Clean Air Metals Receives Provincial Funding and Provides Update on the Thunder Bay North Project
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Clean Air Metals Receives Provincial Funding and
Provides Update on the Thunder Bay North
Project
Thunder Bay, ON, March 26, 2026 – Clean Air Metals Inc. (“Clean Air Metals” or the
“Company”) (TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) is pleased to provide an update
on its 100%-owned Thunder Bay North (“TBN”) Critical Minerals Project in
Northwestern Ontario.
Company Financing update
The Company has been approved for up to $200,000 in government funding as part of
the Ontario Junior Exploration Program (OJEP) that will be used to advance work in the
2.5 km long Escape down-plunge target, where it recently intersected 53m of resource-
grade mineralization in the initial exploration hole (Figure 1 and October 20, 2025
release).
“Ontario is leading the charge to secure the minerals that will power our economy and
strengthen our sovereignty,” said Stephen Lecce, Minister of Energy and Mines.
“Through OJEP, we’re backing companies like Clean Air Metals Inc. to advance
promising projects here at home—unlocking resources, creating jobs, and building a
more self-reliant and secure Canadian economy.”
Additionally, the Company is continuing discussions with potential strategic partners
that share our positive view on the long-term strength of both PGM and copper markets,
in advance of any financing announcement to move its 2026 strategic objectives
forward (January 12, 2026 release).
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Figure 1. Down-plunge step-out hole and additional targets
Strong Fundamentals for PGE and Copper Markets
Although recent global economic uncertainty has had a negative impact on almost all
commodity prices, the recent record prices reached by gold and platinum and the
strong price recovery for palladium underscores the company's belief that underlying
fundamentals are and will continue to be strong. Platinum and Palladium continue to
benefit from tight primary supply from South Africa and Russia, while autocatalyst
demand for these metals remains robust. At the same time, Copper is underpinned by
strong long-term demand from electrification, grid expansion, and energy transition
initiatives, against a backdrop of declining ore grades and a thin project pipeline.
Together, these factors will continue to provide strong economics for the Thunder Bay
North project.
Project Development and Exploration Update
The Company continues to advance critical aspects of the project including:
• Update the stand-alone mill business case for Thunder Bay North that will
create a parallel development path. to become
• Prepare for a new metallurgical test program to confirm potential toll milling
performance.
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• Initiate early design discussions for the site access road and power
infrastructure, with the active participation of First Nations communities
• Engage provincial and federal government agencies on future funding
opportunities for the project.
• Continue to progress Advanced Exploration permitting activities with the
Government of Ontario.
• Detailed planning of ground geophysical surveys and drilling for the next
phase of the Escape down-plunge exploration program.
Mike Garbutt, President and CEO, commented, “We would like to thank the Ontario
Government for its support of the project through the OJEP program. This input of non-
dilutive capital represents an important contribution to junior exploration companies like
Clean Air Metals and demonstrates strong support for mineral development by the
provincial government.”
Qualified Person
Mike Garbutt, PEng, MBA., a Qualified Person under National Instrument 43-101 and
President and CEO for the Company, has reviewed and approved all technical
information in this press release.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship,
100% owned Thunder Bay North Critical Minerals (“TBN”) project, 40 km northeast of
Thunder Bay, Ontario. The TBN project, accessible by road and next to established
infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km
apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing
2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario, Canada,
NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for
expansion down-plunge.
One of the rare primary platinum resources outside of South Africa, the TBN project is
in a stable and mining-friendly jurisdiction and benefits from longstanding relationships
with local First Nations. The TBN project has the potential to develop into a secure
source of rare platinum metals, as well as other critical metals such as copper, nickel,
and cobalt, for the North American manufacturing sector. Ongoing concerns over
future platinum supply are driving prices to historic highs, with obvious benefits for a
future TBN mining operation. With its proven technical team, Clean Air Metals is
committed to advancing the TBN project and creating long-term value for
shareholders.
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Social Engagement
Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project
is located within the area encompassed by the Robinson-Superior Treaty of 1850 and
includes the territories of the Fort William First Nation, Red Rock Indian Band,
Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals
also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the
Red Sky Métis Independent Nation to the rich history of our area.
The Company appreciates the opportunity to work in these territories and remains
committed to the recognition and respect of those who have lived, travelled, and
gathered on the lands since time immemorial. Clean Air Metals is committed to
stewarding Indigenous heritage and 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mike Garbutt"
Mike Garbutt, CEO of Clean Air Metals Inc.
Connect with us on X/ Facebook/ Instagram.
Visit www.cleanairmetals.ca for more information or contact:
Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
Neither 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.
The views expressed in this release are the views of Clean Air Metals Inc. and do not
necessarily reflect those of the Province of Ontario.
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
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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.