Pan Asia Metals (ASX:PAM) share price soars another 53% following results update

Pan Asia shares soar into the green again.

| More on:
A person with a round-mouthed expression clutches a device screen and looks shocked and surprised.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Pan Asia Metals Ltd (ASX: PAM) share price has jumped another 53% on yesterday's gains following the release of its half-year results.

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.

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.

More on Share Gainers

Man pointing at a blue rising share price graph.
Share Gainers

3 ASX All Ords shares rocketing over 10% today

Double-digit gains anyone?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Aussie Broadband, Harvey Norman, HMC, and Web Travel shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »

Three women cruise along enjoying ice-creams in the sunshine.
Best Shares

3 ASX 300 stocks up by more than 300% in a year

These stocks certainly add up to a triple treat.

Read more »

A man looking at his laptop and thinking.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors were pulled back down to earth this Tuesday.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why EML Payments, Gentrack, Regis, and Resimac shares are racing higher

These shares are outperforming on Tuesday. What's going on?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors kicked off the trading week in style today.

Read more »

Person pointing at an increasing blue graph which represents a rising share price.
Share Gainers

Why Liberty, Lovisa, Novonix, and SG Fleet shares are storming higher today

These shares are starting the week strongly. But why? Let's find out.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »