Clean Air Metals Files Third Quarter 2021 Interim Financial Statements
Clean Air Metals Inc. (CLRMF) has filed its condensed interim financial statements for the nine-month period ending October 31, 2021. As of that date, total assets were $36,713,683, with cash reserves of $4,597,966 and working capital of $1,909,343. The company continues its diamond drill program focusing on the Thunder Bay North project, which currently hosts a combined mineral resource of 1,834,158 oz PdEq across two deposits. Operating expenses for Q3 were $1,056,915, with a net loss of $43,617.
- Total assets increased to $36,713,683 as of October 31, 2021.
- Ongoing diamond drill program could enhance resource estimates in the Thunder Bay North project.
- Continued metallurgical studies support long-term project viability.
- Operating expenses rose to $3,045,788 for the nine months ended October 31, 2021.
- Net loss increased to $885,959 for the nine months ended October 31, 2021.
- No immediate revenue generation noted, indicating reliance on further exploration and development.
THUNDER BAY, ON, Dec. 23, 2021 /PRNewswire/ - 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 nine-month period ended October 31, 2021, available for viewing on www.sedar.com.
Q3 Financial Highlights
- Total assets as at October 31, 2021 of
$36,713,683 - Total cash as at October 31, 2021 of
$4,597,966 - Working capital as at October 31, 2021 of
$1,909,343 - Shareholder's equity as at October 31, 2021 of
$31,107,210
During the nine-month period ended October 31, 2021 as previously reported, the Company:
- Continued with a planned 45,000m diamond drill program in 2021 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.
- Continued with 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.
Mineral resource estimates for both the Escape and Current 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 | For the nine months ended | |||
October 31, 2021 | October 31, 2020 | October 31, 2021 | October 31, 2020 | |
Operating Expenses | $ 1,056,915 | $ 620,791 | $ 3,045,788 | $ 3,144,889 |
Net Income (Loss) and | (43,617) | (608,334) | (885,959) | (898,235) |
Earnings (Loss) per share – | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.01) |
October 31, 2021 | January 31, 2021 | |||
Total Assets | $ 36,713,683 | $ 27,146,884 | ||
Total Liabilities | 5,606,473 | 3,923,352 | ||
Total Shareholders' Equity | $ 31,107,210 | $ 23,223,532 | ||
Full details of the financial reports and operating results for the nine-month period ended October 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 and has had zero occurrences of COVID-related illness year to date. 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.
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. Geoff Heggie, P.Geo. a Qualified Person under National Instrument 43-101 and Exploration 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 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
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 cost estimates and the potential for unexpected costs and expenses; results of technical studies, benchmark reports, 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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