Our Company

Pan Asia Metals Limited (Pan Asia) is a South East Asian focused minerals exploration and development company with tungsten and lithium projects located in southern Thailand.

The Company is specifically focused on South East Asia for both geological and economic reasons.  Our projects are located in the South East Asian Tin – Tungsten Belt, which extends from Myanmar in the north through Thailand and Peninsular Malaysia to the Tin Islands in the South.  This belt appeals due to the occurrence of a suite of specialty metals associated with granite related tin, tungsten, lithium, tantalum, niobium, rubidium, cesium, rare earths and other rare metals – including kaolin clay.  This belt, which contains some of the largest historical tin producing districts in the world, specifically in Southern Thailand and much of Peninsula Malaysia, has experienced very limited modern exploration.

Complementing Pan Asia’s project suite is the Company’s target generation program, where the aim is to build a pipeline of target assets in specialty metals and rare earths which fit our stated criteria.  This program has been running for several years and Pan Asia has a pipeline of target assets in SE Asia which are at various stages of consideration.

Operating in South East Asia, especially in Thailand and Malaysia, gives the Company access to modern industrial economies with globally competitive cost environments. We are also located in close proximity to larger markets in Asia, the fastest growing and most populous region on earth.

We have a preference for South East Asia as these countries offer competitively priced process inputs as well as being low-cost environments – something which applies to South East Asia in general and is why processors and manufacturers of all types choose to locate there.


Pan Asia’s strategy is simple, we seek to secure exploration and development assets which have the potential to be positioned in the lowest or leading third of the cost curve and which position the Company for downstream value adding opportunities. Cost curve positioning is paramount in our decision-making, as assets positioned further up the cost curve are generally more difficult to finance and develop. Regardless of the size or grade of an asset, if finance cannot be secured then the asset is worth relatively little.

The opportunity to move downstream is also very important. In general, value adding mine output will offer the Company better and more consistent profit margins and a larger footprint of customers, and exposure to new opportunities. Although at face value this may sound ‘optimistic’, for many specialty metals, including tungsten and lithium, value adding can be easily incorporated into a feasibility study if the geology, geography and cost environment is right.

Setting geology and metallurgy aside, as these are naturally essential requirements to achieve a low cost curve outcome, this strategy can be achieved by identifying projects that:

  • are located in globally competitive cost jurisdictions, in Pan Asia’s case South East Asia;
  • are proximal to end user markets, in Pan Asia’s case markets for all process inputs and outputs exist throughout South East and East Asia;
  • are well positioned to take advantage of downstream development opportunities, in Pan Asia’s case both tungsten and lepidolite style lithium can be value added and the value added output has application in markets throughout Asia; and
  • are strategically located in a key market with strong economic growth, in Pan Asia’s case the growth profiles of many Asian countries are very strong.

For many exploration companies it is not possible to contemplate activities past the mine gate due to geography, geology and or commodity, and or their cost environment. In general, value adding mine output will offer:

  • better and more consistent profit margins;
  • a larger footprint of customers; and
  • exposure to new opportunities.


Pan Asia’s management and investment philosophy is simple, we act like owners because we are:

  • We aim for a stable and adaptable working environment which allows our technicians to focus on what matters so that performance and results will be achieved.
  • Our staff are encouraged to make decisions and be accountable, naturally grooming them to act like leaders in their fields of focus.
  • Our staff are discouraged from creating or participating in ineffective and bureaucratic decision making processes.

This allows us to achieve our objectives, which are:

  • To respond creatively to the demands of a quickly changing environment;
  • To re-assess current opportunities as new information is generated; and
  • To position ourselves to act quickly and wisely when new opportunities present.

We do a lot of work before we act, if the results are not as expected then we work to exit quickly – we don’t believe in massaging marginal assets.

Our shareholder – stakeholders reporting will be candid but at times our candor may be checked as it will prohibit our securing of new opportunities – good ideas and opportunities are rare.

Like Warren Buffet and Charlie Munger, we also eat our own cooking.

Board of Directors

Paul Lock
Executive Chairman & Managing Director

Paul has been involved in minerals exploration in South East Asia since 2012, with his work in this region forming the foundations of what is now Pan Asia Metals.

Before Pan Asia Metals Paul was a corporate adviser at Everspring Partners, a boutique Sydney based advisory firm that he founded. Before Everspring Paul worked in corporate advisory and leveraged finance roles at Commonwealth Bank of Australia. Paul initially focused on corporate and single asset project finance in the resource sector before moving into leveraged finance for private equity initiatives and then into a corporate advisory role where he was sector agnostic and focused on generating corporate transactions.

Prior to banking Paul worked for Rothschild & Co in Australia where he was a derivatives trader and a high yield bond investor focusing on a variety of asset classes, generally distressed or complex assets. Paul also had some involvement in structuring derivatives solutions for resource companies in conjunction with Rothschild’s corporate advisory team. Prior to Rothschild Paul worked for Japanese trading conglomerate Marubeni Corporation in the soft commodity trading division.

Paul graduated from Hale School in Perth, Western Australia, and has obtained the following academic qualifications: Master of Political Economy, University of Sydney; Master of International Studies, University of Sydney; Master of Commercial Law, Macquarie University; Master of Business Administration, Macquarie Graduate School of Management; and Bachelor of Business, Marcus Oldham College. Paul is an associate member of AusIMM.

