Clean Air Metals Files Audited
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Clean Air Metals Files Audited
Annual Financial Statements as at January 31, 2021
Thunder Bay, ON, May 31, 2021 – Clean Air Metals Inc. (“Clean Air Metals” or the
“Company”) (TSXV: AIR; FRA: CKU; OTCQB: CLRMF) announces that it has filed its
audited consolidated financial statements and management's discussion and analysis for
the year ended January 31, 2021, available for viewing on www.sedar.com.
Year End Financial Highlights
• Total assets as at January 31, 2021 of $27,146,884
• Total cash as at January 31, 2021 of $6,678,356
• Working capital as at January 31, 2021 of $5,662,340
• Shareholder’s equity as at January 31, 2021 of $23,223,532
During the year ended January 31, 2021 as previously reported, the Company,
• Signed a Memorandum of Agreement with three First Nations communities which
confirms a framework for a mutually beneficial relationship between the parties
regarding the Thunder Bay North project. In consideration for the participating First
Nations working with the Company on the design, approval and development of
the exploration project, and as part of the Company's accommodation of the
participating First Nations' interests and rights related to the exploration project,
the Company has issued 3 million common share purchase warrants with an
exercise price of $0.40 for a 5-year term (reported January 11 and 28, 2021).
• Completed a C$1 million cash payment directly to Rio Tinto Exploration Canada
Inc. to maintain an option to acquire a 100% right, title and interest in the Escape
Lake property with Benton Resources Inc., pursuant to the terms of the definitive
option agreement dated January 27, 2020 (reported October 14, 2020).
• Announced a 3-year $150,000 research partnership commitment to the Lakehead
University Geology Department, Thunder Bay, Ontario to study the metallogeny of
the Mid-Continent Rift Metallotect. Lakehead University will have confidential
access to technical information generated at the Thunder Bay North Property of
Clean Air Metals and may review other exploration and development projects in
the area. Clean Air Metals’ commitment was matched 2:1 by the National Science
and Engineering Research Council of Canada for a total of $450,000 to be invested
in targeted research that may lead to new mineral discoveries (reported September
3, 2020).
• Retained Nordmin Engineering Ltd. ("Nordmin") as the Technical Services
Provider for the Thunder Bay North Project with a mandate to complete a Resource
Validation of the Current Lake Deposit Historic Estimate and develop a preliminary
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resource model for the Escape Lake trend in cooperation with Clean Air Metals'
Database Geologist. Nordmin delivered a global resource estimate for the Thunder
Bay North Project on January 20,2021 and has been leading economic tradeoff
studies and metallurgy toward publication of a scoping study or Preliminary
Economic Assessment in 2021 (reported August 11, 2020).
• The Company completed approximately 20,000 of diamond drilling on the Escape
Lake deposit trend at an approximate total all-in cost of $4.5 million. Geophysical
surveying with borehole EM, Magnetometric Resistivity (MMR) and Audio
Magnetotelluric AMT) soundings added approximately $500,000 to this total.
• New exploration work helped generate the updated Indicated and Inferred mineral
resource estimate prepared in accordance with NI 43-101 for the Thunder Bay
North project, including a total indicated resource of 16,285,396 tonnes at an
average grade of 3.5 g/t PdEq, containing 1,834,158 ounces PdEq, and a total
inferred resource of 9,852,138 tonnes at an average grade of 2.1 g/t PdEq,
containing 663,660 ounces PdEq (Mineral resource estimates for the Escape Lake
and Current Lake 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 year ended
January 31,
2021
January 31,
2020
Operating Expenses $ 3,535,976 $ 983,422
Net Loss and Comprehensive
Loss
(1,273,525) (1,135,819)
Loss per share –
Basic and Diluted $ (0.01) $ (0.05)
Total Assets $ 27,146,884 $ 1,961,497
Total Liabilities 3,923,352 693,114
Total Shareholders’ Equity $ 23,223,532 $ 1,268,383
Full details of the financial reports and operating results for the year ended January 31,
2021 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.sedar.com.
CEO of Clean Air Metals, Abraham Drost, MSc, P.Geo. stated that “on behalf of the
Board of Directors, we are pleased to present the financial results for fiscal 2020 ending
January 31, 2021. In 2020, Clean Air Metals established itself as a strong new entrant into
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the platinum–palladium–copper–nickel exploration and development space worldwide.
The Company’s Thunder Bay North project hosts the Current Lake deposit and magma
conduit and the Company is actively exploring the Escape Lake deposit, a twin structure
to the Current Lake deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost
lead an experienced team of explorationists and engineers who are using the Norilsk
magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and
development studies. As the former CEO of North American Palladium Ltd. which owned
the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher
and team are credited with the mine turnaround and creation of significant value for
shareholders.”
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. 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 and inter-
provincial travel. The guidelines also "strongly recommended" self-isolation after travel
into the Northwest region from other areas of the Province. 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 Phase 1 and
Phase 2 diamond drilling programs.
Qualified Person
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and
VP, Project Manager of the Company, has reviewed and approved all technical
information in this press release.
Corporate Social Responsibility
Clean Air Metals and its wholly -owned subsidiary, Panoramic PGMs (Canada) Ltd.,
acknowledge that the Escape Lake and Thunder Bay North Pr operties are on the
traditional territories of the Fort William First Nation, Red Rock First Nation and
Biinjitiwaabik Zaaging Anishinabek, signatories to the Robinson-Superior Treaty of 1850.
Clean Air Metals' wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. is a signatory
to a Communication Protocol between the parties.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
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For further information, please contact:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Phone: 807-252-7800
Email: [email protected]
Website: www.cleanairmetals.ca
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
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.