Clean Air Metals Files Second Quarter 2021 Interim Financial Statements
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Clean Air Metals Files Second Quarter 2021
Interim Financial Statements
Thunder Bay, ON, September 22, 2021 – Clean Air Metals Inc. (“Clean Air Metals” or
the “Company”) (TSXV: AIR; FRA: CKU; OTCQB: CLRMF) announces that it has filed its
condensed consolidated interim financial statements and management's discussion and
analysis for the six-month period ended July 31, 2021, available for viewing on
www.sedar.com.
Q2 Financial Highlights
• Total assets as at July 31, 2021 of $37,696,643
• Total cash as at July 31, 2021 of $9,164,586
• Working capital as at July 31, 2021 of $5,927,070
• Shareholder’s equity as at July 31, 2021 of $31,135,289
During the six-month period ended July 31, 2021 as previously reported, the Company,
• Closed a bought deal private placement for total proceeds of approximately $11.5-
million, consisting of: (i) 11,904,800 flow-through shares at a price of $0.42 per
flow-through share; and (ii) 12,745,100 flow-through units at a price of $0.51 per
flow-through unit, including the exercise of the underwriters' option.
• Commenced a 30,000 meter diamond drill program with two drills at the Thunder
Bay North project, with a focus on systematic step-outs between resource centers
within the Escape Lake Deposit to add to the 505,369 oz palladium equivalent
(PdEq) indicated mineral resource at 3.67g/t PdEq in 4,286,220 tonnes, published
on January 20, 2021.
• Conducted additional resource delineation drilling at the adjacent Current Lake
deposit, building on the indicated mineral resource of 1,328,789 oz PdEq at an
average grade of 3.44 g/t PdEq in 11,999,177 tonnes, defined in the mineral
resource update dated January 20, 2020.
• Mineral resource estimates for both deposits are reported pursuant to the January
20, 2021 NI 43-101 Technical Report and Mineral Resource Estimate for the
Thunder Bay North Project, Thunder Bay, Ontario, prepared by Nordmin
Engineering Ltd. with QP Glen Kuntz, P.Geo, as posted to SEDAR on March 4,
2021.
• Commenced metallurgical studies as a precursor to smelter offtake analysis and
underground mine modelling as key inputs into a Preliminary Economic
Assessment of the Current Lake Deposit scheduled for completion and disclosure
in Q4/2021.
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Financial Summary
For the three months ended For the six months ended
July 31,
2021
July 31,
2020
July 31,
2021
July 31,
2020
Operating Expenses $ 1,241,739 $ 1,886,854 $ 1,988,873 $ 2,524,098
Net Income (Loss) and
Comprehensive Income (Loss)
(794,601) 350,425 (842,342) (289,901)
Earnings (Loss) per share –
Basic and Diluted $ (0.00) $ 0.00 $ (0.00) $ (0.00)
July 31,
2021
January 31,
2021
Total Assets $ 37,696,643 $ 27,146,884
Total Liabilities 6,561,354 3,923,352
Total Shareholders’ Equity $ 31,135,289 $ 23,223,532
Full details of the financial reports and operating results for the six -month period ended
July 31, 2021 are described in the Company’s condensed consolidated interim financial
statements with accompanying notes and related Management’s Discussion and Analysis,
available on SEDAR at www.sedar.com.
COVID Policy
Clean Air Metals continued to apply COVID-19 avoidance and personal protection
measures for its geological staff, drilling contractor and service suppliers during the third
quarter. Personnel are required to maintain physical distance, use Personal Protective
Equipment (PPE), self-monitor and self-isolate or elect to work from home. Management
had previously eliminated plans for a camp setup to service a planned diamond drill
campaign on the Escape Lake Project. The Company is aware of Thunder Bay Health
Unit guidelines that provide for "mandatory" self-isolation for returning overseas and inter-
provincial travel. The guidelines also "strongly recommended" self-isolation after travel
into the Northwest region from other areas of the Province. Mineral Exploration and
Development has been deemed an essential service in the Province
of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-
allowed-to-remain-open-list-march-23-2020/). The Company has procured the services of
a locally staffed and serviced diamond drilling contractor to complete the diamond drilling
programs.
Qualified Person
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and
VP, Project Manager of the Company, has reviewed and approved all technical
information in this press release.
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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 First Nation and Biinjitiwabik Zaaging Anishinabek. The
parties together are the Cooperating Participants in a Memorandum of Agreement
dated January 9, 2021.
The Company is also in discussions with Red Sky Metis Independent Nation and the Metis
Nation of Ontario and other non-proximate First Nation communities. Woodland Heritage
Northwest, a Metis -owned consultancy has been retained to conduct archaeological
studies on the Thunder Bay North Project and surrounding areas.
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 Clean Air Metals project
hosts the Current Lake Deposit and magma conduit and the Company is actively exploring
the Escape Lake Deposit, a twin structure to the Current Lake Deposit. Executive
Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists
and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit
model to guide ongoing exploration and development studies. 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.
For further information, please contact:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Phone: 807-252-7800
Email: [email protected]
Website: www.cleanairmetals.ca
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.
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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 cost
estimates and the potential for unexpected costs and expenses; results of technical
studies, benchmark reports, 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.