In a move that strengthens their foothold in the critical metals sector, battery and critical metals exploration and development company Pan Asia Metals Limited (PAM) announced the execution of an exclusive Option Agreement for the RK Prospect site. This strategic acquisition broadens Pan Asia Metals' access to potentially valuable resources and provides them with the opportunity to expand their critical metals portfolio. The exclusive option agreement allows Pan Asia Metals to assess the viability of the RK Prospect and potentially develop it further, solidifying their position as a key player in the critical metals space.

Paul Lock, Managing Director of Pan Asia Metals (PAM), emphasized the significance of securing the landholding over the RK Lithium Prospect. He noted that this achievement is crucial for advancing discussions with potential strategic partners and for submitting a Mining License application. Lock also highlighted the effectiveness of PAM’s team in Thailand and the strong reputation they have established with the landholder and local communities in PhangNga Province. He expressed appreciation for the positive relationship PAM has had with the landholder over the years and anticipates continued collaboration in the future.

PAM has secured an Option Agreement for the land encompassing the RK Lithium Prospect, which includes a significant portion of the Mineral Resource. The RK Lithium Prospect is the southernmost prospect within the RK Lithium Project. The land under the Option Agreement covers approximately 42 hectares (0.42 km²), encompassing the full extent of the historical Reung Kiet tin mine, its southern extension, and a substantial area to the east of the mineralization zone.

This land also falls within the previously declared Mining Zones, granting PAM the legal right to submit Mining Lease applications and undertake all activities necessary for establishing a mining operation on its tenements within the RK Lithium Project (refer to PAM’s ASX Release dated 19 April, 2023, titled “Reung Kiet Lithium Project - Mineral Management Master Plan No. 2 approved, Mining Zones declared”). Securing this landholding will facilitate strategic investor discussions, completion of the feasibility study, and the submission of a Mining License application.

Pan-Asia Metals (PAM) is actively monetizing the RK Lithium Project through a sale or lease of the RK Property, targeting completion by year-end. The Option Agreement expires in February 2025, prompting this accelerated timeline. In parallel, PAM is in advanced discussions with a prominent Asian lithium chemicals processor for a strategic partnership to develop the project. If successful, this could culminate in a tripartite agreement involving PAM, the strategic partner, and IRPC. Initial meetings were held in mid-June, and discussions are progressing positively.

Additionally, PAM will continue exploring the KT East prospect to determine the extent of the dyke swarm through geochemical sampling and mapping. Grid-based soil and rock-chip sampling, along with geological mapping, have commenced. Both BT and KT are considered vital extensions to RK, with drilling planned to commence at KT later this year.