Clean Air Metals Files Interim Financial Statements as at April 30, 2022
Clean Air Metals filed its unaudited interim financial results for the quarter ended April 30, 2022. Key highlights include total assets of $45.35 million, cash reserves of $7.27 million, and working capital of $5.86 million. The company raised approximately $12.5 million via a private placement and completed 34 drill holes totaling 13,103 m on the Escape Deposit. The net loss for the quarter was $560,871, compared to a loss of $47,741 in the previous year, which reflects increased operational expenses of $1.1 million.
- Total assets increased to $45.35 million from $35.06 million year-over-year.
- Cash reserves stand at $7.27 million, providing liquidity for ongoing operations.
- Successfully raised approximately $12.5 million through a private placement.
- Completed extensive drilling (13,103 m) on the Escape Deposit, advancing exploration.
- Net loss increased to $560,871 from $47,741 year-over-year, indicating rising costs.
- Operating expenses rose significantly to $1.1 million, up from $747,134 in the previous year.
THUNDER BAY, ON, June 28, 2022 /PRNewswire/ - 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$0.28 5, 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 | (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
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.
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.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, 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 which 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 related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in 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 does not assume any 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.
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SOURCE Clean Air Metals Inc.
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