FLAGSHIP MINERALS LIMITED — Capital/Financing Update 2021

Apr 27, 2021

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ASX Announcement | April 28, 2021

Khao Soon Tungsten Project Drilling Update

HIGHLIGHTS

• Final assay results confirm wide, high-grade near surface tungsten mineralisation

• Results include:

• KSDD038: 10m @ 0.39% WO3 from 27m, incl. 2.1m @ 0.95% WO3 from 34.4m

• KSDD039: 46.5m @ 0.32% WO3 from 34.4m, incl. 3.5m @ 0.92% WO3 from 74.9m

• KSDD040: 20.1m @ 0.74% WO3 from 48.6m, incl. 5.0m @ 1.1% WO3 from 51.9m

• KSDD041: 15.1m @ 0.10% WO3 from 35.9m, incl. 4.3m @ 0.17% WO3 from 35.9m

• Results are in line with Exploration Target models

• Shallow dipping geometry confirmed, strong WO3 grades, commencing at surface

• Mineralisation has shape and dimensions amenable to open cut mining

• Further drilling is planned with the aim of delineating Mineral Resources this year

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

Pan Asia Metals Managing Director Paul Lock said: “We are pleased to see the final assays for this phase of drilling come through and reinforce previous drilling results and the Exploration Target model. We are particularly pleased with the way the Than Pho West prospect is shaping up, drilling has confirmed a thick, shallow dipping mineralized zone with true widths up 63m supported by numerous very high grade intersections over good widths. In a low cost environment such as SE Asia, and in close proximity to advanced industrial centres, the Khao Soon Tungsten Project is shaping up to be a peer group leader both in grade and size.”

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. Previous 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 ultimate aim of estimating Mineral Resources.

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.

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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Than Pho West (TPW)

The TPW prospect is defined by a large plus 1km long WO3 in soil anomaly supported by rockchips and subsequent drilling (see Figure 1). PAM had previously completed seven (7) widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation over substantial widths.

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

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Based upon the initial 7 drill holes 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 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. Further drilling is planned.

Drillholes KSDD032 and 033 were drilled as infill holes on a previously drilled section (see Figure 2). 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.

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Figure 2: Khao Soon Tungsten Project – TPW Cross Section 938425mN

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Drillholes KSDD034, 035 and 036 were drilled on the same section about 120m north of KSDD032/033 cross section (see Figure 1). 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 (see Figure 3). The thickness and grade of the mineralized zone on this section is in-line with the Exploration Target model.

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Figure 3: Khao Soon Tungsten Project – TPW Cross Section 938530mN

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Drillholes KSDD037 and 038 were drilled on a cross section about 120m south of the KSDD032/033 cross section (see Figure 1). 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 (see Figure 4).

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Figure 4: Khao Soon Tungsten Project – TPW Cross Section 938300mN

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 highergrade 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.

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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 (see Figure 5). The mineralized zone in KSDD039 remains open down dip.

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Figure 5: Khao Soon Tungsten Project – TPW Cross Section 938620mN

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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 (see Figure 6).

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Figure 6: Khao Soon Tungsten Project – TPW Cross Section 938845mN

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Hole KSDD041 was drilled on a previously undrilled sections about 90m south of KSDD040. KSDD041 intersected 15.1m @ 0.10% WO3 from 35.9m (see Figure 7). It is worth noting that on this section the surface soil anomaly seems to reduce in WO3 grade and size, potentially indicating some local control to mineralisation.

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Figure 7: Khao Soon Tungsten Project – TPW Cross Section 938760mN

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.

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Target 2

Target 2 is defined by a large high tenor, tungsten in soil anomaly about 450m long and 150m wide (see Figure 8).

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Figure 8: Khao Soon Tungsten Project – Target 2 collar plan, proposed holes and geochemistry

Shallow drilling by previous explorers intersected tungsten mineralised laterite on the western side of the soil anomaly. Based upon the results of previous drilling and the large tungsten in

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soil anomaly an Exploration Target of 6-12Mt @ 0.1-0.3% WO3 was estimated for Target 2, 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 drilling program at Target 2 had three main objectives:

1. Test an Induced Polarisation anomaly.

2. Test the large WO3 in soil anomaly.

3. Evaluate the Exploration Target defined at Target 2.

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 (see Figure 9). The mineralised zone is interpreted to dip about 25 degrees to the south-east.

