FLAGSHIP MINERALS LIMITED — Investor Presentation 2021

Apr 19, 2021

Creating a low cost Asian focused Specialty Metals Group, Responsibly

Corporate Presentation 20th April, 2021

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Image: PAM Geologist conducting hand-held X-ray fluorescence analysis of Reung Kiet drill core

Important Information

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Disclaimer

This presentation has been prepared by Pan Asia Metals Limited, a Singapore based company with Reg. No. 201729187E (‘PAM’ or ‘Pan Asia’ or ‘Company’). This presentation has been prepared in good faith, as a summary only, and does not contain all information about Pan Asia’s assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Pan Asia’s securities. The securities issued by Pan Asia are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. Pan Asia does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Certain information in this document has been derived from third parties and although PAM has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Pan Asia. Recipients of this presentation should carefully consider whether the securities issued by Pan Asia are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

Forward Looking Statements

Various statements in this presentation 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 presentation. For example, future reserves or resources or exploration targets described in this presentation 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 cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of Pan Asia only as of the date of this presentation. The forward-looking statements made in this presentation 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 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.

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.

Khao Soon Tungsten Project JORC Exploration Target

At its Khao Soon Tungsten Project PAM has generated a drill supported Exploration Target of 15-29 million tonnes grading 0.2-0.4% WO3 as defined under JORC Code (2012). Readers are advised that 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.

Readers are advised to refer to the following previous ASX release for details on the Exploration Target: 08/10/2020 Technical Reports for PAM Projects

Readers are advised that relevant ASX releases for details on other technical data reported in this presentation can be found in Note 13 on Page 46 of this presentation.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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 presentation or information.

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Bang Now Lithium Project

Minter

Tungsten Project

Reung Kiet Lithium Project

Khao Soon Our Tungsten Project ▷ Large scale, high grade tungsten district ▷ Combined prospective principal strike length of 10km ▷ Drill supported Exploration Target of focus is 15-29Mt @ 0.2%-0.4% WO3¹ ▷ Drilling underway low cost projects with value adding potential

▷ Drill supported Exploration Target of 15-29Mt @ 0.2%-0.4% WO3¹

1. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Advanced exploration assets

Geo-strategic advantages

Positioned to move beyond the mine gate

PAM is situated in close proximity to Asia's rapidly growing EV and LIB markets.

Experienced Board & Management

Lithium and tungsten are both critical metals with highly favourable market dynamics.

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i

Corporate Snapshot

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CAPITAL STRUCTURE

KEY SHAREHOLDERS

CAPITAL STRUCTURE			KEY SHAREHOLDERS
Market Cap	~$19.5M @ 15.5c/share		Paul Lock	42.1M	33.4%
Cash (31 Dec 2020)	~$ 3.1Mii		Thai Goldfields NLiv	20.2M	16.1%
Enterprise Value	~$16.4M		Metal Tiger PLC	7.3M	5.8%
Shares on issue	126,010,288 -610 Shareholders		Holicarl Pty. Ltd.	7.0M	5.5%
Options / Warrants	Nil		David Hobby	4.7M	3.7%
Convertible Notes Nil			Board & Management 70.0M 55.6%

HOLDING ANALYSIS

BOARD & MANAGEMENT

Shares	Number	% of Holdings	Holder	% Holding
1 – 1,000	3	0.5%	Paul Lock, Chairman and Managing Director	33.4%
1,001 – 5,000	77	12.6%	David Hobby, Technical Director & Chief Geologist	3.7%
5,001 – 10,000	139	22.8%	David Docherty, Non-Executive Directoriii,iv	16.9%
10,001 – 100,000	301	49.3%	Thanasak Chanyapoon, Non-Executive Director	2.4%
100,001 and over	90	14.8%	Ian Mitchell, Non-Executive Director	-
Total	610	100.0%	Roger Jackson, Non-Executive Director	-

i. Corporate statistics as at 19 April, 2021, unless otherwise stated. ii. Cash position as at 31 March, 2021 iii. David Docherty is Chairman and a substantial shareholder of Thai Goldfields NL iv. Pan Asia Metals Limited is obligated to pay Thai Goldfields NL (TGF) up to $4m upon first WO3 production at the Khao Soon Tungsten Project, see Note 12 on page 46.

