FLAGSHIP MINERALS LIMITED — Interim / Quarterly Report 2021

Jul 26, 2021

==> picture [269 x 28] intentionally omitted <==

ASX Announcement | 27 July, 2021

Pan Asia Metals’ Quarterly Report Lithium drilling continues with strong results

HIGHLIGHTS

Reung Kiet Lithium Project

• PAM completed 1,404m of diamond drilling in 9 holes, at the Reung Kiet Lithium Project in southern Thailand.

• PAM received assay results for 13 diamond core holes from the Reung Kiet Project.

• Extensive pegmatite dyke-vein swarms contain lithium mineralisation associated with lepidolite (lithium mica).

• Dyke-vein swarms up to 100m wide containing pegmatites from 0.1-10m wide downhole.

• Results include:

• 11.3m @ 0.74% Li2O from 19.2m (BTDD005);

• 10.7m @ 0.98% Li2O from 81.8m (BTDD006);

• 13m @ 0.72% Li2O from 49.5m (RKDD007);

• 4.2m @ 1.30% Li2O from 31.9m; (RKDD008);

• 6m @ 1.08% Li2O from 38.5m (RKDD009); and

• 4.5m @ 1.44% Li2O from 47.6m (RKDD009).

• Tin and tantalum mineralisation occur in association with lithium as well as rubidium and cesium, all potentially valuable by-products.

• Results warranted the addition of a second drilling shift to accelerate anticipated delivery of Mineral Resources.

• Mineral Resources and Exploration Targets anticipated in 2nd half of 2021.

Khao Soon Tungsten Project

• 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;

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

• 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 Mineral Resources anticipated in 2nd half of 2021.

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

Specialty metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this Quarterly Activities Report, summarising activities during the June 2021 quarter.

During the Quarter PAM was focused on drilling at the Reung Kiet Lithium Project (RKLP). PAM also received drilling assay results for 4 holes from the Khao Soon Tungsten Project (KSTP). PAM is rapidly positioning itself to report inaugural Mineral Resources at both RKLP and KSTP later this year. Both projects are shaping up well and in line with PAM's expectations.

EXPLORATION

During the quarter PAM focused on drilling at the RKLP. The RKLP contains a collection of small to medium scale historical alluvia/eluvial and ‘hard-rock’ tin mines. Of specific interest to PAM are the Bang I Tum and Reung Kiet prospects, which contain pegmatites that host lithium mineralisation. Reconnaissance diamond drilling by PAM has intersected extensive pegmatite swarms at both prospects, all containing lepidolite and/or muscovite with accessory tin and tantalum mineralisation.

Reung Kiet Lithium Project – Reung Kiet Prospect

The Reung Kiet (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 lithium values in trenching, rock-chips and soil anomalies, now supported by drilling. The current round of drilling is mostly being undertaken at RK South which extends south-east of the RK Pit (see Figure 1).

During the quarter PAM also submitted an application for a 2km[2] Exclusive Prospecting Atchayabat (EPL) at the southern end of the RKLP licence area and directly to the south of the RK Prospect (see Figure 2). An EPL grants sole mineral prospecting and exploration rights within a designated area, and is valid for two years. The holder of an EPL has the first priority to apply for an ML. PAM’s EPLA 2/2564 ensures that the southern end of the Reung Kiet trend is captured.

2

==> picture [426 x 505] intentionally omitted <==

Figure 1. Reung Kiet South Prospect, drill collars, sections and surface geochemistry

3

==> picture [426 x 505] intentionally omitted <==

Figure 2. Reung Kiet South Prospect, EPLA 2/2564 application area

• Reung Kiet South Prospect Drilling

During the Quarter Pan Asia Metals completed 1,404m of diamond core drilling in nine (9) holes (RKDD009-017) at RK South. Collar details are provided in ‘Table 1 - Drillhole Collars’, located in Appendix 1. Assay results (Li only) were received for seven (7) holes RKDD006-RKDD012. Assay intersections are reported in ‘Table 2 – RKLP RK Prospect - Drillhole assay details’, located in Appendix 1. Further technical details are provided in

4

Appendix 2, being JORC Table 1. Readers are also referred to ASX announcement dated 29-06-2021 and titled ‘Drilling Update - Reung Kiet Lithium Prospect – Thailand’.

Drilling is ongoing and since the end of the Quarter a further five (5) holes (RKDD018022) have been completed. PAM expects to provide a drilling update and report further assay results in the coming weeks.

The current drilling program at RK South was initially undertaken on six (6) ~100m spaced sections (see Figure 1) with holes up 100m apart on the section. Six (6) cross sections (CX) were reported in the 29-06-2021 ASX announcement, four of which are shown in Figure 1 and available lithium results are shown in Figures 2-5 below, running from south to north through the prospect. Subsequent drillholes completed during the Quarter (RKDD0013-017) are also shown and generally indicate down dip continuation of pegmatite dykes.

The drilling has identified an extensive pegmatite dyke/vein swarm. Assay results indicate that many of the pegmatites intersected contain lithium mineralisation related to lepidolite mica observed in the drill core. Lithium mineralisation is also present in some of the altered meta-sediments in contact with the pegmatite, leading to the requirement for additional sampling to be undertaken.

The pegmatites are interpreted to be controlled in a structural zone dipping about 70 degrees to the south-east. From west to east this zone is up to 100m wide, possibly wider. Inside this corridor the pegmatites form a multi-directional swarm with main trends dipping around 70 degrees and 25 degrees to the south-east. The zone remains open to the south, down dip and to the east.

Additional drilling is underway and planned to define the western and eastern margins of the pegmatite swarm, as well as infill the current drill pattern. Some extensional drilling at depth and along strike is also planned. Diamond tails will also be completed on holes RKDD006 to RKDD010 to test the revised geological model.

5

==> picture [426 x 505] intentionally omitted <==

Figure 3. Section A showing RKDD009 and RKDD016.

RKDD009 (see Figure 3) intersected numerous pegmatites, the bulk of which contain lithium mineralisation. From 33.8m to 111m the composite width of mineralisation returned 35m @ 0.76% Li2O. This represents nearly 50% of the downhole interval.

6

RKDD016 (see Figure 3) has intersected numerous weathered pegmatites from 2.8m to 58m and supports the current interpretation of the western margin of the pegmatite swarm.

This section remains open to the south and down dip of RKDD009.

==> picture [426 x 505] intentionally omitted <==

Figure 4. Section B showing RKDD008, RKDD015 and RKDD017 (awaiting assays)

7

From 21m-92m, RKDD008 returned a 30.15m composite width of mineralisation at 0.72% Li2O (see Figure 4).

RKDD015 (see Figure 4) has intersected several zones of lepidolite rich pegmatite.

==> picture [426 x 505] intentionally omitted <==

Figure 5. Section C showing RKDD007, RKDD014 and RKDD018 (awaiting assays)

8

The section in Figure 5 above shows lithium rich pegmatites in RKDD007, which likely extend down dip into RKDD014 where pegmatites have been intersected.

==> picture [426 x 505] intentionally omitted <==

Figure 6. Section D showing RKDD006, RKDD013 and RKDD019 (awaiting assays)

RKDD006 contained 34.15 composite metres of mineralisation @ 0.63% Li2O from 24m101m (see Figure 6). These zones are interpreted to extend down dip into RKDD013 which intersected 51 composite metres of pegmatite, containing varying amounts of lepidolite.