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Figure 9: Khao Soon Tungsten Project – T2 Cross Section KSDD023-025-026

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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. 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.

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The Rabbit prospect is located approximately 3 km north of the T2 prospect and is defined by a 1.3 km long zone of strongly elevated tungsten in soil geochemistry and rock-chips (see Figure 10). Smaller satellite prospects also exist to the north and east of the main trend.

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Figure 10: Khao Soon Tungsten Project – Rabbit collar plan, proposed holes and geochemistry

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Pan Asia has conducted reconnaissance diamond drilling and IP geophysics at Rabbit, with most of the holes intersecting mineralisation, including two holes which intersected tungsten mineralisation in fresh rock (see Figure 11).

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Figure 11: Khao Soon Tungsten Project – Rabbit Cross Section KSDD021-22

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

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The Than Pho Ridge prospect is located approximately 500m east of Than Pho West. (see Figure 1) The prospect area is defined by a 1.3 km long soil geochemistry and rock chip anomaly, in association with old workings and the occurrence of weathered tungsten rich breccia. PAM has conducted broad-spaced diamond drilling on three sections along strike. The drilling intersected relatively narrow and moderately west-dipping zones of weathered tungsten-rich breccia (See Figure 12).

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Figure 12: Khao Soon Tungsten Project – Than Pho Ridge Cross Section CX 939560mN

Pan Asia has estimated an Exploration Target of 1 to 2Mt at 0.2 to 0.4% WO3 at the Than Pho Ridge prospect.

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A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect (see Figure 13).

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Figure 13: Khao Soon Tungsten Project – Last Hill collar plan, proposed holes and geochemistry

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 (see Figure 14)

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Figure 14: Khao Soon Tungsten Project – Last Hill Cross Section CX 940045

Additional Information

Information on drillholes and intersections of WO3 for the whole drilling program are included in Table’s 1 and 2, of Appendix 1 respectively.

Details of the completed drilling program at Khao Soon can be found in Appendix 2, being JORC Table 1.

Readers are also advised to refer to the following ASX announcement: October 8, 2020: ‘PAM Projects – ‘Technical Reports’.

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Forward Planning

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.

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.

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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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 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 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 Enquiries Paul Lock Managing Director paul.lock@panasiametals.com

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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 - KSTP drillhole collar and assay data

Table 1: Drillhole collar details

Hole_ID	East UTM	North UTM	Elevation		Azimuth
				Dip		Depth (m)
	Zone 47E	Zone 47N	(m)		(mag)
KSDD023	547574	937910	90	-60	135	143.0
KSDD024	547655	937819	106	-75	315	100.1
KSDD025	547699	937768	107	-75	315	91.0
KSDD026	547755	937685	129	-75	315	129.1
KSDD027	547630	937721	126	-55	135	69.9
KSDD028	547741	937837	92	90	0	46.0
KSDD029	547637	937615	81	-60	315	70.2
KSDD030	547511	937962	75	90	0	51.0
KSDD031	547481	937853	85	-65	315	73.0
KSDD032	553205	938431	97	-90	270	67.0
KSDD033	553147	938418	100	-60	270	40.6
KSDD034	553192	938534	104	-60	270	53.6
KSDD035	553265	938526	83	-70	270	89.0
KSDD036	553325	938535	65	-75	270	115.0
KSDD037	553278	938306	74	-60	270	63.0
KSDD038	553209	938297	54	-60	270	170.0
KSDD039	553274	938629	67	-70	280	100
KSDD040	553240	938849	71	-60	270	70
KSDD041	553230	938763	67	-65	270	60

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Table 2. Assay results (KSDD023 to 041)

