high demand in the region.

Pan Asia Metals currently owns two tungsten projects and two lithium projects. Three of the four projects are located in Thailand, fitting Pan Asia Metal’s strategy of developing downstream value-add opportunities situated in low-cost environments proximal to end market users.

Complementing Pan Asia Metal’s existing project portfolio is a target generation program which identifies desirable assets in the region. Through the program, Pan Asia Metals has a pipeline of target opportunities in South East Asia which are at various stages of consideration. In the years ahead, Pan Asia Metals plans to develop its existing projects while also expanding its portfolio via targeted and value-accretive acquisitions.

To learn more, please visit: www.panasiametals.com

Stay up to date with the latest news by connecting with PAM on LinkedIn, Twitter and YouTube.

Investor Enquiries

Paul Lock Managing Director paul.lock@panasiametals.com

Media Enquiries

The Capital Network Julia Maguire +61 2 8999 3699 julia@thecapitalnetwork.com.au

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Competent Persons Statement

The information in this Public Report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Hobby, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hobby is an employee, Director and Shareholder of Pan Asia Metals Limited. Mr Hobby has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hobby consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Various statements in this document constitute statements relating to intentions, future acts and events which are generally classified as “forward looking statements”. These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company’s control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this document. For example, future reserves or resources or exploration targets described in this document may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Pan Asia Metals cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of Pan Asia Metals only as of the date of this document. The forward-looking statements made in this document relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, Pan Asia Metals does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Important

To the extent permitted by law, PAM and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of PAM and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this document or information.

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APPENDIX 1 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

• Criteria JORC Commentary Code explanati on

• Sampling • Nature and quality of sampling (eg cut • Samples are derived from diamond drilling conducted by Pan Asia (PAM) These methods are considered techniques channels, random chips, or specific appropriate. specialised industry standard • The spot handheld XRF analysis are undertaken at regular intervals along the drill core, increasing to 0.3m in measurement tools appropriate to the mineralized zones. minerals under investigation, such as • Routine analysis of a W Certified Reference Material (CRM) or ‘standards’ are inserted during XRF or down hole gamma sondes, or laboratory analysis. Duplicates are also used as are internal laboratory QA/QC data reported. handheld XRF instruments, etc). These examples should not be taken • Tungsten mineralization is hosted in laterite and weathered rock transitioning into fresh rock at depth. Sample as limiting the broad meaning of recovery for PAM core drilling is generally acceptable, although isolated zones of low recovery and occasional sampling. cavities are present.

  • Tungsten mineralization is hosted in laterite and weathered rock transitioning into fresh rock at depth. Sample recovery for PAM core drilling is generally acceptable, although isolated zones of low recovery and occasional cavities are present.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

•	Drill core is cut in half to collect mostly 0.5-1.5m individual sample lengths. Crushing to -3mm of the whole
	sample, then riffle splitting and pulverization of 0.5-1kg, from which a 100g sample was extracted for assay.
•	The spot hand held XRF only analyses about 20mm2 on the drill core. As such it cannot be considered
	representative, although comparisons between spot hhXRF and laboratory derived analysis do show reasonable to excellent correlation across the mineralized zones in weathered material. This agreement breaks
	down when comparing hhXRF to laboratory results in fresh mineralisation(see Table A at end)

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has

	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation,	•	Diamond drilling was conducted using PQ triple tube. Holes are not oriented.
techniques	open-hole hammer, rotary air blast,
	auger, Bangka, sonic, etc) and details
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	• Method of recording and assessing	•	Diamond core recovery is recorded for every drill run by measuring recovered solid core length over the actual
recovery	core and chip sample recoveries and		drilled length for that run.
	results assessed.	•	Triple tube drill methods were used to assist with maximising sample recovery especially in the weathered
	• Measures taken to maximise sample		zone. Sample recovery of the mineralised zones (>400ppm WO3averages 80%. This excludes zones where no
	recovery and ensure representative		core and therefore no sample or assays are recorded.
	nature of the samples.	•	For diamond core drilling scatterplots of grade v recovery indicate that high W grades slightly concentrate with zones of lower recovery, potentially indicating some bias. However, lower to moderate W grades broadly
			occur across the broad range of recoveries.
	• Whether a relationship exists between
	sample recovery and grade and
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.
Logging	• Whether core and chip samples have	•	Core samples were geologically logged with salient features recorded to sufficient detail for the results being
	been geologically and geotechnically		reported.
	logged to a level of detail to support
	appropriate Mineral Resource
	estimation, mining studies and	•	Logging was qualitative. Colour, grain size, weathering, lithology type and salient comments are recorded. A
	metallurgical studies. • Whether logging is qualitative or		photograph is available for all air-core samples, as drilled, and for parts of the QA-QC process. For drill core each tray is photographed wet and dry. Some cut core photos are also recorded.
	quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections logged.	•	100% of every hole is geologically logged.
Sub-	• If core, whether cut or sawn and	•	Half core samples are cut with a large knife or broad chisel (when soft enough) or cut with a diamond saw if
sampling	whether quarter, half or all core taken.		too hard to hand-cut. The remaining half is retained in the core tray. The bagged sample is crushed to 100%
techniques	• If non-core, whether riffled, tube		passing -2mm. A 0.5-1kg sub-sample is then riffle spilt. The entire sample is then pulverized to 75% passing 75microns.