9

Reung Kiet Lithium Project - Bang I Tum Lithium Prospect

The Bang I Tum (BIT) prospect was a relatively large open cut tin mine. The old pit is about 650m long and up to 125m wide. Mining of the weathered pegmatites extended up to 30m below surface, to the top of hard rock.

The pit is now water filled, with water depths to a maximum 15m. Additional smaller scale mining extended further along strike to the southwest. Soil and rock-chip sampling has defined the Main trend and an Eastern trend. The prospective Main trend is about 1.5km long. Rock chip sampling has yielded 14 of 24 samples >0.5% Li2O, with an average grade of 1.23% Li2O plus up to 0.19% Sn and tantalum. Most of the lithium enriched samples are from Lepidolite Hill and areas to the south. The Eastern trend is about 1.5km long, located approximately 350m east of, and parallel to, the Main trend.

A lepidolite rich pegmatite dyke swarm can be observed on “Lepidolite Hill” about 500m along strike southwest of the pit (see Figure 7).

10

==> picture [426 x 505] intentionally omitted <==

Figure 7: The Bang I Tum Lithium Prospect with proposed drill hole locations

- Bang I Tum Prospect Drilling

The drilling program at Bang I Tum was designed to test beneath the old open cut pit and also along strike to the southwest in the vicinity of ‘Lepidolite Hill’ (see Figure 7). The program comprised six (6) HQ3 diamond core holes (BTDD001 to 006) for a total of 963m. Collar details are provided in ‘Table 1 - Drillhole Collars’, located in Appendix 1.

11

Assay results have been received for all six (6) of these holes. Assay intersections are reported in ‘Table 3 – RKLP BIT Prospect - Drillhole assay details’, located in Appendix 1.

Additional technical data is provided in Appendix 2, being JORC Table 1. Further details are also provided in ASX announcements dated 23-3-2021 and 29-06-2021 and titled ‘Drilling Update – Bang I Tum Prospect’ and ‘Drilling Update - Reung Kiet Lithium Prospect – Thailand’ respectively.

Drillholes BTDD001, 002 and 003 were drilled at relatively wide spacing’s beneath the old Bang I Tum open pit. Each of these holes intersected an extensive swarm of pegmatite dykes, veins and stringers. All of the pegmatites intersected contain quartz, feldspar, local tourmaline and varying amounts of fine grained to clotty muscovite. The observed muscovite is visually estimated to vary between 5% and 25% of the pegmatite. Lepidolite was locally observed.

Assay results from these holes indicate generally isolated narrow zones of lithium enrichment that are contained within the more extensive pegmatite swarm, and that observed muscovite in the core does not contain significant lithium. The lithium rich zones also contain Sn, Ta, Rb and Cs. Assay intersections are shown in ‘Table 3 – RKLP BIT Prospect - Drillhole assay details’, located in Appendix 1.

Drill holes BTDD004, 005 and 006 were drilled approximately 500m along strike southwest of the Bang I Tum pit (see Figure 7). All holes intersected a steeply dipping pegmatite dyke-vein swarm. Varying amounts of lepidolite was observed throughout much of the pegmatite. Assay results indicate extensive lithium enrichment in most of the pegmatites (see Figure 8). Accessory levels of Sn, Ta, Rb and Cs are also present.

The main zone of pegmatite is interpreted to extend from surface to a depth of 150m where it remains open below hole BTDD004, and where it appears to be thickening. The whole of this zone also remains open to the north towards Lepidolite Hill where lithium rich dykes have been mapped and sampled, and to the south where a lithium in soil anomaly, supported by lithium in rock-chips is situated. The interpreted length of this prospective zone is at least 800m as shown in Figure 9. Additional drilling is planned in this area.

12

==> picture [426 x 505] intentionally omitted <==

Figure 8. Cross Section BTDD004, 005, 006

13

Khao Soon Tungsten Project – Than Pho West

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 an Exploration Target of 15-29.5Mt @ 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.

During the quarter PAM received assay results for holes KSDD038 to KSDD041 from the Than Pho West prospect (TPW). Further details are also provided in ASX announcements dated 28-04-2021 and titled Khao Soon Tungsten Project Drilling Update. Collar details are provided in ‘Table 1 - Drillhole Collars’, located in Appendix 1. Assay intersections are reported in ‘Table 4 – KSTP TPW Prospect - Drillhole assay details’, located in Appendix 1. Additional technical details are provided in Appendix 2, being JORC Table 1.

The drilling program at TPW was designed as infill and extensional drilling to test the Exploration Target. Further drilling is planned (see Figure 9).

14

==> picture [426 x 505] intentionally omitted <==

Figure 9: Khao Soon Tungsten Project – TPW collar plan, proposed holes and geochemistry

Drillholes KSDD037 and 038 were drilled on a cross section about 120m south of the drillholes KSDD032/033 (see Figure 9). KSDD037 intersected a 52m wide zone (true width), averaging 0.11% WO3 (including 9.0m at 0.29% 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 10).

15

==> picture [426 x 406] intentionally omitted <==

Figure 10 : 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 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 (see Figure 11). The mineralized zone in KSDD039 remains open down dip.

16

==> picture [426 x 406] intentionally omitted <==

Figure 11: Khao Soon Tungsten Project – TPW Cross Section 938620mN

Hole KSDD040 was drilled toward the northern end 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 12).

17

==> picture [426 x 406] intentionally omitted <==

Figure 12: Khao Soon Tungsten Project – TPW Cross Section 938845mN

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.

Importantly most of the core intersections through the mineralized zones at TPW are HQ diameter. This larger diameter (85mm) core maximizes core recovery and also provides additional material for metallurgical test work.

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.

18

MARKETS

Lithium

For several years the general opinion of market analysts and commentators has been that demand for lithium hydroxide (LiOH) would outpace that for lithium carbonate (Li2CO3) as LiOH was required for NCM battery formulas. This became a bit of a pitch battle between the brine and hard rock (spodumene) camps, i.e. which camp produces the cheapest and purest LiOH, with many explorers/developers pivoting to LiOH. In the Chinese auto market Tesla has been producing its standard Model 3 with LFP batteries, and LFP batteries are prominent among other Chinese EV manufacturers. With the issues around cobalt supply and the price of Nickel increasing - two major components of NCM batteries - and with ongoing improvements in LFP battery performance, Tesla is now starting to ship Model 3s with LFP batteries to Europe and potentially North America. Tesla is also switching to the LFP formula for stationary storage. This makes sense, battery performance is not critical for low end cars – how many purchasers of lower end cars rank engine performance in their purchasing decision? Not many, and why should this be different for EVs? As a result the LiOH vs Li2CO3 debate may be turned on its head if the adoption of LFP formulas for lower end applications is adopted by the broader market.

Battery grade lithium carbonate (Li2CO3) prices remain strong on an ex-works basis China, increasing from a 12 month low of US$5,850/t in July 2020 to a 12 month high of US$13,970/t in June this year, finishing at US$13,650 in July. Similarly, lithium hydroxide (LiOH) on an ex-works basis China remains strong, increasing from a 12 month low of US$7,650/t in August 2020 to a 12 month high of US$14,950/t in July.

