On December 29, Clean Air Metals Inc. published its interim financial statements, detailing the company’s performance for the nine-month period ending October 31. The report is available on the official SEDAR+ website, reflecting the company’s commitment to transparency and investor engagement.
As of October’s end, Clean Air Metals reported total assets of $36,602,553, with cash reserves at $1,643,422. However, the company faced a working capital deficiency of $1,746,454, which may affect its operational flexibility.
Shareholder equity stood at $33,030,843, indicating a solid foundation for future growth.
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Exploration and operational highlights
During the reported period, the company invested $1,046,223 in exploration initiatives at the TBN project, crucial for its future strategy. A significant outcome was the successful completion of initial drilling at a new exploration target within the Escape down-plunge area. This drilling revealed a mineralized intersection located 400 meters from the previously known resource.
Preliminary economic assessment
In addition to exploration activities, Clean Air Metals finalized a Preliminary Economic Assessment (PEA) for the Thunder Bay North project. This assessment outlines a toll-milling strategy with a mining plan focused on extracting higher-margin materials from the Current and Escape deposits. The results of this study were made public during the quarter, with the final report expected to be filed in early fiscal Q4.
Financial overview
A summary of the financial performance highlights the operating expenses incurred by the company. For the three months ending October 31, operating expenses totaled $358,282, while for the nine months, they reached $1,111,055. The net loss for the quarter was $(306,303), compared to a loss of $(895,835) for the nine-month period.
Despite these challenges, Clean Air Metals remains dedicated to advancing its projects and delivering value to its shareholders. The loss per share for the nine months was reported at $(0.01), reflecting the investment in growth-oriented initiatives.
About Clean Air Metals
Clean Air Metals focuses on the development and exploration of its flagship project, the Thunder Bay North Critical Minerals project. Located approximately 40 kilometers northeast of Thunder Bay, Ontario, the project benefits from established infrastructure, enhancing operational efficiency. It comprises two deposits, the Current and Escape deposits, which are only 2.5 kilometers apart and collectively host a mineral resource estimate of approximately 13.8 million tonnes with an equivalent of 2.4 million ounces of platinum.
Unique to North America, the TBN project is one of the few primary platinum resources outside of South Africa, situated in a stable and mining-friendly jurisdiction. Clean Air Metals has also established strong relationships with local First Nations, emphasizing its commitment to responsible and sustainable mining practices.
Engagement with Indigenous communities
The company recognizes the importance of the Robinson-Superior Treaty of 1850 under which the TBN project operates. This includes territories belonging to the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek, and Kiashke Zaaging Anishinaabek. Clean Air Metals acknowledges the historical contributions of the Métis Nation of Ontario and the Red Sky Métis Independent Nation to the region’s rich cultural heritage.
The company is committed to fostering respectful relationships with Indigenous communities, aiming to create opportunities based on mutual trust and collaboration. Clean Air Metals emphasizes the importance of preserving Indigenous heritage and actively engages in reconciliation efforts.
As of October’s end, Clean Air Metals reported total assets of $36,602,553, with cash reserves at $1,643,422. However, the company faced a working capital deficiency of $1,746,454, which may affect its operational flexibility. Shareholder equity stood at $33,030,843, indicating a solid foundation for future growth.0
As of October’s end, Clean Air Metals reported total assets of $36,602,553, with cash reserves at $1,643,422. However, the company faced a working capital deficiency of $1,746,454, which may affect its operational flexibility. Shareholder equity stood at $33,030,843, indicating a solid foundation for future growth.1