Hole_ID	from (m)	to (m)	interval (m)		WO3 (%)
KSDD023	0	13	13		0.006#
KSDD024	0	13.1	13.1		0.51
KSDD024	8.5	13.1	4.6		0.97
KSDD025	0	25	25.0		0.27
KSDD025	13.5	23	9.5		0.54
KSDD026	42	72	Sample 1m in	3m	max 0.001
KSDD027	0	16.5	16.5		0.14
KSDD027	13.5	16.5	3.0		0.38
KSDD028	2.5	3.5	1.0		0.07
KSDD029	25.2	40.2	15.0		0.06#
KSDD029	27.2	30.2	3.0		0.16
KSDD029	38.7	40.2	1.5		0.08
KSDD030	0	12.4	12.4		0.07
KSDD030	1.5	2.5	1.0		0.40
KSDD030	8	12.4	4.4		0.06
KSDD031	18.7	22.5	3.8		0.06
KSDD031	28	35.3	7.3		0.12
KSDD032	0	66	59.4		0.43
KSDD032	7.1	29.2	22.1		0.70
KSDD032	13.6	21.1	7.5		1.22
KSDD032	32.9	37.6		No core
KSDD032	37.6	41.9	4.3		0.41
KSDD032	41.9	43.6		No core
KSDD032	43.6	66	22.4		0.30
KSDD032	43.6	44.5	0.9		0.50
KSDD032	60.1	64.6	4.5		0.74

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Hole_ID	from (m)	to (m)	interval (m)		WO3 (%)
KSDD033	0	23.4	23.4		0.58
KSDD033	10	23.4	13.4		0.75
KSDD033	13	16.4	3.4		1.07
KSDD034	2.8	48.6	45.8		0.32
KSDD034	3.6	12.7	9.1		0.54
KSDD034	14.9	19	4.1		0.62
KSDD034	29.6	31.6	2.0		0.55
KSDD035	10.4	11.4	1.0		0.08
KSDD035	15.6	79.6	61.8		0.23
KSDD035	15.6	20.4	4.8		0.11
KSDD035	20.4	22.6		No core
KSDD035	25.6	79.6	54.0		0.25
KSDD035	29.9	32.6	2.7		0.46
KSDD035	46.5	47.8	1.3		0.40
KSDD035	56.6	57.6	1.0		0.40
KSDD035	60	61.1	1.1		0.38
KSDD035	64.6	79.6	15.0		0.40
KSDD035	75.5	76.6	1.1		0.71
KSDD036	72.9	73.9	1.0		0.05
KSDD036	76.1	103.6	27.5		0.38
KSDD036	82	102.6	20.6		0.44
KSDD037	0	52	52.0		0.11
KSDD037	2	7	5.0		0.11
KSDD037	10	13	3.0		0.11
KSDD037	19	24	5.0		0.10
KSDD037	43	52	9.0		0.29
KSDD037	48	52	4.0		0.45
KSDD038	1	3.1	2.1		0.17
KSDD038	27.4	37.4	10		0.39
KSDD038	34.4	36.5	2.1		0.95

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Hole_ID	from (m)	to (m)	interval (m)	WO3 (%)
KSDD039	7.4	8.9	1.5	0.09
KSDD039	34.4	80.9	46.5	0.32
KSDD039	41	45.4	4.4	0.38
KSDD039	74.9	78.4	3.5	0.92
KSDD040	0	4.4	4.4	0.06
KSDD040	12.1	18.5	6.4	0.1
KSDD040	19.4	30.2	10.8	0.05
KSDD040	34.4	42.5	8.1	0.09
KSDD040	47.9	68	20.1	0.74
KSDD040	51.9	56.9	5	1.1
KSDD041	35.9	51	15.1	0.10
KSDD041	35.9	40.2	4.3	0.17