Tungsten

Ammonium paratungstate (APT) is the benchmark price used for tungsten trioxide (WO3) concentrates. WO3 concentrates are priced at a ~18-35% discount to the APT price, the discount is governed by a number of factors including market conditions, geography and the quality of the concentrate. The APT price on a Free on Board (FOB) basis has increased by ~41% from a 12 month low of US$20,500/t in July 2020 to US$28,900/t in July this year.

==> picture [347 x 183] intentionally omitted <==

PAM’s objective is to identify and develop battery and critical metals projects which have the potential to be situated in the lower third of the cost curve and which are situated in low cost jurisdictions proximal to advanced industrial centres. This strategy offers PAM two key advantages: i. lower cost projects have more robust economics, and therefore can weather the commodity price cycle; and ii. for lower cost projects with the right minerology and which are proximal to advanced industrial centres, there is greater potential for value adding, which in-turn can soften the amplification of the underlying commodity cycle and result in a greater diversity of revenue streams. This is the reason PAM focuses on project opportunities in Asia.

PROJECT GENERATION

PAM focuses on Asia for both geological and economic reasons, with PAM’s primary focus currently on Southeast Asia. Three of the Company’s projects are located in the Thai section of the South East Asian Tin-Tungsten Belt, which extends from Myanmar in the north through Thailand and Peninsular Malaysia to the Tin Islands in the south. This belt is appealing due to the occurrence of a suite of specialty metals associated with granite related tin, tungsten, lithium, tantalum, niobium, rubidium, cesium, rare earths and other rare metals. There has been very little modern exploration and the belt

20

contains some of the largest historical tin producing districts in the world, particularly Southern Thailand and much of Peninsula Malaysia.

Operating in Asia gives the Company access to modern industrial economies with globally competitive cost environments, and the fastest growing and most populous region on earth. The Company’s strategy is simple, we seek to secure exploration and development assets which have the potential to be positioned in the lowest or leading third of the cost curve and which position the Company for downstream value adding opportunities. Cost curve positioning is paramount in our decision-making, as assets positioned further up the cost curve are generally more difficult to finance and develop. Regardless of the size or grade of an asset, if finance cannot be secured then the asset is worth relatively little.

The opportunity to move downstream is also very important. In general, value adding mine output will offer the Company better and more consistent profit margins and a larger footprint of customers, and exposure to new opportunities. For critical metals such as tungsten and battery metals such as lithium, value adding can be incorporated into a feasibility study if the geology, geography and cost environment is right.

During the quarter the Company considered several opportunities which meet its stated strategic objectives, all such opportunities are located in Asia and would complement the Company’s project portfolio.

COVID-19

During the June Quarter Thailand experienced ongoing Covid infections. For safety and health reasons PAM’s Bangkok based administration staff are working from home as necessary and at their election. The risk of infection for PAM’s field staff is lower but PAM’s staff conduct their activities with caution and testing protocols are in place for staff entering or re-entering the province. Most of PAM’s field employees have received Covid vaccinations. The Company does not expect any material disruptions to its exploration activities.

CORPORATE

During the Quarter there were no corporate activities.

PAM is a US Dollar reporter and therefore its financial statements are reported in US Dollars, including its Quarterly Appendix 5B.

21

As at 30 June, 2021, the Company held A$1.66m (US$1.25m) in cash.

PAM’s expenditure during the Quarter was as follows:

Item	US$ (‘000s)	A$ (‘000s)
Cash Balance at beginning of Quarter	1,805	2,374
Proceeds from Funding	0	0
Staff Costs	(121)	(157)
Administration and Corporate Costs	(188)	(244)
Property, Plant and Equip. Purchases	(24)	(31)
Exploration and Evaluation	(193)	(251)
Other	(8)	(10)
FX Movements	(23)	(21)
Cash Balance at End of Quarter	1,248	1,660

During the Quarter the Company made payments of US$93k (A$121k) to related parties. The payments relate to existing remuneration agreements between the Company and the Managing Director and Technical Director.

EVENTS SUBSEQUENT TO QUARTER END

There were no further events of a material nature subsequent to the quarter end.

Ends

Authorised by: Board of Directors

22

SUMMARY OF ASX ANNOUNCEMENTS

Date		Price Sensitive	Title	Relevant Project(s)
01 Apr 2021			Release of shares from escrow
14 Apr 2021			Appendix 2A
15 Apr 2021			Appendix 2A
20 Apr 2021			Investor Presentation
26 Apr 2021		$	Quarterly Activities and Cashflow Report
28 Apr 2021		$	Khao Soon Tungsten Project Drilling Update	KSTP
03 May 2021		$	Reung Kiet Drilling Update	RKLP
05 May 2021			Change of Director's Interest Notice
07 May 2021			Release of Shares from Escrow
10 May 2021			Change in substantial holding from MTR
20 May 2021			Appendix 2A
25 May 2021			Release of shares from escrow
07 Jun 2021			Appendix 2A
08 Jun 2021			Notice of Annual General Meeting/Proxy Form
24 Jun 2021			Release of Shares from Escrow
29 Jun 2021		$	Pause in trading
29 Jun 2021		$	Drilling Update - Reung Kiet Lithium Prospect - Thailand	RKLP
30 Jun 2021			Results of Meeting
Announcements subsequent to Quarter End
06 Jul 2021			Investor Presentation
07 Jul 2021			Application for quotation of securities - PAM
07 Jul 2021			Appendix 3Y's x 4
09 07 2021			Application for quotation of securities - PAM
14 07 2021			Double Shift Drilling - Reung Kiet Lithium Project

23

TENEMENT SCHEDULE

Tenement / Application	Holder / Applicant	% Held	Granted	Term (Years)	Area (Km2)	Country
Reung Kiet Lithium Project
JSPL 1/2562	SIM	100	15-Feb-2019	5	12.3	Thailand
JSPL 2/2562	SIM	100	15-Feb-2019	5	12.7	Thailand
JSPL 3/2562	SIM	100	15-Feb-2019	5	11.9	Thailand
EPLA 2/2564	SIM	100	Application	na	2.0	Thailand
Khao Soon Tungsten Project(i)
TSPL 1/2563	TMV	100	14-May-2020	5	7.1	Thailand
TSPL 2/2563	TMV	100	20-Aug-2020	5	15.9	Thailand
TSPLA 1/2549	TMV	100	Application	na	11.0	Thailand
Bang Now Lithium Project
AEPL 1/2561	PAM3	100	14-Feb-2020	2	3.5	Thailand
AEPL 2/2561	PAM3	100	14-Feb-2020	2	1.5	Thailand
Minter Tungsten Project
EL 8811	PAMA	100	14-Dec-2018	4	145	Australia

SIM: Siam Industrial Metal Co. Ltd.; PAM3: Pan Asia 3 Metals (Thailand) Co. Ltd.; TMV: Thai Mineral Ventures Co. Ltd.; PAMA: Pan Asia Metals (Aus) Pty. Ltd. SIM, PAM3, TMV and PAMA are all subsidiaries of the Company or a subsidiary of one of the Company’s 100% held subsidiaries.

(i) Thai Goldfields NL (TGF) will receive a A$2m cash payment upon first WO3 concentrate production being achieved for a tungsten project on Special Prospecting Licence Application No.1/2549 (TSPLA 1/2549) or its successor title over the historic Khao Soon Tungsten Mine and a A$2m cash payment upon first WO3 concentrate production being achieved for a project on any tenement abutting TSPLA 1/2549 or any successor title. David Docherty is a Director of Pan Asia Metals and TGF.

