Pam Raises $4,500,000 At A Premium Price To Support And Develop The Company’s Strategy To Become A Leading Supplier Of Battery Chemicals In Southeast Asia

Funds are to be used to drive the company’s exploration and development activities at the Reung Kiet Lithium Project, specifically: to continue the necessary technical and economic studies required for the delivery of a Pre-Feasibility Study for the Reung Kiet Lithium Prospect, which is anticipated later in 2023; and to begin drilling at the Bang I Tum Lithium Prospect where up to 15,000m of diamond core drilling is planned with the drilling program designed to test the Exploration Target as well as the recently identified adjacent zones which, with success, should enable a Mineral Resource to be estimated, which is anticipated for later in 2023. PAM will also be assessing the potential economics for standalone midstream lithium chemical conversion opportunities in Southeast Asia. PAM will be progressing its current applications at the Kata Thong Geothermal Li & Hard Rock Li Project as well as assessing other battery metal project opportunities which fit PAM’s hurdle criteria. Funds will also be used for general working capital requirements.

Pan Asia Metals Managing Director Paul Lock said: “This is a most pleasing result. The support PAM has received from the three institutional investors participating in this placement speaks volumes about PAM’s projects and its strategy in Southeast Asia. Since listing PAM has been diligently working on the foundations of its strategy, aiming to position itself for downstream opportunities, and we expect this work to start paying off in 2023. We are conscious of our capital structure and dilution, and note that the placement is for shares only, maintaining PAM’s clean and tight capital structure. The fact that we have raised at a premium to the most recent close and the 15 day VWAP also demonstrates that we have investors sharing PAM’s longer term vision. The underlying fundamentals for lithium are very strong and we see interesting opportunities in Southeast Asia. Aside from progressing the Reung Kiet Lithium Project, we will be focusing on potential midstream opportunities, which if successful could see PAM positioned as a leader in the supply of battery metals and chemicals in the region. We will also be assessing other battery metal project opportunities and progressing applications currently underway.”

Click here for the full ASX Release