Pan Asia Metals Ltd. (AU:FLG)
ASX:FLG
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Pan Asia Metals Ltd.
(Sydney:FLG)
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Rating:51Neutral
Price Target:
AU$0.25
▼(-5.38% Downside)
Action:N/ADate:01/20/26
The score is held down primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow despite some improvement) and limited valuation support due to unprofitability. These are partially offset by strong technical momentum, with the stock trading above key moving averages and positive MACD/RSI signals.
Positive Factors
Clean-energy metal focus
Targeting lithium and other battery/critical metals aligns the business with multi-year structural demand from electrification and clean-energy supply chains. This strategic focus supports long-term project value capture if exploration advances to developable resources and offtake opportunities.
Negative Factors
No revenue
The company remains pre-revenue across multiple years, indicating it has not yet commercialized assets. That structural gap means future value depends on successful exploration-to-development outcomes and external financing, raising execution and commercialisation risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Clean-energy metal focus
Targeting lithium and other battery/critical metals aligns the business with multi-year structural demand from electrification and clean-energy supply chains. This strategic focus supports long-term project value capture if exploration advances to developable resources and offtake opportunities.
Read all positive factors
Pan Asia Metals Ltd. (FLG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$74.26M
Dividend YieldN/A
Average Volume (3M)591.54K
Price to Earnings (P/E)―
Beta (1Y)2.37
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding322,890,660
10 Day Avg. Volume350,356
30 Day Avg. Volume591,542
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.59
Price to Sales (P/S)0.00
P/FCF Ratio-3.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Pan Asia Metals Ltd. Business Overview & Revenue Model
Company Description
Flagship Minerals Limited engages in the exploration and development of lithium and copper deposits in Chile and Thailand. It also explores for gold and silver deposits. The company was formerly known as Pan Asia Metals Limited and changed its nam...
How the Company Makes Money
null...
Pan Asia Metals Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -7.00K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -27.84K | 0.00 | -68.46K | -43.65K | -46.57K | -32.91K |
| EBITDA | -2.77M | -2.04M | -4.96M | -1.74M | -1.34M | -943.08K |
| Net Income | -2.90M | -2.19M | -5.03M | -2.05M | -1.71M | -786.46K |
Balance Sheet | ||||||
| Total Assets | 12.70M | 13.22M | 12.48M | 11.06M | 12.93M | 9.10M |
| Cash, Cash Equivalents and Short-Term Investments | 484.78K | 144.09K | 120.14K | 970.10K | 5.27M | 2.42M |
| Total Debt | 604.45K | 859.55K | 49.80K | 72.04K | 26.17K | 56.83K |
| Total Liabilities | 1.80M | 2.26M | 1.72M | 662.92K | 490.05K | 491.89K |
| Stockholders Equity | 10.90M | 10.96M | 10.76M | 10.40M | 12.44M | 8.61M |
Cash Flow | ||||||
| Free Cash Flow | -2.83M | -2.09M | -4.92M | -4.22M | -2.89M | -1.12M |
| Operating Cash Flow | -1.51M | 0.00 | -2.62M | -1.82M | -1.73M | -512.79K |
| Investing Cash Flow | -1.68M | -444.22K | -2.30M | -2.40M | -1.16M | -609.77K |
| Financing Cash Flow | 3.46M | 2.13M | 4.07M | -91.30K | 5.47M | 2.88M |
Pan Asia Metals Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
AU:FLG
Pan Asia Metals Ltd.
0.23
0.19
475.00%
GB:NFM
Castillo Copper Ltd.
0.43
-0.30
-41.38%
DE:F930
Hexagon Energy Materials Ltd.
0.04
>-0.01
-13.64%
AU:BCM
BBX Minerals Limited
0.03
0.02
160.00%
AU:G11
Odin Metals Ltd
0.29
0.15
107.14%
Pan Asia Metals Ltd. Corporate Events
Flagship Minerals Seeks ASX Quotation for Additional Shares
Mar 16, 2026
Flagship Minerals Limited has applied for quotation on the ASX of 158,334 ordinary fully paid shares, with an issue date of 13 March 2026. The new share quotation formalizes the conversion or exercise of existing securities, marginally expanding t...
Flagship Minerals Seeks ASX Quotation for 1 Million New Shares
Mar 10, 2026
Flagship Minerals Limited has applied to the ASX for quotation of 1,000,000 new ordinary fully paid shares, to be traded under its existing FLG code. The securities, issued on March 9, 2026, expand the company’s quoted share base and may mod...
Flagship Minerals Seeks ASX Quotation for Over 6.3 Million New Shares
Mar 5, 2026
Flagship Minerals Limited has applied for the quotation of 6,375,001 new ordinary fully paid shares on the ASX, with an issue date of March 5, 2026. The new securities, arising from the exercise or conversion of existing instruments, will increase...
