Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

The report shows some great positives as PAM progress with their projects.

Positives

• Licence application to extend Reung Kiet's southern end of the licence area is awaiting final approval. It will increase the Reung Kiet resource estimate as "drilling indicates a thickening of the pegmatites at depth" and is trend is ongoing in the southern area. Most likely approval in Q1 2022.

• Next area of drilling with proven high grades of lithium "Drilling is also planned to commence at the Bang I Tum lithium prospect, where previous drilling has returned highly encouraging widths and grades associated with lithium rich pegmatite dykes and veins"

• Second drill rig to double the speed of progress! "PAM is currently discussing the addition of a second rig with DrillCorp, PAM’s drilling contractor."

• Highly experienced Met work experts with proven experience in lepidolite concentrate test work " Dr Kirby is a metallurgist with over 45 years experience in minerals testing and feasibility work and was closely involved in European Metal Holdings Limited’s (ASX:EMH) feasibility study. PAM has engaged BGRIMM Machinery & Automation Technology Co., Ltd. (BGRIMM) in China to conduct this test work. PAM recently dispatched approximately 235kg of fine crushed mineralised drill core to BGRIMM’s lab in Beijing. BGRIMM’s facilities are integrated and state of the art, providing PAM with a one stop shop for its testing requirements. BGRIMM’s expertise includes highly relevant lepidolite hosted lithium mineralisation experience gained from the lepidolite style lithium mines currently operating in China. BGRIMM will also evaluate the potential to recover tin and tantalum concentrates. The program is expected to provide the required results which will form the basis of the process plant design for the Scoping Study. BGRIMM also has EPC capabilities which may provide PAM certain advantages as it progresses its studies through to DFS"

• More potential increases in footprint planned in the growing Asia region "During the December quarter PAM continued to explore opportunities which have the potential to meet its stated strategic objectives; all opportunities are located in Asia and would complement the Company’s project portfolio focusing on battery and critical minerals."

• Getting rid of the high cost Australian project to focus more on the growing low cost Asia region "During the quarter PAM made the decision to relinquish the Minter Tungsten Project’s Exploration License EL8811. This decision was made as Minter was deemed a non-core asset and PAM’s management time and funds would be better off deployed elsewhere."

• Plenty of cash left 7.3 million AUD for exploring over the next 18+ months.

Ongoing preparation for PFS

• Infill drilling is ongoing with more planned "PAM will commit to additional drilling with the aim of increasing the size of the inaugural Mineral Resource. PAM will also begin infill drilling in preparation for feasibility studies.".

Delays

• Kata Thong hard rock and geothermal licences are "are progressing well although the application process has been hindered by the Covid 19 pandemic and the recent Omicron Covid-19 variant. PAM expects that the Kata Thong applications will be ready for final approval during Quarter 1, 2022." It will probably get approved in March instead of January.

Upcoming assay results

• Assay results for holes RKDD031-042
• Assay results on infill sampling for holes from RKDD006-022
• Assay results holes RKDD043-045