Metal Tiger Plc (LON:MTR) said 7.6%-owned portfolio company Pan Asia Metals Limited (PAM) is preparing to float on the Australian Securities Exchange next year.

PAM, which has pencilled in an April debut, has so far received AU$900,000 of a planned AU$1.9mln capital raising for the initial public offering, with commitments received for AU$500,000.

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Focusing on lithium and tungsten developments in South East Asia, PAM is waiting for approval by the Thai authorities for exploration at the Bang Now Lithium Project in southern Thailand.

It is also planning a data collection programme at its Khao Soon Tungsten project in Thailand as well as evaluating potential lithium and tin targets in Myanmar.

Metal Tiger’s stake, which was diluted down following a recent issue of ordinary shares by PAM, was valued on the books at £463,000 at the end of June. 

The AIM-listed natural resource investor said electric vehicles and lithium ion battery policy initiatives are “gaining momentum” in Thailand, with Mercedes beginning battery assembly and a total of 13 international manufacturer companies being granted EV privileges.

“The strong growth of the electric vehicle and battery manufacturing in Thailand, supported by positive government policy, represents an opportunity for PAM to position itself as an important supplier of Thai battery metals,” Metal Tiger’s chief executive, Michael McNeilly, said in a release.