Clean Air Metals Files Third Quarter 2021 Interim Financial Statements
Clean Air Metals Files Third Quarter 2021 Interim Financial
Statements
THUNDER BAY, ON
,
Dec. 23, 2021
/CNW/ - 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 nine-month period ended
October 31
, 2021, available for viewing on
www.sedar.com
.
Q3 Financial Highlights
Total assets as at
October 31, 2021
of
$36,713,683
Total cash as at
October 31, 2021
of
$4,597,966
Working capital as at
October 31, 2021
of
$1,909,343
Shareholder's equity as at
October 31, 2021
of
$31,107,210
During the nine-month period ended
October 31, 2021
as previously reported, the Company:
Continued with a planned
45,000m
diamond drill program in 2021 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
.
Continued with 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.
Mineral resource estimates for both the Escape and Current 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.
Financial Summary
For the three months ended
For the nine months ended
October 31,
2021
October 31,
2020
October 31,
2021
October 31,
2020
Operating Expenses
$ 1,056,915
$ 620,791
$ 3,045,788
$ 3,144,889
Net Income (Loss) and
Comprehensive Income (Loss)
(43,617)
(608,334)
(885,959)
(898,235)
Earnings (Loss) per share –
Basic and Diluted
$ (0.00)
$ (0.00)
$ (0.01)
$ (0.01)
October 31,
2021
January 31,
2021
Total Assets
$ 36,713,683
$ 27,146,884
Total Liabilities
5,606,473
3,923,352
Total Shareholders' Equity
$ 31,107,210
$ 23,223,532
Full details of the financial reports and operating results for the nine-month period ended
October 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 and has had zero occurrences of COVID-related illness year to date.
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.
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.
Geoff Heggie
, P.Geo. a Qualified Person under National Instrument 43-101 and Exploration Manager of 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 First Nation and Biinjitiwabik Zaaging
Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021.
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.
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 Current Lake and Escape Lake deposits forming the basis for a
positive preliminary economic assessment around a ramp access underground mine reported
December 1, 2021
. 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 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
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.
View original content:
https://www.prnewswire.com/news-releases/clean-air-metals-files-third-quarter-2021-interim-financial-statements-301450325.html
SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2021/23/c1519.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 23-DEC-21