Pan Asia Metals Reports Strong Results from Khao Soon Tungsten Project in Thailand

HIGHLIGHTS

- Assay results confirm wide, high-grade near surface tungsten mineralisation

- 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

- Results are in line with Exploration Target models

- Shallow dipping geometry confirmed, good WO3 grades, commencing at surface

- Mineralisation has shape and dimensions potentially amenable to open cut mining

Specialty metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to report that laboratory assays have been received for the drilling program at the Khao Soon Tungsten Project (KSTP) located in southern Thailand.

Pan Asia Metals’ Managing Director Paul Lock said: “We are pleased that the laboratory assays have returned strong results with a large number of intersections at greater than 0.5%, WO3 including 7.5m at 1.22% WO3. These are peer group leading results. At Than Pho West the results are in line with or better than the Exploration Target model, with the grades and geometries shaping up as open cut targets with the mineralisation being open at depth.

Further to our results it is pleasing to see the general buoyancy in the APT market, which is the reference price for tungsten. Fastmarkets MB recently reported that the APT price was $25,000-25,500 per tonne, the highest level since 2019. According to commentators the market is up due to tightness in the scrap and raw materials market and the demand side of the market is faced with the prospect that several large Chinese and Russian mines are reaching the end of their respective lives.

We believe Khao Soon will be one of the few new tungsten projects with the potential to work in the current price environment.”

Overview

KSTP is one of PAM’s key assets and a significant historical high-grade producer. Modern exploration has discovered potentially world-class, district scale tungsten mineralisation across numerous prospects. Previous diamond drilling by PAM has intersected robust widths and grades associated with strong surface anomalies, from which Exploration Targets have been estimated. The current drilling program seeks to test the Exploration Targets, with the ultimate aim of estimating Inferred Mineral Resources.

Target 2 and Than Pho West Assay Results are Very Encouraging

PAM has received assay results for holes KSDD024 to KSDD037 from the Target 2 (T2) and Than Pho West (TPW) prospects. The results support and generally enhance the previously reported spot hand-held XRF analysis on drill core and PAM notes a general increase in tungsten trioxide (WO3) concentrations.

Information on the drillholes and intersections of WO3 are included in Tables 1 and 2, respectively. Drillhole plans and cross sections are provided in this report.

Further details of the current and previous drilling programs can be found in Appendix 1, being JORC Table 1. Readers are also advised to refer to the following ASX announcements:

- October 8, 2020: ‘Technical Reports for PAM Projects’

- November 30, 2020: ‘Khao Soon Tungsten Project Drilling Update’

- December 23, 2020: ‘Khao Soon Tungsten Project Drilling Update’

- January 15, 2021: ‘Khao Soon Tungsten Project Drilling Update’

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 ‘Technical Reports for PAM Projects’. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The drilling program at Target 2 had three main objectives:

Test an Induced Polarisation anomaly Test the large WO3 in soil anomaly Evaluate the Exploration Target defined at Target 2

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

A total of nine (9) holes have been drilled for an aggregate of 773.3m. Drilling results have confirmed robust near surface WO3 grades exist beneath much of the tungsten in soil anomaly which are generally in-line with the grades stated for the Exploration Target (see Figure 2).

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.

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.

Figure 2: Khao Soon Tungsten Project – T2 Cross Section KSDD024-025-026

Than Pho West (TPW)

The TPW prospect is defined by a large plus 1km long WO3 soil anomaly supported by rock-chips and subsequent drilling (see Figure 3). PAM has previously completed seven (7) widely spaced diamond core holes at TPW and defined near surface tungsten mineralisation over substantial widths.

Figure 3: Khao Soon Tungsten Project – TPW collar plan and geochemistry

Based upon the initial seven (7) drill holes an Exploration Target of 4-8Mt @ 0.2-0.4% WO3 was estimated, with details reported on October 8, 2020 in ASX announcement ‘PAM Projects – ‘Technical Reports’. Readers are advised that in reference to the Exploration Target, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The drilling program at TPW was designed as infill and extensional drilling to test the Exploration Target. Should the program be successful it may allow a Mineral Resource to be estimated. In the current program PAM has completed ten (10) holes at TPW (KSDD032-041) for a total of 828.2m. Results have been received for holes KSDD032 to KSDD037. Results for the remaining four holes are expected in the near term.

