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Clean Air Metals Files Interim Financial Statements as at April 30, 2022

Press Release

THUNDER BAY, ON, June 28, 2022 – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) announces that it has filed its unaudited consolidated interim financial statements and management’s discussion and analysis for the three month period ended April 30, 2022, available for viewing on www.sedar.com.

First Quarter Financial Highlights

  • Total assets as at April 30, 2022 of $45,350,018
  • Total cash as at April 30, 2022 of $7,265,049
  • Working capital as at April 30, 2022 of $5,859,911
  • Shareholder’s equity as at April 30, 2022 of $41,742,012

During the first quarter ended April 30, 2022 as previously reported, the Company:

  • closed a private placement raising gross proceeds of approximately $12.5 million through the issuance of 12,280,800 flow-through units at $0.285, 10,869,600 flow-through units at $0.23 and 32.25 million non-flow-through units at $0.20.
  • signed an exploration agreement with Fort William First Nation, Red Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek, which confirms a framework for a mutually beneficial relationship between the co-operating participants regarding the Company’s Thunder Bay North project.
  • Completed a total of 34 holes on the Escape Deposit for a cumulative total of 13,103 m of drilling.

Financial Summary

For the three months ended

April 30,

2022

April 30,

2021

Operating Expenses

$      1,098,079

$         747,134

Net Loss and Comprehensive
Loss

(560,871)

(47,741)

Loss per share –

Basic and Diluted

$             (0.00)

$             (0.00)

April 30,

2022

January 31,

2022

Total Assets

$      45,350,018

$      35,059,465

Total Liabilities

3,608,006

4,027,436

Total Shareholders’ Equity

$      41,742,012

$      31,032,029

Full details of the financial reports and operating results for the three month period ended April 30, 2022 are described in the Company’s unaudited consolidated interim financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.

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 Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press release April 14, 2022).

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the 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, 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 magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment PEA) filed January 12, 2002.  The PEA of a ramp access underground mine and on-site 3600tpd milling complex and the 2-year trailing average price deck, features a pretax NPV5 of C$425m and an IRR of 31% on initial capital of $378m over a 10-year mine life.

Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development feasibility studies for a low-carbon, all-electric sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

Abraham Drost

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

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