Clean Air Metals Announces 2026 Strategic Objectives in Historically Strong PGE and Copper Markets
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Clean Air Metals Announces 2026 Strategic
Objectives in Historically Strong PGE
and Copper Markets
Thunder Bay, ON, January 12, 2026 – Clean Air Metals Inc. (“Clean Air Metals” or the
“Company”) (TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) is pleased to provide an overview
of its 2026 objectives and highlights of 2025, for its 100%-owned Thunder Bay North
(“TBN”) Critical Minerals Project in Northwestern Ontario.
Critical Project Advancement Objectives
Spot prices for platinum, copper and palladium have appreciated by 70% (1000 $/oz),
25% (1.20 $/lb) and 50% 624($/oz) respectively versus study prices, since the results of
the Preliminary Economic Assessment (PEA) were announced in the October 9th
release. Using the financial model published in the PEA and applying current spot metal
prices (as of January 6th), the TBN project shows a $708M1 NPV8 and a pre-tax IRR of
100% (post-tax NPV8 = $494M1 and IRR = 84%). This is a significant improvement in the
project outlook in comparison to the PEA results that featured a $219.4M2 pre-tax NPV8
and a pre-tax IRR of 39%. This year, considering the recent record prices attained by
both platinum and copper and the positive market outlook for platinum, palladium and
copper, the company is committed to taking the following critical steps to advance the
project, including:
• Update and advance the stand-alone mill case for Thunder Bay North that will
create a parallel development path to become a regional processing centre
for Copper-PGE feed.
• Develop and implement a new metallurgical test program to confirm the
potential toll milling performance.
• Complete the early design for the site access road and power infrastructure,
with the active participation of First Nations communities
• Complete Advanced Exploration permitting that includes approvals for a
future ramp and bulk sample. The Notice of Project Change was filed in early
2025 in anticipation of improving market conditions.
• Continuation of the collection and analysis of environmental baseline studies
in support of permitting.
Notes:
1January 6, 2026 Spot pricing is as follows (USD) Pt $ 2424/oz, Pd
$1849/oz, Cu $6.00/lb, Ni $8.36/lb, Au $4489/oz, Ag $81.00/oz
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2Study pricing is as follows (USD) Pt $1425/oz, Pd $1225/oz, Cu $4.80/lb,
Ni $6.80/lb, Au $2800/oz, Ag $30/oz
2026 Exploration Objectives
The Thunder Bay North project updated resource was released in November 2025 (see
November 24 Release). The deposit now boasts a 14.9M tonne indicated resource
grading 2.66 g/t 2PGE (Pt+Pd), 0.40% Cu and 0.24% Ni, with 2.49M tonnes of inferred
resource grading 1.62 g/t 2PGE (Pt+Pd), 0.31% Cu and 0.19% Ni. On a contained basis,
the asset holds a combined 1.39Moz (Pt+Pd) including 67kt of copper and 41kt of nickel
in resource.
The Company plans to build on the success of the 2025 programs which featured the
successful expansion of high-grade ballrooms at Current (Figure 1 and April 15 release)
and the initial step-out hole 53m intersection at the Escape deposit down-plunge target
(Figure 2 and October 20 release). In 2026, the Company intends to focus on refining
remaining targets in the down-plunge extension of the Escape Deposit with a
magnetotelluric survey and launch a follow-up drilling program to demonstrate the
significant resource upscale potential over the 2.5km strike.
Figure 1. Plan view map showing locations of high -grade intercepts
of the 2025 Winter Drilling Program at the Current Deposit.
Figure 2. Drill hole EL25-001 relative to the modelled extension of the known
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resource drilled as the initial step-out target at Escape Down-Plunge
Mike Garbutt, President and CEO, commented, “2026 will be a pivotal year for Clean Air
Metals building on the tremendous successes achieved in 2025. Our primary objective
now is to advance the Thunder Bay North project technical studies with urgency, building
on the PEA completed in late 2025. The significant improvement in PGE and Copper
markets adds to the potential value of this asset and with the team in place, creates an
environment and opportunity for the company to create real value.”
Regional Strategy and Financing
Clean Air Metals continues to utilize the team’s best-in-class technical capabilities in
PGE resource development to identify and evaluate regional opportunities, with an
intent to becoming a leading PGE focused explorer and developer in Canada. Recent
changes to federal and provincial support for critical mineral development, in
conjunction with supportive First Nation partners, make the region a tier-one
jurisdiction for mineral development. To drive this initiative, the company has started
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outreach with key federal and provincial funding agencies including the Critical
Minerals Infrastructure fund, the Critical Minerals Innovation Fund, Export
Development Canada and the Critical Minerals Sovereign Fund, to set the stage for
rapid project development. In parallel, the Company is working to attract strategic
partners that share our view on continued and long-term strength in PGM and copper
markets.
Qualified Person
Dr. Lionnel Djon, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101
and Vice President of Exploration for the Company, has reviewed and approved all
technical information in this press release.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship,
100% owned Thunder Bay North Critical Minerals (“TBN”) project, 40 km northeast of
Thunder Bay, Ontario. The TBN project, accessible by road and next to established
infrastructure, 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. Ongoing concerns over
future platinum supply are driving prices to historic highs, with obvious benefits for a
future TBN mining operation. With its proven technical team, Clean Air Metals is
committed to advancing the TBN project and creating long-term value for
shareholders.
Social Engagement
Clean Air Metals Inc. acknowledges 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,
Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals
also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the
Red Sky Métis Independent Nation to the rich history of our area.
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 to building, fostering, and encouraging a
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respectful relationship with First Nations, Métis, and Inuit peoples, based upon
principles of mutual trust, respect, reciprocity, and collaboration, in the spirit of
reconciliation.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mike Garbutt"
Mike Garbutt, CEO of Clean Air Metals Inc.
Connect with us on X/ Facebook/ Instagram.
Visit www.cleanairmetals.ca for more information or contact:
Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
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.
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
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applicable securities laws. Actual events or results could differ materially from the Company's
expectations or projections.