Clean Air Metals Files Audited Annual Financial Statements for the Year
Clean Air Metals Files Audited Annual Financial Statements for the Year
Ended January 31, 2023
THUNDER BAY, ON
,
May 31, 2023
/CNW/ - 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
,
2023, available for viewing on
www.sedar.com
.
Financial Highlights
Total assets as at
January 31, 2023
of
$42,290,356
Total cash as at
January 31, 2023
of
$6,871,401
Working capital as at
January 31, 2023
of
$11,684,677
Shareholder's equity as at
January 31, 2023
of
$38,864,372
During the fiscal year ended
January 31, 2023
as previously reported, the Company:
Closed the first tranche in the amount of
$10 million
of a
$15 million
non-dilutive mineral royalty financing agreement effective
Dec. 16, 2022
, with
Triple Flag Precious Metals Corp. The Triple Flag royalty agreement features a 2.5-per-cent net smelter returns (NSR) mining royalty for all mineral
product produced on the Thunder Bay North critical minerals (platinum, palladium, copper and nickel) project in
Northern Ontario, Canada
, temporarily
excepting the Escape claims. Subsequent to
January 31, 2023
, the Company received the second tranche of
$5
million and added the Triple Flag
royalty to the Escape claims.
Completed 2022 diamond drilling, including 17625 m on the Escape and
7068 m
on the Current Critical Metal Deposits in November, 2022.
Signed an Exploration Agreement with its First Nation Partners, the Fort William First Nation, the Red Rock Indian Band and the Biinjitiwaabik Zaaging
Anishinaabek for the Thunder Bay North Project in April, 2022.
Announced the closing of a
$12.5 million
equity and flow through private placement on strong institutional support, including
Michael Gentile
, CFA, in
February, 2022.
Financial Summary
For the year ended
January 31,
2023
January 31,
2022
Operating Expenses
$ 5,565,889
$ 3,405,191
Net Loss and Comprehensive
Loss
(4,816,873)
(2,170,832)
Loss per share –
Basic and Diluted
$ (0.02)
$ (0.02)
Total Assets
$ 42,290,356
$ 35,059,465
Total Liabilities
3,425,984
4,027,436
Total Shareholders' Equity
$ 38,864,372
$ 31,032,029
Full details of the financial reports and operating results for the year ended
January 31, 2023
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 Statement
Abraham Drost
, CEO stated, "We are pleased that due to the participation of Triple Flag Precious Metals in a royalty financing completed in
December
2022
, the Company was able to minimize share dilution and remains in a sound financial position. We expect that cash on hand is sufficient to fund the
Company's activities well into 2024."
Grant of Incentive Stock Options
The Company also announces that it has granted an aggregate of 2,032,728 incentive stock options (the "Stock Options"), subject to TSX Venture
Exchange approval. The Stock Options are being granted as long-term incentive awards with an exercise price of
$0.08
for a period of 5 years and subject
to vesting terms.
Qualified Person
Dr. Geoff Heggie, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President - Exploration for the Company, has reviewed
and approved all technical information in this press release.
Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (
Canada
) Ltd. acknowledge that the Thunder Bay North Critical Minerals Project is
on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the
Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release
January 11, 2021
) and Exploration Agreement signed
April 13, 2022
(press release
April 14, 2022
).
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived,
traveled, 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 and Métis peoples based upon principles of mutual trust, respect, reciprocity
and collaboration in the spirit of reconciliation.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North Critical Minerals Project, a platinum, palladium, copper, nickel project
located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Critical Minerals Project hosts
the twin magma conduit bodies which host the Current and Escape deposits forming the basis for the new mineral resource estimate subsequently
reported on
May 4, 2023
.
Executive Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng., lead an experienced technical team studying the economics of a sustainable mining
operation at Thunder Bay North. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"
Abraham Drost
"
Abraham Drost
, Chief Executive Officer of Clean Air Metals Inc.
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 applicable securities laws. Actual events or results could differ materially from the Company's expectations or
projections.
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SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/May2023/31/c6334.html
%SEDAR: 00005465E
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
CO: Clean Air Metals Inc.
CNW 08:15e 31-MAY-23