CLEAN AIR METALS INC - CLRMF STOCK NEWS

Clean Air Metals Inc. (OTCQB: CLRMF) updates on the Thunder Bay North Project, confirming collaboration with SLR Consulting to address discrepancies in mineral resources. A review is underway, including geological modeling and mineralogy analysis. Notably, over 38,000 meters of infill drilling at the Escape deposit shows no significant discrepancies in metal content. Abraham Drost, CEO, acknowledged the importance of transparent processes under NI 43-101. The project engages Indigenous communities, emphasizing respectful collaboration. Upcoming updates on resource estimation timelines are anticipated.

Clean Air Metals has announced an ongoing internal review of its mineral resource estimate for the Thunder Bay North Project, revealing a potential 20% to 50% reduction in the metal content of the Current Deposit. This significant adjustment stems from discrepancies in earlier estimates provided by Nordmin Engineering Ltd. The Company has retracted previous assessments, indicating that projected economics may be adversely affected. Meanwhile, the Escape Deposit remains stable, supported by recent drilling data. Additional validation and further assessments are required before finalizing the updated resource estimates.

Clean Air Metals announced the selection of BBA E&C Inc. as the prime engineering consultant for the Thunder Bay North Critical Minerals Project. BBA will lead the remaining Pre-Feasibility Study (PFS) work, focusing on mine design and carbon neutrality. The metallurgical optimization work continues with DRA Americas, expected to finish in Q1 2023, while a mineral resource update is set for Q2 2023. The company aims to complete the PFS by Q3 2023, leveraging a recent C$15 million investment to ensure financing for its environmentally sustainable mining operations.

Clean Air Metals Inc. announced the filing of its unaudited consolidated interim financial statements and management's discussion for the nine-month period ended October 31, 2022. Key financial highlights include total assets of $42,279,897, cash of $903,741, and a working capital deficiency of $472,891. Operating expenses increased to $3,352,677 for the nine months, while net loss reached $2,456,850. The Company continued exploration and prefeasibility studies for its Thunder Bay North Project, with external validation for the Escape Deposit's mineral resource update.

Clean Air Metals closed a C$10 million first tranche of a C$15 million mineral royalty financing agreement with Triple Flag Precious Metals, effective December 16, 2022. This agreement involves a 2.5% NSR royalty on the Thunder Bay North Critical Minerals Project, which includes platinum, palladium, copper, and nickel. The second tranche of C$5 million will follow pending due diligence by Rio Tinto on its royalty. Proceeds will finance a final payment for project ownership, a prefeasibility study, and other expenses.

Clean Air Metals announced new assay results from its 2022 drill campaign at the Current PGE-Cu-Ni Deposit in Thunder Bay, Ontario. Highlighted results include Hole CLM22-058, which intersected 10.0m grading 3.31g/t Pt, 3.16g/t Pd, 0.61% Cu, and 0.43% Ni, showcasing significant mineralization. The company is advancing its pre-feasibility study, expecting to deliver a technical report by Q3/2023. Clean Air Metals is also engaging in environmental work and optimizing its processes with DRA Americas and SLR Consulting for metallurgical testing and resource validation.

Clean Air Metals Inc. (OTCQB: CLRMF) has released its interim financial results for the period ending July 31, 2022. Key highlights include total assets of $42.67 million, total cash of $3.13 million, and a working capital of $2.25 million. The company raised $12.5 million through a private placement and completed significant drilling activities on its Thunder Bay North Critical Minerals Project.

Additionally, the company announced the kickoff of a Prefeasibility Study and appointed Mike Garbutt as COO to oversee the project's development.