RK Lithium Project – Drilling Update Strong Li and Sn Intersections at the BT 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 for new drill holes (BTDD026-036) completed at the BT Lithium Prospect. Drilling results generally support the geological model applied to the Exploration Target estimate with lithium, tin and tantalum mineralisation hosted in pegmatite dykes-veins and adjacent metasediments. The prospective zone is currently defined over a strike length greater than 1.0km and remains open along strike and at depth on many sections.

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HIGHLIGHTS:

• Drilling results for holes BTDD026 through BTDD036 at BT Lithium Prospect received
• Results support the geological model and Exploration Target
• Multiple high grade Li and Sn intersections
• Drilling confirms >1km long and up to 300m wide pegmatite dyke and vein swarm
• Drilling confirms extensions of new Li pegmatite zone to the west of the Main zone
• Drilling confirms further southern extensions of the Main zone
• Mineralisation remains open in multiple directions
• Drilling is ongoing, BT Lithium Prospect Mineral Resource Est. expected in early 2024
• Strategic Partner discussions are progressing very well

Intersections include:

Pan Asia Metals’ Managing Director, Paul Lock, said: “We are happy with these results, they are generally in line with our drill supported Exploration Target and are supportive of the geological model applied to that Exploration Target. We have a main pegmatite zone which is rich in lithium and a smaller zone which is rich in tin, with an overlapping lithium-tin zone to the south of the old tin pit . Further work needs to be completed on the western and southern extensions to this main pegmatite zone and then we should be in a position to deliver an inaugural Mineral Resource Estimate. Overall, our progress is good and the BT Lithium Prospect will complement the RK Lithium Prospect well.“

PAM has been conducting diamond core drilling at the BT Lithium Prospect (BT) since March 2023. The drilling program is designed to test the Exploration Target estimate at BT and adjacent target zones, particularly to the west. Holes are planned at sufficient spacing to allow for a combination of Inferred and Indicated Resources, which is expected in early 2024. Further details on the RK Lithium Project and the BT Lithium Prospect can be found in Appendix 1.

In this report, assay results for drillholes BTDD026 to 036 are reported. The data discussed is based upon cross sections drilled as shown in Figure 1. The southern most section of the drilling is discussed first and then successive cross sections extending to the north.

Collar details for the holes are provided in Table 3, BT Lithium Prospect - Drillhole Collars; Assay intersections are provided in Table 4, BT Lithium Prospect - Drilling Intersections, both in Appendix 2. Further technical details are provided in Appendix 3, being JORC Table 1. Appropriate plans and sections are provided throughout this report.

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