and sample	sampled, rotary split, etc and whether
preparation	sampled wet or dry.	• For drill core samples 50% of the drilled interval is collected for sampling, 100% is fine crushed and around 30-
		50% of this sample is pulverized to produce the pulp for assay.
	• For all sample types, the nature,	• The methods described are considered appropriate.
	quality and appropriateness of the sample preparation technique.	• For the Pan Asia diamond drilling no field duplicate/second-half sampling has been undertaken to date. • The sample/sub-sample sizes are considered appropriate for material being sampled. The pulverized sub-
	• Quality control procedures adopted for	sample is also considered appropriate.
	all sub-sampling stages to maximise
	representivity of samples.
	• Measures taken to ensure that the
	sampling is representative of the in
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate
	to the grain size of the material being
	sampled.
Quality of	• The nature, quality and	• The analysis by spot hand held XRF provides an indication of W grades and could be a considered a total technique.
assay data	appropriateness of the assaying and
and	laboratory procedures used and	• PAM has utlilised an Olympus Delta hand-held XRF DP 4000 Premium (hhXRF) in Geochem and/or Soil mode,
laboratory tests	whether the technique is considered partial or total.	with dual beam analysis of 15 seconds each. For the PAM Olympus hhXRF data a calibration factor is applied to the reported W grades. This is derived from the comparison between laboratory derived W results (including standards) and those reported by hhXRF on the same samples. A linear formula of Modelled. W = hhXRF W x
		1.44 is apparent, with a correlation co-efficient of 0.98(see Chart 1 at end).However, to be conservative PAM
		uses a modelled calibration factor of 1.3 when reporting the spot hhXRF results. So hhXRF W x 1.6 = WO3mod
		which is being reported.
	• For geophysical tools, spectrometers,	• For the PAM diamond drilling program certified W standards and a coarse blank were inserted at regular
	handheld XRF instruments, etc, the	intervals into the appropriate sample stream. Duplicates or external laboratory checks have not been used.
	parameters used in determining the	However, all pulp reject samples were analysed with a hand held The comparison of the lab results to W
	analysis including instrument make	standards and the hhXRF results show excellent correlation. However, the hhXRF consistently undercalls W
	and model, reading times, calibrations	grades in a very precise and linear fashion to the point where it can be accurately modelled to reconcile with
	factors applied and their derivation,	the laboratory grades, by the use of a calibration factor. Results from this work establish levels of precision
	etc.	and accuracy in sampling, sub-sampling and analytical methods that are acceptable for the results being
		reported.
	• Nature of quality control procedures	• DuringXRF analysis PAM conducts routine analysis of Certified Reference Materials(standards),which

	adopted (eg standards, blanks,	effectively monitors the performance of the XRF. The results are considered appropriate for the information
	duplicates, external laboratory	being reported.
	checks) and whether acceptable
	levels of accuracy (i.e lack of bias)
	andprecision have been established.
Verification	• The verification of significant	• For the Pan Asia core drilling significant intersections previously reported have been verified by alternate
of sampling	intersections by either independent or	company personnel, being the Chief Geologist and Exploration Geologists. Comparisons of spot hhXRF with lab
and	alternative company personnel.	results is also done.
assaying		• Twinned holes not used. However KSDD001 and KSDD002 are effective twins to 34m, and results compare favourably. Recent holes KSDD032 and 033 are infill holes on the same section, and there is reasonable
	• The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)	agreement between bulk WO3 grades hhXRF v lab. • Primary data includes GPS co-ordinates, paper geological logs and sample data records. The hard copy records are checked against Excel spreadsheet files derived from digital data import or manual data entry. • hhXRF readings with depths are recorded on the device and then exported as csv files and converted to Excel.
	protocols.
		• Adjustment of the data includes the conversion of elemental W reported from lab and hhXRF analysis to WO3,
	• Discuss any adjustment to assay	by multiplying W by 1.261. The calibration of 1.3 x hhXRF W is applied based upon QA/QC, as reported above.
	data.
Location of	• Accuracy and quality of surveys used	• Drill holes are surveyed by handheld GPS, accurate to about 2-5m in X and Y.
data points	to locate drill holes (collar and down-
	hole surveys), trenches, mine
	workings and other locations used in
	Mineral Resource estimation.	• The grid system used is WGS84, Zone 47. Northings and Eastings are reported in meters.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.	• The topographic control used is Thailand national data. This is reported at 10m contour intervals. This data was checked against Google Earth elevations and those derived from GPS. The data is considered adequate for
		the exploration results reported.
Data spacing	• Data spacing for reporting of	• Pan Asia drillholes are at various spacing and can be considered reconnaissance level at this stage.
and	Exploration Results.	• Mineral Resourcesare notbeing reported
distribution	• Whether the data spacing and
	distribution is sufficient to establish
	the degree of geological and grade
	continuity appropriate for the Mineral
	Resource and Ore Reserve estimation
	procedure(s) and classifications	• Sample compositing has not been applied,.
	applied.
	• Whether sample compositing has
	been applied.

