FLAGSHIP MINERALS LIMITED — Interim / Quarterly Report 2021

Apr 25, 2021

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ASX Announcement | 26 April, 2021

Pan Asia Metals’ Quarterly Report Tungsten drilling paused, Lithium drilling starts

HIGHLIGHTS

• Laboratory results received for first fifteen (15) holes at Khao Soon Tungsten Project

• Drilling of Priority One holes at the Than Pho West completed

• Final three (3) holes of ten (10) hole program completed for total of 828.2m

• All holes intersected tungsten mineralisation, generally in line with geology model

• Shallow dipping geometry confirmed, commencing at surface

• Mineralisation shape and dimensions amenable to potential open cut mining

• Mineralised zone is still open at depth and remains to be closed off along strike

• Results are generally in line with Exploration Target models

• Laboratory assay results confirm wide, high-grade near surface tungsten mineralisation. Better results include:

  • KSDD024: 13.1m @ 0.51% WO3 from surface, incl. 4.6m @ 0.97% WO3 from 8.5m

  • KSDD025: 25.0m @ 0.27% WO3 from surface, incl. 9.5m @ 0.54% WO3 from 13.5m

  • KSDD032: 32.9m @ 0.53% WO3 from surface, incl. 7.5m @ 1.22% WO3 from 13.6m

  • KSDD032: 22.6m @ 0.30% WO3 from 43.6m, incl. 4.5m @ 0.74% WO3 from 60.1m

  • KSDD033: 23.4m @ 0.58% WO3 from surface, incl. 13.5m @ 0.75% WO3 from 10m

  • KSDD034: 45.8m @ 0.32% WO3 from 2.8m, incl. 15.4m @ 0.57% WO3 from 3.6m

  • KSDD035: 54.0m @ 0.25% WO3 from 25.6m, incl. 14.9m @ 0.40% WO3 from 64.6m

  • KSDD036: 27.5m @ 0.38% WO3 from 76.1m, incl. 15.5m @ 0.45% WO3 from 82.0m

• Spot handheld XRF results of drill core continue to support Exploration Target models, better results include:

  • KSDD038: 9.2m @ 0.42% WO3 from 28.3m, incl. 1.5m @ 1.15% WO3 from 34.7m

  • KSDD039: 45.9m @ 0.30% WO3 from 35m, incl. 2.7m @ 0.91% WO3 from 76.3m

  • KSDD040: 19m @ 0.56% WO3 from 48.6m, incl. 5.6mm @ 0.73% WO3 from 51m

• Exploration Team and drill rig mobilised to the Reung Kiet Lithium Project

• The first ever holes at the Bang I Tum Lithium Prospect drilled

  • Drilling beneath old pits where pegmatites were previously mined for tin.

  • Six (6) holes completed for a total of 963m

  • Pegmatite dyke swarms intersected in all holes, over substantial widths

  • Pegmatite extends to plus 100m below surface, still open at depth and remains to be closed off along strike

  • Pegmatite contains quartz, feldspar and potentially lithium bearing muscovite and local lepidolite

  • Spot hand-held XRF analysis of drill core has identified the presence of elevated Sn and Nb along with elevated lithium indicator elements, such as Rb and Mn

  • Core is being cut and sampled for dispatch to laboratory for analysis

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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• The first ever holes at the Reung Kiet South Lithium Prospect drilled

• Following up an earlier trenching program with lithium grades up to 1.99% Li2O

• Four (4) holes drilled for a total of 345.5m,

• Pegmatite dyke swarms have been intersected in all holes, over substantial widths

• Pegmatite contains abundant lepidolite along with quartz and feldspar

• Pegmatite is shallow dipping, extends to plus 100m down dip from surface and remains open

• Weathering extends to about 40m below surface

• Core is being logged, in preparation for sampling and dispatch for analysis

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 March 2021 quarter.

During the Quarter PAM focused its efforts at the Reung Kiet Lithium Project after completing its drilling program at the Khao Soon Tungsten Project. PAM is rapidly positioning itself to report inaugural Mineral Resources at both the Reung Kiet Lithium and Khao Soon Tungsten Projects later this year. Both projects are shaping up well and in line with PAM's expectations.

EXPLORATION

During the quarter PAM’s exploration activities focused on drilling at the Khao Soon Tungsten Project (KSTP) and the Reung Kiet Lithium Project (RKLP). Both projects are significant assets. KSTP is a significant historical tungsten producer and modern exploration has discovered potentially world-class, district scale tungsten mineralisation across numerous prospects. Reconnaissance diamond drilling by PAM has intersected robust widths and grades associated with strong surface anomalies, from which Exploration Targets have been estimated.

The RKLP contains a collection of small to medium scale historical alluvial and eluvial 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 and in some cases cassiterite.

KSTP – Target 2

Target 2 is defined by a large high tenor, tungsten in soil anomaly about 450m long and 150m wide (see Figure 1). 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 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.

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Figure 1: Khao Soon Tungsten Project – T2 collar plan, proposed holes and geochemistry

During the quarter laboratory results were received for all nine (9) holes drilled at T2 (see Table 2). 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. Results for holes (KSDD023), drilled to test a deep Induced Polarisation and holes (KSDD030-031) drilled to test laterite hosted WO3 mineralisation west of the soil anomaly have tended to downgrade these targets, although further drilling is required due to the wide spaced nature of previous and current drillholes at these targets.

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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.

Readers are advised to refer to the following ASX announcements:

• 08 Oct, 2020: ‘PAM Projects – ‘Technical Reports’

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

• 15 Jan, 2021: ‘Khao Soon Tungsten Project Drilling Update’

KSTP – Than Pho West Prospect

Drilling of the last three (3) holes of a ten (10) hole program at Than Pho West (TPW) Prospect were completed during the Quarter (see Figure 2). During the quarter laboratory results were received for the first six (6) holes of the program (KSDD032-037). Information on the drillholes, laboratory assay results and spot hand-held X-ray fluorescence analysis (spot hhXRF) of holes KSDD038-041 are included in Table’s 1 and 2, respectively.

