Clean Air files NI 43-101 PEA report for Thunder Bay

Mr. Mike Garbutt reports CLEAN AIR METALS FILES PEA TECHNICAL REPORT FOR THE THUNDER BAY NORTH CRITICAL MINERALS PROJECT Clean Air Metals Inc. has filed the preliminary economic assessment (PEA) and updated resource that was completed for its Thunder Bay PGE-Cu-Ni (platinum group element-copper-nickel) project near Thunder Bay, Ont., Canada. The results of the PEA and resource were previously disclosed in the company's news release dated Oct. 9, 2025. The PEA outlines an 11-year mine life (plus two years of preproduction activities) producing 2,500 tonnes per day from a near-surface, ramp-access underground operation. The report is available under the company's profile at SEDAR+ and will be available on the company's website. All figures are in Canadian dollars, unless specified otherwise. Highlights The project has a $219.4-million pretax NPV8 (net present value, 8-per-cent discount rate) against a project capital cost of $89.5-million. After-tax NPV of $157.5-million; The pretax internal rate of return (IRR) is 39 per cent and the after-tax IRR is 32 per cent; At Oct. 8 spot pricing, pretax NPV8 totals $316-million with pretax IRR of 52 per cent; The capital payback is 2.5 years from the start of production through healthy operating margins of 45 per cent; Baseline environmental studies are primarily completed to support future permitting of the project; The project is near the City of Thunder Bay, Canada, where key highway and electrical infrastructure and support are located; The company has positive relationships and is working closely with nearby indigenous communities to allow full and meaningful participation in the project; The resource has been updated with additional drilling and new pricing, highlighting a 14.9-million-tonne indicated resource grading 2.66 grams per tonne 2PGE, 0.40 per cent Cu and 0.24 per cent Ni; Additionally, there are 2.49 million tonnes of inferred resource grading 1.62 g/t 2PGE, 0.31 per cent Cu and 0.19 per cent Ni. There are no reserves. Notes: Study pricing is as follows (United States dollars): platinum: $1,425/ounce, palladium: $1,225/oz, copper: $4.80/pound, nickel: $6.80/lb, gold: $2,800/oz, silver: $30/oz. Oct. 8, 2025, spot pricing is as follows (U.S. dollars): Pt: $1,629/oz, Pd: $1,323/oz, Cu: $5.04/lb, Ni: $7.02/lb, Au: $3,692/oz, Ag: $48.47/oz. 2PGE equals platinum plus palladium. The Thunder Bay North project contains several critical minerals and therefore is ideally positioned to meet the priority goals of both the federal and provincial governments including advancing meaningful economic reconciliation with several indigenous communities. The asset is designed from the ground up as a low-cost, high-margin producer with access to the deposit within the first seven months from collaring the ramp portal. The project maximizes the use of temporary infrastructure and utilizes toll milling at a nearby facility. The PEA was independently prepared by Denis Decharte, PEng of SLR, Michael Selby, PEng of Technica Mining, Charlie Buck, PEng of XPS, and Maria Story of Story Environmental, who are considered independent qualified persons under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Continued strength in PGE market and path forward The PEA and the updated resource are being released at an opportune moment, as the market for PGEs has experienced a recovery from its multiyear lows. This resurgence is underscored by increased the interest of governments in Ontario and Canada to advance critical mineral projects with urgency, further supporting the positive outlook for the TBN project. Clean Air Metals chief executive officer Mike Garbutt stated: "The PEA and updated resource marks a significant step forward in the advancement of this project and is the culmination of dedicated work from the team. The intersection of the robust economics of the PEA driven by not only PGEs but solid copper value, new potential for scale presented by recent down-plunge exploration success and renewed interest in PGEs, outline a positive near-term potential for the company." The company remains committed to advancing the project, with the full support of the board. Critical upcoming activities include: Advancing appropriate National Instrument 43-101 studies, engineering, environmental and permitting activities including advanced exploration; Continued consultation with local indigenous communities and investigation of participation opportunities; Begin assembling the construction financing plan, including support from the federal and provincial governments as well as the private sector; Exploring all available processing opportunities; Further exploration in the Escape down-plunge to follow up on the initial success in the 400-metre stepout hole as detailed in the company's Oct. 20 press release; Raising capital to finance the above work. Technical information and qualified persons In addition to the persons listed earlier in this release as qualified persons for the PEA, the technical information in this release has been reviewed and verified by Dr. Lionnel Djon, PhD, PGeo, vice-president of exploration for Clean Air Metals, and Mike Garbutt, PEng, president and chief executive officer of Clean Air Metals who are a qualified persons for the purpose of National Instrument 43-101. About Clean Air Metals Inc. Clean Air Metals is a development and exploration company advancing its flagship, 100-per-cent-owned Thunder Bay North critical minerals (TBN) project, 40 kilometres northeast of Thunder Bay, Ont. The TBN project, accessible by road and next to established infrastructure, hosts two deposits -- the Current and Escape deposits, only 2.5 kilometres apart. 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. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders. Social engagement Clean Air Metals 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 Metis Nation of Ontario, Region 2, and the Red Sky Metis Independent Nation to the rich history of the company's 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 remains committed to building, fostering and encouraging a respectful relationship with first nations, Metis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation. We seek Safe Harbor.