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Quarterly Activities/Appendix 5B Cash Flow Report

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this Quarterly Activities Report, summarising activities for the quarter ending 31 March 2023 (Quarter).


HIGHLIGHTS

  • Metallurgical flotation testwork results finalised with lithium mica concentrate grades up to 3.0% Li2O and lithium recoveries of ~80%. Both fresh and weathered mineralisation have almost identical flowsheets.
  • Reung Kiet Lithium Prospect assay results received for infill and extensional sampling from drill holes RKDD073-091 and RKDD032. Results continue to support the geological model with many high grade intersections, including:
    • RKDD077: 15.35m @ 0.55% Li2O
    • RKDD080: 6.25m @ 0.82% Li2O
    • RKDD085: 13.50m @ 0.69% Li2O
    • RKDD086: 15.00m @ 0.64% Li2O
    • RKDD089: 8.50m @ 0.73% Li2O
    • RKDD091: 11.50m @ 0.75% Li2O
  • PAM commenced drilling at Bang I Tum Lithium Prospect, shifting both drilling rigs from Reung Kiet to focus on testing the Exploration Target and the Extended Target Zone. The first hole of the program, hole BTDD007, intersected a new pegmatite zone with an aggregate width of 15.8m from 30.9m to 68m.
  • Thai Cabinet approves Mineral Management Master Plan No.2 resulting in Mining Zones being declared across much of the Reung Kiet Project Area including the entire mineralised trends, giving PAM the legal right to submit Mining Lease applications.
  • Lepidolite concentrates subjected to sulphate roasting and water leaching testwork with excellent recoveries achieved, ranging up to 88% lithium (Li) extraction. Further optimisation testwork is underway.
  • PAM raises $4,500,000 through a placement, supported by two Thai based institutional investors and one Australian institutional investor. The raising was at an ~8% premium to the then share price of $0.37/share, indicating strong support for PAM’s strategy to become a leading supplier of Battery Chemicals in Southeast Asia.
  • PAM appoints Elissa Hansen as Company Secretary, Australia.
PROJECTS

Reung Kiet Lithium Project – Metallurgical Testwork

During the quarter PAM announced initial metallurgical testwork results for flotation recovery of lithium mica concentrates using representative sample from the Reung Kiet lithium prospect, see PAM’s ASX announcement dated 19 January 2023, and titled ‘Reung Kiet Lithium Project Metallurgical Testwork Results’.

The testwork was conducted on two separate composites, comprising of fresh and weathered mineralisation, which were selected to represent mineralisation throughout the deposit and containing both internal and external dilution predominantly composed of low-grade siltstone. The testwork was conducted by Beijing General Research Institute of Mining & Metallurgy (BGRIMM) in China, which has particular experience and expertise regarding metallurgical aspects of lithium mica ‘lepidolite’ deposits in China. The testwork was overseen by Dr Evan Kirby of Metallurgical Management Services, a metallurgist with over 45 years’ experience in minerals testing and feasibility work, including several assignments with BGRIMM.

Fresh Material: The detailed beneficiation test study recommended that the beneficiation process for fresh material be a closed-circuit flowsheet consisting of rod milling to P80 of 0.11mm, desliming to remove -0.016mm material, one roughing, three cleaning and one scavenging, with the middlings returning in sequence. The closed-circuit test returned a concentrate grade of 2.99% Li2O at total Li recovery of 77.8% with total flotation time of 8-9 minutes. The concentrate is composed of approximately 90% lepidolite-muscovite.

Weathered Material: The detailed beneficiation test study recommended that the beneficiation process for weathered material be an open circuit flowsheet consisting of rod milling to P80 of 0.14mm, desliming to remove -0.016mm material, one roughing, four cleaning, two scavenging, rougher concentrate classification and separation. The open- circuit test shows the Li2O grade of concentrate is 2.80% and recovery is 63.22% with total flotation time of 8-9 minutes. The concentrate contains approximately 81% lepidolite- muscovite, the balance being mostly kaolinite.

The testwork demonstrated that relatively high recoveries of lithium to concentrate are achievable utilising industry standard methods with both the fresh and weathered mineralisation undergoing similar comminution and beneficiation. This has resulted in concentrate grades of around 3.0% Li2O with Li recoveries up to 78%.


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This article includes content from Pan Asia Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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