Clean Air Metals receives $200,000 provincial funding

Executive Summary

• Clean Air Metals Inc. secured up to $200,000 in non-dilutive government funding through Ontario's Junior Exploration Program (OJEP) to advance exploration at its 100%-owned Thunder Bay North critical mineral project.
• The company provided a comprehensive operational update detailing parallel development pathways, including a stand-alone mill business case, new metallurgical testing, infrastructure planning, and the next phase of drilling at the Escape down plunge target.
• Management highlighted strong long-term market fundamentals for platinum group elements and copper, citing tight primary supply and robust demand, while continuing discussions with potential strategic partners to advance 2026 objectives.

Key Details

• Government Funding: Approved for up to $200,000 via the Ontario Junior Exploration Program (OJEP).
• Use of Proceeds: Funds will advance work on the 2.5-kilometre-long Escape down plunge target, following a recent intersection of 53 metres of resource-grade mineralization.
• Mill Business Case: Updating a stand-alone mill business case to establish a parallel development path for the project.
• Metallurgical Testing: Preparing for a new metallurgical test program to confirm potential toll milling performance.
• Infrastructure Planning: Initiating early design discussions for site access road and power infrastructure, with active participation from First Nations communities.
• Regulatory & Permitting: Engaging provincial and federal government agencies on future funding opportunities and progressing advanced exploration permitting activities with the Government of Ontario.
• Exploration Program: Detailed planning underway for ground geophysical surveys and drilling for the next phase of the Escape down plunge exploration program.
• Strategic Partnerships: Continuing discussions with potential strategic partners to advance 2026 strategic objectives, ahead of any future financing announcement.
• Market Fundamentals: Cites strong underlying economics driven by tight primary PGE supply (South Africa/Russia), robust autocatalyst demand, and long-term copper demand from electrification, grid expansion, and energy transition initiatives.
• Resource Context: The Thunder Bay North project hosts a 13.8-million-tonne indicated mineral resource containing 2.4 million ounces platinum equivalent across the Current and Escape deposits.

Notable Quotes

• Stephen Lecce, Minister of Energy and Mines: "Ontario is leading the charge to secure the minerals that will power our economy and strengthen our sovereignty... Through OJEP, we're backing companies like Clean Air Metals Inc. to advance promising projects here at home, unlocking resources, creating jobs, and building a more self-reliant and secure Canadian economy."
• Mike Garbutt, President and CEO: "We would like to thank the Ontario government for its support of the project through the OJEP program. This input of non-dilutive capital represents an important contribution to junior exploration companies like Clean Air Metals and demonstrates strong support for mineral development by the provincial government."