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Experienced Board and Management

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Board and Executives who understand SE Asia

• Substantial experience in the region

• Understands political environment and government processes

• Proven ability to generate and act on project opportunities

• Established networks helping build asset pipeline

• Exceptional in-country team - geologists, legal, community liaison and accounting

• Respected by the communities in which the Company operates

Paul Lock

Managing Director

Focusing on mineral resources in SE Asia since 2013 Substantial experience in project and leveraged finance, and corporate advisory Commodities trading with Marubeni, derivatives trading with Rothschild

David Docherty

Non-Executive Director

Resource sector involvement began in London, 1965 Managing Director of Mining Finance Corp in 1969 Involvement in Thai resource sector since 1987 Founding member of team that discovered Chatree

Ian Mitchell

Non-Executive Director

30+ years' as a director and or company secretary of listed and non listed mining, exploration and industrial companies

Legal expertise is in commercial law, contract law and ASIC and ASX compliance

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David Hobby Technical Director

Economic geologist with 30 years experience Worked in a variety of geological terrains in Asia, Australia, Argentina, USA and Africa Experience in all facets of the minerals project cycle

Thanasak Chanyapoon Non-Executive Director

A Partner at The Capital Law Office, a leading Bangkok based legal practice. NED of Cal-Comp Electronics (Thailand) Established in the Thai business community

Roger Jackson

Non-Executive Director

25+ years as a Mine Operator, in Mine Services and or in Mineral Exploration

Maintained a Geological and Mining Consulting business for the past 10 years whilst holding several executive roles

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Community relationships are important

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We are closely aligned with the communities in which we work:

• PAM has positioned itself as a local company with an in country team of six: 2 x geologists, 1 x liaison, 3 x admin/accounting

• PAM’s local staff are well known and respected within the

• business community and relevant Ministries and Departments

PAM focuses on developing very strong connections at the community levels

• 10+ years local presence extends to community programs focused on education, health and sport

PAM was the first foreign company to obtain an exploration license under the new Minerals Act

• In part a function of our rapport and reputation

PAM was there during COVID-19, supporting

its staff and helping communities

• Building relationships requires more than simple donations, it requires effort and a willingness to be part of and participate in the community

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Bangkok

Bang Now Lithium Project

Ranong

Phuket

Khao Soon Tu ~~n~~ gsten Project

Reung Kiet Lithium Project (100%)

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Kuala Lumpur
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(SUMATRA)

Singapore

The South East Asian Tin - Tungsten Belt comprises several types of granite provinces[1] 1. Source: after Cobbing et al. (1986) and Gardiner et al. (2014)

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Khao Soon Tungsten Project

▷ Historic Khao Soon Tungsten Mine estimated average grades of 2-4% WO3 ▷ Over 10 individual prospects, combined prospective strike length ~10km ▷ Mineralised zones from surface with peer group leading drill intersections ▷ Drill supported Exploration Target, 15 - 29Mt @ 0.2% to 0.4% WO3 ▷ Strong results from recent drilling broadly support Exploration Target model

T1 North Prospect T1 Prospect

Rabbit Prospect T2 North Prospect

T2 Prospect Active Gypsum Historic Mine Khao Soon Than Pho West Tungsten Mine Prospect

Last Hill Prospect Than Pho Ridge Prosp ~~e~~ ct

Licence Boundary IP Geophysics Lines Rail High Voltage Power Drill Holes 100ppm WO3 Soils Forest (req. cabinet approval) Historic KS Mine

PAM Core Shed

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Khao Soon Tungsten Project

The tungsten pipeline is bare

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Tungsten Fundamentals

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EU Critical Metal Survey (2020)[1]

