THUNDER
BAY, ON, June 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 three month period
ended April 30, 2022, available for
viewing on www.sedar.com.
First Quarter Financial Highlights
- Total assets as at April 30, 2022
of $45,350,018
- Total cash as at April 30, 2022
of $7,265,049
- Working capital as at April 30,
2022 of $5,859,911
- Shareholder's equity as at April 30,
2022 of $41,742,012
During the first quarter ended April 30,
2022 as previously reported, the Company:
- closed a private placement raising gross proceeds of
approximately $12.5 million through
the issuance of 12,280,800 flow-through units at $0.285, 10,869,600 flow-through units at
$0.23 and 32.25 million
non-flow-through units at $0.20.
- signed an exploration agreement with Fort William First Nation,
Red Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek,
which confirms a framework for a mutually beneficial relationship
between the co-operating participants regarding the Company's
Thunder Bay North project.
- Completed a total of 34 holes on the Escape Deposit for a
cumulative total of 13,103 m of
drilling.
Financial Summary
|
|
|
|
For the three months
ended
|
|
April
30,
2022
|
April
30,
2021
|
|
|
|
Operating
Expenses
|
$
1,098,079
|
$
747,134
|
|
|
|
Net Loss and
Comprehensive
Loss
|
(560,871)
|
(47,741)
|
|
|
|
Loss per share
–
|
|
|
Basic and
Diluted
|
$
(0.00)
|
$
(0.00)
|
|
|
|
|
|
|
|
April
30,
2022
|
January
31,
2022
|
|
|
|
Total
Assets
|
$ 45,350,018
|
$ 35,059,465
|
|
|
|
Total
Liabilities
|
3,608,006
|
4,027,436
|
|
|
|
Total Shareholders'
Equity
|
$ 41,742,012
|
$ 31,032,029
|
Full details of the financial reports and operating results for
the three month period ended April 30,
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.
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 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, 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 the Current and Escape deposits forming the basis for a
robust preliminary economic assessment PEA) filed January 12, 2002. 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 feasibility 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-interim-financial-statements-as-at-april-30-2022-301577339.html
SOURCE Clean Air Metals Inc.