Flagship Minerals Seeks Quotation for Additional ASX Shares
Feb 27, 2026
Flagship Minerals has applied for quotation of 500,000 ordinary fully paid shares on the ASX, with an issue date of 26 February 2026. The additional quoted securities modestly increase the company’s listed share base and may provide incremen...
Flagship Minerals Seeks ASX Quotation for 600,000 New Shares
Feb 23, 2026
Flagship Minerals Limited has applied to the ASX for quotation of 600,000 new ordinary fully paid shares, with an issue date of 23 February 2026. The application indicates that these securities arise from the exercise or conversion of existing opt...
Flagship Minerals Targets Low-Cost Gold and Copper Growth in Chile’s Maricunga Belt
Feb 22, 2026
Flagship Minerals is positioning itself within Chile’s prolific Maricunga gold belt, where major players such as BHP, Lundin, Barrick, Newmont, Kinross, and others operate large gold and copper assets. The company’s portfolio includes ...
Flagship Minerals’ ASTER Survey Maps Large-Scale Gold Targets at Pantanillo in Chile
Feb 5, 2026
Flagship Minerals has completed an ASTER remote sensing study over its Pantanillo Gold Project in Chile’s Maricunga Belt, identifying extensive alteration zones consistent with large-scale high-sulphidation epithermal and porphyry-style gold...
Flagship Minerals secures Xinhai funding as Pantanillo advances toward JORC resource and development
Jan 30, 2026
Flagship Minerals has received the second A$1.25 million funding tranche from strategic partner and global EPC group Xinhai, completing a A$2.5 million placement that strengthens its balance sheet and materially reduces its convertible note positi...
Flagship Minerals Clears Path for Trading of New Shares After Note Conversion
Jan 20, 2026
Flagship Minerals has issued 399,104 fully paid ordinary shares following the conversion of convertible notes and capitalised interest, and has lodged a cleansing notice to enable secondary trading of these shares without a prospectus under the Co...
Flagship Minerals Seeks ASX Quotation for Shares Issued on Note Conversion
Jan 20, 2026
Flagship Minerals Limited has applied to the Australian Securities Exchange for quotation of 399,104 new fully paid ordinary shares. These shares were issued following the conversion of convertible notes and associated capitalised interest, modest...
Flagship Minerals Seeks ASX Quotation for 441,667 New Shares
Jan 19, 2026
Flagship Minerals Limited has lodged an application with the ASX for the quotation of 441,667 new ordinary fully paid shares, to be issued and quoted from 19 January 2026. The additional securities, arising from the exercise or conversion of exist...
Flagship Minerals Issues Service Shares and Lodges Cleansing Notice
Jan 14, 2026
Flagship Minerals Limited has issued 36,235 fully paid ordinary shares as consideration for services and lodged a cleansing notice so these securities can be traded on the ASX without a prospectus under the disclosure exemptions in the Corporation...
Flagship Minerals Seeks ASX Quotation for Additional Ordinary Shares
Jan 12, 2026
Flagship Minerals Limited has applied to the Australian Securities Exchange (ASX) for quotation of 170,834 new ordinary fully paid shares, issued on 7 January 2026 under its ticker FLG. The additional securities, arising from the exercise or conve...
Flagship Minerals Issues New Shares and Lodges Cleansing Notice
Dec 31, 2025
Flagship Minerals has issued 1,621,294 fully paid ordinary shares following the conversion of convertible notes and capitalised interest, alongside 12.5 million shares as the second tranche of a strategic placement and 825,000 shares in considerat...
Flagship Minerals Seeks ASX Quotation for Service-Related Share Issue
Dec 31, 2025
Flagship Minerals Limited has applied to the ASX for quotation of 825,000 new fully paid ordinary shares, issued as consideration for services rendered to the company. The move modestly increases the company’s quoted capital base and indicat...
Flagship Minerals Seeks ASX Quotation for 12.5 Million New Shares
Dec 31, 2025
Flagship Minerals Limited has applied to the Australian Securities Exchange for quotation of 12.5 million new fully paid ordinary shares. The issuance, linked to previously announced transactions, will expand the company’s listed share capit...
Flagship Minerals Secures Xinhai Funding as Pantanillo Environmental and Resource Work Accelerate
Dec 30, 2025
Flagship Minerals has received a second A$1.25 million strategic funding tranche from global mining EPC firm Shandong Xinhai, following completion of due diligence on the Pantanillo Gold Project and investment committee approval, with a Xinhai rep...
Flagship Minerals Director Converts Notes to Increase Equity Stake
Dec 30, 2025
Flagship Minerals Limited has reported a change in the securities held by director Thanasak Chanyapoon, following the conversion of his convertible notes into fully paid ordinary shares. Chanyapoon converted 42,500 convertible notes into 844,023 o...
Flagship Minerals Seeks ASX Quotation for Shares Issued on Convertible Note Conversion
Dec 30, 2025
Flagship Minerals Limited has applied to the ASX for quotation of new ordinary fully paid shares issued as part of the company’s existing capital structure. The application covers 1,621,294 shares created through the conversion of convertibl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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