Clean Air Metals ends Q1 with $5.85M in working capital

Jun 28, 2022

2022-06-28 18:43 ET – News Release

Mr. Abraham Drost reports

CLEAN AIR METALS FILES INTERIM FINANCIAL STATEMENTS AS AT APRIL 30, 2022

Clean Air Metals Inc. 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 SEDAR.

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;
Shareholders’ 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 28.5 cents, 10,869,600 flow-through units at 23 cents and 32.25 million non-flow-through units at 20 cents;
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 metres of drilling.

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 the related management’s discussion and analysis, available on SEDAR.

Social engagement

Clean Air Metals 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 co-operating participants in a memorandum of agreement dated Jan. 9, 2021 (news release dated Jan. 11, 2021), and an exploration agreement signed April 13, 2022 (news release dated 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, travelled 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, Metis 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-per-cent-owned, high-grade Thunder Bay North project, a platinum, palladium, copper, nickel project located near the city of Thunder Bay, Ont., and the Lac des Iles mine, owned by Impala Platinum. The Thunder Bay North project hosts the twin magma conduit bodies that host the Current and Escape deposits forming the basis for a robust preliminary economic assessment (PEA) filed Jan. 12, 2002. The PEA of a ramp access underground mine and on-site 3,600-tonne-per-day milling complex and the two-year trailing average price deck features a pretax net present value (at 5 per cent) of $425-million and an internal rate of return (IRR) of 31 per cent on initial capital of $378-million over a 10-year mine life.

Executive chair Jim Gallagher and chief executive officer Abraham Drost lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide continuing 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, Mr. Gallagher and the team are credited with the mine turnaround and creation of significant value for shareholders.

We seek Safe Harbor.

https://www.cleanairmetals.ca/