Clean Air Metals Files Interim Financial Statements
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Clean Air Metals Files Interim Financial Statements
for the Six Months Ended July 31, 2023
Thunder Bay, ON, September 29, 2023 – Clean Air Metals Inc. (“Clean Air Metals” or
the “Company”) (TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) announces that it has filed
its unaudited consolidated interim financial statements and management's discussion and
analysis for the six-month period ended July 31, 2023, available for viewing on
www.sedarplus.ca.
Financial Highlights
• Total assets as at July 31, 2023 of $40,578,504
• Total cash as at July 31, 2023 of $8,236,668
• Working capital as at July 31, 2023 of $8,652,794
• Shareholder’s equity as at July 31, 2023 of $37,274,294
Financial Summary
For the three months ended For the six months ended
July 31,
2023
July 31,
2022
July 31,
2023
July 31,
2022
Operating Expenses $ 1,096,522 $ 1,010,351 $ 2,073,693 $ 2,108,430
Net Loss and Comprehensive
Loss
(1,002,805) (746,643) (1,908,304) (1,307,514)
Loss per share –
Basic and Diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01)
July 31,
2023
January 31,
2023
Total Assets $ 40,578,504 $ 42,290,356
Total Liabilities 3,304,210 3,425,984
Total Shareholders’ Equity $ 37,274,294 $ 38,864,372
Full details of the financial reports and operating results for the six-month period ended
July 31, 2023 are described in the Company’s unaudited consolidated interim financial
statements with accompanying notes and related Management’s Discussion and Analysis,
available on SEDAR at www.sedarplus.ca.
CEO Statement
Jim Gallagher, CEO stated, “During this low point in the cycle for the junior mining market
Clean Air Metals remains focused on prudent cash management and developing the
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targets and execution plan for the next phase of drilling on the down plunge extension of
the Escape deposit expected to start in early 2024. We are confident that the pending
supply crisis for the critical metals which are necessary to drive the green economy will
bring investors back to the mining space with substantially improved commodity prices. Of
particular significance for Clean Air Metals is the expected demand increase for Platinum
given its role in the production and consumption of green Hydrogen. The Thunder Bay
North project will potentially be one of the only primary Platinum mines in the world outside
of South Africa.”
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 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 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.
CEO 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Gallagher"
Jim Gallagher, CEO of Clean Air Metals Inc.
For further information, please contact:
Jim Gallagher, CEO of Clean Air Metals Inc.
Phone: 705-690-7997
Email: [email protected]
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Web: www.cleanairmetals.ca
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.