At TPW an Exploration Target of 4-8Mt @ 0.2-0.4% WO3 has been 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. Prior to this program PAM had previously completed seven widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation up to 50m true width. The drilling was undertaken at sufficient spacing to enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource.

The results support previous work, confirming a relatively thick, shallow dipping mineralised zone, with the zone remaining open at depth on all sections and is yet to be closed off along strike.

During the Quarter drilling at TPW was paused upon completion of KSDD041 whilst the Company awaits assay results. The Company aims to undertake additional drilling later in 2021.

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

Readers are advised to refer to the following ASX announcements:

• 08 Oct, 2020: ‘PAM Projects – ‘Technical Reports’

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

• 23 Dec, 2020: ‘Khao Soon Tungsten Project Drilling Update’

• 15 Jan, 2021: ‘Khao Soon Tungsten Project Drilling Update’

• 29 Mar, 2021: ‘Khao Soon Tungsten Project Drilling Update’

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RKLP – Bang I Tum Prospect

Drilling of six (6) holes was completed at the Bang I Tum lithium prospect for a total of 963m (see Figure 3).

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Figure 3: Reung Kiet Lithium Project – BIT collar plan, proposed holes and geochemistry

The Bang I Tum 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

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surface, to the top of hard rock. The mined pegmatite is recorded to be at least 20m wide. 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 (see Figure 3). Rock chip sampling has yielded 14 of 24 samples >0.5% Li2O, with an average grade of 1.23% Li2O plus accessory tin and tantalum. A lepidolite pegmatite dyke swarm can be observed on a hill about 400m south of the pit. This swarm is up to 100m wide with individual dykes up to 7m wide.

Drillholes BTDD001, 002 and 003 were drilled at relatively wide spacings beneath the old Bang I Tum open pit, with each hole intersecting an extensive swarm of pegmatite dykes, veins and stringers. The composite downhole width of the pegmatite intersections in each of these holes is approximately 30m.

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. As indicated in the 1960’s study the muscovite or “white lepidolite” is potentially lithium bearing. The pegmatite also contains disseminated cassiterite (tin oxide) and local pyrite and chalcopyrite. Tin is a potentially valuable component of the pegmatite, and the 1960’s study states that at Bang I Tum: “The pegmatites have all been deeply excavated because of their rich tenor of tin”.

Drill holes BTDD004, 005 and 006 were drilled approximately 500m along strike southwest of the Bang I Tum pit. These holes were all drilled on the same section (see Figure 4) and the pegmatites intersected in these holes contain quartz, feldspar and zones of lepidolite mineralisation, identifiable by its characteristic purple-pink colour. Muscovite is also present, along with minor cassiterite and tourmaline.

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Figure 4: Reung Kiet Lithium Project – BIT Cross Section BTDD004, 005, 006

Readers are advised to refer to the following ASX announcements:

• 08 Oct, 2020: ‘PAM Projects – ‘Technical Reports’

• • 18 Jan, 2020: ‘Drilling commences at Reung Kiet Lithium Project’

• 01 Feb, 2020: ‘Reung Kiet Lithium Project - Drilling Update’

• 23 Mar, 2021: ‘Drilling Update - Bang I Tum Lithium Prospect’

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RKLP – Reung Kiet Prospect

Drilling of seven (7) Priority One holes commenced at the Reung Kiet South lithium prospect (see Figure 5).

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Figure 5: Reung Kiet Lithium Project – RK South collar plan, proposed holes and geochemistry

The 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 the hard rock.

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The drilling program is aimed at testing for depth extensions to an extensive lepidolite rich pegmatite dyke swarm identified at surface by previous work conducted by PAM. This work included mapping, trenching and rock chip sampling. The target being drilled occurs to the southwest along strike from the old open cut (see Figure 6). The whole trend has a combined strike length of about 1km.

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Figure 6: Reung Kiet Lithium Project – RK collar plan, proposed holes and geochemistry

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All holes have intersected an extensive swarm of pegmatite, stringers, veins and dykes that intrude into fine grained metasediments (see Figure 7).

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Figure 7: Reung Kiet Lithium Project – RK Cross Sections RKDD006 and RKDD007

The pegmatites are located immediately down dip of similar pegmatite dyke swarm that have been identified at surface. The pegmatites are interpreted to be dipping about 20-30 degrees to the southeast in line with exposures observed in trenching and in an old mine excavation at

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the southern end of the trend. Most of the pegmatites intersected contain abundant lepidolite which occurs as clots, bands or massive zones.

Previous trenching at the interpreted surface expression of the pegmatites intersected in the drilling has returned consistent Li2O grades of >1% Li2O. However, lithium grades of the pegmatites intersected in the drilling can only be confirmed by laboratory analysis, which has yet to be received.

Weathering in the drillholes extends to approximately 40m below surface. Metallurgical testing of weathered pegmatites sampled from the trenching program has indicated that high recoveries of lepidolite can be achieved from the weathered material. The weathered pegmatite also contains potentially recoverable by-products such as kaolin and quartz which are potentially valuable but would otherwise report to tailings.

Readers are advised to refer to the following ASX announcements:

• 08 Oct, 2020: ‘PAM Projects – ‘Technical Reports’

• 18 Jan, 2020: ‘Drilling commences at Reung Kiet Lithium Project’

• 25 Mar, 2021: ‘Drilling Update – Reung Kiet Lithium Prospect’

Minter Tungsten Project

On 2 December, 2020, the Company announced that a six hole, 1000-1200m drill plan for the Doyenwae prospect had been approved by the NSW Government and that PAM intended conducting this program in December 2020.

