Clean Air Metals Files Third Quarter, 2020 Financial Statements
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Clean Air Metals Files Third Quarter, 2020
Financial Statements
Thunder Bay, ON, December 22, 2020 – Clean Air Metals Inc. (“Clean Air Metals” or
the “Company”) (TSXV: AIR; FRA: CKU; OTCQB: CLRMF) announces that it has filed its
condensed interim consolidated financial statements and management's discussion and
analysis for the nine months ended October 31, 2020, available for viewing on
www.sedar.com.
Third Quarter Financial Highlights
• Total assets as at October 31, 2020 of $26,751,246
• Total cash as at October 31, 2020 of $9,571,707
• Working capital as at October 31, 2020 of $8,033,602
• Shareholder’s equity as at October 31, 2020 of $22,602,288
During the Q3 period as previously reported, the Company,
• Completed a C$1 million cash payment to Rio Tinto Exploration Canada Inc. to
maintain an option to acquire a 100% right, title and interest in the Escape Lake
property through Benton Resources Inc., pursuant to the terms of the definitive
option agreement dated January 27, 2020 (reported October 14, 2020).
• Announced a 3-year $150,000 research partnership commitment to the Lakehead
University Geology Department, Thunder Bay, Ontario to study the metallogeny of
the Mid- Continent Rift Metallotect . Lakehead University will have confidential
access to technical information generated at the Thunder Bay North Property of
Clean Air Metals and may review other exploration and development projects in
the area. Clean Air Metals’ commitment was matched 2:1 by the National Science
and Engineering Research Council of Canada for a total of $450,000 to be invested
in targeted research that may lead to new mineral discoveries (reported September
3, 2020).
• Completed approximately 8250m of diamond drilling on the Escape Lake deposit
trend at an approximate total all -in cost of $ 1.73 million. Geophysical surveying
with borehole EM, Magnetometric Resistivity (MMR) and Audio Magnetotelluric
AMT) soundings added approximately $300,000 to this total. This work helped
generate the intercept in Hole ELR20- 025 which intersected 98.9m of 1.89g/t
Palladium (Pd), 1.40g/t Platinum (Pt), 0.69% Copper (Cu) and 0.35% Nickel
(Ni) including a higher-grade intercept within this interval which returned 19.2m of
4.09g/t Pd, 2.90g/t Pt, 1.42% Cu and 0.75% Ni from 392.5m-411.8m downhole
(reported October 29, 2020).
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• Retained Nordmin Engineering Ltd. ("Nordmin") as the Technical Services Provider for
the Thunder Bay North Project with a mandate to complete a Resource Validation of
the Current Lake Deposit Historic Estimate and develop a preliminary resource model
for the Escape Lake trend in cooperation with Clean Air Metals' Database Geologist .
Nordmin will develop a global resource estimate for the Thunder Bay North Project
expected in the first quarter of 2021 (Q1/21) and early tradeoff studies toward
publication of a scoping study or Preliminary Economic Assessment expected in the
second quarter of 2021 (Q2/21) (reported August 11,2020).
Financial Summary
For the three months ended For the nine months ended
October 31,
2020
October 31,
2019
October 31,
2020
October 31,
2019
Operating Expenses $ 620,791 $ 730,507 $ 2,524,098 $ 854,358
Net Loss and Comprehensive
Loss
(608,334) (880,507) (289,901) (1,004,358)
Loss per share –
Basic and Diluted $ (0.00) $ (0.03) $ (0.01) $ (0.05)
October 31,
2020
January 31,
2020
Total Assets $ 26,751,246 $ 1,961,497
Total Liabilities 2,149,269 693,114
Total Shareholders’ Equity $ 22,602,288 $ 1,268,383
Full details of the financial reports and operating results for the third quarter ended October
31, 2020 are described in the Company’s condensed interim consolidated financial
statements with accompanying notes and related Management’s Discussion and Analysis,
available on SEDAR at www.sedar.com.
CEO of Clean Air Metals, Abraham Drost, MSc, P.Geo. stated that “third quarter financial
results demonstrate that the Company continued to successfully invest into exploration of
the Escape Lake and Current Lake polymetallic magma conduit-hosted mineral deposits.
Through continued exploration and development of these two robust trends of notable
platinum, palladium, copper and nickel mineralization as outlined in its continuous public
disclosure, Clean Air Metals continues to add value for its shareholders and is well
financed to position the Company for continued success in 2021.”
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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 Phase 1 and
Phase 2 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.
Corporate Social Responsibility
Clean Air Metals and its wholly -owned subsidiary, Panoramic PGMs (Canada) Ltd.,
acknowledge that the Escape Lake and Thunder Bay North Properties are on the
traditional territories of the Fort William First Nation, Red Roc k First Nation and
Biinjitiwaabik Zaaging Anishinabek, signatories to the Robinson-Superior Treaty of 1850.
Clean Air Metals' wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. is a signatory
to a Communication Protocol between the parties.
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 experi enced team of explorers,
researchers 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.
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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.
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.