Orientation	• Whether the orientation of sampling	• The PAM diamond core drilling was mostly undertaken normal to the strike of possible structures, and in many
of data in	achieves unbiased sampling of	cases normal or near normal to the dip of interpreted mineralized zones.
relation to	possible structures and the extent to
geological structure	which this is known, considering the deposit type.
	• If the relationship between the drilling	• No relationship is apparent and no material sampling bias is assumed.
	orientation and the orientation of key
	mineralised structures is considered
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	• The measures taken to ensure	• PAM diamond core is securely stored (under lock and key) at PAM’s field base. Samples for laboratory analysis
security	sample security.	are delivered to laboratory by PAM personnel, and sometimes by reputable Courier company.
Audits or	• The results of any audits or reviews of	The sampling techniques for the PAM diamond drilling have been less formally assessed, aside from checks of
reviews	sampling techniques and data.	assay accuracy/precision which provide acceptable comparisons. The sub-sampling and sample preparation
		techniques employed are industry standard. However audits or reviews have not been undertaken.
		The use of close spaced spot hand held XRF readings on drill core has been employed by PAM during all of its
		diamond drilling programs at Khao Soon. As such the results of the hhXRF can be compared to the results
		obtained from independent laboratoty analysis of the drillcore.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference	•	The tenement held is known as Special Prospecting Licences and is 100% owned by Pan Asia Metals. It is located in Nakhon Si
tenement	name/number, location		Thammart province and is designated TSPL 2/2563, The licence has a five year term and are dure to expire in 2025
and land	and ownership including
tenure status	agreements or material issues with third parties
	such as joint ventures,
	partnerships, overriding
	royalties, native title
	interests, historical sites,
	wilderness or national park
	and environmental
	settings.
		•	The tenure is securely held under the provisions of the Minerals Act 2017. PAM is unaware of any impediments to obtaining a
	• The security of the tenure		licence to operate in the area aside from the normal provisions that operate in Thailand, such as regulatory approvals in
	held at the time of		association with securing agreements with relevant landholders.
	reporting along with any
	known impediments to
	obtaining a licence to
	operate in the area.
Exploration	• Acknowledgment and	•	TGF is the only company recorded to have done exploration, prior to PAM. PAM is reliant on the TGF data, having conducted
done by	appraisal of exploration by		appropriate due diligence and QA-QC studies. The TGF work has been conducted to an acceptable level.
other parties	other parties.
Geology	• Deposit type, geological	•	The deposit type is described as tungsten hosted in laterite and weathered to fresh breccia, probably associated with faulted
	setting and style of		hydrothermal breccia. The mineralization is located in the Main Range Province of the South East Asian Tin Tungsten Belt.
	mineralisation.		Granitoid magmatism due to subduction and collision of microplates during the Early Triassic to Oligocene has generated
			some world-class tin - tungsten deposits in the region.
Drill hole	• A summary of all	•	Provided in text of Public Report
Information	information material to the
	understanding of the
	exploration results
	including a tabulation of
	the following information
	for all Material drill holes:
	o easting and northing of

Criteria	JORC Code explanation	Commentary	Commentary
	the drill hole collar
	o elevation or RL
	(Reduced Level –
	elevation above sea
	level in metres) of the
	drill hole collar
	o dip and azimuth of the
	hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this
	information is justified on
	the basis that the
	information is not Material
	and this exclusion does
	not detract from the
	understanding of the
	report, the Competent
	Person should clearly
	explain why this is the
	case.
Data	• In reporting Exploration	•	Bulk Intersections are generally reported at > 0.05%WO3, but do allow for some internal dilution of < 0.05%WO3. No
aggregation	Results, weighting		top cut has been applied. Weighted average techniques are used for laboratory reported data. For spot hhXRF analysis
methods	averaging techniques,		of drill core the arithmetic average is reported, given the close spaced nature of the analysis points.
	maximum and/or minimum
	grade truncations (eg	•	Higher grade zones within the bulk lower grade zones are reported, where material, nominally at >0.1 - 0.3% WO3.
	cutting of high grades) and
	cut-off grades are usually
	Material and should be
	stated.
	• Where aggregate	•	The intersections reported and breakdown of material lower and higher grade zones is presented in the text of the
	intercepts incorporate		document.
	short lengths of high grade
	results and longer lengths
	of low grade results, the
	procedure used for such
	aggregation should be
	stated and some typical
	examples of such