Previous diamond drilling combined with geological mapping of exposures suggests that historical drill holes at the Doyenwae prospect were not drilled in an optimal direction and/or dip relative to newly identified controls of mineralisation, specifically quartz veins that are parallel to the drilling direction and also steeply dipping to near vertical. The aim of the upcoming drilling program is to test this new interpretation and if successful conduct additional drilling and assess the potential to delineate an Exploration Target and/or Inferred Resource.

The planned drilling program has been postponed pending ratification of a land transfer relevant to the Land Access and Compensation Agreement.

Readers are advised to refer to the following ASX announcements:

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

• 2 December, 2020: ‘Minter Tungsten Project - Drilling Program approved’

MARKETS

There have been substantial positive moves in the lithium and tungsten markets in 2021, as shown in the charts below.

Battery grade lithium carbonate (Li2CO3) on an ex-works basis China has increased ~120% from a 12 month low of US$5,850/t in July 2020 to a 12 month high of US$12,850/t in March this year. Similarly lithium hydroxide (LiOH) on an ex-works basis China has increased ~35% from a 12 month low of US$7,650/t in August 2020 to a 12 month high of US$10,325/t in March this year.

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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 ~32% from a 12 month low of US$20,500/t in July 2020 to US$27,000/t in April this year.

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PAM’s objective is to identify and develop battery and critical metals (specialty 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 cycle; and ii. for a 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.

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PROJECT GENERATION

PAM focuses on Asia for both geological and economic reasons, with a primary focus 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 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 specialty metals such as tungsten and lithium value adding can be easily 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

In the December 2020 Quarterly Report PAM reported that that there had been a fresh COVID19 outbreak in Thailand. During the March Quarter Thailand experienced ongoing COVID-19 infections. In early April the country reported its highest daily case rate since the beginning of the pandemic. 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. 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.

As at 31 March, 2021, the Company held A$2.37m (US$1.81m) in cash.

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PAM’s expenditure during the Quarter was as follows:

Item	US$ (‘000s)	A$ (‘000s)
Cash Balance at beginning of Quarter	2,418	3,139
Proceeds from Funding	0	0
Staff Costs	107	139
Administration and Corporate Costs	163	210
Property, Plant and Equip. Purchases	0	0
Exploration and Evaluation	291	376
Other	5	6
FX Movements	47	32
Cash Balance at End of Quarter	1,805	2,374

During the Quarter the Company made payments of US$56k (A$72k) 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

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SUMMARY OF ASX ANNOUNCEMENTS

Date	Price Sensitive	Title	Relevant Project(s)
8 Jan 2021		Appendix 2A
11 Jan 2021		Change of Director's Interest Notice
15 Jan 2021	$	Khao Soon Tungsten Project Drilling Update	KSTP
18 Jan 2021	$	Drilling commences at Reung Kiet Lithium Project	RKLP
20 Jan 2021		Change in substantial holding
27 Jan 2021	$	Quarterly Activities and Cash Flow Report
01 Feb 2021	$	Reung Kiet Lithium Project - Drilling Update	RKLP
05 Feb 2021		Release of shares from escrow
24 Feb 2021	$	Strong Results from Khao Soon Tungsten Project	KSTP
01 Mar 2021		Appendix 2A
10 Mar 2021		Release of shares from escrow
23 Mar 2021	$	Pause in Trading
23 Mar 2021	$	Trading Halt
23 Mar 2021	$	Drilling Update - Bang I Tum Lithium Prospect	RKLP
25 Mar 2021	$	Drilling update - Reung Kiet Lithium Prospect	RKLP
29 Mar 2021		Annual Report to shareholders
29 Mar 2021		Appendix 4G
29 Mar 2021	$	Drilling Update- Khao Soon Tungsten Project	KSTP
Announcements subsequent to Quarter End
01 Apr 2021		Release of shares from escrow
14 Apr 2021		Appendix 2A
15 Apr 2021		Appendix 2A
20 Apr 2021		Investor Presentation

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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
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’s100% 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.

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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

Singapore Reg. Office

Level 3, 8 Robinson Road, ASO Building, Singapore, 048544 Phone: +65 6538 0779 Email: contactus@panasiametals.com

Australian Reg. Office

Level 9, MLC Centre, 19-29 Martin Place, Sydney, NSW, 2000 Phone: +61 9232 5444 Email: contactus@panasiametals.com

Auditors

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

SYA PAC 160 Robinson Road, #26-03 Singapore Business Federation Center Singapore 068914

Accountants

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

Bankers

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

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

Share Registry

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

Stock Exchange Australian Securities Exchange (PAM)

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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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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 the Reung Kiet Lithium Project

The Reung Kiet Lithium Project is a lepidolite style lithium project located about 70km northeast of Phuket in the Phang Nga Province in southern Thailand. Pan Asia holds a 100% interest in 3 contiguous Special Prospecting Licences (SPL) covering about 38km².

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Regional map identifying the location of the Reung Kiet Lithium Project

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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 alluvialeluvial tin mining in the district.

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Regional map identifying the location of the Bang Now Lithium Project

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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.

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Regional map identifying the location of the Minter Tungsten Project

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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.

[24]

Rule 5.5

Appendix 5B

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

Name of entity

Name of entity	Name of entity
PAN ASIA METALS LIMITED
Registration Number 201729187E	Quarter ended (“current quarter”)
201729187E	31 March 2021

Consolidated statement of cash flows	Current quarter $US’000	Year to date (3 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	- - - - (107) (163) - - - - - -	- - - - (107) (163) - - - - - -
	(270)	(270)
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	- - - (291) - -	- - - (291) - -

ASX Listing Rules Appendix 5B (17/07/20)

Page 1

• See chapter 19 of the ASX Listing Rules for defined terms.

