Clean Air Metals and Fiore-backed Springbok Ventures Announce Upsize of Non - Brokered Private Placement to C$6.2 million
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TSXV.A
IR
SPRINGBOK
VENTURES
PRESS RELEASE
Clean Air Metals and Fiore-backed Springbok Ventures Announce Upsize of Non -
Brokered Private Placement to C$6.2 million
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
Thunder Bay, ON, September 1 6, 2026 – Clean Air Metals Inc. (“ Clean Air Metals ”)
(TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) and Springbok Ventures Inc. (“Springbok”),
a Fiore -backed unlisted reporting issuer, announce that, further to their joint news releases
dated July 31, 2026 and August 10, 2026 regarding the proposed business combination by way
of a three-cornered amalgamation involving Clean Air Metals, Springbok and a wholly owned
subsidiary of Clean Air Metals, which transaction will constitute a reverse takeover of Clean
Air Metals (the “ Transaction”) under the policies of the TSX Venture Exchange (the
“TSXV”), the previously announced concurrent financing has been upsized to approximately
C$6.2 million and will now be completed by Clean Air Metals .
Mike Garbutt, President and CEO of Clean Air Metals, commented: “The upsizing of this
financing is another important step toward completing our combination with Springbok and
beginning the next chapter for Clean Air Metals. The transaction brings together Thunder Bay
North, a significant Canadian PGM -copper-nickel resource, with th e financial, technical and
capital markets capabilities of the Fiore Group. With a strengthened treasury following closing,
we expect to be well positioned to advance the next phase of work at TBN while evaluating
opportunities to grow the company into a broader Canadian critical minerals platform.”
The financing will consist of a non -brokered private placement by Clean Air Metals for aggregate
gross proceeds of up to approximately C$6.2 million (the “Offering”), including the following:
• up to 10,050,000 non-flow through subscription receipts of Clean Air Metals (the
“Non-Flow Through Subscription Receipts ”) at a price of C $0.50 per Non-Flow
Through Subscription Receipt, for gross proceeds of up to C$5.025 million; and
• up to 2,090,909 flow -through subscription receipts of Clean Air Metals (the
Flow-Through Subscription Receipts ” and together with the Non -Flow Through
Subscription Receipts, the “ Subscription Receipts ”) at a price of C$0.55 per Flow-
Through Subscription Receipt , for gross proceeds of up to approximately C$1.15
million,
The gross proceeds of the Offering will be held in escrow pending the satisfaction of the
applicable escrow release conditions relating to the completion of the Transaction. Upon
satisfaction of those conditions before the applicable deadline, without further action or
payment by the holders, each Non -Flow-Through Subscription Receipt will automatically
convert into one (1) post -consolidation common share of the resulting issuer (each , a
“Resulting Issuer Share”), and each Flow-Through Subscription Receipt will entitle its holder
to subscribe for one (1) Resulting Issuer Share qualifying as a “flow -through share” within the
meaning of subsection 66(15) of the Income Tax Act (Canada).
The proceeds of the Offering are intended to be used to advance development and exploration
activities at Clean Air’s Thunder Bay North Project and Springbok’s Maude Lake Project and
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for general working capital and corporate purposes.
Completion of the Offering remains subject to accept ance by the TSX V and other customary
closing conditions.
Please refer to the joint news releases dated July 31 , 2026, for more information on the
Transaction.
The securities described herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities
laws, and accordingly, may not be offered or sold within the United States except in compliance
with the registration requirements of the U.S. Securities Act and applicable state securities
requirements or pursuant to exemptions therefrom. This press release does not constitute an
offer to sell or a solicitation to buy any securities in any jurisdiction.
