The Pan Asia Metals share price is currently up 1.08% at 47 cents after surging to an intraday high of 53 cents in early trade.
Pan Asia Metals is an ASX battery metals explorer with four lithium projects in southern Thailand.
What did the company announce?
Investors have reacted positively to the company’s lithium drilling results from its Reung Kiet Lithium prospect.
In today’s release, Pan Asia Metals advised testing results from four drill holes at the mine showed strong lithium mineralisation with robust thickness and grades.
This follows promising lithium results from 6 additional drill holes at the mine, as reported in September.
Lithium is heavily used in electric vehicle (EV) battery technology, which is gaining momentum in Asia and globally.
The company noted its 4 Southeast Asian projects were close to growing EV markets, reducing shipping costs.
Pan Asia Metals managing director Paul Lock said:
We continue to be very satisfied with the assay results we are seeing.
Our drilling results suggest that a 10,000 tonne per annum lithium chemical plant is a realistic objective.
Pan Asia Metals share price snapshot
The Pan Asia Metals share price has surged 235.7% in the past 12 months. This compares favourably against the All Ordinaries Index (ASX: XAO), which is up 10.17% in the past 52 weeks.
However, the company’s share price has dropped 12.9% in the past month.