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Clean Air Metals Inc. reports developments tied to its 100%-owned Thunder Bay North Critical Minerals Project in Northwestern Ontario. Company news centers on PGE-Cu-Ni exploration and development work, including the Current and Escape deposits, down-plunge drilling, geophysical planning, preliminary economic assessment updates, toll-milling and stand-alone mill concepts, and infrastructure planning for site access and power.
Updates also cover project funding, Ontario exploration support, commodity-market context for platinum, palladium, copper and nickel, interim financial statements and management discussion, and governance changes affecting technical leadership. The company also references engagement with First Nations and Métis communities connected to the Thunder Bay North project area.
Clean Air Metals (OTCQB:CLRMF) and Fiore-backed Springbok Ventures increased their previously announced non-brokered private placement to $6.1 million. The upsized Offering consists of 10,000,000 Springbok subscription receipts at $0.50 and 2,000,000 Clean Air Metals subscription receipts at $0.55 per receipt.
Springbok receipts will convert into Springbok shares that are then exchanged for Resulting Issuer shares under a three‑cornered amalgamation with Clean Air Metals and Newco, while CAM receipts convert into flow-through Resulting Issuer shares. Proceeds will be escrowed until closing of the Proposed Transaction and are intended to fund advancement of the Thunder Bay North Critical Minerals Project and exploration at Springbok’s Maude Lake Property, subject to TSX Venture Exchange approval.
Clean Air Metals (OTCQB:CLRMF) and Fiore-backed Springbok Ventures signed a July 31, 2026 amalgamation agreement for a strategic business combination creating a well-capitalized critical minerals company focused on the Thunder Bay North (“TBN”) Project and Springbok’s Maude Lake Property in Ontario.
The transaction will be structured as a three-cornered amalgamation under the BCBCA, following a 10-for-1 share consolidation, a continuance of Clean Air Metals to British Columbia and a name change to “Dante Metals Corp.” A minimum C$5 million concurrent subscription receipt financing is planned. Pro forma ownership of the resulting issuer is expected to be 41.8% former Clean Air Metals shareholders, 41.7% former Springbok shareholders and 16.5% former subscription receipt holders. Springbok holds an option to acquire 100% of Maude Lake by staged cash payments of $400,000, Springbok share issuances and $3,000,000 in exploration expenditures, plus a net smelter royalty and contingent milestone payments to Transition Metals. Completion is subject to shareholder, TSXV and regulatory approvals and other customary conditions.
Clean Air Metals (OTCQB:CLRMF) filed unaudited interim financial statements for the three months ended April 30, 2026.
Key figures: total assets $35.9M, cash $664K, shareholders' equity $32.3M, and a working capital deficiency of $2.68M. Net loss was $349,906 on operating expenses of $356,240.
The company spent $57,783 on exploration at the TBN project and is pursuing project financing while advancing permitting and planning for the next exploration phase.
Clean Air Metals (OTCQB:CLRMF) filed audited financial statements for the year ended January 31, 2026. Key figures include total assets of $36.2M, cash of $1.13M, a working capital deficiency of $2.28M, and shareholders' equity of $32.6M.
Operating expenses were $1.59M and net loss was $1.36M, with basic and diluted loss per share of $0.01. The company advanced the Thunder Bay North project, including a PEA, step-out drilling delivering a 50m mineralized intersection, and ongoing permitting and infrastructure discussions.
Clean Air Metals (OTCQB:CLRMF) announced on April 10, 2026 that Dr. Lionnel Djon has resigned as VP of Exploration after two years. The Board will provide interim technical leadership, led by Dr. David Peck, a board member since early 2024 and registered Professional Geoscientist.
The company said it is assessing financing options and will announce a permanent replacement following that assessment to advance its 2026 strategic objectives.
Clean Air Metals (OTCQB:CLRMF) announced a provincial grant and provided a Thunder Bay North project update on March 26, 2026. The company was approved for up to $200,000 from the Ontario Junior Exploration Program to advance the 2.5 km Escape down-plunge target, where an initial hole intersected 53m of resource-grade mineralization.
The update details ongoing metallurgical work, mill business-case revision, road and power design talks with First Nations, permitting progress, and continued discussions with potential strategic partners to support 2026 objectives.
Clean Air Metals (OTCQB:CLRMF) outlined 2026 objectives to advance the 100%‑owned Thunder Bay North project after strong 2025 results and higher PGE/copper prices. Using Jan 6, 2026 spot metal prices the project shows a $708M pre‑tax NPV8 and 100% pre‑tax IRR (post‑tax NPV8 $494M, IRR 84%), versus the PEA study pre‑tax NPV8 of $219.4M and IRR 39%. The deposit hosts 14.9Mt indicated @2.66 g/t 2PGE and 2.49Mt inferred @1.62 g/t 2PGE, containing ~1.39 Moz Pt+Pd, 67kt Cu and 41kt Ni. 2026 plans include mill studies, metallurgical testing, access/power design, permitting for ramp/bulk sample, MT survey and follow‑up drilling.
Clean Air Metals (OTCQB:CLRMF) filed unaudited consolidated interim financial statements and MD&A for the nine months ended October 31, 2025 on SEDAR+. Key reported figures include total assets $36,602,553, cash $1,643,422, working capital deficiency $1,746,454, and shareholders' equity $33,030,843.
During the nine months the company spent $1,046,223 on exploration at the TBN project, completed initial step-out drilling with a mineralized intersection 400m beyond known resource, and released a Preliminary Economic Assessment for Thunder Bay North outlining a toll-milling mine plan; the final PEA report is expected early in fiscal Q4.
Clean Air Metals (OTCQB:CLRMF) filed a Preliminary Economic Assessment (PEA) and updated NI 43-101 resource for the Thunder Bay North PGE-Cu-Ni Project on November 24, 2025.
Key PEA metrics: pre-tax NPV8 $219.4M and after-tax NPV $157.5M, project capex $89.5M, pre-tax IRR 39% (after-tax 32%), 2.5-year payback, 11-year mine life at 2,500 tpd, and operating margin 45%. Updated resource: Indicated 14.9M t @ 2.66 g/t 2PGE, 0.40% Cu, 0.24% Ni; Inferred 2.49M t @ 1.62 g/t 2PGE, 0.31% Cu, 0.19% Ni. The PEA assumes toll milling, near-term ramp access, and highlights proximity to Thunder Bay infrastructure and Indigenous engagement.
Clean Air Metals (OTCQB:CLRMF) reported that its 2025 summer drilling confirmed the Escape Deposit continues down-plunge into a previously untested 2.5 km magnetic anomaly. Hole EL25-001 intersected 53 m of PGE-Cu-Ni mineralization from 404 m (0.52 g/t Pt, 0.69 g/t Pd, 0.26% Cu, 0.17% Ni) including higher-grade intervals of 22 m and 11 m. A borehole EM survey detected a strong off-hole conductor, and company plans include infill MT and systematic follow-up drilling to test the full strike. The Escape Deposit currently accounts for ~40% of metal in the project's 14.9 Mt indicated resources and the PEA reports NPV8 of C$219.4M (IRR 39%), rising to C$316M (IRR 52%) at October 8 spot prices.