many samples less than 0.05% WO3

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APPENDIX 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC	JORC	Commentary	Commentary
	Code
	explan
	ation
Sampling	•	Nature and quality of sampling (eg	•	Samples are derived from diamond
techniques		cut channels, random chips, or specific specialised industry		drilling conducted by Pan Asia Metals (PAM) from 2017-2020, PAM drill core is
		standard measurement tools		cut in half with one half or ¼ being the
	•	appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and	•	sub-sample. These methods are considered appropriate. Routine analysis of a W Certified Reference Material (CRM) or ‘standards’ are inserted during spot XRF or laboratory analysis. Duplicates are also used as are internal laboratory QA/QC data reported.
	•	the appropriate calibration of any measurement tools or systems used. Aspects of the determination of	•	Tungsten mineralization is hosted in lateritic and weathered fault breccia locally transitioning into fresh rock. Broad zones are delineated above a
		mineralisation that are Material to		lower cut-off of 0.05% WO3.
		the Public Report.
			•	Drill core is cut in half or ¼ to collect
				mostly 0.5-1.5m individual sample
	•	In cases where ‘industry standard’		lengths. Crushing to -2mm of the whole
		work has been done this would be		sample, then riffle or rotary cone
		relatively simple (eg ‘reverse		splitting and pulverization of 0.5-1kg,
		circulation drilling was used to obtain		from which a 100g sample is extracted
		1 m samples from which 3 kg was		for assay.
		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	•	Diamond drilling was conducted using
techniques		circulation, open-hole hammer,		HQ, HQ triple tube or PQ/PQ triple tube.
		rotary air blast, auger, Bangka,		The core was not oriented.
		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
recovery		core and chip sample recoveries		every drill run by measuring recovered
				solid core length and dividingthat over

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Criteria	JORC	JORC	Commentary	Commentary
	Code
	explan
	ation
		and results assessed.		the actual drilled length for that run
	•	Measures taken to maximise sample		expressed as %. Average core recoveries
		recovery and ensure representative		through the reported mineralised zones
		nature of the samples.		in each hole average about 80%
			•	HQ and PQ diameter, triple tube drilling
				is used to assist with maximising sample
	•	Whether a relationship exists between sample recovery and grade		recovery especially in the weathered zone. Sample recovery of the mineralised zones excludes zones where
		and whether sample bias may have		no core and therefore no sample or
		occurred due to preferential		assays are recorded.
		loss/gain of fine/coarse material.	•	For diamond core drilling scatterplots of
				grade v recovery indicate that high W
				grades slightly concentrate with
				recoveries of less than 65%, potentially
				indicating some bias. However, lower to
				moderate W grades broadly occur across
				the broad range of recoveries.
Logging	•	Whether core and chip samples	•	Core is geologically logged with salient
		have been geologically and		features recorded to sufficient detail for
		geotechnically logged to a level of		the results being reported.
		detail to support appropriate Mineral	•	Logging was qualitative. Colour, grain
		Resource estimation, mining studies		size, weathering, lithology type and
	•	and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	•	salient comments are recorded. For drill core each tray is photographed wet and dry. Some cut core photos are also recorded. 100% of every hole is geologically logged
	•	The total length and percentage of		For the diamond core logged intervals are around 30% of the total core drilled.
		the relevant intersections logged.
Sub-	•	If core, whether cut or sawn and	•	Half or quarter core samples are cut with
sampling		whether quarter, half or all core		a large knife or broad chisel +/- hammer
techniques and sample preparation	•	taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.		(when core soft enough) or cut with a diamond saw if too hard to hand-cut. The remaining half or 3/4 is retained in the core tray. The bagged sample is crushed to 100% passing -6mm or 80%
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.			passing 2mm. A 0.5-1kg sub-sample is then riffle or rotary spilt. The entire sample is then pulverized to 75% passing 75microns.
			•	For drill core samples 25-50% of the
				drilled interval is collected for sampling,
	•	Quality control procedures adopted		and around 30-50% of this sample is
		for all sub-sampling stages to		pulverized to produce the pulp for assay.
		maximise representivity of samples.	•	The methods described are considered
				appropriate and duplicate ¼ core
				samples show this.
	•	Measures taken to ensure that the	•	For the Pan Asia diamond drilling field
		sampling is representative of the in		duplicate/second-half or ¼ core
		situ material collected, including for		sampling has been undertaken
		instance results for field	•	The sample/sub-sample sizes are
		duplicate/second-half sampling.		considered appropriate for material
				being sampled. The pulverized sub-
	•	Whether sample sizes are		sample is also considered appropriate.