24

CORPORATE DIRECTORY

Board of Directors

• Paul Lock

Executive Chairman and Managing Director

• David Hobby

Executive Director and Chief Geologist

Solicitors

Ian B. Mitchell & Associates Level 9, 19-29 Martin Place, Sydney, NSW, 2000 Phone: +61 9232 5444

• David Docherty

Non Executive Director

• Thanasak Chanyapoon

• Non Executive Director

• Ian Mitchell

Non-Executive Director

• Roger Jackson

Non-Executive Director

Company Secretaries – Mr Wayne Kernaghan, Australia

• Ms Fiza Alwi, Singapore

Corporate Office Level 23, 52 Thaniya Plaza, Silom Road, Bangrak, Bangkok, 10500, Thailand Phone: +66 2238 1639 Email: contactus@panasiametals.com

Auditors

William Buck Level 20, 181 William Street Melbourne Vic 3000 Phone: +61 3 9824 8555

PKF-CAP LLP 6 Shenton Way, OUE Downtown 1, #38-01 Singapore 068809 Phone: +65 6500 9360

Accountants Leydin Freyer Level 4, 100 Albert Road, South Melbourne, Vic, 3205 Phone: +61 3 9692 7222

Bankers

Singapore Reg. Office Level 3, 8 Robinson Road, ASO Building, Singapore, 048544 Phone: +65 6538 0779

Australian Reg. Office Level 9, MLC Centre, 19-29 Martin Place, Sydney, NSW, 2000 Phone: +61 9232 5444

Stock Exchange Australian Securities Exchange (PAM)

DBS Bank Limited, Singapore 12 Marina Boulevard Level 3 MBFC Tower 3 Singapore 018982

Westpac Banking Corp., Australia Royal Exchange, Cnr Pitt & Bridge St Sydney NSW 2000

Share Registry Advanced Share Registry 110 Stirling Highway Nedlands, WA, 6009 Phone: +61 8 9389 8033

25

About Pan Asia Metals Limited (ASX:PAM)

Pan Asia Metals Limited (ASX:PAM) is a battery and critical 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 valueadded 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 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 Managing Director paul.lock@panasiametals.com

26

About the Reung Kiet Lithium Project

The Reung Kiet Lithium Project is a lepidolite style lithium project located about 70km north-east of Phuket in the Phang Nga Province in southern Thailand. Pan Asia holds a 100% interest in 3 contiguous Special Prospecting Licences (SPL) and 1 Exclusive Prospecting License Application covering about 40km².

==> picture [426 x 520] intentionally omitted <==

Regional map identifying the location of the Reung Kiet Lithium Project

27

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.

==> picture [426 x 520] intentionally omitted <==

Regional map identifying the location of the Khao Soon Tungsten Project

28

About the Bang Now Lithium Project

The Bang Now Lithium Project is located in Chumporn Province, approximately 480km WSW of Bangkok and 140km North of the Reung Kiet Lithium Project. The project is located in the prospective Ranong Fault Zone and captures the full extent of large scale historic alluvial-eluvial tin mining in the district.

==> picture [426 x 520] intentionally omitted <==

Regional map identifying the location of the Bang Now Lithium Project

29

About the Minter Tungsten Project

The Minter Tungsten Project is situated in the Wagga-Omeo Tin Province, which is located in the central region of the Lachlan Fold Belt, NSW, Australia. Several hundred tin and/or tungsten occurrences are documented in this belt.

==> picture [426 x 518] intentionally omitted <==

Regional map identifying the location of the Minter Tungsten Project

30

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.

31

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

PAN ASIA METALS LIMITED Registration Number Quarter ended (“current quarter”) 201729187E 30 June 2021

Consolidated statement of cash flows	Current quarter $US’000	Year to date (6 months) $US’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (121) (188) - - - - - -	- - - - (228) (351) - - - - - -
	(309)	(579)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- - (24) (193) - -	- - (24) (484) - -

32

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $US’000	Year to date (6 months) $US’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(217)	(508)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (Repayment of Lease liabilities) 3.10 Net cash from / (used in) financing activities	- - - - - - - - (8)	- - - - - - - - (13)
	(8)	(13)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	1,805 (309) (217) (8)	2,418 (579) (508) (13)

33

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $US’000	Year to date (6 months) $US’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(23)	(70)
	1,248	1,248
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $US’000	Previous quarter $US’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,248 - - -	1,805 - - -
	1,248	1,805

6. Payments to related parties of the entity and their Current quarter associates $US'000

6.1 Aggregate amount of payments to related parties and their 93 associates included in item 1

6.2 Aggregate amount of payments to related parties and their - associates included in item 2

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $US’000 Amount drawn at quarter end $US’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $US’000 Amount drawn at quarter end $US’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $US’000	Amount drawn at quarter end $US’000
		-	-
		-	-
		-	-
		-
			-
	Answer: N/A

Answer: N/A

34

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8. Estimated cash available for future operating activities	$US’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(309) (193) (502) 1,248 - 1,248
	2.49

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

• Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/A

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 26 July 2021

Authorised by: By the Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

35

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 4

APPENDIX 1 - KSTP and RKLP drillhole collar and assay data

Table 1 - Drillhole collar details

Hole ID East UTM Zone 47N North UTM Zone 47N	Elevation Dip Azimuth mag. Depth (m) Project / Prospect (mASL)
KSDD038 553209 938297	54 -60 270 170 KSTP TPW
KSDD039 553274 938629	67 -70 280 100 KSTP TPW
KSDD040 553240 938849	71 -60 270 70 KSTP TPW
KSDD041 553230 938763	77 -65 270 60 KSTP TPW
RKDD006 433349 918217	45 -65 310 110 RKLP RK
RKDD007 433276 918164	51 -65 310 95 RKLP RK
RKDD008 433220 918092	40 -65 310 112 RKLP RK
RKDD009 433162 918003	19 -65 310 121 RKLP RK
RKDD010 433402 918314	20 -65 310 92 RKLP RK
RKDD011 433451 918389	21 -60 310 168 RKLP RK
RKDD012 433476 918245	25 -65 310 202.5 RKLP RK
RKDD013 433433 918163	29 -65 307 272 RKLP RK
RKDD014 433362 918094	28 -55 310 205 RKLP RK
RKDD015 433303 918026	25 -55 310 249.3 RKLP RK
RKDD016 433107 918031	10 -65 290 81 RKLP RK
BTDD001 436372 926545	50 -60 310 171 RKLP BIT
BTDD002 436417 926593	50 -62 330 190 RKLP BIT
BTDD003 436624 926819	62 -60 305 190 RKLP BIT
BTDD004 435814 926148	45 -65 330 196 RKLP BIT
BTDD005 435761 926206	46 -55 330 106 RKLP BIT
BTDD006 435796 926188	45 -60 330 110 RKLP BIT
Underway or Completed subsequent to quarter end
RKDD017 433184 918143 66 -60 310 85 RKLP RK
RKDD018 433239 918186 78 -55 310 97 RKLP RK
RKDD019 433291 918259 75 -65 310 96 RKLP RK
RKDD020 433358 918344 53 -65 310 75 RKLP RK
RKDD021 433386 918441 42 -65 310 66 RKLP RK
RKDD022 433565 918569 17 -55 310 157 RKLP RK

