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Pan Asia Metals Limited (ASX: PAM) is pleased to report that the Cabinet of the government of Thailand has approved Mineral Management Master Plan No.2 (MMMP2) prepared by the National Mineral Management Policy Commission (NMMPC)1 and proposed to the Cabinet by the Ministry of Natural Resources and Environment. The MMMP2 remains in effect until December 31, 2027 and is part of a broader Mineral Management Strategy planned out to 2037.
Provisions contained in MMMP2 allow the NMMPC to designate Mining Zones. This has resulted in Mining Zones being declared across much of the Reung Kiet Project Area and captures the entire Reung Kiet and Bang I Tum mineralised trends (see Figure 1). The declaration of these Mining Zones now gives Pan Asia the legal right to submit Mining Lease applications and to conduct all activities relevant to establishing a mining business on its tenements which make up the project.
In addition to declaring Mining Zones, the MMMP2 has been expanded to include investment promotion and facilitate mechanisms and policies for mineral exploration, resource extraction and related downstream industries. MMMP2 also aims to educate the public to increase its knowledge and understanding of the Mineral Management Master Plan.
In preparation of the Company’s Mining Lease Applications, Pan Asia has been conducting baseline environmental studies at Reung Kiet to assess local air quality, surface and groundwater water quality, noise monitoring and community related health monitoring. At the same time, Pan Asia has been conducting community information programs in association with its ongoing community support programs that focus on health, well-being, education and sports.
Figure 1 - Reung Kiet Lithium Project, Mining Zones
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PAM:AU
Pan Asia Metals
Overview
Pan Asia Metals (ASX: PAM) is the only publicly traded battery metals company with advanced lithium projects in South-East Asia, strategically located in Thailand – the largest vehicle producer in the region. With Asia accounting for more than half of the global annual vehicle production, PAM is uniquely positioned to capitalize on the soaring demand for battery minerals in the region. PAM's dedication to producing innovative, high-value products with a minimal carbon footprint makes us an ideal partner for meeting our needs in both battery chemicals and sustainable energy. PAM is also a respected local company, with a strategy focused on developing an integrated supply chain to cost-effectively deliver relevant and in-demand products to the Li-ion battery market. PAM is rapidly advancing its Reung Kiet lithium project through pre-feasibility studies and plans to expand its global lithium resource sustainably through the Kata Thong project, also located in Thailand, and other potential low-cost projects globally.
The move toward a green economy is in full swing as automakers and world governments shift focus to electric vehicles (EVs) and other clean technologies in a global push to achieve carbon-reduction targets. Asia is at the forefront of this transition, both in terms of adoption and opportunities, and the ASEAN countries to the south are following suit with Vietnam, Thailand, Indonesia, and Malaysia positioning to attract battery and EV manufacturers.
EV adoption in mature Asian markets ranged between 1.2 percent and 16.1 percent in 2021, but emerging markets are also making strides. Thailand topped emerging market adoption at 0.7 percent in 2021. Governments are ramping up EV and emissions regulations, including China, South Korea, and Japan. Thailand’s 3030 EV Policy aims to reach 30 percent of domestic EV vehicle production by 2030. Miners within the region are poised for significant growth as Asia embraces clean technology with a focus on developing a domestic supply chain of battery metals.
Pan Asia Metals’ lithium and tungsten assets in Thailand are currently the only advanced lithium projects in Southeast Asia, creating a unique value proposition for low-cost operation and a significant opportunity to value-add its production. Pan Asia Metals is currently the only lithium explorer in Southeast Asia. The company is led by an experienced management team with direct experience in and a deep understanding of the geopolitical environment in Southeast Asia.
The company operates three projects in Thailand, with 100 percent ownership in each. The Reung Kiet Lithium Project (RKLP), the company’s flagship asset, comprises the aptly named Reung Kiet Prospect (RK) and the Bang I Tum (BIT) prospect. RK contains a JORC-compliant 10.4 million tonnes of lithium oxide at 0.44 percent, and PAM is completing the drill program for a resource upgrade in both tonnes and JORC category. The company is about to start drilling at BIT, which has a drill-supported JORC-compliant 8 to 14 million tonnes of 0.5-0.8 percent lithium oxide. Recent ore sorting of RK samples saw an upgrade in the feed to 1 percent lithium oxide whilst removing over 60 percent of the waste material. Recent rock chip assays at BIT increased the target area of mineralization by over 200 percent with 44 of the 64-rock chip and channel samples averaging 1.56 percent lithium oxide and over 70 percent of these >1.0 percent lithium oxide and over 25 percent >2.0 percent lithium oxide.
The secondary Kata Thong lithium project is Pan Asia Metal’s second project which contains five application areas with a combination of historic hard rock tin mines and geothermal fields, which are believed to be rich in lithium. The area has produced rock chip assays up to 0.27 percent lithium. Pan Asia Metals’ third asset, Khao Soon, contains tungsten deposits, a metal critical to industrial activity.
A strategic goal of Pan Asia Metals is to ‘move beyond the mine gate’ by adding more value that extends through the supply chain. The company plans to not only explore and develop assets but will also take on processing and refinement to create a final product that is ready for manufacturing lithium-ion batteries. This strategic focus enables the company to provide more immediate value by delivering a high-grade product rather than raw lithium.
Pan Asia Metals is located near the largest manufacturing hub in Southeast Asia. Three of the top Asian auto manufacturers are within Thailand and accessible by all modes of transport. Additional industrial centers are nearby in Malaysia and Singapore. The proximity of these manufacturers allows Pan Asia Metals to further reduce its costs and carbon footprint. Thailand is a low-cost environment with an advanced industrial economy, creating numerous opportunities for cost savings.
A team of experienced managers and explorers leads the company toward its goals of developing and refining critical minerals for manufacturing. In addition to directly applicable experience in the mining industry, leadership members also deeply understand the local business environment offering confidence in its ability to fully capitalize on its assets.
Company Highlights
- Pan Asia Metals is an exploration and development company with assets in Southeast Asia focusing on the critical minerals necessary for clean energy transformation.
- Beyond developing highly prolific deposits, the company wants to move beyond the mine gate by refining and processing a high-grade product ready for cathode manufacturing.
- Pan Asia Metals operates three 100-percent-owned projects in Thailand targeting lithium and tungsten deposits.
- The Reung Kiet flagship project has a JORC-compliant resource estimate of 10.4 million tonnes of lithium at 0.44 percent, with a resource expansion due soon.
- Pan Asia Metals operates two additional assets with significant hard rock lithium and tungsten deposits for future development.
- An experienced managed team with a deep understanding of the Southeast Asian market and the mining industry leads the company towards fully developing its assets.
- The company executed a non-binding memorandum of understanding with VinES Energy Solutions Joint Stock Company for the evaluation of a standalone lithium conversion facility in Vietnam for an initial annual capacity of 20-25,000tpa of lithium carbonate and / or lithium hydroxide.
- Pan Asian Metals discovered new pegmatite zones at the Bang I Tum Lithium Prospect located about eight kilometers north of the Reung Kiet Lithium Prospect in southern Thailand.
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First-mover Advantage in Critical Metals for Southeast Asia Market
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