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Criteria	JORC	JORC	Commentary	Commentary
	Code
	explan
	ation
		appropriate to the grain size of the
		material being sampled.
Quality of	•	The nature, quality and		For the PAM drilling, core samples were
assay data and laboratory tests		appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.		prepared by ALS in Vientiane, Laos and a 100g assay pulp sent to ALS in Brisbane for analysis. A lithium borate digestion digestion (ALS method ) was employed with analysis by ICP-MS (ALS method
				ME-MS85). Samples >1%W were
				analysed by XRF with sodium peroxide
				digestion (ALS method XRF-15b). These
				techniques employed are appropriate
	•	For geophysical tools, spectrometers, handheld XRF		for tungsten analysis and are considered to be a total analysis technique.
		instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	•	For the PAM diamond drilling program certified W standards as pulps, a coarse blank and ¼ core duplicates were inserted at regular intervals into the appropriate sample stream. External laboratory checks have not been used.
				The QA/QC procedures indicate
				acceptable levels of accuracy and
	•	Nature of quality control procedures		precision.
		adopted (eg standards, blanks,
		duplicates, external laboratory
		checks) and whether acceptable
		levels of accuracy (i.e lack of bias)
		and precision have been
		established.
Verification	•	The verification of significant	•	For the Pan Asia core drilling significant
of sampling		intersections by either independent		intersections have been verified by
and assaying		or alternative company personnel.		alternate company personnel, being the Chief Geologist and Exploration Geologist.
	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification,	• •	Twinned holes not used. Primary data includes GPS co-ordinates, paper geological logs and sample data records. The hard copy records are
		data storage (physical and		checked against Excel spreadsheet files
		electronic) protocols.		derived from digital data import or
				manual data entry.
	•	Discuss any adjustment to assay	•	Adjustment of the data includes the
		data.		conversion of W reported in lab analysis
				to WO3,bymultiplyingW by1.261.
Location of	•	Accuracy and quality of surveys	•	Drill holes are surveyed by handheld
data points		used to locate drill holes (collar and		GPS, accurate to about 2-5m in east and
		down-hole surveys), trenches, mine		north.
		workings and other locations used in
		Mineral Resource estimation.	•	The grid system used is WGS84, Zone 47.
	•	Specification of the grid system		Northings and eastings are reported in
		used.		meters.
			•	The topographic control used is Thailand

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Criteria	JORC	JORC	Commentary	Commentary
	Code
	explan
	ation
	•	Quality and adequacy of topographic		national data. This is reported at 10m
		control.		contour intervals. This data was checked
				against Google Earth elevations and
				those derived from GPS. The data is
				considered adequate for the purpose
				reported.
Data spacing	•	Data spacing for reporting of	•	Drillholes are typically being reported on
and		Exploration Results.		sections from 70-125m apart, drill
distribution	•	Whether the data spacing and		spacing on section is typically 60-80m
		distribution is sufficient to establish
		the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	Sample compositing by way of weighted average grades at various cut-offs are being reported.
		estimation procedure(s) and
		classifications applied.
	•	Whether sample compositing has
		been applied.
Orientation	•	Whether the orientation of sampling	•	The PAM diamond core drilling was
of data in		achieves unbiased sampling of		mostly undertaken normal to the strike
relation to geological structure	•	possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the	•	of possible of the mineralized zone, and in many cases normal or near normal to the dip of interpreted mineralized structures. No relationship is known to exist
		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	•	The drill core is transported to a secure
security		sample security.		PAM processing facility. Core and
				samples are stored securely in locked
				compounds. Samples are delivered by
				reputable courier to ALS in Laos and SGS
				in Bangkok. then assay pulps delivered
				to Australia by reputable courier
				engaged byALS or SGS.
Audits or	•	The results of any audits or reviews	•	The sampling techniques for the PAM
reviews		of sampling techniques and data.		diamond drilling have been less formally
				assessed, aside from checks of 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.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference	•	The tenements are held as Special Prospecting Licences
tenement	name/number, location		by Thai Mineral Venture Co. Limited, a 100% owned
and land tenure status	and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title		subsidiary of Pan Asia Metals under Special Prospecting Licence (TSPL) 1/2555 and TSPL 1/2562. They are located in the Nakhon Si Thammarat Province in southern Thailand. All of the areas subject to the SPL’s are accessible for exploration and potential development.
	interests, historical sites, wilderness or national park and environmental settings.	•	The tenure is granted for 5 years from the date of issue. PAM is unaware of any impediments to obtaining a licence to operate in the area aside from the normal provisions that operate in Thailand, such as regulatory
			approvals in association with securing agreements with
	• The security of the tenure		relevant landholders.
	held at the time of
	reporting along with any
	known impediments to
	obtaining a licence to
	_operate inthe area. _
Exploration	• Acknowledgment and	•	TGF is the only company recorded to have done
done by	appraisal of exploration by		exploration, prior to PAM. PAM is reliant on the TGF
other parties	other parties.		data, having conducted appropriate due diligence and QA-QC studies. The TGF work has been conducted to an
			acceptable level.
Geology	• Deposit type, geological	•	The deposit type is described as tungsten hosted in
	setting and style of		lateritic and weathered breccia, probably associated
	mineralisation.		with faulted hydrothermal breccia. The mineralization is
			located in the Main Range Province of the South East
			Asian Tin Tungsten Belt. 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
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
	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