36

Table 2 – RKLP RK Prospect - Drillhole assay details

Hole ID
	From (m)	To (m)	Interval (m)	Li2O (%)
RKDD006	24.20	24.6	0.40	1.01
RKDD006	26.10	28.75	2.65	1.48
RKDD006	36.80	37.3	0.50	0.97
RKDD006	41.60	42.7	1.10	1.22
RKDD006	49.00	49.7	0.70	0.34
RKDD006	54.50	58	3.50	0.38
RKDD006	60.85	64.6	3.75	0.80
RKDD006	67.50	81.5	14.0	0.55
RKDD006	69.80	73.8	4.0	1.00
RKDD006	84.65	85.2	0.55	0.72
RKDD006	86.90	87.2	0.30	0.32
RKDD006	91.00	93.65	2.65	0.46
RKDD006	95.35	99.15	3.80	0.32
RKDD006	101.00	101.25	0.25	0.32
RKDD007	17.80	20.4	2.6	0.38
RKDD007	30.50	33.4	2.9	0.33
RKDD007	36.00	37	1.0	1.04
RKDD007	40.40	41.3	0.9	1.11
RKDD007	45.00	46	1.0	0.76
RKDD007	49.50	62.5	13.0	0.72
RKDD007	54.8	62.5	7.7	0.92
RKDD007	64.50	70.1	5.6	0.61
RKDD007	66.1	67.4	1.3	1.24
RKDD007	75.00	81.6	6.6	0.27
RKDD008	21	23	2.0	1.15
RKDD008	31.9	36.1	4.2	1.30
RKDD008	39	40.3	1.3	1.57
RKDD008	42.3	43.1	0.8	1.05
RKDD008	53.3	55.6	2.3	1.47
RKDD008	64.5	66.6	2.1	0.33
RKDD008	69.4	72.4	3.0	0.26
RKDD008	75	86.3	11.3	0.47
RKDD008	76.6	80.5	3.9	0.75
RKDD008	88.85	92	3.15	0.27

37

Hole ID
	From (m)	To (m)	Interval (m)	Li2O (%)
RKDD009	33.80	34.80	1.00	0.96
RKDD009	38.50	44.50	6.00	1.08
RKDD009	47.60	52.10	4.50	1.44
RKDD009	55.00	56.10	1.10	0.26
RKDD009	59.50	62.10	2.60	0.77
RKDD009	65.70	67.50	1.80	1.29
RKDD009	70.40	70.90	0.50	0.34
RKDD009	73.30	74.50	1.20	0.33
RKDD009	75.50	76.10	0.60	0.22
RKDD009	77.05	84.30	7.25	0.45
RKDD009	91.50	92.60	1.10	0.99
RKDD009	99.80	102.30	2.50	0.37
RKDD009	106.15	111.00	4.85	0.44
RKDD010	40.50	42.20	1.60	1.34
RKDD010	46.40	46.70	0.40	1.13
RKDD010	47.10	47.60	0.50	1.73
RKDD010	47.95	48.65	0.70	0.31
RKDD010	50.60	51.35	0.75	1.38
RKDD010	55.95	56.70	0.75	0.81
RKDD010	67.90	70.00	2.10	1.18
RKDD010	79.00	79.85	0.85	0.28
RKDD010	87.00	87.35	0.35	0.40
RKDD011	26.90	29.50	2.60	0.85
RKDD011	32.50	34.50	2.00	0.59
RKDD011	50.40	50.80	0.40	0.42
RKDD011	52.40	54.00	1.60	0.84
RKDD011	56.20	56.60	0.40	0.26
RKDD011	63.10	63.50	0.40	0.35
RKDD011	74.20	79.30	5.10	0.50
RKDD011	85.50	87.90	2.40	0.60
RKDD011	94.10	94.85	0.75	0.43
RKDD011	107.10	108.00	0.90	0.36
RKDD011	121.00	122.20	1.20	0.25
RKDD011	133.75	134.15	0.40	0.45
RKDD011	137.00	142.00	5.00	0.44
RKDD011	155.00	155.90	0.90	0.53
RKDD012	84.90	86.40	1.50	0.23

38

Hole ID	From (m)	To (m)	Interval (m)	Li2O (%)
RKDD012	138.10	139.30	1.20	1.09
RKDD012	144.10	144.75	0.65	0.79
RKDD012	146.70	147.20	0.50	0.37
RKDD012	166.60	168.80	2.20	0.78
RKDD012	187.50	189.50	2.00	0.30

Table 3 - RKLP BIT Prospect – Drillhole assay details

Hole ID		To	Interval	Li2O		Ta2O5	Cs
	From (m)				Sn (ppm)			Rb (ppm)
		(m)	(m)	(%)		(ppm)	(ppm)
BTDD001	142	145	3.0	0.34	2717	39	238	2300
BTDD002	80.3	81.0	0.7	0.23	263	6	249	1040
BTDD002	110.5	111.5	1.0	1.16	166	11	381	5260
BTDD002	157.0	157.9	0.9	1.13	332	45	291	4100
BTDD004	8	10.4	2.4	1.24	719	90	280	3690
BTDD003	No significant assays
BTDD004	24.4	26.4	2.0	1.09	825	98	226	3585
BTDD004	41.3	41.9	0.6	0.42	1240	140	126	2370
BTDD004	94	100	6.0	0.31	832	144	184	2353
BTDD004	123	126	3.0	0.40	387	96	231	1700
BTDD004	140	141.5	1.5	0.55	475	34	320	2500
BTDD004	146.1	154	7.9	0.44	985	82	149	2305
BTDD004	156	160.25	4.25	0.48	1080	100	154	2400
BTDD004	163.6	171.6	8.0	0.37	1413	96	148	2540
BTDD005	4.5	6.6	2.1	1.07	780	250	650	4200
BTDD005	19.2	30.5	11.3	0.74	580	98	292	2600
BTDD005	33.3	34.5	1.2	0.77	696	85	230	2840
BTDD005	38.3	39.1	0.8	0.89	1020	75	254	3810
BTDD005	39.7	41	1.3	0.83	739	170	296	3230
BTDD006	14.1	15.9	1.8	0.74	639	195	302	3355
BTDD006	47.1	48.8	1.7	0.60	897	120	230	2980
BTDD006	69.6	70.1	0.5	0.70	787	156	281	2950
BTDD006	81.8	92.5	10.7	0.98	897	116	256	3361
BTDD006	84.6	92.5	7.9	1.06	990	125	234	3544

39

Table 4 – KSTP TPW Prospect - Drillhole assay details

Hole ID	From (m)	To (m)	Interval (m)	WO3% (Lab)
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
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