[25]

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 (3 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	- - - - - - - -	- - - - - - - -
	(291)	(291)
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	- - - - - - - - (5)	- - - - - - - - (5)
	(5)	(5)
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)	2,418 (270) (291) (5)	2,418 (270) (291) (5)

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

Page 2

[26]

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 (3 months) $US’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(47)	(47)
	1,805	1,805
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)	1,805 - - -	2,418 - - -
	1,805	2,418

6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2	Current quarter $US'000
	56
	-

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

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

Page 3

[27]

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)	(270) (291) (561) 1,805 - 1,805
	3.2

• 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: 23 April 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.

ASX Listing Rules Appendix 5B (17/07/20)

Page 4

• See chapter 19 of the ASX Listing Rules for defined terms.

[28]

==> picture [55 x 55] intentionally omitted <==

APPENDIX 1 KSTP and RKLP drillhole collar and assay data

Drillhole collar details

Hole_ID	East UTM Zone 47N	North UTM Zone 47N	Elevation (m)	Dip	Azimuth mag.	Depth (m)	Prospect
KSDD023	547574	937910	90	-60	135	143	T2
KSDD024	547655	937819	106	-75	315	100.1	T2
KSDD025	547699	937768	107	-75	315	91	T2
KSDD026	547755	937685	126	-75	315	129.1	T2
KSDD027	547630	937721	126	-55	135	69.9	T2
KSDD028	547741	937837	92	-90	0	46	T2
KSDD029	547637	937615	81	-60	315	70.2	T2
KSDD030	547511	937962	75	-90	0	51	T2
KSDD031	547481	937853	85	-65	315	73	T2
KSDD032	553205	938431	97	-90	0	67	TPW
KSDD033	553147	938418	100	-60	270	40.6	TPW
KSDD034	553192	938534	80	-60	270	53.6	TPW
KSDD035	553265	938526	90	-70	270	89	TPW
KSDD036	553325	938535	88	-75	270	115	TPW
KSDD037	553278	938306	74	-60	270	63	TPW
KSDD038	553209	938297	54	-60	270	170	TPW
KSDD039	553274	938629	67	-70	280	100	TPW
KSDD040	553240	938849	71	-60	270	70	TPW
KSDD041	553230	938763	77	-65	270	60	TPW
BTDD001	436372	926545	50	-60	310	171	BIT
BTDD002	436417	926593	50	-62	330	190	BIT
BTDD003	436624	926819	62	-60	305	190	BIT
BTDD004	435814	926148	45	-65	330	196	BIT
BTDD005	435761	926206	46	-55	330	106	BIT
BTDD006	435796	926188	45	-60	330	110	BIT

[29]

==> picture [55 x 55] intentionally omitted <==

Hole_ID	East UTM Zone 47N	North UTM Zone 47N	Elevation (m)	Dip	Azimuth mag.	Depth (m)	Prospect
RKDD006	433349	918217	45	-65	310	110	RK
RKDD007	433276	918164	51	-65	310	95	RK
Underway	or Completed subsequent to quarter end
RKDD008	433220	918092	45	-65	310	100	RK
RKDD009	433162	918003	40	-65	310	121	RK

Drillhole assay details

Hole ID	From (m)	To (m)	Interval (m)	WO3% (Lab)
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	10m of sample	max 112ppm
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

[30]

==> picture [55 x 55] intentionally omitted <==

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

[31]

==> picture [55 x 55] intentionally omitted <==

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

Spot hand-held XRF analysis (KSDD038 to 041)

PAM has utiltised a rented Thermo Scientific Niton XL3t GOLDD[+] analyser to take relatively rapid (60 second) measurements over an area about 20mm[2] to report 36 elements. In this case, it is used by PAM geologists to take readings on drill core to evaluate the tenor of the contained tungsten mineralisation and other associated pathfinder elements. The spot readings on the core are yet to verified by an independent laboratory and the Company wishes to make clear that the hhXRF results are not formal assays but are preliminary estimates of tungsten grades only, and require confirmation by appropriate sampling and independent laboratory analysis.

However, it is PAM’s experience that the spot hhXRF analysis does provide a relatively good indication of tungsten grades when compared to those reported from laboratory analysis. This is especially the case in more weathered mineralisation and is based upon extensive QA/QC conducted by PAM during previous drilling campaigns at Khao Soon. However, in fresh rock spot hhXRF becomes a considerably less reliable indicator of tungsten grade and will commonly underestimate by a significant factor.

Hole ID	From (m)	To (m)	Interval (m)	WO3% (hhXRF)	No. of readings
KSDD038	1.8	2.7	0.9	0.22	3
KSDD038	28.3	37.5	9.2	0.42	31
KSDD038	34.6	36.3	1.7	1.15	6
KSDD039	7.8	8.5	0.7	0.1	2

[32]

==> picture [55 x 55] intentionally omitted <==

Hole ID	From (m)	To (m)	Interval (m)	WO3% (hhXRF)	No. of readings
KSDD039	35	80.9	45.9	0.3	143
KSDD039	42.5	45.4	2.9	0.44	11
KSDD039	59.3	79	19.7	0.37	66
KSDD039	76.3	79	2.7	0.91	10
KSDD039	72.1	79	6.9	0.54	24
KSDD040	12.8	16	3.2	0.19	8
KSDD040	17.5	18.1	0.6	0.07	2
KSDD040	19.5	28	8.5	0.11	21
KSDD040	29.5	30.5	1	0.1	3
KSDD040	32.1	32.8	0.7	0.16	2
KSDD040	35	38.1	3.1	0.1	10
KSDD040	39.6	42.1	2.5	0.07	7
KSDD040	48.6	67.6	19	0.56	63
KSDD040	51	56.6	5.6	0.73	19
KSDD040	63.8	67.4	3.6	0.7	13
KSDD041	35.9	40.2	4.3	0.11	15
KSDD041	38.7	40.2	1.5	0.17	6
KSDD041	43.2	43.5	0.3	0.12	2
KSDD041	44.8	45.4	0.6	0.22	2
KSDD041	46.2	47.1	0.9	0.05	3

[33]

APPENDIX 1 - JORC Code, 2012 Edition – Table 1

PAM Khao Soon Tungsten Project – Drilling at Than Pho West and T2 Prospects

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of	•	Samples are derived from diamond
techniques	sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or	•	drilling conducted by Pan Asia Metals (PAM) from 2017-2020, PAM drill core is cut in half with one half or ¼ being the sub-sample. These methods are considered appropriate. Routine analysis of a W Certified Reference Material (CRM) or ‘standards’ are inserted during XRF or
	handheld XRF instruments,		laboratory analysis. Duplicates are
	etc). These examples should		also used as are internal laboratory
	not be taken as limiting the		QA/QC data reported.
	broad meaning of sampling.
	• Include reference to
	measures taken to ensure
	sample representivity and the
	appropriate calibration of any
	measurement tools or
	systems used.
	• Aspects of the determination	•	Tungsten mineralization is hosted in
	of mineralisation that are		lateritic and weathered fault breccia
	Material to the Public Report.		locally transitioning into fresh rock. Broad zones are delineated above a
			lower cut-off of 0.05% WO3.
	• In cases where ‘industry	•	Drill core is cut in half or ¼ to collect
	standard’ work has been done		mostly 0.5-1.5m individual sample
	this would be relatively simple		lengths. Crushing to -2mm of the
	(eg ‘reverse circulation drilling		whole sample, then riffle or rotary cone
	was used to obtain 1 m		splitting and pulverization of 0.5-1kg,
	samples from which 3 kg was pulverised to produce a 30 g		from which a 100g sample is extracted for assay.
	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, rotary air blast,		HQ, HQ triple tube or PQ/PQ triple tube. The core was not oriented.
	auger, Bangka, sonic, etc)
	and details (eg core diameter,
	triple or standard tube, depth
	of diamond tails, face-
	sampling bit or other type,
	whether core is oriented and if

[34]

Criteria	JORC Code explanation	Commentary
	_so, by what method, etc). _
Drill sample	• Method of recording and	•Diamond core recovery is recorded for
recovery	assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure	every drill run by measuring recovered solid core length and dividing that over the actual drilled length for that run expressed as %. Average core recoveries through the reported mineralised zones in each hole
	representative nature of the	average about 80%
	samples.	•HQ and PQ diameter, triple tube
		drilling is used to assist with
		maximising sample recovery
	• Whether a relationship exists between sample recovery and	especially in the weathered zone. Sample recovery of the mineralised zones excludes zones where no core
	grade and whether sample	and therefore no sample or assays are
	bias may have occurred due	recorded.
	to preferential loss/gain of	•For diamond core drilling scatterplots
	fine/coarse material.	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	•Core is geologically logged with salient
	samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	features recorded to sufficient detail for the results being reported. •Logging was qualitative. Colour, grain size, weathering, lithology type and salient comments are recorded. For drill core each tray is photographed wet and dry. Some cut core photos are also recorded.
	• Whether logging is qualitative	•100% of every hole is geologically
	or quantitative in nature. Core	logged For the diamond core logged
	(or costean, channel, etc) photography.	intervals are around 30% of the total core drilled.
	• The total length and
	percentage of the relevant
	_intersections logged. _
Sub-sampling	• If core, whether cut or sawn	•Half or quarter core samples are cut
techniques and sample preparation	and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	with a large knife or broad chisel +/- hammer (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% passing 2mm. A 0.5-1kg
		sub-sample is then riffle or rotary spilt.
	For all sample types, the nature,	The entire sample is then pulverized to
	quality and appropriateness of	75% passing 75microns.
	the sample preparation technique.	•For drill core samples 25-50% of the drilled interval is collected for sampling, and around 30-50% of this
		sample is pulverized to produce the
		pulp for assay.
	• Quality control procedures	•The methods described are
	adopted for all sub-sampling stages to maximise representivity of samples.	considered appropriate and duplicate ¼ core samples show this. •For the Pan Asia diamond drilling field duplicate/second-half or ¼ core

[35]

Criteria	JORC Code explanation	Commentary
		sampling has been undertaken
		•The sample/sub-sample sizes are
	• Measures taken to ensure	considered appropriate for material
	that the sampling is	being sampled. The pulverized sub-
	representative of the in situ	sample is also considered appropriate.
	material collected, including
	for instance results for field
	duplicate/second-half
	sampling.
	• Whether sample sizes are
	appropriate to the grain size
	of the material being sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	For the PAM drilling, core samples were 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 tungsten
		analysis and are considered to be a
	• For geophysical tools,	total analysis technique.
	spectrometers, handheld XRF
	instruments, etc, the
	parameters used in
	determining 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	•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
	established.	indicate acceptable levels of accuracy
		and precision.
Verification of	• The verification of significant	•For the Pan Asia core drilling
sampling and assaying	intersections by either independent or alternative company personnel.	significant intersections have been verified by alternate company personnel, being the Chief Geologist and Exploration Geologist.
		•Twinned holes not used.
		•Primary data includes GPS co-
	• The use of twinned holes.	ordinates, paper geological logs and
	• Documentation of primary data, data entry procedures, data verification, data storage	sample data records. The hard copy records are checked against Excel spreadsheet files derived from digital data import or manual data entry.

