Clean Air Metals Announces Planned CEO Transition and Files Audited Annual Financial Statements
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Clean Air Metals Announces Planned CEO
Transition and Files Audited Annual
Financial Statements
Thunder Bay, ON, May 30, 2024 – Clean Air Metals Inc. (“Clean Air Metals,” “Clean Air” or
the “Company ”) (TSXV: AIR; OTCQB: CLRMF ; FRA: CKU ) is pleased to announce the
appointment of Mike Garbutt as its new President and Chief Executive Officer (CEO) effective
July 1, 2024. Mr. Garbutt, a seasoned mining professional with a record of success, has
significantly contributed to the Company’s strategic vision and development as COO over the
past few years. Mike has the ideal skillset to lead the Company through potential asset
acquisitions, resource expansion plans, and, ultimately, a mine development project.
"Succession planning has been at the forefront of our minds since Mike joined Clean Air Metals
2 years ago,” said Jim Gallagher, outgoing CEO and returning Board Chair. "Mike's leadership
and involvement, particularly in the due diligence review of other PGE assets in Northwestern
Ontario, have been invaluable. He has demonstrated that he is uniquely qualified to carry
forward our strategic initiatives.”
Mr. Garbutt's tenure as President and CEO comes at a crucial juncture for Clean Air Metals, as
the Company demonstrates its resilience in the face of industry headwinds. Despite these
challenges, Clean Air Metals has maintained a strong cash position, honed its project targeting,
and strategically planned for resource base expansion through the potential acquisitions of
other PGE assets.
"Being appointed CEO of Clean Air Metals is a tremendous honour," said Mike Garbutt. "I am
excited to lead this exceptional team as we execute our strategy , c apitalize on the
opportunities ahead and create value for our shareholders. With Jim's continued support on
the Board, alongside our recent additions of Dr. Lionnel Djon as VP of Exploration and Dr.
David Peck to the Board of Directors, I am confident that we have one of the strongest teams
in the junior sector."
Clean Air Metals remains steadfast in its strategic focus on PGE s with associated copper
exploration in Northern Ontario, leveraging the region's unique potential and scarcity of active
exploration efforts. With an ongoing commitment to technical innovation and exploration
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excellence, the Company is well -positioned to seize the opportunities presented by the
impending commodities super cycle, further enhancing its competitive edge.
"I am pleased to be able to hand the reins to Mike after a challenging year during which we
redefined the Company's strategy and strengthened the team," said Jim Gallagher. "I started
my mining career as a labourer at INCO's Levack mine 47 years ago. It is time for me to step
back from Clean Air’s day-to-day activities, but I’ll remain on the Board of Directors supporting
Mike and the rest of the team as they execute the strategy moving forward. In my long career,
I have lived through several metal price super cycles and truly believe that with the low
investment environment over the last few years combined with the Green Energy revolution
and the desperate need for Critical Metals, we are on the cusp of one of the greatest metal
cycles of recent times. I believe Clean Air Metals is well poised to take full advantage of the
upcoming super cycle.”
Jim Gallagher will assume the role of Non-executive Chair of the Board of Directors starting
July 1, 2024. He replaces Dean Chambers, who will continue his board roles as Chair of the
Audit and Governance, Nominating and Compensation committees. We thank Dean for
serving as Chair of the Board over the last year.
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bout Jim Gallagher, PEng.
Jim Gallagher, a mining engineer and experienced executive, was the CEO of North American
Palladium from 2015 to 2019. He was responsible for the Company’s operational and financial
turnaround and eventual sale to Impala Platinum of South Africa for just under C$1 Billion .
Jim served as Executive Chair of Clean Air Metals when the Company began to trade on the
TSX Venture Exchange in early 2020. He assumed the role of CEO in June 2023.
About Mike Garbutt, PEng. MBA
Mr. Garbutt is a professional mining engineer with over 25 years of experience in mine
operations, projects, and engineering. He has strong business acumen, has led successful mine
operations, transitioned capital projects to operations, and has undertaken numerous project
studies. He joined Clean Air Metals in May 2022 as its Chief Operating Officer. He was
previously Deputy General Manager for IAMGOLD’s Côté Gold Project, Senior Principal and
Mining Sector Leader at Stantec Consulting, and General Manager of Sudbury Operations at
KGHM. He held several senior technical and operating roles during a 14-year career at
Glencore. Mr. Garbutt holds an MBA from Laurentian University and serves on select non-profit
boards.
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The Company also announces that it has filed its audited consolidated financial statements and
management's discussion and analysis for the year ended January 31, 2024, available for
viewing on www.sedarplus.ca.
Financial Highlights
• Total assets as at January 31, 2024 of $39,205,074
• Total cash as at January 31, 2024 of $5,913,395
• Working capital as at January 31, 2024 of $3,201,899
• Shareholder’s equity as at January 31, 2024 of $35,726,113
Financial Summary
For the year ended
January 31,
2024
January 31,
2023
Operating Expenses $ 3,930,784 $ 5,565,889
Net Loss and Comprehensive
Loss
(3,529,771) (4,816,873)
Loss per share –
Basic and Diluted $ (0.02) $ (0.02)
Total Assets $ 39,205,074 $ 42,290,356
Total Liabilities 3,478,961 3,425,984
Total Shareholders’ Equity $ 35,726,113 $ 38,864,372
Full details of the financial reports and operating results for the year ended January 31, 2024
are described in the Company’s audited consolidated financial statements with accompanying
notes and related Management’s Discussion and Analysis, available on SEDAR+ at
www.sedarplus.ca.
About Clean Air Metals
Clean Air Metals is a project consolidator assembling a portfolio of viable PGE/Copper/Nickel
assets in Northwest Ontario. It is 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 13.8 Mt indicated
mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project,
Ontario Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant
potential for expansion down-plunge.
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One of the rare primary platinum resources outside of South Africa with significant copper
mineralization, the TBN project is in a stable and mining-friendly jurisdiction and benefits from
longstanding relationships with local First Nations. With its proven technical team, Clean Air
Metals is committed to growing the resources at 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
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.
ON
BEHALF OF THE BOARD OF DIRECTORS
"Jim Gallagher"
Jim Gallagher
Chief Executive Officer
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
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the 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 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.