Pan Asia Metals (ASX:PAM) announced financial results for the half-year ended June 30, 2022.
Pan Asia Metals is a Singapore registered Asian oriented minerals exploration Company focused on the identification and development of battery and critical metals assets situated in low cost environments proximal to advanced industries centres.
The loss for the Consolidated Entity after providing for income tax amounted to US$939,208 (30 June 2021:US$667,168).
The net assets of the Consolidated Entity decreased by US$980,139 to US$11,460,569 as at 30 June 2022 (31 December 2021: US$12,440,708).
Working capital being current assets less current liabilities, decreased by US$2,097,357 to US$2,809,250 (31 December 2021: US$4,906,607). The consolidated entity had a net cash outflows from operating activities for the period of US$757,654 (30 June 2021: US$579,416 cash outflow).
The total cash and cash equivalents at the 30 June 2022 amounted to US$3,159,935 (31 December 2021: US$5,274,787).
For the six months ended 30 June 2022 PAM continues its focus on infill and extension drilling at the Reung Kiet Lithium Project (RKLP).
Following the announcement the company?s share price rose 13.580%.