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Criteria	JORC Code explanation	Commentary	Commentary
	(physical and electronic)	•	Adjustment of the data includes the
	protocols.		conversion of W reported in lab analysis to WO3, by multiplying W by
	• Discuss any adjustment to		1.261.
	_assay data. _
Location of	• Accuracy and quality of	•	Drill holes are surveyed by handheld
data points	surveys used to locate drill holes (collar and down-hole		GPS, accurate to about 2-5m in east and north.
	surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid	• •	The grid system used is WGS84, Zone 47. Northings and eastings are reported in meters. The topographic control used is Thailand national data. This is
	system used.		reported at 10m contour intervals. This
			data was checked against Google
	• Quality and adequacy of topographic control.		Earth elevations and those derived from GPS. The data is considered adequateforthe purposereported.
Data spacing	• Data spacing for reporting of	•	Drillholes are typically being reported
and distribution	Exploration Results. • Whether the data spacing and		on sections from 70-125m apart, drill 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 estimation
	procedure(s) and	•	Sample compositing by way of
	classifications applied. • Whether sample compositing		weighted average grades at various cut-offs are being reported.
	_has been applied. _
Orientation of	• Whether the orientation of	•	The PAM diamond core drilling was
data in relation to geological structure	sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the	•	mostly undertaken normal to the strike 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
	drilling orientation and the
	orientation of key mineralised
	structures is considered to
	have introduced a sampling
	bias, this should be assessed
	and reported if material.
Sample	• The measures taken to	•	The drill core is transported to a
security	ensure sample security.		secure 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 by ALS or
			SGS.
Audits or	• The results of any audits or	•	The sampling techniques for the PAM
reviews	reviews of sampling		diamond drilling have been less
	techniques and data.		formally assessed, aside from checks
			of assay accuracy/precision which
			provide acceptable comparisons. The

[37]

Criteria	JORC Code explanation	Commentary
		sub-sampling and sample preparation
		techniques employed are industry
		standard. However, audits or reviews
		have not been undertaken.

[38]

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference	•	The tenements are held as Special
tenement and land tenure status	name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding		Prospecting Licences by Thai Mineral Venture Co. Limited, a 100% owned subsidiary of Pan Asia Metals under Special Prospecting Licence (TSPL) 1/2555 and TSPL 1/2562. They are located in the Nakhon Si Thammarat
	royalties, native title		Province in southern Thailand. All
	interests, historical sites,		of the areas subject to the SPL’s
	wilderness or national park		are accessible for exploration and
	and environmental settings.		potential devleopment.
	• 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 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 relevant
			landholders.
Exploration	• Acknowledgment and	•	TGF is the only company recorded
done by other parties	appraisal of exploration by other parties.		to have done exploration, prior to PAM. PAM is reliant on the TGF 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
	setting and style of mineralisation.		tungsten hosted in 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 -
			tungstendepositsintheregion.
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: _

[39]

Criteria	JORC Code explanation	Commentary	Commentary
	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 why
	_this is the case. _
Data	• In reporting Exploration	•	Bulk intersections are reported at >
aggregation methods	Results, weighting averaging techniques, maximum and/or minimum		0.05%WO3, and may rarely, allow for internal diliution of < 0.05%WO3.over 2m down hole. No
	grade truncations (eg		top cut has been applied.
	cutting of high grades) and cut-off grades are usually Material and should be	•	Higher grade zones within the bulk lower grade zones are reported, at > 0.3% WO3and allow for internal
	stated.		dilution of <0.3% WO3up to 2m
	• Where aggregate intercepts		wide. Some higher cut-off grade
	incorporate short lengths of		zones are reported where material,
	high grade results and longer lengths of low grade results, the procedure used		generally >0.5% WO3. Some lower grade to anomalous WO3 zones are also reported where material.
	for such aggregation should be stated and some typical	•	Metal equivalents are not reported.
	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
between mineralisatio n widths and intercept lengths	particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is		reported for most holes can be considered near to very near to true 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
	known, its nature should be		provided in the report reflect this.
	reported.
	• If it is not known and only
	the down hole lengths are

[40]

Criteria	JORC Code explanation	Commentary	Commentary
	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
	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
substantive exploration data	meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results;		surrounding the reported drilling results have been mapped and soil sampling and rock-chip sampling has taken place. Results from these programs indicate extensive development of a ferruginous lateritic zones and weatherd breccia
	bulk samples – size and		zones at surface. These generally
	method of treatment;		occur in association with large WO3
	metallurgical test results;		in soil anomalies which are
	bulk density, groundwater,		supported by rock-chip sampling.
	geotechnical and rock
	characteristics; potential
	deleterious or
	_contaminating substances. _
Further work	• The nature and scale of	•	The mineralization has generally
	planned further work (eg tests for lateral extensions		been intersected in relatively widely spaced holes in close proximity to
	or depth extensions or large-scale step-out drilling). • Diagrams clearly		surface. Infill drilling is planned as well as extensional drilling at depth. A metallurgical evaluation is also planned for the variety of oxidized and fresh mineralization intersected.
	highlighting the areas of
	possible extensions,
	including the main	•	See attached report and Figures
	geological interpretations
	and future drilling areas,
	provided this information is
	_not commercially sensitive. _

[41]

