Tama Atacama Lithium Project - Exploration Concessions Granted

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to advise that the first series of Exploration Concessions have been granted at its Tama Atacama Lithium Project.

PAM has received confirmation that a net total of ~211km2 or 21,100Ha of Exploration Concessions have been granted at the Pink Lithium Prospect, part of PAM’s Tama Atacama Lithium Project. These granted Exploration Concessions fall within Option Agreement 2 (see Appendix 1) and bring the total area under granted Exploration Concessions to 286km2 or 28,600Ha, see Figures 1 and 2.

This is the first of a series of Exploration Concession grants. The grant of Exploration Concessions in Chile is a judicial process, therefore one can have a high degree of confidence in the procedure for their grant. A further 138km2 (13,800Ha) of Exploration Concessions are expected to be granted later in January and 240km2 (24,000Ha) in first half February, with the remainder during the period through to April 2024.

On the 19th of December 2023, the Chilean Congress approved Law No. 21420, bringing into effect modifications to the Chilean Mining Code. Of significance is the increase in the term of Exploration Concessions to 4 years with the possibility to extend for a further 4 years, replacing the former 2 year + 2 year licensing regime.

Next Steps

PAM is in discussions with geophysics and drilling service providers and plans to begin drilling on granted license areas at the Pink Project early this year. The aim of the drilling program is to identify lithium bearing aquifers at depth. Upon identification, PAM will conduct detailed drilling in anticipation of defining an initial resource later in 2024. Final timing for drill testing will be subject to rig availability. PAM’s objective is to conduct evaporation testwork as well as submit bulk volumes of lithium brines for evaluation by various DLE providers.

The Company is progressing both its Thai and Chilean lithium initiatives. PAM has secured two strategically significant lithium projects and looks forward to keeping Shareholders and the market updated on its progress.

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