Clean Air Metals Announces 2026 Strategic Objectives in Historically Strong PGE and Copper Markets

Executive Summary

• Clean Air Metals reports a substantial uplift in the Thunder Bay North project’s economics using January 6 2026 spot metal prices – pre‑tax NPV₈ rises to $708 M and IRR to 100%, versus the PEA baseline of $219.4 M and 39% IRR.
• Updated resource estimate (Nov 2025) now totals 14.9 Mt indicated (2.66 g/t Pt+Pd, 0.40 % Cu, 0.24 % Ni) and 2.49 Mt inferred, containing 1.39 Moz Pt+Pd, 67 kt Cu, and 41 kt Ni.
• The company outlines 2026 objectives: advance a stand‑alone mill case, launch new metallurgical testing, complete early design of access road & power infrastructure with First Nations participation, secure advanced exploration permitting, and continue environmental baseline studies.

Key Details

• Spot Price Assumptions (Jan 6 2026): Pt $2,424/oz, Pd $1,849/oz, Cu $6.00/lb, Ni $8.36/lb, Au $4,489/oz, Ag $81.00/oz.
• Financial Model Impact:
• Pre‑tax NPV₈ = $708 M (up from $219.4 M).
• Pre‑tax IRR = 100% (up from 39%).
• Post‑tax NPV₈ = $494 M, post‑tax IRR = 84%.
• Resource Update (Nov 2025):
• Indicated: 14.9 Mt @ 2.66 g/t Pt+Pd, 0.40 % Cu, 0.24 % Ni.
• Inferred: 2.49 Mt @ 1.62 g/t Pt+Pd, 0.31 % Cu, 0.19 % Ni.
• Contained metals: 1.39 Moz Pt+Pd, 67 kt Cu, 41 kt Ni.
• 2026 Project Advancement Objectives:
  1. Update/advance a stand‑alone mill case for regional PGE‑copper processing hub.
  2. Implement new metallurgical test program to verify toll‑milling performance.
  3. Complete early design of site access road and power infrastructure with First Nations involvement.
  4. Secure advanced exploration permitting (future ramp & bulk sample).
  5. Continue environmental baseline studies for permitting support.
• Exploration Plans:
• Focus on down‑plunge extension of the Escape Deposit using magnetotelluric survey and follow‑up drilling to upscale resource along a 2.5 km strike.
• Reference prior successes: high‑grade “ballrooms” at Current deposit (Winter 2025) and step‑out hole EL25‑001 at Escape down‑plunge target.
• Strategic & Financing Outlook:
• Engaging federal/provincial funding agencies (Critical Minerals Infrastructure Fund, Critical Minerals Innovation Fund, Export Development Canada, Critical Minerals Sovereign Fund).
• Seeking strategic partners to share long‑term view on PGM and copper markets.

Notable Quotes

• Mike Garbutt, President & CEO: “2026 will be a pivotal year for Clean Air Metals… the significant improvement in PGE and Copper markets adds to the potential value of this asset and with the team in place, creates an environment and opportunity for the company to create real value.”