About Springbok Ventures
Springbok Ventures Inc. is an unlisted reporting issuer mineral exploration company backed
by the Fiore Group, a mine -building and investment group with a proven track record of
discovering, financing and developing successful mining companies globally. The Fiore
team brings extensive experience across capital markets, exploration, mine development,
operations and M&A, and its broader ecosystem includes West Red Lake Gold Mines,
NexGold Mining, Nations Royalty, Selkirk Copper Mines, Cambria Gold Mines, Argenta
Silver, Crossroads Gold and Pacific Ridge Exploration, among others. Springbok's principal
asset is its interest in the Maude Lake Property, located approximately 14 kilometres north of
Schreiber, Ontario, consisting of 95 contiguous mining claims covering approximately 2,017
hectares. The property hosts nickel -copper- platinum group element (" PGE") sulphide
mineralization associated with the historical Nicopor Occurrence and has been the subject of
extensive geological, geophysical and drilling programs that have identified multiple high -
priority exploration targets with significant discovery potential.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship 100%
owned Thunder Bay North Critical Minerals Project, 40 km northeast of Thunder Bay, Ontario,
Canada. The TBN Project, accessible by road and next to established infrastruc ture, hosts two
(2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a
14.9 Mt indicated mineral resource grading 2.66 g/t (Pt+Pd), 0.40% Cu and 0.24% Ni (NI
43-101 PEA Technical Report, Thunder Bay North Project, Ontario, Canada SLR
Consulting Canada Ltd, November 21, 2025) with significant potential for expansion down -
plunge.
One of the rare primary platinum resources outside of South Africa, the TBN Project is in a
stable and mining-friendly jurisdiction and benefits from longstanding relationships with local
First Nations. The TBN Project has the potential to develop into a secure source of rare
platinum metals, as well as other critical metals such as copper, nickel, and cobalt, for the North
American manufacturing sector. With its proven technical team, Clean Air Metals is committed
to advancing the TBN Project and creating long -term value for shareholders.
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Social Engagement
Both Clean Air Metals and Springbok acknowledge that the Thunder Bay North Critical
Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of
1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band,
Biinjitiwaabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek.
We further acknowledge that the Maude Lake Property is also located within the Robinson -
Superior Treaty of 1850 area. This includes the territories of Pays Plat First Nation, Fort
William First Nation, Biinjitiwaabik Zaaging Anishinaabek, Kiashke Zaaging A nishinaabek,
Bingwi Neyaashi Anishinaabek, and Long Lake 58 First Nations. Both companies also
acknowledge the important history of the Métis Nation of Ontario, Region 2 and the Red Sky
Métis Independent Nation.
We appreciate the opportunity to work in these territories and remain committed to the
recognition and respect of those who have lived, travelled, and gathered on the lands since time
immemorial. We are committed to stewarding Indigenous heritage and to bu ilding, 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.
Neither 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.
ON BEHALF OF THE CLEAN AIR BOARD
OF DIRECTORS
"Mike Garbutt"
Mike Garbutt, CEO of Clean Air Metals Inc.
Connect with us on X/ Facebook/ Instagram
ON BEHALF OF THE SPRINGBOK
BOARD OF DIRECTORS
"Gordon Friesen"
Gordon Friesen, CEO of Springbok
Ventures Inc.
Visit www.cleanairmetals.ca for more information or contact:
Ryan Weymark, Advisor
778-828-1144
Rob McLeod, Advisor
604-617-0616
Carson Sedun, Advisor
604-655-0030
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Mike Garbutt, President and CEO
705-207-2111
Cautionary Note
All statements and other information contained in this press release about anticipated future
events may constitute forward-looking information under Canadian securities laws (“forward-
looking statements”). Forward-looking statements are often, but not always, identified by the
use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeted”,
“outlook”, “on track” and “intend” and statements that an event or result “may”, “will”,
“should”, “could”, “would” or “might” occur or be achieved and other similar expressions.
All statements, other than statements of historical fact, included herein are forward -looking
statements, including statements relating to: the terms and completion of the Transaction and
the Offering; and future plans, development and operations of the Resulting Issuer, its business
and its properties. These statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements, risks relating to transactions of the nature of the Transaction and
the Offering; the need for exchange approval, and other regulatory approvals and other risk
factors as detailed from time to time in each party’s respective filings with Canadian securities
regulators, available on such party’s profile on SEDAR+ at www.sedarplus.ca. Forward-
looking statements are based on assumptions made with regard to, among other things: market
conditions remaining favourable to completing the Transaction and the Offering. Forward -
looking statements are based on estimates and opinions of management at the date the
statements are made. Although the parties believe that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue reliance should not be
placed on forward -looking statements since the parties can give no assurance that such
expectations will prove to be correct. The parties do not undertake any obligation to update
forward-looking statements, other than as required by applicable laws. The forward -looking
information contained in this press release is expressly qualified by this cautionary statement.