If You Invested in Clean Air Metals (CLRMF)

Clean Air Metals Inc. (CLRMF) is a mineral development and exploration company focused on platinum group elements (PGEs) and associated critical metals within the Basic Materials sector. The company is advancing its flagship, 100%-owned Thunder Bay North Critical Minerals ("TBN") project, located near Thunder Bay in Northwestern Ontario, Canada. TBN is described as one of the rare primary platinum resources outside of South Africa and is positioned as a potential secure source of platinum, copper, nickel and cobalt for the North American manufacturing sector.

Thunder Bay North Critical Minerals Project

The Thunder Bay North project is situated approximately 40 km northeast of the City of Thunder Bay. According to multiple company disclosures, the project is accessible by road and is located next to or adjacent to established infrastructure, including regional highway and electrical networks. TBN hosts two closely spaced deposits, the Current Deposit and the Escape Deposit, which are only about 2.5 km apart. Together, these deposits form the core of Clean Air Metals’ resource base and the foundation for its mine planning studies.

Technical reports referenced by the company describe a significant indicated mineral resource at TBN. In various releases, Clean Air Metals cites an indicated resource on the order of tens of millions of tonnes containing platinum, palladium, copper and nickel, with additional inferred resources and notable potential for expansion down-plunge at both the Current and Escape deposits. The company emphasizes the role of the Escape Deposit as a key contributor to the overall metal content of the project and highlights the high-grade zones that have been defined through drilling.

Project Studies and Preliminary Economic Assessment (PEA)

Clean Air Metals has completed and filed a Preliminary Economic Assessment (PEA) for the Thunder Bay North project. The PEA, prepared under National Instrument 43-101 by independent qualified persons, outlines a conceptual mine plan based on a near-surface, ramp-access underground operation producing approximately 2,500 tonnes per day over an 11-year mine life, plus pre-production activities. The study contemplates a toll-milling scenario in which material from TBN would be transported to an existing processing facility in the region, thereby making use of established processing infrastructure rather than constructing a full-scale mill on site.

The PEA describes the project as designed from the ground up as a low-cost, high-margin producer, supported by relatively shallow access to mineralization and the use of temporary surface infrastructure. Baseline environmental studies are reported as primarily completed to support future permitting of the project, and the company has indicated that advancing engineering, environmental work and permitting, including advanced exploration approvals, are key steps in its development strategy.

Exploration and Resource Expansion Strategy

Beyond study work, Clean Air Metals continues to pursue exploration drilling aimed at expanding the resource base at TBN. A central focus is the down-plunge extension of the Escape Deposit, where the company has identified a 2.5 km long magnetic anomaly interpreted as an extension of the mineralized ultramafic conduit that hosts existing resources. Magnetotelluric (MT) and other geophysical surveys have outlined coincident magnetic and conductivity anomalies described as "ballroom-type" targets, analogous to high-grade zones previously drilled at the Current Deposit.

Drill hole EL25-001, completed within this down-plunge target, intersected disseminated PGE-Cu-Ni-rich sulphide mineralization over a substantial thickness, with assay results reported as comparable in grade and character to the existing Escape Deposit resource. Follow-up borehole electromagnetic surveys identified strong off-hole conductors, providing clear vectors for additional drilling. The company views this area as having significant potential for resource expansion and a possible enhancement to the economics outlined in the PEA.

Critical Minerals Focus and Market Context

Clean Air Metals consistently frames TBN as a critical minerals project aligned with federal and provincial priorities in Canada. The project hosts several metals identified as critical, including platinum, palladium, copper and nickel, and the company notes that TBN is well-positioned within a stable, mining-friendly jurisdiction. Corporate communications reference a recovery in platinum and palladium markets from multi-year lows and describe ongoing concerns over future platinum supply, with associated price strength seen as beneficial for a potential future mining operation at TBN.

The company also indicates that it is engaging with various Canadian funding agencies and programs focused on critical minerals, infrastructure and innovation, and is exploring opportunities for strategic partnerships that align with its view of long-term strength in PGE and copper markets. These activities are presented as part of a broader regional strategy to position TBN as a potential processing hub for copper-PGE feed and as a contributor to North American critical minerals supply chains.

Indigenous Partnerships and Social Engagement

A recurring element of Clean Air Metals’ disclosures is its emphasis on relationships with Indigenous communities. The company 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 recognizes the contributions of the Métis Nation of Ontario, Region 2, and the Red Sky Métis Independent Nation.

The company states that it benefits from longstanding relationships with local First Nations and expresses a commitment to mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation. It highlights ongoing consultation, the collection of environmental baseline data, and the intention to allow full and meaningful participation of Indigenous communities in the development of the project. Social engagement and stewardship of Indigenous heritage are presented as core elements of the company’s approach to project development.

Corporate and Capital Markets Profile

Clean Air Metals Inc. is listed on multiple markets, including the TSX Venture Exchange under the symbol AIR, on the OTCQB under the symbol CLRMF, and on the Frankfurt exchange under the symbol CKU. The company regularly files financial statements and management’s discussion and analysis on SEDAR+, and its news releases reference unaudited interim financial results, exploration expenditures and working capital positions. These disclosures underscore that Clean Air Metals is in the exploration and project evaluation stage, with expenditures focused on drilling, technical studies and permitting-related work at TBN.

Corporate updates also note the appointment and re-election of directors with extensive experience in mineral exploration, mining, community relations and government engagement in Northwestern Ontario. The company uses equity-based incentives, such as stock options, for directors, officers, employees and consultants, subject to regulatory approval. These governance and capital markets activities are consistent with Clean Air Metals’ stated objective of advancing Thunder Bay North toward a potential production decision while continuing to grow and refine the project’s resource base.

Summary

In summary, Clean Air Metals Inc. is a Basic Materials sector company focused on the exploration, evaluation and potential development of the Thunder Bay North Critical Minerals project in Ontario, Canada. Through a combination of technical studies, including a PEA, targeted exploration drilling, geophysical surveys and environmental baseline work, the company is working to define the economic potential of a platinum, palladium, copper and nickel deposit in a jurisdiction it describes as stable and mining-friendly. Its disclosures emphasize both the geological potential of the Current and Escape deposits and a corporate approach that integrates critical minerals policy priorities and long-term relationships with Indigenous communities.