Clean Air Metals Files Interim Financial Statements
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Clean Air Metals Files Interim Financial Statements
for the Nine Months Ended October 31, 2023
Thunder Bay, ON, January 2, 2024 – 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 nine-month period ended October 31, 2023, available for viewing on
www.sedarplus.ca.
Financial Highlights
• Total assets as at October 31, 2023 of $39,854,603
• Total cash as at October 31, 2023 of $6,991,212
• Working capital as at October 31, 2023 of $7,490,011
• Shareholder’s equity as at October 31, 2023 of $36,362,547
Financial Summary
For the three months ended For the nine months ended
October 31,
2023
October 31,
2022
October 31,
2023
October 31,
2022
Operating Expenses $ 1,081,358 $ 1,244,247 $ 3,155,051 $ 3,352,677
Net Loss and Comprehensive
Loss
(1,012,630) (1,149,336) (2,920,934) (2,456,850)
Loss per share –
Basic and Diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01)
October 31,
2023
January 31,
2023
Total Assets $ 39,854,603 $ 42,290,356
Total Liabilities 3,492,056 3,425,984
Total Shareholders’ Equity $ 36,362,547 $ 38,864,372
Full details of the financial reports and operating results for the nine-month period ended
October 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, “With almost $7 million cash available and our current
spending profile, the Company remains in a solid financial position to ride out the difficult
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financial markets that have persisted throughout 2023. Although the financial pundits
remain split on what 2024 holds, I am cautiously optimistic that 2024 will be better for the
junior mining market in general and Clean Air Metals. The Company saw its share price
double in the last few weeks of trading in 2023 lifted by several factors. Once tax loss
selling had run its course, I believe many long-term investors saw the inherent bargain in
our stock where we were trading for little more than the cash in the Company and the
Thunder Bay North asset, which has close to 2 million equivalent ounces of Platinum in
an indicated mineral resource, was being attributed no value. Furthermore, some investor
interest has returned to the space as a result of a recent rally in Gold, supplemented by
recent coverage by the press highlighting the dire state of investment in the junior market
and the growing concern that Critical Minerals demand can’t be met if these investors do
not return to the mining sector. I am confident that 2023 saw the bottom of the market and
we are on a slow climb back.”
Indigenous Community Social and Economic Engagement
Clean Air Metals Inc. and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd.
acknowledge 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, 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, Métis and Inuit 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 Project hosts the Current and Escape deposits, twin magma conduits
which form the basis for the new mineral resource estimate reported on May 4, 2023.
CEO Jim Gallagher and COO Mike Garbutt lead an experienced technical team who are
using an orthomagmatic mineral deposit model to guide ongoing exploration and
development studies for a for potential mine development on the Thunder Bay North
project. Mr. Gallagher was formerly CEO of North American Palladium which operated the
Lac des Ilse Palladium mine just north of the Thunder Bay North project. After a significant
operational and financial turnaround the company was sold to Impala Platinum of South
Africa for approximately CND$ 1 billion .
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Gallagher"
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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]
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.