Clean Air Metals files its annual audited financial statements as of January 31, 2022

THUNDER BAY, ON, May 31, 2022 /PRNewswire/ – Clean Air Metals Inc. (“Clean metals from the air“or the”Company“) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) announces that it has filed its audited consolidated financial statements and management’s discussion and analysis for the year ended January 31, 2022available on

Year-end financial highlights

  • Total assets at January 31, 2022 of $35,059,465
  • Total cash at January 31, 2022 of $542,573
  • Working capital deficit at January 31, 2022 of $1,632,099
  • Equity in January 31, 2022 of $31,032,029

The Company subsequently announced and closed February 23, 2022a private placement generating gross proceeds of approximately $12.5 million through the issuance of 12,280,800 flow-through units to $0.285 and 10,869,600 flow-through units at $0.23 and 32.25 million non-flow-through equity units at $0.20.

During the year ended January 31, 2022 as indicated above, the Company:

  • Continued metallurgical studies as precursors to smelter takeoff analysis and underground mine modeling as key inputs into an independent Preliminary Economic Assessment (PEA) of current and tailings deposits, reported December 1, 2021 with filed technical report January 12, 2022;
  • Added about 37,000m expansion and infill drilling to the Escape deposit and 7,500m infill drilling in areas of the current deposit which, together with additional drilling in fiscal year 2022, will form the basis of a resource update in support of feasibility studies;
  • made a payment of 1.5 million Canadian dollars to Panoramic Resources Ltd. of Australia and two payments of $1 million each to Rio Tinto Exploration Canada Inc. (RTEC), for and on behalf of Benton Resources Inc., pursuant to the terms of the definitive option agreement relating to the Escape Lake property. The final payment, initially due October 9, 2022has been accelerated at the discretion of the Company;
  • Commenced collection of baseline environmental data from the field in support of future environmental impact assessment and permitting of the Thunder Bay North project. The Company’s service providers, DST, a division of Englobe Corp. and NorthWinds Environmental, were commissioned to systematically collect and report baseline data on hydrology (surface water), hydrogeology (underground water table), noise, water quality, aquatic biology, wildlife biology, weather, and potential for metal leaching and acid rock drainage (ARD).
  • Closed one $11.5 million private placement financing on February 23, 2021;
  • Named Mr. Shannin MetatawabinCEO of the National Association of Indigenous Capital Societies as Independent Non-Executive Director of the Corporation;
  • Named dr. Geoff Heggie as the Company’s Exploration Manager.

Financial Summary

For the year ended

January 31,


January 31,


Functionnary costs



Net and comprehensive loss



Loss per share –

Basic and Diluted



Total assets



Total responsibilities



Total equity



Full details of financial reports and operating results for the year ended January 31, 2022 are described in the Company’s audited consolidated financial statements with accompanying notes and accompanying MD&A, available on SEDAR at

Qualified person

Mr. Geoff Heggie, P. Geo. a Qualified Person under National Instrument 43-101 and Vice President Exploration of the Company, has reviewed and approved all technical information contained in this press release.

Social engagement

Clean Air Metals Inc. and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Project is within the traditional territories of Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the cooperating participants in a memorandum of understanding dated January 9, 2021 (press release January 11, 2021) and exploration agreement signed April 13, 2022 (Press release April 14, 2022).

The Society appreciates the opportunity to work in these territories and remains committed to recognizing and respecting those who have lived, traveled and gathered in the lands since time immemorial. Clean Air Metals is committed to protecting Indigenous heritage and remains committed to establishing, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based on the principles of mutual trust, respect, reciprocity and collaboration. in a spirit of reconciliation.

About Clean Air Metals Inc.

Clean Air Metals’ flagship asset is the 100% owned high-grade Thunder Bay North Project, a platinum, palladium, copper and nickel project located near the city of Thunder Bay, Ontario, and the Lac des Iles mine owned by Impala Platinum. The Thunder Bay North project hosts the twin magmatic conduit bodies that host the Current and Escape deposits, forming the basis of a robust preliminary economic assessment (PEA) filed January 122002. PEA of a 3,600 tpd ramp-access underground mine and on-site milling complex and 2-year average price, shows a pre-tax NPV5 of 425 million Canadian dollars and an IRR of 31% on the initial capital of $378 million over a lifetime of 10 years.

Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced technical team that uses the stratigraphic and mineral deposit model of the Norilsk magmatic conduit to guide ongoing exploration and development feasibility studies for sustainable low-pressure mining. carbon-emitting and all-electric in Thunder Bay North. As the former CEO of North American Palladium Ltd., which owned the Lac des Iles mine before the sale to Impala Platinum in December 2019, Jim Gallagher and his team are credited with turning the mine around and creating value important to shareholders.


Abraham Drost

Abraham DrostCEO of Clean Air Metals Inc.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution note

The information contained in this document contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements relate to information based on management’s assumptions, forecasts of future results and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks associated with maintaining stock market listings; risks related to environmental regulation and liability; the possibility of delays in exploration or development activities or in the completion of feasibility studies; uncertainty of profitability; risks and uncertainties relating to the interpretation of drilling results, geology, grade and continuity of mineral deposits; risks relating to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the results of pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not meet the Company’s expectations; risks related to fluctuations in commodity prices; and other risks and uncertainties relating to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure filing. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE Clean Air Metals Inc.

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