Drillholes KSDD032 and 033 were drilled as infill holes on a previously drilled section (see Figure 4). Both holes intersected wide zones with robust WO3 grades, averaging around 0.47% WO3 which is generally in-line or above those of previous drilling and the Exploration Target grade ranges. The mineralized zone as interpreted on this cross section attains a maximum true width of almost 60m, and extends at least 150m down dip and remains open.

Figure 4: Khao Soon Tungsten Project – TPW Cross Section CX938425

Drillholes KSDD034, 035 and 036 were drilled on the same section about 120m north of KSDD032/033 cross section (see Figure 5). These three holes have delineated a thick zone of tungsten mineralisation dipping about 35 degrees to the east and extending at least 200m down dip, where the zone remains open down dip of hole KSDD036, which intersected 27.5m @ 0.38% WO3 from 79.2m.

Figure 5: Khao Soon Tungsten Project – TPW Cross Section CX938530

This represents the deepest intersection at TPW to date. At its widest the true thickness of the mineralized zone on this section is interpreted to be approximately 63m.

The thickness and grade of the mineralized zone on this section is in line with the Exploration Target model.

Drillhole KSDD037 was drilled on a cross section about 120m south of the KSDD032/033 cross section (see Figure 6). KSDD037 intersected a 52m wide zone (true width), averaging 0.11% WO3 which remains open down dip. The thickness of this zone is in line with the Exploration Target model.

Figure 6: Khao Soon Tungsten Project – TPW Cross Section CX938300

Drillhole KSDD038 was drilled up-dip of KSDD037. PAM has no grade information from this hole due to a malfunction in the hand-held XRF. Laboratory assays for KSDD038 and subsequent holes 039, 040 and 041 are expected in the near term. PAM has also purchased a replacement hand-held XRF which should be delivered within three weeks.

Importantly most of the core intersections through the mineralized zones at TPW are PQ diameter. This larger diameter (85mm) core maximizes core recovery, compared to previous HQ diameter core (61mm), where recovery was variable in some of the mineralized zones. The PQ core also provides additional material for metallurgical test work.

The results support previous work, confirming a thick, shallow dipping mineralized zone with typical grades averaging between 0.2-0.5% WO3. These results serve to confirm and locally enhance the Exploration Target model.

Drilling at TPW is being undertaken at sufficient spacing that should enable a Mineral Resource estimate to be reported, subject to the success of the program and other factors that contribute to a Mineral Resource. Further drilling is planned at the TPW prospect and will seek to extend the mineralized zone along strike and down dip, along with local infill drilling.

PAM also has two other prospects where Exploration Targets have been estimated, Rabbit and Than Pho Ridge (see Figure 7). Further drilling is planned at these prospects to test the Exploration Targets with the aim of potentially delineating Mineral Resources. A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect. This prospect will also be the focus of future drill testing.

Figure 7: Khao Soon Tungsten Project – General Overview

Table 1. Drillhole collar details

Hole_ID

East UTM Zone 47E

North UTM Zone 47N

Elevation

(m)

Dip

Azimuth (mag)

Depth (m)

KSDD023

547574

937910

-60

135

143.0

KSDD024

547655

937819

106

-75

315

100.1

KSDD025

547699

937768

107

-75

315

91.0

KSDD026

547755

937685

129

-75

315

129.1

KSDD027

547630

937721

126

-55

135

69.9

KSDD028

547741

937837

46.0

KSDD029

547637

937615

-60

315

70.2

KSDD030

547511

937962

51.0

KSDD031

547481

937853

-65

315

73.0

KSDD032

553205

938431

-90

270

67.0

KSDD033

553147

938418

100

-60

270

40.6

KSDD034

553192

938534

104

-60

270

53.6

KSDD035

553265

938526

-70

270

89.0

KSDD036

553325

938535

-75

270

115.0

KSDD037

553278

938306

-60

270

63.0

KSDD038

553209

938297

-60

270

170.0

Table 2. Assay results (KSDD023 to 037)

Hole ID

from (m)

to (m)

interval

(m)

WO3 (%)

KSDD023

0.006#

KSDD024

13.1

0.51

KSDD024

8.5

13.1

4.6

0.97

KSDD025

25.0

0.27

KSDD025

13.5

9.5

0.54

KSDD026

Sample 1m in 3m

max 0.001

KSDD027

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

12.4

0.07

KSDD030

1.5

2.5

1.0

0.40

KSDD030

12.4

4.4

0.06

KSDD031

18.7

22.5

3.8

0.06

KSDD031

35.3

7.3

0.12

KSDD032

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

22.4

0.30

KSDD032

43.6

44.5

0.9

0.50

KSDD032

60.1

64.6

4.5

0.74

Hole ID

from (m)

to (m)

interval

(m)

