Good to see another update. This update is an infill drilling...

Good to see another update. This update is an infill drilling update with no surprises. We can't expect a big market reaction as the purpose of infill drilling is for the already announced 10,000tpa JORC mineral resource and scoping study.

Here are my key takeaways.

Key highlights

• New drilling assay results show great composite grades; 0.59%, 0.51%, 0.43%, 0.47%, 0.55%, 0.39%, 0.47% Li20 which is positive as all but one is over 0.43%. The 0.43% Li20 is required to be at the bottom of the cost curve. The minimum cut-off seems to be 0.2% Li20 to be economic so all are very economic.
• The drilling results were also successful in testing for down dip extensions of the pegmatites to 160 to 240 metres depending on the area. It could extend deeper with deeper drilling planned.
• Infill drilling is progressing well at Reung Kiet with good quantities of valuable by-products found "The results have been good, with Li, Sn and Ta, and Cs, Rb and K results being in line or better than PAM's direct peers"

Future plans/updates

• JORC Mineral Resource looks to be on track for Q1 probably around the end of March but the Scoping Study will most likely be in Q2 which is released after the Mineral Resource.
• Further drill holes planned at Reung Kiet for deeper holes to extend high grade pegmatite zones down-dip and additional infill drilling
• Drilling moving on to Bang I Tum (probably in Q2)
• Waiting on more Reung Kiet results for hole RKD043-046 and RKDD047-049

Seems like Paul is aiming to drill as much as possible to dot the i's and cross the t's as a detailed finance guy.

No further updates on licences which we can only assume is progressing well as per the last update but with delays from Covid. I'd manage my expectations for it being ready for final approval in Q1 as per the last update, but with the actual approval in Q2.