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, 2024
Thunder Bay, ON, December 19, 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, 2024, available for viewing on
www.sedarplus.ca.
Financial Highlights
• Total assets as at October 31, 2024 of $37,234,144
• Total cash as at October 31, 2024 of $3,121,173
• Working capital as at October 31, 2024 of $212,518
• Shareholder’s equity as at October 31, 2024 of $33,555,754
Mike Garbutt, CEO of the Company, commented, “The third quarter marked a period
where we activated a drill program to expand on higher grade pods at the Current deposit,
and outlined a revised development path for the asset as a high-grade, low tonnage
project. This was achieved while continuing to control overall spending for the quarter.
We are comfortable with our financial position to continue our project development path
through 2025.”
Financial Summary
For the three months ended For the nine months ended
October 31,
2024
October 31,
2023
October 31,
2024
October 31,
2023
Operating Expenses $ 698,684 $ 1,081,358 $ 2,999,128 $ 3,155,051
Net Loss and Comprehensive
Loss
(330,471) (1,012,630) (2,619,699) (2,920,934)
Loss per share –
Basic and Diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01)
October 31,
2024
January 31,
2024
Total Assets $ 37,234,144 $ 39,205,074
Total Liabilities 3,678,390 3,478,961
Total Shareholders’ Equity $ 33,555,754 $ 35,726,113
Full details of the financial reports and operating results for the nine-month period ended
October 31, 2024 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.
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About Clean Air Metals
Clean Air Metals is a development and exploration company 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.
One of the rare primary platinum resources outside of South Africa, 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, 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mike Garbutt"
Mike Garbutt, CEO of Clean Air Metals Inc.
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 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.