Benton Provides Update on Its Stake in Clean Air Metals Inc. - New PEA Delivers C$219.4M pre-tax NPV, 39% IRR for the Thunder Bay North Project

Executive Summary

• Benton's equity interest in Clean Air Metals’ Thunder Bay North Project is supported by a newly released PEA showing a pre‑tax NPV of C$219.4 M and a 39% IRR.
• The project’s capital cost is estimated at C$89.5 M, with a payback period of ~2.5 years and after‑tax NPV of C$157.5 M (IRR 32%).
• Updated resource estimate: 14.9 Mt indicated (2.66 g/t PGE₂, 0.40% Cu, 0.24% Ni) and 2.49 Mt inferred (1.62 g/t PGE₂, 0.31% Cu, 0.19% Ni); no reserves disclosed.

Key Details

• Economic Highlights
• Pre‑tax NPV₈%: C$219.4 M
• After‑tax NPV₈%: C$157.5 M
• Pre‑tax IRR: 39%; after‑tax IRR: 32%
• Spot‑price scenario (NPV₈%): C$316 M with IRR 52%
• Capital cost estimate: C$89.5 M

• Payback period: ~2.5 years from start of production, targeting 45% operating margin

• Project Design

• Low‑cost, high‑margin producer concept using temporary infrastructure and toll milling at a nearby facility.
• Access to first seven months of production from collaring the ramp portal.

• Baseline environmental studies largely completed; permitting work ongoing.

• Location & Infrastructure

• Near City of Thunder Bay, Ontario – proximity to highway, power, and other utilities.

• Positive relationships with nearby Indigenous communities; engagement for meaningful participation.

• Resource Update (Clean Air Metals)

• 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 mineral reserves reported at this time.

• Benton’s Ownership & Royalties

• Holds 24.6 M shares (9.8%) of Clean Air Metals (TSXV: AIR).

• Retains a 0.5% Net Smelter Royalty on the lower portion of Thunder Bay North Deposit and all of Escape Lake Deposit.

• Additional Company Highlights (non‑PEA related but included in release)

• Great Burnt Project (Newfoundland) resource: 667 kt @ 3.21% Cu indicated; 482 kt @ 2.35% Cu inferred.
• Recent drill results: 25.42 m @ 5.51% Cu (incl. 9.78 m @ 8.31% Cu); 1.00 m @ 12.70% Cu.
• South Pond Gold Zone: 74.20 m @ 1.43 g/t Au and 43.75 m @ 1.62 g/t Au.

Notable Quotes

• “The Clean Air Metals PEA demonstrates a robust, low‑cost pathway to develop the Thunder Bay North Project into a high‑margin producer,” – Stephen Stares, President & CEO, Benton Resources Inc.