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Tungsten Peer Group[2] (Higher Cost Geography in Red)[3]

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USGS Global Tungsten Mine Production (2019e)[4]

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Tungsten First Use

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Tungsten End Use

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Bang I Tum Lithium Prospect

• The Bang I Tum project was a relatively large scale open cut tin mine

▷ The pit is ~650m long and up to 125m wide

▷ Pegmatites recorded up to 25m wide, mining to approx. 15-20m

▷ Additional smaller scale mining extended further along strike ▷ 14 of 37 rock chip samples >0.5% Li2O, average grade of 1.23% Li2O

Reung Kiet Lithium Prospect

• Main Pit ~450m long and up to 120m wide, pegmatite up to 20m wide

• RKDD001: 6.3m @ 0.65% Li2O from 66m and 5.8m @ 0.73% Li2O from 80m

• ▷ RKDD002: 15.6m @ 0.82% Li2O from 55m, including 9m @ 1.00% Li2O

• Lepidolite rich pegmatite dyke swarm identified to the south of old pit

• • up to 100m in width and ~450m long

• Trenching at RK South yields 90 of 92 samples averaging 1.41% Li2O

• Rock sampling at RK South yielded 17 of 20 samples averaging 1.53% Li2O

• ▷ Recent drilling has intersected extensive pegmatite dyke swarms, assays awaited

Licence Boundary Prospective Trends Sealed Road High Voltage Power Historic Tin Mines

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Reung Kiet Lithium Project

The only lithium projects in SE Asia

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Lithium Fundamentals

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LIB Manufacturing Capacity Forecast[5]

LCE Capital Expenditure Cost Curve[7]

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Lithium Consumption Forecast[6]

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Based on peer feasibility work lepidolite lithium
projects have the potential to lead the peer group
on the measure of capital expenditure per annual
tonne of LCE + by-products as LCE
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THAILAND
GDP Rank: 22 [1]
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Pan Asia Metals' Projects Sit Between Two Complex Industrial Economies

Bangkok Projects Sit Between Two Complex Industrial Ranong Economies Economic Complexity Index Thai Electric (2019 Ranking) Vehicle Policy Japan: No. 01 Focus on EVs and LIBs Prod. Chinese Taipei: No. 02 Up to 10 Year Tax Exemptions Phuket Germany: No. 04 Import Tarif Exemptions Singapore: No. 06 Manufacturing Underway Malaysia: No. 25

China: No. 29 Thai Auto Industry Thailand: No. 31 Chile: No. 81 (No. 1 in SE Asia) Australia: No. 82 18 Auto Assemblers 9 Motorbike Assemblers Thailand 4.0 and 710 Tier 1 Auto Parts Cos S-Curve Targets 1,700 Tier 2 & 3 Suppliers Aerospace No. 1 Auto Manufacturer in SE Asia Alternative Energy No.2 1-Ton Pickup Manufacturer Globally MALAYSIA Next-gen Automotive No.4 Auto Manufacturer in Asia GDP Rank: 35 Automation No.6 Commercial Vehicle Manufacturer ECI Rank: 25 & Robotics Globally Bioeconomy Largest Auto Export Market: Australia Bio-plastics Defense Gross Domestic Product Digital Economy

& Software (2019 Ranking) Kuala Lumpur Food Thailand: No. 22 - 544 Billion Khao Soon Tungsten Project Medical Hubs Machinery Malaysia: No. 35 - 365 Billion Reung Kiet Lithium Project Singapore Printing 1. The Observatory of Economic Complexity: Smart Electronic https://oec.world/en/rankings/eci/hs6/hs96; Textiles 2. Other data: Thailand Board of Investment:

1. The Observatory of Economic Complexity: https://oec.world/en/rankings/eci/hs6/hs96; 2. Other data: Thailand Board of Investment: https://www.boi.go.th/en/index/

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PAM is in a low cost environment

