Clean Air Metals Files Interim Financial Statements as at
Clean Air Metals Files Interim Financial Statements as at
July 31, 2022
THUNDER BAY, ON
,
Sept. 28, 2022
/CNW/ - Clean Air Metals Inc. ("
Clean Air Metals
" or the "
Company
") (TSXV: 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
, 2022, available for viewing on
www.sedar.com
.
First Quarter Financial Highlights
Total assets as at
July 31, 2022
of
$42,671,034
Total cash as at
July 31, 2022
of
$3,129,860
Working capital as at
July 31, 2022
of
$2,248,915
Shareholder's equity as at
July 31, 2022
of
$41,143,954
During the six-month period ended
July 31, 2022
as previously reported, the Company:
Closed a private placement raising gross proceeds of approximately
$12.5 million
through the issuance of 12,280,800 flow-
through units at
$0.285
, 10,869,600 flow-through units at
$0.23
and 32.25 million non-flow-through units at
$0.20
.
Signed an exploration agreement with Fort William First Nation, Red Rock Indian Band and the Biinjitiwaabik Zaaging
Anishinaabek, confirming a framework for a mutually beneficial relationship with the Company, as Cooperating Participants
regarding future development of the Company's Thunder Bay North Critical Mineral project.
Completed a total of 45 holes on the Escape Deposit for a cumulative total of
17,625 m
of drilling.
Completed a total of 27 holes on the Current Deposit for a cumulative total of
4,926 m
of drilling which included 8
metallurgical test holes.
Completed the second to final project payment of
C$1.5 million
to Panoramic Resources Ltd. of
Australia
. The final project
payment due
May 13, 2023
, is
C$1.5 million
, which is also the final vesting condition in the option agreement with Benton
Resources Inc. (reported
May 15, 2020
). Whereupon the Company will have earned a 100% interest in the Thunder Bay
North Critical Minerals Project. The final property payment may be accelerated at any time at the discretion of the Company.
Announced the kickoff of the Prefeasibility Study on the Thunder Bay North Critical Minerals Project with metallurgical
optimization led by DRA Americas, renowned experts in beneficiation of PGE-rich sulphide ores.
Announced the appointment of Mr.
Mike Garbutt
, P.Eng. MBA as Chief Operating Officer to manage the Thunder Bay North
Critical Minerals Project through the feasibility and environmental permitting process to a construction decision provisionally
expected in Q4/2024.
Financial Summary
For the three months ended
For the six months ended
July 31,
2022
July 31,
2021
July 31,
2022
July 31,
2021
Operating Expenses
$ 1,010,351
$ 1,241,739
$ 2,108,430
$ 1,988,873
Net Loss and Comprehensive Loss
(746,643)
(794,601)
(1,307,514)
(842,342)
Loss per share –
Basic and Diluted
$ (0.01)
$ (0.00)
$ (0.01)
$ (0.00)
July 31,
2022
January 31,
2022
Total Assets
$ 42,671,034
$ 35,059,465
Total Liabilities
1,527,080
4,027,436
Total Shareholders' Equity
$ 41,143,954
$ 31,032,029
Full details of the financial reports and operating results for the six month period ended
July 31, 2022
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.sedar.com
.
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
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 a robust preliminary economic assessment PEA) filed
January 12
, 2002. The PEA of a ramp access
underground mine and on-site 3600tpd milling complex and the 2-year trailing average price deck, features a pretax NPV5 of
C$425m
and an IRR of 31% on initial capital of
$378m
over a 10-year mine life.
Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced technical team who are using the Norilsk magma
conduit stratigraphic and mineral deposit model to guide ongoing exploration and development feasibility studies for a low-carbon,
all-electric 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 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.
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https://www.prnewswire.com/news-releases/clean-air-metals-files-interim-financial-statements-as-at-july-31-2022-301634994.html
SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2022/28/c3903.html
%SEDAR: 00005465E
For further information:
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 06:00e 28-SEP-22