40

APPENDIX 2 - JORC Code, 2012 Edition – Table 1

PAM Lithium Projects - Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut channels, random	Cut drillcore samples were selected in order to ascertain
techniques	chips, downhole gamma sondes, handheld XRF	the degree of lithium enrichment and The samples are
	instruments, etc).	representative of the lithium mineralisation within the
	Include reference to measures taken to ensure sample	samples collected.
	representivity and the appropriate calibration of any
	measurement tools or systems used.	The mineralisation is contained within alpo-pegmatites.
	Aspects of determination of mineralisation that are Material to the Report (eg ‘RC drilling used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’; or where there is coarse gold that has inherent sampling problems).	Half HQ3 or NQ3 samples were used average sample weight of 2.5kg-3.5kg and average sample interval was 0.99m. The whole sample was fine crushed, and then split to obtain a 0.5-1kg sub-sample all of which is pulverised to provide the assay pulp.
Drilling	Drill type (eg core, reverse circulation, etc) and details (eg	All holes are diamond core from surface. HQ and NQ triple
techniques	core diameter, triple tube, depth of diamond tails, face-	tube diameters were employed. The core was oriented
	sampling bit, whether core is oriented; if so, by what	using the spear method, as directed by the rig geologist.
	method, etc).
Drill sample	Method of recording and assessing core and chip sample	Drill core recovery is recorded for every drill run by
recovery	recoveries and results assessed.	measuring recovered solid core length over the actual
	Measures taken to maximise sample recovery, ensuring	drilled length for that run.
	representative nature of samples.	Triple tube drill methods were used to assist with
	Is sample recovery and grade related; has sample bias occurred due to preferential loss/gain of fine/coarse	maximising sample recovery especially in the weathered zone.
	material?	Sample recovery through the mineralised zones averages
		96%, so little bias would be anticipated.
Logging	Have core/chip samples been geologically/geotechnically	.
	logged to a level of detail to support appropriate resource	The drill core was geologically logged at sufficient detail.
	estimation, mining studies and metallurgical studies.	Geotechnical logging was limited to contact zones and
	Is logging qualitative or quantitative in nature. Core (or	major structures.
	costean, channel, etc) photography.	The logging is mostly qualitative in nature, with some
	The total length and percentage of the relevant intersections logged.	quantitative data recorded. Photographs of each core tray wet and dry, and of wet cut core were taken. The total length of core logged..
Sub-	If core, cut or sawn and whether quarter, half or all core	All core for sampling was cut in half with a diamond saw.
sampling	taken.	Some samples were cut as ¼ core from the original half
techniques and sample	If non-core, riffled, tube sampled etc and sampled wet or dry?	core, for QA/QC. The sample preparation technique is industry standard, fine crush to 70% less than 2mm. A sub-sample of 0.5-1kg
	For all sample types, nature, quality and appropriateness	or 100% of sample weight if less than 1kg is obtained via
	of sample preparation technique.	rotary splitting. This sample is pulverised to 85% passing
		75 microns. The laboratory reports QA/QC particle size
	QAQC procedures for all sub-sampling stages to maximise	analysis for crushed and pulverised samples. The
	representivity of samples.	laboratory also reports results for internal standards,
	Measures taken to ensure sampling is representative of the material collected, e.g. results for field duplicate/second-half sampling.	duplicates, prep duplicates and blanks. Pan Asia has collected ¼ core pairs. Comparison of results indicate excellent agreement between Li2O grades from each ¼ pair.

41

Criteria		JORC Code explanation	Commentary
		Whether sample sizes are appropriate to the grain size of	The sample weights average 2.6kg. This is considered
		the material being sampled.	appropriate for the material being sampled.
Quality	of	Nature, quality and appropriateness of the assaying and	The initial assaying procedure used is 4 acid digestion
assay data		laboratory procedures used; whether the technique is	followed by ICP-AES analysis. Some pulps also had sodium
and		considered partial or total.	peroxide digestion with ICP finish, all by ALS Chemex in
laboratory tests		For geophysical tools, spectrometers, handheld XRF instruments etc, parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied, their derivation, etc.	Vancouver or Perth. Both methods are considered a total technique. Multielement analysis is done by sodium peroxide digestion with ICP-MS finish with 49 elements reported, (ALS method ME-MS89L)
		Nature of QAQC procedures adopted (eg standards,	The laboratory reports results for internal standards,
		blanks, duplicates, external laboratory checks); whether	duplicates, prep duplicates and blanks. PAM has
		acceptable accuracy levels (ie lack of bias) / precision	conducted ¼ sampling and re-analysis of sample pulps
		established.	utilising different digestion and assay methods, Pan Asia
			inserts its own internal Li “standards” as pulps and blanks
			as 0.5kg. Both the lab QA/QC and additional PAM data
			indicate acceptable levels of accuracy and precision for Li
			assays, PAM has only utilised internal ALS QA/QC for the
			multielement data..
Verification		Verification of significant intersections by independent /	Sample results have been checked by company
of		alternative company personnel.	Chief Geologist and Senior Geologist. Li mineralisation is
sampling and		The use of twinned holes.	associated with visual zones of distinctively coloured lepidolite.
assaying		Documentation of primary data, data entry procedures,
		data verification, data storage (physical and electronic)	Assays reported as Excel xls files and secure pdf files.
		protocols.
		Discuss any adjustment to assay data.	Data entry carried out both manually and digitally by
			Geologists. To minimize transcription errors field
			documentation procedures and database validation are
			conducted to ensure that field and assay data are merged
			accurately.
			The adjustments applied to assay data for reporting
			purposes:
			Li x 2.153 to convert to Li to Li2O
Location	of	Accuracy and quality of surveys used to locate drill holes	Drill hole locations are derived from hand held GPS_,_with
data points		(collar and down-hole surveys), trenches, mine workings	_a_pproximately 2-5m accuracy, sufficient for this type of
		etc used in estimation.	reconnaissance drilling.
		Specification of grid system used.	All locations reported are UTM WGS84 Zone 47N.
		Quality and adequacy of topographic control.	Topographic locations interpreted from Thai base
			topography in conjunction with GPS results.
Data		Data spacing for reporting of Exploration Results.	The drilling was conducted on variably spaced sections
spacing and distribution		Is data spacing and distribution sufficient to establish degree of geological and grade continuity appropriate for Resource / Reserve estimation procedure(s) and	with holes 50-100m apart on section, with two holes on many sections giving down-dip separations of about 70- 100m between holes.
		classifications applied?	Resources or reserves are not being reported.
		Whether sample compositing has been applied.
			Sample compositing was not applied
Orientation		Does the orientation of sampling achieve unbiased	The sampling of half core and ¼ core supports the
of data	in	sampling of possible structures; extent to which this is	unbiased nature of the sampling.
relation	to	known/understood.
geological			The drill holes reported are drilled normal or near normal
structure			to the strike of the mineralised zone.

42

Criteria		JORC Code explanation	Commentary
		If relationship between drilling orientation and orientation
		of mineralised structures has introduced a sampling bias,
		this should be assessed and reported if material.
Sample		The measures taken to ensure sample security.	Samples are securely packaged and transported by by
security			company personnel or reputable carrier to the Thai-Laos
			border, where ALS laboratory personnel took delivery or
			the samples are on forwarded to ALS Laos. Pulp samples
			for analysis are then air freighted to Vancouver or Perth in
			accordance with laboratory protocols.
Audits	or	The results of any audits or reviews of sampling techniques	No formal audits conducted at this stage of the
reviews		and data.	exploration program.

