Clean Air Metals and Fiore-Backed Springbok Ventures Announce Upsize of Non-Brokered Private Placement to C$6.2 Million

Clean Air Metals Inc. announced an upsize of its concurrent non-brokered private placement to approximately C$6.2 million. The financing is tied to the proposed reverse takeover amalgamation with Springbok Ventures Inc., which will combine Clean Air's Thunder Bay North (TBN) project with Springbok's Maude Lake property.

The offering consists of up to 10,050,000 non-flow-through subscription receipts at C$0.50 per unit and up to 2,090,909 flow-through subscription receipts at C$0.55 per unit. Proceeds are held in escrow until closing and will fund development, exploration, and working capital for the combined entity.

This follows the July 31, 2026 announcement of the business combination and the August 10, 2026 upsize to C$6.1 million, indicating sustained investor demand. Completion remains subject to TSX Venture Exchange approval and customary closing conditions.

Clean Air Metals Inc. (AIR) announced an upsized financing as an incremental, expected procedural step following the initial merger and financing announcements. This move does not alter the fundamental transaction structure, exchange ratio, or project economics. The additional C$0.1 million mitigates near-term liquidity constraints but does not resolve the long-term capital requirements for moving the TBN project toward production, which has a PEA CAPEX of approximately C$89.5 million.

No new strategic investors, management changes, or material revisions to the merger terms were disclosed. The market likely anticipated this financing given the company's working capital deficiency and the explicit need to fund the combined exploration program.

Clean Air Metals Inc. (AIR) is advancing the Thunder Bay North Critical Minerals Project in Northwestern Ontario, with a focus on platinum-group elements (PGEs), copper, and nickel. The project hosts the Current and Escape deposits, which contain a 14.9 Mt indicated mineral resource grading 2.66 g/t Pt+Pd, 0.40% Cu, and 0.24% Ni.

A Preliminary Economic Assessment (PEA) released in October 2025 outlined an 11-year mine life, 2,500 tpd production, and a pre-tax NPV8 of C$219.4M at base case prices. Updated spot prices in January 2026 boosted the pre-tax NPV8 to $708M and IRR to 100%.

The company is merging with Springbok Ventures to add the Maude Lake property, a 2,017-hectare Ni-Cu-PGE sulphide asset, creating a broader critical minerals platform. Management is pursuing a toll-milling strategy initially, with plans to advance advanced exploration permitting and infrastructure design.