Clean Air Metals Files Q3/22 Interim Financial Statements
Clean Air Metals Files Q3/22 Interim Financial
Statements
THUNDER BAY, ON
,
Dec. 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 nine-month period ended
October 31
, 2022, available
for viewing on
www.sedar.com
.
Financial Highlights
Total assets as at
October 31, 2022
of
$42,279,897
Total cash as at
October 31, 2022
of
$903,741
Working capital deficiency as at
October 31, 2022
of
$472,891
Shareholder's equity as at
October 31, 2022
of
$40,281,883
During the three-month period ended
October 31, 2022
as previously reported, the Company:
Completed a total of 11 holes on the Current Deposit for a cumulative total of
2,564m
of drilling.
Continued prefeasibility studies and environmental baseline studies for the Thunder Bay North Critical Minerals
Project under the supervision of Mr.
Mike Garbutt
, P.Eng. MBA, Chief Operating Officer and Mr.
Kris Tuuttila
,
Director of Permitting, Sustainability and Community Relations.
Appointed SLR Consulting Limited ("SLR") to provide external validation of an internal mineral resource update
of the Escape Deposit, including the addition of
55,651m
of previously reported 2021/22 drilling results
.
Financial Summary
For the three months ended
For the nine months ended
October 31,
2022
October 31,
2021
October 31,
2022
October 31,
2021
Operating Expenses
$ 1,244,247
$ 1,056,915
$ 3,352,677
$ 3,045,788
Net Loss and Comprehensive Loss
(1,149,336)
(43,617)
(2,456,850)
(885,959)
Loss per share –
Basic and Diluted
$ (0.01)
$ (0.00)
$ (0.01)
$ (0.01)
October 31,
2022
January 31,
2022
Total Assets
$ 42,279,897
$ 35,059,465
Total Liabilities
1,988,014
4,027,436
Total Shareholders' Equity
$ 40,281,883
$ 31,032,029
Full details of the financial reports and operating results for the nine-month period ended
October 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 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 a robust preliminary economic assessment PEA) filed
January 12
, 2022. 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 and
prefeasibility technical 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.
View original content:
https://www.prnewswire.com/news-releases/clean-air-metals-files-q322-interim-financial-statements-301710462.html
SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2022/28/c9149.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 08:00e 28-DEC-22