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Clean Air Metals Files First Quarter 2021 Interim Financial Statements

Press Release

THUNDER BAY, ON, June 28, 2021 – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) announces that it has filed its condensed consolidated interim financial statements and management’s discussion and analysis for the three-month period ended April 30, 2021, available for viewing on www.sedar.com.

Q1 Financial Highlights

  • Total assets as at April 30, 2021 of $37,914,067
  • Total cash as at April 30, 2021 of $14,153,852
  • Working capital as at April 30, 2021 of $10,929,432
  • Shareholder’s equity as at April 30, 2021 of $31,307,884

During the quarter ended April 30, 2021 as previously reported, the Company,

  • closed a bought deal private placement for total proceeds of approximately $11.5-million, consisting of: (i) 11,904,800 flow-through shares at a price of $0.42 per flow-through share; and (ii) 12,745,100 flow-through units at a price of $0.51 per flow-through unit, including the exercise of the underwriters’ option.
  • Commenced a 30,000 meter diamond drill program with 2 drills at the Thunder Bay North project, with a focus on systematic step-outs between resource centers within the Escape Lake Deposit to add to the 505,369 oz palladium equivalent (PdEq) indicated mineral resource at 3.67g/t PdEq in 4,286,220 tonnes, published on January 20, 2021.
  • Mobilized a third drill and is budgeting 15,000m of drilling to focus on six high-priority massive sulphide targets at the base of the Escape and Current deposit magma conduits and possible additional accretive resource delineation drilling at the adjacent Current Lake deposit, building on the indicated mineral resource of 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq in 11,999,177 tonnes, defined in the mineral resource update dated January 20, 2020.
  • Mineral resource estimates for both deposits are reported pursuant to the January 20, 2021 NI 43-101 Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, prepared by Nordmin Engineering Ltd. with QP Glen Kuntz, P.Geo, as posted to SEDAR on March 4, 2021.

Financial Summary

For the three months ended

April 30,

2021

April 30,

2020

Operating Expenses

$         747,134

$         637,242

Net Loss and Comprehensive
Loss

(47,741)

(640,324)

Loss per share –

Basic and Diluted

$             (0.00)

$             (0.03)

April 30,

2021

January 31,

2021

Total Assets

$      37,914,067

$      27,146,884

Total Liabilities

6,606,183

3,923,352

Total Shareholders’ Equity

$      31,307,884

$      23,223,532

Full details of the financial reports and operating results for the three-month period ended April 30, 2021 are described in the Company’s condensed consolidated interim financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.

CEO of Clean Air Metals, Abraham Drost, MSc, P.Geo. stated that ” Clean Air Metals presents its quarterly financial statements for the first quarter ending April 30, 2021 in the normal course in keeping with the highest standards of corporate disclosure. Exploration and development work continues apace at Thunder Bay North, with three drills turning 24/7. The drilling is consistently hitting new mineralization and the Company is advancing and optimizing an internal engineering and metallurgical testing process looking to publish benchmark results later in the year.”

COVID Policy
Clean Air Metals continued to apply COVID-19 avoidance and personal protection measures for its geological staff, drilling contractor and service suppliers during the third quarter. Personnel are required to maintain physical distance, use Personal Protective Equipment (PPE), self-monitor and self-isolate or elect to work from home. Management had previously eliminated plans for a camp setup to service a planned diamond drill campaign on the Escape Lake Project. The Company is aware of Thunder Bay Health Unit guidelines that provide for “mandatory” self-isolation for returning overseas and inter-provincial travel. The guidelines also “strongly recommended” self-isolation after travel into the Northwest region from other areas of the Province. Mineral Exploration and Development has been deemed an essential service in the Province of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/). The Company has procured the services of a locally staffed and serviced diamond drilling contractor to complete the diamond drilling programs.

Qualified Person
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and VP, Project Manager of the Company, has reviewed and approved all technical information 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 on the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 and the issue of Warrants, reported January 28, 2021.

ON BEHALF OF THE BOARD OF DIRECTORS

Abraham Drost

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.

Website: www.cleanairmetals.ca

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

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