Exploration Update – Salar Dolores Lithium Prospect

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide an update on activities at its Tama Atacama Lithium Project (TALP) located in northern Chile (See Figures 1 and 2). This update specifically relates to Li assays from surface samples collected at the Dolores North Lithium Prospect, the most northern prospect in PAM’s Li brine holdings.

HIGHLIGHTS

• Elevated Lithium (Li) from geochemical sampling of surface salt crusts at Salar Dolores
• 11 of 33 samples >200ppm Li
• Assays range up to 1250ppm and average of 404ppm Li
• Elevated boron, potassium and magnesium commonly associated with elevated Li
• Elevated Li values at Dolores delineated over a strike length of approximately 20km
• Geochemical signature of surface salt crusts at Dolores similar to Salar de Atacama
• Located at an altitude of 800-1100 mASL in hyper-arid environment, with little to no rainfall and extreme evaporation
• Dolores prospect forms part of the Tama-Atacama Lithium Project comprises four lithium in brine prospect areas in northern Chile extending over 140km north to south and covering an area of approximately 1,000km2 with additional Li brine potential to the south.
• PAM assesses Salar Dolores as highly prospective with excellent infrastructure including major highway access via the Pan Americana 5 Highway, water (salt and fresh), solar power, nearby ports, airports and major logistics hubs

Tama Atacama is strategically unique as it is at 800-1100m altitude, in a hyper arid environment with high evaporation rates. Further, the project has all required transport and energy infrastructure, is located 40-60km from the coast and 75km from Iquique, a coastal city with a population of 200,000, a deep water bulk and container port, and daily flights to Santiago. The project’s positioning, i.e. its altitude and coastal location, with a large portion of the project area abutting large tracts of historic and current nitrate and other mining, means it will offer PAM easy access and simpler operations in the future.“

Figure 1. Tama Atacama Lithium Project – Regional Geography

Figure 2. Tama Atacama Lithium Project - Location in northern Chile

The prospects, collectively known as the Tama-Atacama Lithium Project, are divided into seven main areas and extend over 290km from north to south and encompass approximately 1,600km2 of Exploration Concession applications and granted Exploration Concessions. The Dolores North prospect forms the northernmost extent of the Tata- Atacama project as shown in Figure 2.

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