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Thailand is an extremely low cost environment:

• The adjacent chart measures Australian underground mining costs on a A$ per tonne mined basis (blue diamonds)

• By comparison, the A$ equivalent mining costs for the KEMCO underground silver, lead, zinc mine Pre-feasibility Study in Thailand (red diamond) are considerably lower[11]

Savings throughout the cost structure:

• Capital inputs supported by investment incentives

• Skilled and unskilled labour

• Energy, rentals and taxes

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Source of salary statistics: Japan External Trade Organisation “ Survey on Business Conditions of Japanese Companies in Asia and Oceania ”, December 2018.

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PRS Risk Index and South East Asia

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Political Risk Services Group, Inc.’s Global PRS Risk Index (October 2021)[8]

• A measure of country risk calculated using 17 risk components

• Highest = Singapore 90/100; Average = 70/100; Lowest = Zimbabwe 36/100

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PAM Strategy

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PAM’S focus is to secure low cost projects with strong potential to value add outputs:

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Operating Costs Dynamic

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The Value in Value Adding

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A Compelling Investment Case

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• PAM is the only lithium explorer in SE Asia – it has two projects containing three lithium prospects which have returned robust Li2O grades and which are in close proximity to the fast growing Asian EV and LIB markets

• PAM’s strategy is to generate a sufficient ore reserve to feed a 5,000-10,000tpa LCE plant with a minimum 10 year mine life

• PAM holds the Khao Soon project – a potentially world class project consisting of 10 prospects, 4 of which have a combined drill supported Exploration Target of 15-29Mt at 0.2-0.4% WO3, supported by more recent drilling

• Tungsten is the world’s No.1 “critical” raw material, China currently produces ~83% of global supply, Industry is looking for supply diversification

• Asia provides PAM with certain geo-strategic advantages, PAM is strategically positioned between the advanced industrial centres of Thailand and Malaysia

• PAM’s assets and geography position the Company for Lower Capex and Lower Opex outcomes = Lower Cost Production

• PAM’ assets and geography position the Company to move beyond the mine gate and supply specialty metals into the Asian markets

• A Board with over 65 years operating experience in Asia supported by a strong in country team

• Potential price catalysts: Drilling Results - JORC Mineral Resources - Feasibility Studies - Portfolio Expansion

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Exploring for and developing low cost specialty metals assets in Asia

Project Information Image: PAM Senior Geologist with a sample of lepidolite in drill core at the Reung KGeologist with a sample of lepidolite in drill core at the Reung Kiet Lith um Project i et Lithium Project

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Khao Soon Tungsten Project

▷ Historic Khao Soon Tungsten Mine estimated average grades of 2-4% WO3 ▷ Over 10 individual prospects, combined prospective strike length ~10km ▷ Mineralised zones from surface with peer group leading drill intersections ▷ Drill supported Exploration Target, 15 - 29Mt @ 0.2% to 0.4% WO3 ▷ Strong results from recent drilling broadly support Exploration Target model

T1 North Prospect T1 Prospect

Rabbit Prospect T2 North Prospect

T2 Prospect Active Gypsum Historic Mine Khao Soon Than Pho West Tungsten Mine Prospect

Last Hill Prospect Than Pho Ridge Prosp ~~e~~ ct

Licence Boundary IP Geophysics Lines Rail High Voltage Power Drill Holes 100ppm WO3 Soils Forest (req. cabinet approval) Historic KS Mine

PAM Core Shed

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Khao Soon Tungsten Project

Khao Soon Tungsten Project (Pan Asia Metals 100%)

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Khao Soon Tungsten Project highlights:

• Khao Soon mine production to 1979:

• i. Historic production grades est. at 2-4% WO3

• ii. In 1974 USGS personnel reported that the high grade material being mined has an estimated wolframite content of 20%

• To date 41 diamond core holes for a total of 3,514m

• i. Drilling highly successful, discovering near surface intersections containing good tungsten grades over considerable widths.