WO3 (%)

KSDD033

23.4

0.58

KSDD033

23.4

13.4

0.75

KSDD033

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

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

61.1

1.1

0.38

KSDD035

64.6

79.6

15.0

0.40

KSDD035

75.5

76.6

1.1

0.71

KSDD036

72.9

73.9

1.0

0.05

KSDD036

76.1

103.6

27.5

0.38

KSDD036

102.6

20.6

0.44

KSDD037

52.0

0.11

KSDD037

5.0

0.11

KSDD037

3.0

0.11

KSDD037

5.0

0.10

KSDD037

9.0

0.29

KSDD037

4.0

0.45

# many samples less than 0.05% WO3

Working Towards Inaugural Inferred Mineral Resource Estimates

As further laboratory results from the drilling program at Khao Soon are received they will be used to enhance geological interpretations and grade modelling with a view to updating the Exploration Target. At some prospects it is anticipated that PAM may be able to report an inaugural Inferred Mineral Resource estimate, subject to ongoing success.

PAM also has two other prospects where Exploration Targets have been estimated. The Rabbit and Than Pho Ridge prospects have a combined Exploration Target estimate of:

5 to 9 Million tonnes at between 0.2 and 0.4% WO3.

Details of the Exploration Targets were reported on October 8, 2020 in ASX announcement ‘Technical Reports for PAM Projects’. 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

Further drilling is planned at these prospects and will seek to test the Exploration Targets, with the aim of potentially delineating Mineral Resources.

A large soil anomaly with robust WO3 grades occurs at the Last Hill prospect. This will also be the focus of future drill testing.

Several other prospects at Khao Soon also require follow-up work, including drilling.

The Company looks forward to keeping Shareholders and the market updated on the drilling progress and results obtained from the planned drilling programs and other exploration at Khao Soon.

Ends

Authorised by:

Board of Directors

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 two contiguous Special Prospecting Licences (SPL) and a Special Prospecting Licence Application (SPLA) covering about 33km².

Figure 8: Regional map identifying the location of the Khao Soon Tungsten Project

About Pan Asia Metals Limited (ASX:PAM)

Pan Asia Metals Limited (ASX:PAM) is a specialty metals explorer and developer focused on the identification and development of projects in South East Asia that have the potential to position Pan Asia Metals to produce metal compounds and other value-added products that are in high demand in the region.

Pan Asia Metals currently owns two tungsten projects and two lithium projects. Three of the four projects are located in Thailand, fitting Pan Asia Metal’s strategy of developing downstream value-add opportunities situated in low-cost environments proximal to end market users.

Complementing Pan Asia Metal’s existing project portfolio is a target generation program which identifies desirable assets in the region. Through the program, Pan Asia Metals has a pipeline of target opportunities in South East Asia which are at various stages of consideration. In the years ahead, Pan Asia Metals plans to develop its existing projects while also expanding its portfolio via targeted and value-accretive acquisitions.

To learn more, please visit: www.panasiametals.com

Stay up to date with the latest news by connecting with PAM on LinkedIn, Twitter and YouTube.

Investor Enquiries

Paul Lock

Managing Director

paul.lock@panasiametals.com

Media Enquiries

The Capital Network

Julia Maguire

+61 2 8999 3699

julia@thecapitalnetwork.com.au

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.

APPENDIX 1 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of 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 handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g 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. Samples are derived from diamond drilling conducted by Pan Asia (PAM) in late 2020, Pan Asia drill core is cut in half with one half 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 laboratory analysis. Duplicates are also used as are internal laboratory QA/QC data reported.

Tungsten mineralization is hosted in laterite and weathered fault breccia transitioning into fresh rock. Broad zones are delineated above a lower cut-off of 0.05% WO3.