APPENDIX 1: JORC Code, 2012 Edition – Table 1 PAM Lithium Projects - Geochemical sampling and drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut channels,	Rock-chip, channel and float samples. Samples
techniques	random chips, downhole gamma sondes, handheld	collected were around 1- 5kg. Most samples are
	XRF instruments, etc).	pegmatite which occurs as outcrop, sub-crop, float or in dumps. A few granite and metasediment samples
	Include reference to measures taken to ensure	were also collected. Channel-chip samples of
	sample representivity and the appropriate calibration of any measurement tools or systems used.	outcrops were collected where possible, especially in trenches.
		Soil samples are collected from the base of a 20-
	Aspects of determination of mineralisation that are	40cm deep hole dug with a spade. B Horizon
	Material to the Report (eg ‘RC drilling used to obtain	samples are generally preferred, with some local C-
	1m samples from which 3kg was pulverised to	Horizon samples collected.
	produce a 30g charge for fire assay’; or where there
	is coarse gold that has inherent sampling problems).	Samples were selected in order to ascertain the
		degree of lithium enrichment and enable
		geochemical characterisation. As such, the samples
		are representative of the lithium mineralisation within
		the samples collected but may not necessarily
		represent the composition of the entire pegmatite,
		with the possible exception of channel-chip samples.
		Samples were collected by PAM employed field
		geologists and/or supervised field assistants, then
		samples are sent to either ALS Chemex in Brisbane
		or SGS in Perth for analyses.
		No drilling samples are being reported.
		Internal QAQC standards, duplicates and blanks
		were inserted by the laboratory.
Drilling	Drill type (eg core, reverse circulation, etc) and	Drilling is HQ triple tube diamond core ~63mm
techniques	details (eg core diameter, triple tube, depth of	diameter
	diamond tails, face-sampling bit, whether core is
	oriented; if so, by what method, etc).
Drill	Method of recording and assessing core and chip	Solid core recovered is measured and this is divided
sample	sample recoveries and results assessed.	by the interval of the drill run to assess recovery.
recovery	Measures taken to maximise sample recovery,	HQ triple tube is used to maximise core recovery
	ensuring representative nature of samples.	Sample recoveries of analysed drill samples is
	Is sample recovery and grade related; has sample	typically >95%.
	bias occurred due to preferential loss/gain of
	fine/coarse material?
Logging	Have core/chip samples been	Detailed logging is yet to be undertaken, no
	geologically/geotechnically logged to a level of detail	resources or other studies are being reported.
	to support appropriate resource estimation, mining
	studies and metallurgical studies.
	Is logging qualitative or quantitative in nature. Core
	(or costean, channel, etc) photography.	Only summary logging has been undertaken at this
	The total length and percentage of the relevant	stage.
	intersections logged.
Sub-	If core, cut or sawn and whether quarter, half or all	Not applicable, no drill sampling is being reported
sampling	core taken.
techniques

[42]

Criteria	JORC Code explanation	Commentary
and	If non-core, riffled, tube sampled etc and sampled	The rock and soil sample preparation technique of
sample	wet or dry?	fine crush, riffle or rotary split sub-sample, the
	For all sample types, nature, quality and appropriateness of sample preparation technique.	pulverisation is industry standard and practice for this stage of investigation and style of mineralization. The laboratory reports particle size analysis for crushed
	QAQC procedures for all sub-sampling stages to	and pulverised samples about every 25 samples.
	maximise representivity of samples.	Duplicate sampling has been undertaken for some
	Measures taken to ensure sampling is representative	soil and rock chips. Results indicate acceptable
	of the material collected, e.g. results for field	representivity.
	duplicate/second-half sampling.	The sample sizes are considered appropriate for the
	Whether sample sizes are appropriate to the grain	typically <3mm grain sizes in the aplo-pegmatite.
	size of the material being sampled.
Quality of	Nature, quality and appropriateness of the assaying	The rock and soil samples were dried, crushed to -
assay data	and laboratory procedures used; whether the	3mm, and sub-sample of 500-1000g is riffle or rotary
and laboratory tests	technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments etc, parameters used in determining the	split and then pulverized to 90% passing 75 microns. For SGS samples, preparation is done at an SGS lab in Bangkok. For ALS samples, preparation was completed at ALS in Laos. 100g -75 micron pulps are
	analysis including instrument make and model,	then dispatched for analysis.
	reading times, calibrations factors applied, their derivation, etc.	All pulp samples were analysed using a hand held Olympus Delta 400 Premium in Geochem and/or soil
	Nature of QAQC procedures adopted (eg standards, blanks, duplicates, external laboratory checks); whether acceptable accuracy levels (ie lack of bias) / precision established.	mode, with dual beam analysis for 30 seconds each. Rb, K, Mn assays show very good correlation with lab derived Li analysis. Other elements of interest also exhibit good correlation with lab results.
		Samples were digested by either mixed acid digest
		or sodium peroxide with ICP finish by ALS Chemex
		in Brisbane for Li and at times also Sn, Ta and Rb.
		Samples to ALS were analysed by sodium peroxide
		fusion digest with ICP-MS finish at SGS in Perth for
		Li, Sn, Ta.
		Internal laboratory standards, splits and repeats were
		used for quality control. PAM did insert any QA/QC
		samples. Although some outcrops have been
		sampled up to 3 times and could be considered as
		filed duplicates, and Li results exhibit strong
		agreement.
Verification	Verification of significant intersections by	Sample results have been checked by company
of	independent / alternative company personnel.	Senior Geologist.
sampling and	The use of twinned holes.	Assays reported as Excel xls files and secure pdf
assaying	Documentation of primary data, data entry	files.
	procedures, data verification, data storage (physical and electronic) protocols.	Data entry carried out both manually and digitally by Geologists. To minimize transcription errors field
	Discuss any adjustment to assay data.	documentation procedures and database validation are conducted to ensure that field and assay data are
		merged accurately.
		Following factor adjustments applied to assay data
		for reporting purposes:
		Li x 2.153 to convert to Li2O
Location of	Accuracy and quality of surveys used to locate drill	Sample and drill hole locations are from hand held
data points	holes (collar and down-hole surveys), trenches, mine	GPS_,_with_a_pproximately 2-5m accuracy for X-Y,
	workings etc used in estimation.	sufficient for this type of exploration. For trenches to start and end points are recorded. Sample locations
	Specification of grid system used.	are then measured from the start point using a tape
		measure.