• Drill supported Exploration Target (ET) 15-29Mt @ 0.2%-0.4% WO3 defined in accordance with the JORC Code (2012)

• i. ET generated with information from drill holes KSDD001-022

• ii. ET model supported by recent drilling (KSDD023-041, 1,602m)

• Hard rock tungsten (wolframite) mineralisation generally hosted in high grade breccia

• Extensive oxide hosted tungsten mineralisation:

• i. Tungsten in thick profiles at/near surface

• ii. Likely vectors to underlying hard rock WO3 mineralization

• Best intersections include:

• i. KSDD001 – 51.5m @ 0.50% WO3 from 0m, incl. 12.8m @ 1.07% WO3 from 14.8m

• ii. KSDD021 – 14.55m @ 0.47% WO3 from 0m, incl. 7.3m @ 0.62% WO3 from 0m

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

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Khao Soon Tungsten Project, drilling hole no. KSDD022

Khao Soon Tungsten Project,drillinghole no. KSDD022	Khao Soon Tungsten Project,drillinghole no. KSDD022	Khao Soon Tungsten Project,drillinghole no. KSDD022
Khao Soon drill supported Exploration Target
Prospect	Tonnes (m)	Grade (WO3%)
Than Pho West	4 – 8	0.2 - 0.4
Than Pho Ridge	1 – 2	0.2 - 0.4
Target 2	6 – 12	0.1 - 0.3
Rabbit	4 – 7	0.2 - 0.4
Total 15 - 29 0.2 - 0.4

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Khao Soon Prospects and surface geochemistry

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Than Pho Prospect

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Than Pho Prospect

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Rabbit Prospect

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Rabbit – IP Targets

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Target 2 Prospect

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Last Hill Prospect

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Last Hill – IP Targets

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Target 1 Prospect

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Target 1 – IP Targets

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Bang I Tum Lithium Prospect

• The Bang I Tum project was a relatively large scale open cut tin mine

▷ The pit is ~650m long and up to 125m wide

▷ Pegmatites recorded up to 25m wide, mining to approx. 15-20m

▷ Additional smaller scale mining extended further along strike ▷ 14 of 37 rock chip samples >0.5% Li2O, average grade of 1.23% Li2O

Reung Kiet Lithium Prospect

• Main Pit ~450m long and up to 120m wide, pegmatite up to 20m wide

• RKDD001: 6.3m @ 0.65% Li2O from 66m and 5.8m @ 0.73% Li2O from 80m

• ▷ RKDD002: 15.6m @ 0.82% Li2O from 55m, including 9m @ 1.00% Li2O

• Lepidolite rich pegmatite dyke swarm identified to the south of old pit

• • up to 100m in width and ~450m long

• Trenching at RK South yields 90 of 92 samples averaging 1.41% Li2O

• Rock sampling at RK South yielded 17 of 20 samples averaging 1.53% Li2O

• ▷ Recent drilling has intersected extensive pegmatite dyke swarms, assays awaited

Licence Boundary Prospective Trends Sealed Road High Voltage Power Historic Tin Mines

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Reung Kiet Lithium Project

Reung Kiet Lithium Project (Pan Asia Metals 100%)

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Reung Kiet Highlights:

• 2.5km combined strike based on pits, drilling, exposures and rock chips

• Mined lepidolite pegmatites up to 25m wide

• Average rock chip grades of 1.41% Li2O (Avg. 148 samples, >0.5% cutoff) with accessory Sn and Ta

• Total diamond drilling to date: 14 holes for ~1,870m

• Pegmatite and or dyke swarms intersected in all holes

Reung Kiet has strong underlying dynamics:

• Project is a good fit with the Thai Government’s industrial policy and objectives, has strong support

• Feasibility work by ASX listed Lepidico, Lithium Australia, European Metals and Infinity Lithium strongly endorses lithium micas as potentially lowest cost source of lithium carbonate and lithium hydroxide