Section 2 Reporting of Exploration Results

Criteria		JORC Code explanation			Commentary
Mineral		Type, reference name/number, location and ownership			Three contiguous Special Prospecting Licences (JSPL1, 2
tenement		including agreements or material issues with third parties			and 3) covering an area of 48sq km are registered to Thai
and	land	such as joint ventures, partnerships, overriding	royalties,		company Siam Industrial Metals Co. Ltd. (SIM). Pan Asia
tenure		native title interests, historical sites, wilderness or national			Metals holds 100% of SIM located 60km north of Phuket
status		park and environmental settings.			in southern Thailand.
		The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.			The tenure is secure and there are no known impediments to obtaining a licence to operate, aside from normal considerations.
Exploration		Acknowledgment and appraisal of exploration	by other		The Institute of Geological Sciences, a precursor of the
done	by	parties.			British Geological Survey (BGS) in the late 1960’s
other					conducted geological mapping, documenting old
parties					workings, surface geochemical sampling, mill
					concentrates and tailings sampling and metallurgical test
					work on the pegmatite then being mined at Reung Kiet.
					This work appears to be of high quality and is in general
					agreement with Pan Asia’s work.
					In 2014 ECR Minerals reported Li results for rock samples
					collected in Reung Kiet project area. The locations and
					other details of the samples were not reported. But the
					samples showed elevated Li contents.
Geology		Deposit type, geological setting and	style	of	The project is located in the Western Province of the
		mineralisation.			South-East Asia Tin Tungsten Belt. The Reung project area
					sits adjacent and sub-parallel to the regionally extensive
					NE trending Phangnga fault. The Cretaceous age Khao Po
					granite intrudes into Palaeozoic age Phuket Group
					sediments along the fault zone, Tertiary aged LCT
					pegmatite dyke swarms intrude parallel to the fault zone.
Drillhole		A summary of information material to the understanding			Drillhole information and intersections are reported in
Information		of the exploration results including a tabulation for		all	tabulated from within the public report.
		Material drill holes of:
		• easting and northing of the drill hole collar
		• elevation or RL (Reduced Level – elevation above
		sea level in meters) of the drill hole collar
		• dip and azimuth of the hole
		• downhole length and interception depth
		• hole length.

43

Criteria	JORC Code explanation	Commentary
	If exclusion of this information is not Material, the
	Competent Person should clearly explain why this is the
	case.
Data	Weighting averaging techniques, maximum/ minimum	Intersections are reported at > 0.2% Li2O, and may rarely,
aggregation	grade cutting and cut-off grades are Material and should	allow for internal diliution of < 0.3% Li2O. No top cut has
methods	be stated.	been applied. Sn, Ta, Rb and Cs are reported in the same
	Where compositing short lengths of high grade results	intersections of Li2O.
	and longer lengths of low grade results, compositing procedure to be stated; typical examples of such aggregations to be shown in detail.	Higher grade zones within the bulk lower grade zones are reported, where material.
	Assumptions for metal equivalent values to be clearly
	stated.

44

PAM Tungsten Projects - Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels,	•	Samples are derived from diamond drilling
techniques		random chips, or specific specialised industry		conducted by Pan Asia Metals (PAM) from 2017-
		standard measurement tools appropriate to the		2020, PAM drill core is cut in half with one half or
		minerals under investigation, such as down hole		¼ being the sub-sample. These methods are
		gamma sondes, or handheld XRF instruments, etc).		considered appropriate.
		These examples should not be taken as limiting the	•	Routine analysis of a W Certified Reference
		broad meaning of sampling.		Material (CRM) or ‘standards’ are inserted during
	•	Include reference to measures taken to ensure		spot XRF or laboratory analysis. Duplicates are
		sample representivity and the appropriate calibration		also used as are internal laboratory QA/QC data
		of any measurement tools or systems used.		reported.
	•	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	•	Tungsten mineralization is hosted in lateritic and
		charge for fire assay’). In other cases more		weathered fault breccia locally transitioning into
		explanation may be required, such as where there is		fresh rock. Broad zones are delineated above a
		coarse gold that has inherent sampling problems.		lower cut-off of 0.05% WO3.
		Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of	•	Drill core is cut in half or ¼ to collect mostly 0.5-
		detailed information.		1.5m individual sample lengths. Crushing to -2mm
				of the whole sample, then riffle or rotary cone
				splitting and pulverization of 0.5-1kg, from which
				a 100g sample is extracted for assay.
Drilling	•	Drill type (eg core, reverse circulation, open-hole	•	Diamond drilling was conducted using HQ, HQ
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc)		triple tube or PQ/PQ triple tube. The core was
		and details (eg core diameter, triple or standard tube,		not oriented.
		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 core and chip	•	Diamond core recovery is recorded for every drill
recovery		sample recoveries and results assessed.		run by measuring recovered solid core length
	•	Measures taken to maximise sample recovery and		and dividing that over the actual drilled length
		ensure representative nature of the samples.		for that run expressed as %. Average core
				recoveries through the reported mineralised
				zones in each hole average about 80%
	•	Whether a relationship exists between sample	•	HQ and PQ diameter, triple tube drilling is used
		recovery and grade and whether sample bias may		to assist with maximising sample recovery
		have occurred due to preferential loss/gain of		especially in the weathered zone. Sample
		fine/coarse material.		recovery of the mineralised zones excludes zones
				where no core and therefore no sample or
				assays are recorded.
			•	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 have been	•	Core is geologically logged with salient features
		geologicallyandgeotechnicallylogged to a level of		recorded to sufficient detail for the results being

45

Criteria		JORC Code explanation	JORC Code explanation		Commentary	Commentary
			detail to support appropriate Mineral Resource			reported.
			estimation, mining studies and metallurgical studies.		•	Logging was qualitative. Colour, grain size,
		•	Whether logging is qualitative or quantitative in			weathering, lithology type and salient comments
			nature. Core (or costean, channel, etc) photography.			are recorded. For drill core each tray is
						photographed wet and dry. Some cut core
		•	The total length and percentage of the relevant			photos are also recorded.
			intersections logged.		•	100% of every hole is geologically logged For the
						diamond core logged intervals are around 30%
						of the total core drilled.
Sub-		•	If core, whether cut or sawn and whether quarter,		•	Half or quarter core samples are cut with a large
sampling			half or all core taken.			knife or broad chisel +/- hammer (when core soft
techniques		•	If non-core, whether riffled, tube sampled, rotary split,			enough) or cut with a diamond saw if too hard to
and sample			etc and whether sampled wet or dry.			hand-cut. The remaining half or 3/4 is retained in
preparatio						the core tray. The bagged sample is crushed to
n		For	all sample types, the nature, quality	and		100% passing -6mm or 80% passing 2mm. A 0.5-
		appropriateness of the sample preparation technique.				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
		•	Quality control procedures adopted for all sub-			interval is collected for sampling, and around 30-
			sampling stages to maximise representivity of			50% of this sample is pulverized to produce the
			samples.			pulp for assay.
					•	The methods described are considered
						appropriate and duplicate ¼ core samples show
		•	Measures taken to ensure that the sampling is			this.
			representative of the in situ material collected,		•	For the Pan Asia diamond drilling field
			including for instance results for field			duplicate/second-half or ¼ core sampling has
			duplicate/second-half sampling.			been undertaken
					•	The sample/sub-sample sizes are considered
		•	Whether sample sizes are appropriate to the grain size of the material being sampled.			appropriate for material being sampled. The pulverized sub-sample is also considered appropriate.
Quality	of	•	The nature, quality and appropriateness of the			For the PAM drilling, core samples were prepared
assay data			assaying and laboratory procedures used and			by ALS in Vientiane, Laos and a 100g assay pulp
and			whether the technique is considered partial or total.			sent to ALS in Brisbane for analysis. A lithium
laboratory						borate digestion digestion (ALS method ) was
tests						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
			instruments, etc, the parameters used in determining			total analysis technique.
			the analysis including instrument make and model,
			reading times, calibrations factors applied and their
			derivation, etc.
		•	Nature of quality control procedures adopted (eg
			standards, blanks, duplicates, external laboratory
			checks) and whether acceptable levels of accuracy
			(i.e lack of bias) and precision have been established.
					•	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/QCprocedures indicate acceptable levels of