David Hobby
Technical Director & Chief Geologist

David is an Economic geologist and has been involved in the minerals industry for over 30 years. Since graduating from the University of Canberra in 1989 David has worked in a variety of geological terrains in Australia, Asia, South America, USA and Africa, and has experience in all facets of the minerals project cycle with a focus on exploration and evaluation.

David has held senior geological management and consulting positions with listed and private companies and progressed several projects through to feasibility and pre-production, including the Adelong Gold Project, Broula King Gold Project, Webb’s Silver Project and the Woodlawn Zn-Cu project.

David has been focused on SE Asia since 2013. His geological qualifications and experience are complimented with skills in project management, environmental management, Occupational Health and Safety, contractor, government and stakeholder management.

David has been a member of AusIMM for 24 years and qualifies as a Competent Person under the JORC Code for a range of mineral deposit styles. David has also published and presented at conferences and seminars and is a former member of the NSW Minerals Council, Metalliferous Mining Committee.

David Docherty
Non-Executive Director

David has gained a lifetime of experience in the resource sector commencing with stockbroking in London before commencing a valuable career experience as an analyst with Investment Bank, Slater Walker London in 1965. David moved to Sydney in 1968 with Slater Walker to develop resource investment strategy, organising finance to enable Poseidon to drill its ‘famous’ Mt Windarra nickel discovery in 1969, as well as financing many other resource assets of that time. The same year David organised the ASX float of Slater Walker sponsored Mining Finance Corporation, becoming its Managing Director. In later times, David successfully guided Sedimentary Holdings as CEO to joint ownership and open-pit development of the old Cracow Gold Mine (Qld) in 1984-87.

David became an equity partner in the Thai resource sector in 1987 when the Government deregulated gold exploration and mining. Thereafter, he jointly financed the formation of a team of young, keen local geologists who were responsible for the discovery of what is now the Chatree Gold Mine, a prospect which ultimately developed into the core gold asset of Kingsgate Consolidated and which, at its peak, was capitalised at more than $1 billion.

In 2002 David was a foundation director and is CEO of Thai Goldfields NL, an unlisted public company which holds Thai applications (and re-applications) over gold resources defined by previous JV partners Oxiana and Tigers Realm Minerals and exploration tenements previously investigated by Newmont, Ivanhoe, Phelps Dodge.

Thanasak Chanyapoon
Non-Executive Director

Thanasak is a Partner at The Capital Law Office, a leading Bangkok based legal practice. Thanasak’s area of expertise is tax law, advising national and international financial institutions, equity funds and corporations.

Thanasak’s directorships include: Executive Director of Hillcrest Resorts (Samui) Co., Ltd., Independent Director and Audit Committee Member of Cal-Comp Electronics (Thailand) PCL; Supervisor of XYZprinting Inc., Taiwan (Republic of China), Non-Executive Director of Cal-Comp Holding (Brasil) S.A., Brazil; and Director of Vana Nava Company Limited, Thailand.

Thanasak’s qualifications are: Master degree in law (LL.M.), University of Cambridge, UK; Master degree in law (LL.M. in Business Law), Chulalongkorn University; Certificate of American and International Law, Dallas, USA; and Bachelor degree in law (LL.B. (Hons)), Chulalongkorn University.

Ian B Mitchell
Non-Executive Director

Ian is a practicing solicitor of over 44 years’ standing. Ian has been a director of over 13 ASX listed companies since 1987 and also as a company secretary of many more ASX listed and non-listed public companies.

Ian has over 30 years’ experience as a director and company secretary of listed and nonlisted mining, exploration and industrial companies. Ian’s legal expertise is in commercial law, contract law and ASIC and ASX compliance.

Roger Jackson
Non-Executive Director

Roger has been actively involved in the Mining industry for 25 years as a Mine Operator, in Mine Services and in Mineral Exploration. He has been a founding director of a number of private and public mining and mine service companies. He is currently a Director of NQ Minerals PLC.

Roger has maintained a Geological and Mining Consulting business for the past 10 years whilst holding several executive roles. He has strong knowledge of Gold exploration and Mining. He also has a sound knowledge of base metal mining and exploration. He has developed several mining and ore processing operations in Australia and abroad and has significant experience in marketing gold and base metal concentrate across the globe.

Roger has a Science degree with a major in Geology and Geophysics, and also holds a Diploma in Financial Management and a Diploma in Education. He is long-standing Member of the Australian Institute of Company Directors, Fellow of the Geological Society of London and a 25 year Member of the Australasian Institute of Mining and Metallurgists (AusIMM) (Competent Person).

Company Secretaries

Wayne John Kernaghan
Company Secretary, Australia

Fiza Alwi
Company Secretary, Singapore

Mr Kernaghan is a qualified chartered accountant who spent 5 years with Price Waterhouse. On leaving Price Waterhouse he has spent over thirty years as Finance Director and Company Secretary within the mining industry for ASX and UK listed companies, unlisted public companies and as an Investment Manager in Australia and the United Kingdom. He is also a Fellow of the Australian Institute of Company Directors and a Chartered Secretary.

Fiza Alwi is a Director of ZICO Corporate in Singapore. She acts as Secretary to a diversified range of local and foreign listed and non-listed companies. In her role as Company Secretary, Fiza helps the Company on matters related to corporate transactions and also advises and provides guidance on procedures and practices, code of corporate governance, compliance and regulatory requirements.