• Lepidico (LPD) DFS endorses lepidolite as a low cost source of lithium hydroxide (see slide 14)

• In 2019 LPD acquired Desert Lion Energy Inc. (DLI) for ~A$21m

• i. DLI held 80% of the Karibib lepidolite project in Namibia, valuing the project at ~A$27 million

Downstream opportunities:

• Pan Asia Metals is the only lithium explorer positioned to build lithium carbonate and lithium hydroxide manufacturing capacity in Southeast Asia

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Reung Kiet Lithium Prospect

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Significant lepidolite rich pegmatite trends:

• Main Pit is about 450m long and up to 125m wide

RK North

• 5 diamond core holes for a total of 587.5m, 3 sections, 100m apart to test beneath old pit;

• All holes intersected Main pegmatite, 10-40m downhole widths, results include:

• i. RKDD001: 6.3m @ 0.65% Li2O from 66m and 5.8m @ 0.73% Li2O from 80m

• ii. RKDD002: 15.6m @ 0.82% Li2O from 55m, inc. 9m @ 1.00% Li2O

• iii. Moderate to low grades of Li2O, plus Sn and Ta

• iv. Mineralised zones are open to the north and south of the old pit

RK South Drilling, Trenching and Rock Chips

• Lepidolite rich pegmatite dyke swarm identified:

• i. Up to 100m in width and ~450m long

• ii. Trenching yields 90 of 92 samples averaging 1.41% Li2O

• 3 diamond core holes for a total of 316m, 3 sections, 100m apart to test beneath trenching:

• i. All holes have intersected extensive pegmatite swarms containing lepidolite, awaiting assays

• ii. Mineralised dyke swarm remains open to the south

• Rock sampling at RK South yielded 17 of 20 samples averaging 1.53% Li2O

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Reung Kiet Lithium Prospect RK North Drilling

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Reung Kiet Lithium Prospect RK South Drilling and Trenching

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Bang I Tum Lithium Prospect

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The Bang I Tum project was a relatively large scale open cut tin mine:

• The pit is about 650m long and up to 125m wide

• Mining of weathered pegmatites to about 15-20m below surface, to top of hard rock

• Pegmatite recorded up to 25m wide

• Additional smaller scale mining extended further along strike and the area is host to extensive alluvial and eluvial mining in many drainages

• Rock chip sampling has yielded 14 of 37 samples >0.5% Li2O, with average grade of 1.23% Li2O plus Sn and Ta

• 6 diamond core holes for a total of 963m, 4 sections to test beneath the old pit and lepidolite rich dykes outcropping at Lepidolite Hill:

• i. Extensive pegmatite swarms intersected in all holes, some with lepidolite

• ii. Awaiting assays

• Potential rapid transition to Mineral Resource

A second lithium trend identified:

• Located approximately 350m east of, and parallel to the Main trend

• Approximately 1.5km in length

• Additional anomalies require follow-up

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Reung Kiet Lithium Prospect

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Reung Kiet Lithium Prospect

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60km to Ranong 37km to Ranong Airport (All weather access)

Weathered lepidolite pegmatite, assaying: 20405- 2.06% Li2O 20406- 1.68% Li2O

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AEPL 1/2561
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Historic Tin Mine

Historical Alluvial-Eluvial Tin Mining

Bang Now Lithium Project

• Average of 1.75% Li2O from 20 of 24 rock chip samples

• Grades of between 0.5% and 3.38% Li2O

• Potential target area of 2km x 400m hosting extensive lepidolite rich pegmatite dyke swarm

• Potential for lithium mineralisation to be present in metasediment in contact with pegmatite dykes

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Licence Boundary All Weather Road Li2O Channel and Rock Chip Samples Historical Alluvial-Eluvial Tin Mining

Bang Now Lithium Project

Bang Now Lithium Project (Pan Asia Metals 100%)

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Project Highlights:

• Located in Chumporn Province:

• i. ~ 480km WSW of Bangkok

• ii. ~140km North of the Reung Kiet Lithium Project

• Within this area PAM has located historic mining activities with abundant tailings:

• i. Contains gravel to boulder sized lepidolite bearing pegmatite as well as quartz and meta-sediments. Pegmatite is visible in several old mine faces

• ii. Rock-chip dataset now consists of 24 samples, 20 of which have grades >0.5% Li2O and range up to 3.38% Li2O, returning an average grade of 1.75% Li2O.