Drill core is cut in half or ¼ to collect mostly 0.5-1.5m individual sample lengths. Crushing to -2mm of the whole sample, then riffle or rotary cone splitting and pulverization of 0.5-1kg, from which a 100g sample was extracted for dispatch assay.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, 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 so, by what method, etc). Diamond drilling was conducted using HQ, HQ triple tube or PQ/PQ triple tube. The core was not oriented.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Diamond core recovery is recorded for 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 from 71%-92% and average about 80% HQ and PQ diameter, triple tube drilling is used to assist with maximising sample recovery especially in the weathered zone. Sample recovery of the mineralised zones excludes zones where no core and therefore no sample or assays are recorded. For diamond core drilling scatterplots of grade v recovery indicate that high W grades slightly concentrate with recoveries of less than 65%, potentially indicating some bias. However, lower to moderate W grades broadly occur across the broad range of recoveries.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged. Core is geologically logged with salient 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. 100% of every hole is geologically logged For the diamond core logged intervals are around 30% of the total core drilled.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ 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.

Half or quarter core samples are cut 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. The entire sample is then pulverized to 75% passing 75microns. 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. The methods described are considered appropriate and duplicate ¼ core samples show this. For the Pan Asia diamond drilling field duplicate/second-half or ¼ core sampling has been undertaken The sample/sub-sample sizes are considered appropriate for material being sampled. The pulverized sub-sample is also considered appropriate.

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 geophysical tools, 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 established.

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 total analysis technique.

For the PAM diamond drilling program certified W standards as pulps, a coarse blank and ¼ core duplicates were inserted at regular intervals into the appropriate sample stream. External laboratory checks have not been used. The QA/QC procedures indicate acceptable levels of accuracy and precision.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data. For the Pan Asia core drilling 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-ordinates, paper geological logs and sample data records. The hard copy records are checked against Excel spreadsheet files derived from digital data import or manual data entry. Adjustment of the data includes the conversion of W reported in lab analysis to WO3, by multiplying W by 1.261.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used.

Quality and adequacy of topographic control. Drill holes are surveyed by handheld GPS, accurate to about 2-5m in east and north.

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 reported at 10m contour intervals. This data was checked against Google Earth elevations and those derived from GPS. The data is considered adequate for the purpose reported.

Data spacing and distribution

Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Drillholes are typically being reported on sections from 70-125m apart, drill spacing on section is typically 60-80m

Sample compositing by way of weighted average grades at various cut-offs are being reported.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the 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. The PAM diamond core drilling was 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 known relationship is known to exist

Sample security

The measures taken to ensure sample security. The drill core is transported to the secure PAM processing facility. Core and samples are stored securely. Samples are delivered by reputable courier to Laos and then assay pulps delivered to Australia by reputable courier engaged by ALS.

Audits or reviews

The results of any audits or reviews of sampling techniques and data. The sampling techniques for the PAM diamond drilling have been less formally assessed, aside from checks of assay accuracy/precision which provide acceptable comparisons. The sub-sampling and sample preparation techniques employed are industry standard. However audits or reviews have not been undertaken.

Section 2 Reporting of Exploration Results

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

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

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 tenements are held as Special 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 Province in southern Thailand. All of the areas subject to the SPL’s are accessible for exploration and potential devleopmeent.

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 done by other parties

Acknowledgment and appraisal of exploration by other parties. TGF is the only company recorded 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 setting and style of mineralisation. The deposit type is described as tungsten hosted in laterite and weathered to fresh breccia, probably associated with faulted hydrothermal breccia. The mineralization is located in the Main Range Province of the South East Asian Tin Tungsten Belt. Granitoid magmatism due to subduction and collision of microplates during the Early Triassic to Oligocene has generated some world-class tin - tungsten deposits in the region.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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. Provided in text

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Bulk intersections are reported at > 0.05%WO3, and may rarely, allow for internal diliution of < 0.05%WO3.over 2m down hole. No top cut has been applied.

Higher grade zones within the bulk lower grade zones are reported, at > 0.3% WO3 and allow for internal dilution of <0.3% WO3 up to 2m wide. Some higher cut-off grade zones are reported where material, generally >0.8% WO3. Some lower grade to anomalous WO3 zones are also reported where material.

Metal equivalents are not reported.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). For Pan Asia drill core, the results reported for most holes can be considered near to very near to true thickness. Mineralised zones are shallow dipping at 25-35 degrees, most holes are drilled normal to strike and normal to near normal to dip.

Diagrams

Appropriate maps and 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. See attached report and Figures.

Balanced reporting

Where comprehensive 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. All material drill results are reported.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. The surface areas containing and 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 latertic zones and weatherd breccia zones at surface. These generally occur in association with large W in soil anomalies.

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. The mineralization has generally been intersected in widely spaced holes in close proximity to 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.

See attached report and Figures