46

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
					accuracyandprecision.
Verification		•	The verification of significant intersections by either	•	For the Pan Asia core drilling significant
of			independent or alternative company personnel.		intersections have been verified by alternate
sampling					company personnel, being the Chief Geologist
and					and Exploration Geologist.
assaying		•	The use of twinned holes.	•	Twinned holes not used.
		•	Documentation of primary data, data entry	•	Primary data includes GPS co-ordinates, paper
			procedures, data verification, data storage (physical		geological logs and sample data records. The
			and electronic) protocols.		hard copy records are checked against Excel
					spreadsheet files derived from digital data
		•	Discuss any adjustment to assay data.		import or manual data entry.
				•	Adjustment of the data includes the conversion
					of W reported in lab analysis to WO3, by
					multiplyingW by1.261.
Location	of	•	Accuracy and quality of surveys used to locate drill	•	Drill holes are surveyed by handheld GPS,
data points			holes (collar and down-hole surveys), trenches, mine		accurate to about 2-5m in east and north.
			workings and other locations used in Mineral
			Resource estimation.	•	The grid system used is WGS84, Zone 47.
		•	Specification of the grid system used.		Northings and eastings are reported in meters.
				•	The topographic control used is Thailand
		•	Quality and adequacy of topographic control.		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 purpose
					reported.
Data		•	Data spacing for reporting of Exploration Results.	•	Drillholes are typically being reported on
spacing		•	Whether the data spacing and distribution is		sections from 70-125m apart, drill spacing on
and			sufficient to establish the degree of geological and		section is typically 60-80m
distribution			grade continuity appropriate for the Mineral
			Resource and Ore Reserve estimation procedure(s)
			and classifications applied.
		•	Whether sample compositing has been applied.
				•	Sample compositing by way of weighted
					average grades at various cut-offs are being
					reported.
Orientation		•	Whether the orientation of sampling achieves	•	The PAM diamond core drilling was mostly
of data	in		unbiased sampling of possible structures and the		undertaken normal to the strike of possible of
relation	to		extent to which this is known, considering the deposit		the mineralized zone, and in many cases normal
geological			type.		or near normal to the dip of interpreted
structure		•	If the relationship between the drilling orientation		mineralized structures.
			and the orientation of key mineralised structures is	•	No relationship is known to exist
			considered to have introduced a sampling bias, this
			should be assessed and reported if material.
Sample		•	The measures taken to ensure sample security.	•	The drill core is transported to a secure PAM
security					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 by ALS
					or SGS.
Audits	or	•	The results of any audits or reviews of sampling	•	The sampling techniques for the PAM diamond
reviews			techniques and data.		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.

47

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and	•	The tenements are held as Special Prospecting
tenement		ownership including agreements or material issues		Licences by Thai Mineral Venture Co. Limited, a
and land		with third parties such as joint ventures, partnerships,		100% owned subsidiary of Pan Asia Metals under
tenure		overriding royalties, native title interests, historical		Special Prospecting Licence (TSPL) 1/2555 and TSPL
status		sites, wilderness or national park and environmental		1/2562. They are located in the Nakhon Si
		settings.		Thammarat Province in southern Thailand. All of the
				areas subject to the SPL’s are accessible for
				exploration and potential devleopment.
	•	The security of the tenure held at the time of	•	The tenure is granted for 5 years from the date of
		reporting along with any known impediments to		issue. PAM is unaware of any impediments to
		obtaining a licence to operate in the area.		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 relevant landholders.
Exploration	•	Acknowledgment and appraisal of exploration by	•	TGF is the only company recorded to have done
done by		other parties.		exploration, prior to PAM. PAM is reliant on the TGF
other				data, having conducted appropriate due diligence
parties				and QA-QC studies. The TGF work has been
				conducted to an acceptable level.
Geology	•	Deposit type, geological setting and style of	•	The deposit type is described as tungsten hosted in
		mineralisation.		lateritic and weathered breccia, probably
				associated 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 information material to the	•	Provided in text
Informatio		understanding of the exploration results including a
n		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 information is not Material and this
		exclusion does not detract from the understanding of
		the report, the Competent Person should clearly
		explain whythis is the case.
Data	•	In reporting Exploration Results, weighting averaging	•	Bulk intersections are reported at >
aggregatio		techniques, maximum and/or minimum grade		0.05%WO3, and may rarely, allow for internal
n methods		truncations (eg cutting of high grades) and cut-off		diliution of < 0.05%WO3.over 2m down hole.
		grades are usually Material and should be stated.		No top cut has been applied.
	•	Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths of	•	Higher grade zones within the bulk lower
		low grade results, the procedure used for such		grade zones are reported, at > 0.3% WO3and
		aggregation should be stated and some typical		allow for internal dilution of <0.3% WO3up to
		examples of such aggregations should be shown in		2m wide. Some higher cut-off grade zones are
		detail.		reported where material, generally >0.5%
	•	The assumptions used for any reporting of metal		WO3. Some lower grade to anomalous WO3
				zones are also reported where material.

48

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		equivalent values should be clearly stated.
			•	Metal equivalents are not reported.
Relationshi	•	These relationships are particularly important in the	•	For Pan Asia drill core, the results reported for most
p between		reporting of Exploration Results.		holes can be considered near to very near to true
mineralisat	•	If the geometry of the mineralisation with respect to		thickness. Mineralised zones are shallow dipping at
ion widths		the drill hole angle is known, its nature should be		about 30 degrees. Most holes are drilled normal to
and		reported.		strike and normal to near normal to dip. Cross
intercept				sections provided in the report reflect this.
lengths	•	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 sections (with scales) and	•	See attached report and Figures.
		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 reporting of all Exploration	•	All material drill results are reported.
reporting		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 meaningful and material,	•	The surface areas containing and surrounding the
substantiv		should be reported including (but not limited to):		reported drilling results have been mapped and soil
e		geological observations; geophysical survey results;		sampling and rock-chip sampling has taken place.
exploration		geochemical survey results; bulk samples – size and		Results from these programs indicate extensive
data		method of treatment; metallurgical test results; bulk		development of a ferruginous lateritic zones and
		density, groundwater, geotechnical and rock		weatherd breccia zones at surface. These generally
		characteristics; potential deleterious or		occur in association with large WO3 in soil anomalies
		contaminatingsubstances.		which are supported byrock-chipsampling.
Further	•	The nature and scale of planned further work (eg	•	The mineralization has generally been intersected in
work		tests for lateral extensions or depth extensions or		relatively widely spaced holes in close proximity to
		large-scale step-out drilling).		surface. Infill drilling is planned as well as extensional
	•	Diagrams clearly highlighting the areas of possible		drilling at depth. A metallurgical evaluation is also
		extensions, including the main geological		planned for the variety of oxidized and fresh
		interpretations and future drilling areas, provided this		mineralization intersected.
		information is not commercially sensitive.
			•	See attached report and Figures

49