[43]

Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.	All locations reported are UTM WGS84 Zone 47N.
		Topographic locations interpreted from Thai base
		topography in conjunction with GPS results. These
		are accurate to about 10m.
Data	Data spacing for reporting of Exploration Results.	All samples were selected by the geologist to assist
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 identification of the nature of the mineralisation present at each location. No set sample spacing was used for rock samples, except in channel chips at outcrops and in trenches, where sample widths
	classifications applied?	generally varied between 1 and 3m. Soil samples are
		collected along lines at 20-25m spacing, with lines
	Whether sample compositing has been applied.	spaced at 100m or 200m.
		No Resources or Reserves are being reported
		Sample compositingwas not applied
Orientation	Does the orientation of sampling achieve unbiased	Channel-chip samples collected off exposed faces,
of data in	sampling of possible structures; extent to which this	which may not true width information. Trench
relation to	is known/understood.	samples are collected in trenches oriented normal to
geological structure	If relationship between drilling orientation and orientation of mineralised structures has introduced a	the known trend. Associated structural measurements and interpretation by geologist can assist in understanding geological context.
	sampling bias, this should be assessed and reported
	if material.	All other rock samples are essentially point samples.
		Soil samples were collected on lines oriented normal
		to known pegmatite trends.
		Drilling is undertaken perpendicular or near
		perpendicular to strike and dip of the target.
Sample	The measures taken to ensure sample security.	Samples are securely packaged and transported by
security		independent reputable carrier or transported by
		company personnel to independent sample
		preparation. Pulp samples for analysis are then air
		freighted to Australia in accordance with relevant
		laboratory protocols. Bulk and pulp rejects are
		returned to PAM in Thailand,byreputable courier.
Audits or	The results of any audits or reviews of sampling	None conducted at this stage of the exploration and
reviews	techniques and data.	drilling program.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location and	Three contiguous Special Prospecting Licences
tenement and	ownership including agreements or material issues	(JSPL1, 2 and 3) covering an area of 40sq km are
land tenure status	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	registered toThai company Siam Industrial Metals Co. Ltd. (SIM). Pan Asia Metals holds 100% of SIM located 60km north of Phuket in southern Thailand. The tenure is secure and there are no known impediments to obtaining a licence to operate,
	The security of the tenure held at the time of	aside from normal considerations.
	reporting along with any known impediments to
	obtaining a licence to operate in the area.
Exploration	Acknowledgment and appraisal of exploration by	The Institute of Geological Sciences, a precursor of
done by other	other parties.	the British Geological Survey (BGS) in the late
parties		1960’s conducted geological mapping, documenting
		old 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 ReungKietproject area. The

[44]

Criteria	JORC Code explanation	Commentary
		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 projects are located in the Western Province of
	mineralisation.	the South-East Asia Tin Tungsten Belt. The Reung
		Kiet 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 along the fault zone .
Drillhole	A summary of information material to the
Information	understanding of the exploration results including a	Presented in the text of the report.
	tabulation for all 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.
	If exclusion of this information is not Material, the
	Competent Person should clearly explain why this
	is the case.
Data	Weighting averaging techniques, maximum/	Drilling results are not being reported. Other data
aggregation	minimum grade cutting and cut-off grades are	not applicable to sample type and methods
methods	Material and should be stated.	reported.
	Where compositing short lengths of high grade	Where average grades are reported the lower cut-
	results and longer lengths of low grade results,	off grade and number of samples above and below
	compositing procedure to be stated; typical	cut-off are reported as well as average and
	examples of such aggregations to be shown in	maximum grades of the dataset.
	detail.
	Assumptions for metal equivalent values to be
	clearly stated.	Not being reported
Relationship	These relationships are particularly important in the	Rock chip sample results reported as individual
between	reporting of Exploration Results.	surface samples collected from float sub-crop or
mineralisation widths and intercept lengths	If mineralisation geometry with respect to the drillhole angle is known, its nature should be reported.	exposed faces. For channel samples relationship between sample width and true width varies. For drilling the pegmatite dyke swarm are all assumed to dip at about -25 degrees to SE and strike at 40 degrees. The true width of the reported
	If it is not known and only down hole lengths are	pegmatites is about 100% of the downhole width.
	reported, a clear statement to this effect is required
	(eg ‘down hole length, true width not known’).
Diagrams	Appropriate maps and sections (with scales) and	Soil,rock sample results and trench locations are
	tabulations of intercepts to be included for any	provided on relevant maps in the report.
	significant discovery. These to include (not be	Drill sections and plans are provided in the report.
	limited to) plan view of collar locations and
	appropriate sectional views.
Balanced	Where comprehensive reporting of all Exploration	Results of assays of all samples collected are
reporting	Results is not practicable, representative reporting	reported as appropriate in the text or on plans and
	of both low and high grades and/or widths should	sections.
	be practiced to avoid misleading reporting of
	Exploration Results.
Other	Other exploration data, if meaningful and material,	Pan Asia has conducted geological mapping, rock
substantive	should be reported including (but not limited to):	chip and soil sampling to support the geological
	geological observations; geophysical survey results; geochemical survey results; bulk samples – size	interpretations. XRD studies have been conducted on some rock samples to confirm mineralogy. Sighter metallurgicaltestwork has beenconducted

[45]

Criteria	JORC Code explanation	Commentary
exploration	and method of treatment; metallurgical test results;	on weathered pegmatite samples from the Reung
data	bulk density, groundwater, geotechnical and rock	Kiet lithium prospect. Drilling has been conducted
	characteristics; potential deleterious or contaminating substances.	to test beneath the Reug Kiet open pit, but is not being reported here.
Further work	The nature and scale of planned further work (eg	It is envisaged that further mapping and sampling is
	tests for lateral extensions or depth extensions or	warranted to investigate potential additional lithium
	large-scale step-out drilling).	pegmatites, Drilling to test extensions at depth and along strike is also planned.
	Diagrams clearly highlighting the areas of possible	Appropriate diagrams appear in the repor
	extensions, including the main geological
	interpretations and future drilling areas (if not
	commercially sensitive).

[46]