FLAGSHIP MINERALS LIMITED — Capital/Financing Update 2021

Sep 27, 2021

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ASX Announcement | September 28, 2021

Share Purchase Plan Heavily Oversubscribed

Dear Shareholders,

Pan Asia Metals Limited (ASX: PAM) (PAM or the Company) is pleased to announce that under the Share Purchase Plan (SPP), which was closed at 7.00pm last Monday the 20[th] of September, a total of $2 million in applications has been accepted and accordingly 5,000,000 shares will be allotted. The Appendix 2A is attached.

The SPP was heavily oversubscribed by shareholders with over $3.3 million in subscriptions received. Naturally a scale back was required and allotments were calculated on the basis of the shareholdings of participating shareholders on the Record Date. Excess funds will be refunded as per the terms and conditions of the SPP documentation.

The intention of the SPP was to raise $2 million, or 33% of the funds raised in the private placement as per PAM’s ASX Announcement dated 6 September 2021, allowing shareholders to participate on equal terms to incoming shareholders.

Pan Asia Metals Managing Director Paul Lock said: “We thank shareholders for their support, contributing to an incredibly successful capital raising with both the placement and SPP well oversubscribed and filled soon after opening. The Company is well placed to deliver projects with the potential to deliver low cost and low to zero carbon lithium products into a rapidly growing LIB and EV market. PAM is the only lithium explorer in SE Asia and is situated in close proximity to the advanced industrial centres of Thailand and Malaysia as well as other rapidly growing LIB and EV markets in the region.”

Ends

Authorised by: Board of Directors

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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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 and Twitter.

Investor and Media Enquiries

Paul Lock Anthony Thompson Pan Asia Metals Limited Viriathus Capital Pty Ltd Managing Director 1300 509 924 paul.lock@panasiametals.com investors@viriathus.com.au

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