Clean Air Metals Files PEA Technical Report for the Thunder Bay North Critical Minerals Project

Executive Summary

• Clean Air Metals filed a PEA for its Thunder Bay North Project, showing a pre‑tax NPV₈ of C$219.4 M and an after‑tax NPV of C$157.5 M with a 39% pre‑tax IRR (32% after‑tax).
• Updated resource totals 14.9 Mt indicated (2.66 g/t PGE, 0.40 % Cu, 0.24 % Ni) and 2.49 Mt inferred (1.62 g/t PGE, 0.31 % Cu, 0.19 % Ni).
• The company outlines next steps: advancing NI 43‑101 studies, permitting, construction financing, further exploration, and capital raising.

Key Details

• Project Scope: 11‑year mine life plus 2 years of pre‑production; 2,500 t/d throughput from a near‑surface ramp‑access underground operation.
• Economic Highlights (Study Pricing – USD): Pt $1,425/oz, Pd $1,225/oz, Cu $4.80/lb, Ni $6.80/lb, Au $2,800/oz, Ag $30/oz.
• Economic Highlights (Oct 8 2025 Spot Pricing – USD): Pt $1,629/oz, Pd $1,323/oz, Cu $5.04/lb, Ni $7.02/lb, Au $3,692/oz, Ag $48.47/oz.
• Pre‑tax NPV₈: C$219.4 M (project capital cost C$89.5 M).
• After‑tax NPV: C$157.5 M.
• Pre‑tax IRR: 39%; After‑tax IRR: 32%.
• Spot‑price scenario NPV₈: C$316 M with a pre‑tax IRR of 52% (using Oct 8 2025 spot prices).
• Capital Payback: 2.5 years from start of production, supported by ~45% operating margin.
• Resource Update:
• Indicated: 14.9 Mt @ 2.66 g/t PGE₂, 0.40 % Cu, 0.24 % Ni.
• Inferred: 2.49 Mt @ 1.62 g/t PGE₂, 0.31 % Cu, 0.19 % Ni.
• No reserves disclosed at this stage.
• Environmental: Baseline studies largely complete to support permitting; project benefits from existing highway and power infrastructure near Thunder Bay.
• Indigenous Relations: Ongoing consultation with Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek, Kiashke Zaaging Anishinaabek, Métis Nation of Ontario (Region 2), and Red Sky Métis Independent Nation.
• Qualified Persons: Denis Decharte (SLR), Michael Selby (Technica Mining), Charlie Buck (XPS), Maria Story (Story Environmental); additionally reviewed by Dr. Lionnel Djon (VP Exploration) and CEO Mike Garbutt.
• Next Milestones:
• Advance NI 43‑101 studies, engineering, environmental permitting, and further exploration.
• Continue Indigenous engagement and explore participation opportunities.
• Assemble construction financing plan with federal, provincial, and private sector partners.
• Evaluate processing options (including toll milling).
• Pursue additional drilling in the Escape down‑plunge area (noted 400 m step‑out success).
• Raise capital to fund these activities.

Notable Quotes

• Mike Garbutt, CEO: “The PEA and updated resource marks a significant step forward… robust economics driven by PGEs and solid copper value outline a positive near‑term potential for the Company.”