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Criteria	JORC Code explanation	Commentary	Commentary
	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 reported at > 0.05%WO3,
aggregation	Results, weighting		and may rarely, allow for internal dilution of <
methods	averaging techniques,		0.05%WO3.over 2m down hole. No top cut has
	maximum and/or minimum		been applied.
	grade truncations (eg
	cutting of high grades) and	•	Higher grade zones within the bulk lower grade
	cut-off grades are usually		zones are reported, at > 0.3% WO3and allow for
	Material and should be		internal dilution of <0.3% WO3up to 2m wide.
	stated.		Some higher cut-off grade zones are reported
	• Where aggregate intercepts incorporate short lengths of high grade		where material, generally >0.5% WO3. Some lower grade to anomalous WO3 zones are also reported where material.
	results and longer lengths of low grade results, the	•	Metal equivalents are not reported.
	procedure used for such
	aggregation should be
	stated and some typical
	examples of such
	aggregations should be
	shown in detail.
	• The assumptions used for
	any reporting of metal
	equivalent values should
	be clearly stated.
Relationship	• These relationships are	•	For Pan Asia drill core, the results reported for most
between	particularly important in the		holes can be considered near to very near to true
mineralisatio n widths and intercept lengths	reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is		thickness. Mineralised zones are shallow dipping at about 30 degrees. Most holes are drilled normal to strike and normal to near normal to dip. Cross sections provided in the report reflect this.
	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	•	See attached report and Figures.
	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

31

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		collar locations and
		appropriate sectional
		_views. _
Balanced	•	Where comprehensive	•	All material drill results are reported.
reporting		reporting of all Exploration
		Results is not practicable,
		representative reporting of
		both low and high grades
		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
substantive		meaningful and material,		reported drilling results have been mapped and soil
exploration data		should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey		sampling and rock-chip sampling has taken place. Results from these programs indicate extensive development of a ferruginous lateritic zones and weathered breccia zones at surface. These generally occur in association with large WO3 in soil anomalies which are supported by rock-chip sampling.
		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
		planned further work (eg		relatively widely spaced holes in close proximity to
		tests for lateral extensions		surface. Infill drilling is planned as well as extensional
		or depth extensions or		drilling at depth. A metallurgical evaluation is also
		large-scale step-out drilling).		planned for the variety of oxidized and fresh mineralization intersected.
	•	Diagrams clearly
		highlighting the areas of possible extensions,	•	See attached report and Figures
		including the main
		geological interpretations
		and future drilling areas,
		provided this information is
		not commercially sensitive.

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