Pan Asia shares soar into the green again.
The post Pan Asia Metals (ASX:PAM) share price soars another 53% following results update appeared first on The Motley Fool Australia. –
This puts the gain on Pan Asia Metals shares at 223% over the last week alone.
What happened for Pan Asia in its half year results?
There was nothing to write home about for Pan Asia in terms of earnings, as the loss after tax increased to $US667,168 from $631,600 over the year.
The company’s net assets also decreased to $6.8 million, which is an $8.1 million year on year decline from FY20.
However, investors are likely buying Pan Asia shares on the back of its exploration activities in southern Thailand.
Pan Asia started the period by drilling at the Khao Soon Tungsten project and then “shifted focus” to the Reung Kiet Lithium project.
According to the company, both projects “are significant assets”. For example, the Khao Soon site is a “historical tungsten producer” that has “potentially world-class” tungsten mineralisation, as per the company’s report.
The Reung Kiet site “contains a collection of small to medium scale historical alluvial and eluvial tin mines”.
What else is driving the Pan Asia share price?
In addition to its half-year results, Pan Asia shares also soared 130% on Tuesday after the company announced it had lodged a number of geothermal lithium and hard rock lithium and tin exploration block applications.
The applications were all lodged in southern Thailand, at a site known as the “Kata Thong Lithium Project”.
The Pan Asia Metals share price was actually 25% down on the year just before the announcement, trading around 15-20 cents apiece. At the time of writing, the company’s shares are changing hands for 50.5 cents each.
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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.