Pan Asia Metals Limited provided an update for eighteen (18) more drill holes completed at the Reung Kiet lithium prospect. Results continue to support the geological model of extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes-veins and adjacent metasediments. The mineralised zone is currently defined over a strike length of plus 1km and remains open along strike to the north and south, and at depth especially in the south.

HIGHLIGHTS: Assay results for eighteen (18) holes (RKDD073-091 and RKDD032) completed at the Reung Kiet Lithium Project in southern Thailand have been received. Step out drilling demonstrates extensions at depth and along strike of the existing Mineral Resource. Infill drilling supports geological interpretation of existing Mineral Resource.

Assay results include: Infill and extensional drilling is ongoing, currently drilling hole RKDD101. Drilling planned at the Bang I Tum lithium prospect 8km to the north of Reung Kiet to evaluate recently reported Exploration Target and adjacent target zones. The Reung Kiet Lithium Project (RKLP) is one of PAM's key assets.

RKLP is a hard rock lithium project with lithium hosted in lepidolite/mica rich pegmatites chiefly composed of quartz, albite, lepidolite and muscovite, with minor cassiterite and tantalite as well as other accessory minerals. Previous open pit mining extracting tin from the weathered pegmatites was conducted into the early 1970's. PAM's objective has been to continue drilling with the aim of increasing and upgrading the existing Mineral Resource, which will then be used as part of a Pre-Feasibility Study that will consider various options to determine the technical and economic viability of the project including the production profile of lithium carbonate and or lithium hydroxide and associated by-products. PAM is focusing on lepidolite as a source of lithium as peer group studies indicate that lithium carbonate and lithium hydroxide projects using lepidolite as their plant feedstock have the potential to be placed near the bottom of the cost curve.

Lepidolite has also been demonstrated to have a lower carbon emission intensity than other lithium sources. Reung Kiet Prospect (RK) The RK Prospect was a relatively large open cut tin mine. The old pit is about 500m long and up to 125m wide.

Mining of the weathered pegmatites extended up to 30m below surface, to the top of hard rock. Pan Asia has identified a prospective zone at least 1km long, reporting an Inferred Mineral Resource estimate. The Mineral Resource is based upon the first 46 holes drilled at Reung Kiet.

Ongoing drilling has seen the completion of an additional 54 holes, most of which will be included in the Mineral Resource update which aims to increase the Mineral Resource tonnage and upgrade portions of the Mineral Resource from Inferred to Indicated and possibly Measured classification. The pegmatite swarms remain open to the north and south and at depth on many sections. Reung Kiet Prospect - Drilling: Pan Asia Metals has been conducting diamond core drilling at the Reung Kiet Lithium prospect since March 2021.

PAM has recently received assay results for drillholes RKDD073 -RKDD091, as well as a `tail' on RKDD032, but excluding RKDD087 and 088. The holes are a mix of infill and extensional drilling. Collar details for these holes are provided in Table 2 - Reung Kiet Drillhole Collars, with assay results reported in Table 3 - Reung Kiet Drilling Assay Results, both located in Appendix 1. Appropriate plans and sections are provided throughout this report.

Technical Discussion: The RK pegmatite trend is divided into two main parts, RK North and RK South, each about 500m long. RK North includes the old open cut and immediate surrounds. RK South extends along strike to the southeast and encompasses a prominent knoll associated with an extensive pegmatite dyke and vein swarm.

At RK North the pegmatite dykes and veins dip at 65-70 degrees to the south-east. The Main dyke intersected in drilling beneath the pit can be up to 30m wide, narrower dykes and veins also occur, particularly to the east. At RK South the pegmatites form a dyke and vein swarm that dips at angles of 60 to 35 degrees.

The pegmatite dykes and veins at RK South are typically more numerous when compared to RK North. The pegmatite dykes and veins host the bulk of the lithium mineralisation. However, it is relatively common for adjacent and intercalated meta-siltstone to contain elevated lithium values in the order of 0.1-0.3% Li2O.

From west to east the pegmatite swarm at RK South occurs in a zone approximately 100m wide which appears to taper slightly to the northeast as RK North is approached. Mineralisation remains open along strike to the north and south, and down dip especially at RK South. Additional infill and extensional drilling are ongoing with drillhole RKDD101 currently in progress.

The reported maiden Mineral Resource estimate used only drillholes up to RKDD046. The additional infill and extensional holes will be used to update the Mineral Resource which is expected to reported in late February-early March.