• Location, history, dimensions, grades and data:

• i. License area of ~5km[2]

• ii. Large scale historic alluvial-eluvial tin mining in district

• iii. Located in the prospective Ranong Fault Zone

• Additional follow-up mapping and sampling planned to assist drill planning

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Lake Cargelligo

Minter Tungsten Project

• Main host for tungsten mineralisation are steeply dipping quartz veins

• Pan Asia plans drilling to test a new model for the mineralisation

• ~10,000m previous drilling, mostly shallow

• Best drilling results:

• DAC007 – 24m @ 0.32% WO3 from 4m

• ABRAB-82077 – 6m @ 0.54% WO3 from 16m

• PDH05 – 27m @ 0.17% WO3 from 1.5m

• ▷ DAC017 – 26m @ 0.16% WO3 from 2m

EL 8811

Licence Boundary Sealed Roads Rail Tungsten Trend 100ppm WO3 Soil Anomaly / Historic Drilling

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Minter Tungsten Project

Minter Tungsten Project (Pan Asia Metals 100%)

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Situated in the Wagga-Omeo Tin Province:

• i. Central region of the Lachlan Fold Belt, NSW, Australia

• ii. Hundreds of Sn and/or W occurrences documented

• iii. Ardlethan, ~100km south, was a significant tin producer

• Tin and tungsten mainly associated with granites of the Koetong Supersuite, which intrude metasediments:

• i. Mineralisation is in quartz veins, stockworks, pipes, greisens, breccia, aplites, pegmatite and carbonate replacement/skarn

• The Exploration License is ~145km[2”] :

• i. Previous exploration has defined a belt of prospective zones hosted in quartz veins in metasediments near granite contact

• ii. ~10,000m of drilling yielding numerous low-mod grade WO3 intersections over a relatively large area including:

  • 28m @ 0.14% WO3 from 0m; 10m @ 0.18% WO3 from 0m

  • 27m @ 0.17% WO3 from 1.5m; 26m @ 0.16% WO3 from 2m

  • 24m @ 0.32% WO3 from 4m; 6m @ 0.54% WO3 from 16m

• iii. Recent work suggests that historical drill holes were not drilled in optimal direction to test the mineralisation

• PAM’s planned work includes:

• i. Full multi-layered data review

• ii. Investigation of potential for blind systems above granite

• iii. Additional drilling will aim to delineate an Exploration Target and/or Inferred Resource

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Minter Tungsten Prospect

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Corporate Directory & Notes

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1. See: www.ec.europa.eu/growth/sectors/raw-materials/specific-interest/critical_en.

2. Data collected from company presentations, broker and analyst research reports, and PAM research.

3. Higher cost countries are United States, Canada, Western Europe, Australia.

4. USGS Tungsten Statistics and Information - Tungsten Annual Publications, 2020: See: www.pubs.usgs.gov/periodicals/mcs2020/mcs2020-tungsten.pdf.

5. E-Mobility Index 2019, Roland Berger Automotive Competence Center & fka GnBH, November 2019, see: www.rolandberger.com/en/Publications/E-Mobility-Index-2019-China-pulls-furtherahead.html.

6. Source: Modified from original by Benchmark Mineral Intelligence, see Piedmont Lithium Limited’s ASX release dated 8 June, 2020, see: https://www.asx.com.au/asxpdf/20200611/pdf/44jkct7yxpcllm.pdf.

