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Clean Air Metals Files Second Quarter 2021 Interim Financial Statements

Press Release

THUNDER BAY, ON, Sept. 22, 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 six-month period ended July 31, 2021, available for viewing on www.sedar.com.

Q2 Financial Highlights

  • Total assets as at July 31, 2021 of $37,696,643
  • Total cash as at July 31, 2021 of $9,164,586
  • Working capital as at July 31, 2021 of $5,927,070
  • Shareholder’s equity as at July 31, 2021 of $31,135,289

During the six-month period ended July 31, 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 two 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.
  • Conducted additional 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.
  • Commenced metallurgical studies as a precursor to smelter offtake analysis and underground mine modelling as key inputs into a Preliminary Economic Assessment of the Current Lake Deposit scheduled for completion and disclosure in Q4/2021.

Financial Summary

For the three months ended

For the six months ended

July 31,
2021

July 31,
2020

July 31,
2021

July 31,
2020

Operating Expenses

$

1,241,739

$

1,886,854

$

1,988,873

$

2,524,098

Net Income (Loss) and

Comprehensive Income (Loss)

(794,601)

350,425

(842,342)

(289,901)

Earnings (Loss) per share –

Basic and Diluted

$

(0.00)

$

0.00

$

(0.00)

$

(0.00)

July 31,

2021

January 31,

2021

Total Assets

$

37,696,643

$

27,146,884

Total Liabilities

6,561,354

3,923,352

Total Shareholders’ Equity

$

31,135,289

$

23,223,532

Full details of the financial reports and operating results for the six-month period ended July 31, 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.

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.

The Company is also in discussions with Red Sky Metis Independent Nation and the Metis Nation of Ontario and other non-proximate First Nation communities. Woodland Heritage Northwest, a Metis-owned consultancy has been retained to conduct archaeological studies on the Thunder Bay North Project and surrounding areas.

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 Clean Air Metals project hosts the Current Lake Deposit and magma conduit and the Company is actively exploring the Escape Lake Deposit, a twin structure to the Current Lake Deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. 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.

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email: adrost@cleanairmetals.ca; Website: www.cleanairmetals.ca

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