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I tried both # and #2 above.    This is a cut and past from Corel help file. 
"The image editor in Corel AfterShot Pro is completely non-destructive, so you are free to experiment and edit your images as much as you want, knowing that you can always revert to the original version. All the edits that you make and metadata that you add is stored either in a sidecar XMP file, within a Corel AfterShot Pro catalog, or both."
Not sure if this qualifies as an ADOBE XMP or if it is different than an ADOBE  XMP.
Also, is anyone aware of a raw editor other than LR than will read FastRaw edits?  This would speed up my workflow a lot.