7. For each technical study in which it is stated that revenue is being generated from by-products, the total value of those by-products have been converted to an LCE equivalent (in tonnes) using the following methodology: Step 1 - The by-product value is by-product tonnage multiplied by assumed market price for that by-product; Step 2 - Where a technical study is for the production of lithium hydroxide the volume of lithium hydroxide is converted to an LCE by dividing the tonnes produced by 0.88; Step 3 - The product of Step 1 is divided by the stated expected market price for lithium carbonate. The commodities and respective prices used in the calculation are: Li2CO3 (US$12,029\t); LiF (US$17,201\t); LiOH (US$13,669\t); Amorphous Silica (US$100\t); CHCsO2 (US$38,600\t); Feldspar (US$75\t); Gypsum (US$4\t); H3BO3 (US$ 710\t); K2SO4 (US$540\t); Mica US$50\t); Rb2SO4 (US$13,600\t); Sn (US$16,960\t); Quartz (US$100\t). Grades and metallurgical recovery of each ‘metal’ are taken into account by the technical study.

8. Source Data: Political Risk Services Group (PRS), PRS Risk Index, 15 October, 2020 (Chart prepared by Pan Asia Metals Limited, April 2021)

9. This is a picture of a breccia sample collected from the Khao Soon Tungsten Project, the black material is fine grained wolframite (tungsten trioxide), the sample is approximately 19cm in width.

10. Full details of exploration results and data can be found in Sections “15. Independent Geologist’s Report – Thai Projects” and “16. Independent Geologist’s Report – Minter Project, Australia” of the Prospectus.

11. KEMCO Data sources from: www.metaltigerplc.com/news/1123-metal-tiger-plc-thailand-receipt-of-kemco-competent-person-report-final-draft-mineral-resource-estimate-valuation-update-201706-13-131100. Australian underground hard rock mining cost chart sourced from: www.amcconsultants.com/experience/trends-in-australian-underground-mining-costs/ [Accessed, 17 July, 2020

12. Pan Asia Metals Limited will pay Thai Goldfields NL (TGF) a A$2m cash payment upon first WO3 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 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.

13. Readers are advised that relevant ASX releases for details on the technical data reported in this presentation can be found in the following ASX Releases: Khao Soon Tungsten Project Reung Kiet Lithium Project Other Projects

14. 8 Oct 2020: ‘PAM Projects – Technical Reports’

15. 22 Oct 2020: ‘Khao Soon Tungsten Project Licence Update’

16. 30 Oct 2020: ‘Khao Soon Tungsten Project - Drilling Update’

17. 30 Nov 2020: ‘Khao Soon Tungsten Project Drilling Update’

18. 23 Dec 2020: ‘Khao Soon Tungsten Project - Drilling Update’

19. 15 Jan 2021: ‘Khao Soon Tungsten Project Drilling Update’

20. 24 Feb 2021: ‘Strong Results from Khao Soon Tungsten Project’

21. 8 Oct 2020: ‘PAM Projects – Technical Reports’ • 8 Oct 2020: ‘PAM Projects – Technical Reports’

22. • 21 Oct 2020: ‘Positive Discussions regarding Reung Kiet Lithium • 02 Dec 2020: ‘Minter Tungsten Project - Drilling Program Approved’ Project with Phang Nga Provincial Government’

23. 18 Jan 2021: ‘Drilling commences at Reung Kiet Lithium Project’

24. 01 Feb 2021: ‘Reung Kiet Lithium Project - Drilling Update’

25. 23 Mar 2021: ‘Drilling Update - Bang I Tum Lithium Prospect’

26. 25 Mar 2021: ‘Drilling update - Reung Kiet Lithium Prospect’

27. 29 Mar 2021: ‘Drilling Update- Khao Soon Tungsten Project’

Paul Lock

Executive Chairman Managing Director paul.lock@panasiametals.com

David Hobby

Technical Director Chief Geologist david.hobby@panasiametals.com

Registered Office

Bangkok Office

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

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