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Pan Asia Metals begins trading on ASX and has drill spinning at Thai tungsten project

Last updated: 15:23 08 Oct 2020 AEDT, First published: 15:01 08 Oct 2020 AEDT

Pan Asia Metals - Pan Asia Metals successfully completes IPO and commences trading on the ASX
The IPO was met with strong demand from a range of investors across Australia

Pan Asia Metals Limited (ASX:PAM) has completed its Initial Public Offering (IPO) and listing on the Australian Securities Exchange under the ticker code PAM which coincides with the start of drilling at the key Khao Soon Tungsten Project in Thailand.

The IPO, which raised A$4.28 million at 20 cents per share, resulted in an implied market capitalisation at listing of A$25.2 million.

PAM's IPO was met with strong demand from a range of investors across Australia, resulting in a share register of 414 shareholders and shares have traded in the range of A$0.15 to A$0.20.

"Exciting day"

Pan Asia Metals managing director Paul Lock said: “This is a very exciting day for PAM and our shareholders.

“Listing on the ASX is a major milestone and the beginning of a new phase of growth for the company.”

The company intends to use the majority of the IPO proceeds for exploration and has already begun drilling at its Khao Soon Tungsten Project in Thailand.

Exploration underway

The company owns two tungsten projects and two lithium projects - Khao Soon Tungsten Project (Thailand), Reung Kiet Lithium Project (Thailand), Bang Now Lithium Project (Thailand) and Minter Tungsten Project (Australia).  

PAM has been exploring at Khao Soon since 2014 and this work has produced a drill supported exploration target of 15-29 million tonnes at 0.2%-0.4% tungsten defined in accordance with the JORC Code (2012).

The objective of the new campaign is to test IP targets associated with strong tungsten in soil anomalies proximal to tungsten mineralisation in laterite and local tungsten mineralisation in bedrock with the ultimate aim to convert the exploration target into a mineral resource.

Pan Asia Metals intends to begin drilling at Reung Kiet and Minter in the coming months.

Location of Pan Asia’s Thailand projects.

Pipeline of project opportunities

PAM is focused on speciality metals and value-added products that are in high demand in South East Asia and the company’s business model is to develop its key assets while simultaneously building a pipeline of future project opportunities.

The company targets assets that have the potential to be positioned in the lower third of the cost curve, which are likely to have lower capital requirements and have the potential to present downstream value-adding opportunities.

Lock said: “PAM’s tungsten and lithium projects potentially offer low opex and capex solutions for two critical metals, with balance sheet requirements expected to be much less demanding as the projects are located in low-cost environments and close to the advanced industrial centres of Thailand and Malaysia.

“We are also continuing to develop our target generation program, which will see us acquire additional assets that fit our criteria.”

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