Criteria	JORC Code explanation	Commentary	Commentary
	aggregations should be
	shown in detail.
	• The assumptions used for	•	Metal equivalents are not reported.
	any reporting of metal
	equivalent values should
	be clearly stated.
Relationship	• These relationships are	•	For Pan Asia drill core, the results reported can be considered near to true thickness, especially for angled holes. Vertical holes
between	particularly important in the		will be slightly more than true thickness based on current interpretations.
mineralisatio	reporting of Exploration
n widths and	Results.
intercept lengths	• If the geometry of the mineralisation with respect to the drill hole angle is
	known, its nature should
	be reported.
	• If it is not known and only
	the down hole lengths are
	reported, there should be a
	clear statement to this
	effect (eg ‘down hole
	length, true width not
	_known’). _
Diagrams	• Appropriate maps and	•	Provided in the text of the Public Report.
	sections (with scales) and
	tabulations of intercepts
	should be included for any
	significant discovery being
	reported These should
	include, but not be limited
	to a plan view of drill hole
	collar locations and
	appropriate sectional
	views.
Balanced	• Where comprehensive	•	Hand-held XRF results and intersections at stated cut-offs are reported in the text of the Public Report
reporting	reporting of all Exploration
	Results is not practicable,
	representative reporting of
	both low and high grades

Criteria	JORC Code explanation	Commentary	Commentary
	and/or widths should be
	practiced to avoid
	misleading reporting of
	Exploration Results.
Other	• Other exploration data, if	•	The surface areas containing and surrounding the reported drilling results have been mapped and soil sampled and rock-chip
substantive	meaningful and material,		sampling has taken place where possible. Results from these programs indicate extensive development of a ferruginous clay-
exploration data	should be reported including (but not limited to): geological	•	pisolitic zones and latertic and weathered breccia zones at surface, and occurring in association with large W in soil anomalies. Many of the prospect areas are devoid of outcrop and can be deeply weathered. Pan Asia has conducted reconnaissance Induce Polarisation surveys to investigate sub-surface chargeability and resistivity in
	observations; geophysical survey results;		prospect areas. There has been insufficient drill testing of identified IP anomalies to conclude the efficacy of this technique in identifying mineralisation.
	geochemical survey
	results; bulk samples –
	size and method of
	treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical
	and rock characteristics;
	potential deleterious or
	contaminating substances.
Further work	• The nature and scale of	•	The mineralization has generally been intersected in relatively widely spaced holes in close proximity to surface. Infill drilling is
	planned further work (eg		planned as well as extensional drilling along strike and at depth. A metallurgical evaluation is also planned for the variety of
	tests for lateral extensions		oxidized and fresh mineralization intersected.
	or depth extensions or
	large-scale step-out
	drilling).
	• Diagrams clearly highlighting the areas of	•	See diagrams in text of Public Report
	possible extensions,
	including the main
	geological interpretations
	and future drilling areas,
	provided this information is
	not commercially sensitive.

Table A. Comparison between laboratory derived WO3 intersections and spothhXRF modelled WO3 intersections

Hole ID from (m) to (m) interval (m) Lab WO3%	spot hhXRF mod WO3%	Comment
KSDD001 0 52.7 51.2 0.50 KSDD002 0 34 34 0.63 KSDD003 25.1 55.7 24.3 0.24 KSDD004 6.8 57.1 41 0.26 KSDD006 14.4 42 27.6 0.15 KSDD012 6 17.6 11.6 0.17 KSDD013 2 10 8.0 0.18 KSDD016 0 7.6 7.6 0.27 KSDD021 0 14.55 14.55 0.44	0.51 0.45 0.31 0.17 0.17 0.14 0.16 0.20 0.20	mostly weathered mostly weathered mostly weathered mostly weathered mostly weathered mostly weathered mostly weathered mostly weathered weathered and fresh weathered and fresh
KSDD022 0 27.3 27.3 0.28	0.13

• zones of no core recovery excluded from intersection

Chart A. Comparison scatterplot of laboratory derived W and hhXRF derived W from assay pulps and standards, with regression formula

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