Clear Air Metals information annual audited monetary statements as of January 31, 2021

THUNDER BAY, ON, Might 31, 2021 / PRNewswire / – Clear Air Metals Inc. (“Clear air metals“or the”Firm“) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) publicizes that it has filed its audited consolidated monetary statements and administration report for the 12 months ended January 31, 2021, out there for viewing at www.sedar.com.

12 months-end monetary highlights

  • Whole property at January 31, 2021 of $ 27,146,884
  • Whole money at January 31, 2021 of $ 6,678,356
  • Working capital at January 31, 2021 of $ 5,662,340
  • Fairness in January 31, 2021 of $ 23,223,532

In the course of the 12 months ended January 31, 2021 as indicated above, the Firm,

  • Signing of a Memorandum of Understanding with three First Nations communities that confirms a framework for a mutually useful relationship between the events concerning the Thunder Bay North venture. In return for the taking part First Nations working with the Firm on the design, approval and improvement of the exploration venture, and as a part of the lodging by the Firm of the pursuits and rights of the taking part First Nations associated to the venture of exploration, the Firm issued 3 million frequent share buy warrants with an train worth of $ 0.40 for a interval of 5 years (reported January 11 and 28, 2021).
  • Accomplished a 1 million Canadian {dollars} money fee on to Rio Tinto Exploration Canada Inc. to keep up an choice to accumulate a proper, title and 100% curiosity within the Escape Lake property with Benton Assets Inc., in accordance with the phrases of the choice settlement last dated January 27, 2020 (reported October 14, 2020).
  • Introduced a 3 years $ 150,000 dedication to analysis partnership in favor of Lakehead College Division of Geology, Thunder Bay, Ontario to review the metallogeny of the Mid-Continental Rift metallotect. Lakehead College could have confidential entry to technical info generated on Clear Air Metals’ Thunder Bay North property and can be capable of assessment different exploration and improvement tasks within the space. Clear Air Metals’ dedication was matched 2: 1 by the Nationwide Science and Engineering Analysis Council of Canada for a complete of $ 450,000 to spend money on focused analysis which will result in new mineral discoveries September 3, 2020).
  • Retained Nordmin Engineering Ltd. (“Nordmin”) as a technical service supplier for the Thunder Bay North venture with the mandate to finish a useful resource validation of the historic estimate of the present lake deposit and develop a preliminary useful resource mannequin for the pattern of the lake. Escape Lake in collaboration with Clear Air Metals Database Geologist. Nordmin supplied a world useful resource estimate for the Thunder Bay North Challenge on January 20, 2021 and led research of financial trade-offs and metallurgy in preparation for the publication of a scoping research or preliminary financial evaluation in 2021 (reported Aug 11, 2020).
  • The Firm accomplished roughly 20,000 diamond drill holes on the Escape Lake deposit at an approximate whole price of $ 4.5 million. Geophysical survey with EM boreholes, magnetometric resistivity (MMR) and magnetotelluric audio AMT) added roughly $ 500,000 to this whole.
  • Additional exploration work resulted within the up to date Indicated and Inferred Mineral Useful resource Estimate ready in accordance with NI 43-101 for the Thunder Bay North Challenge, together with a complete Indicated Useful resource of 16,285,396 tonnes at a mean grade of three.5 g / t PdEq, containing 1,834,158 ounces of PdEq, and a complete inferred useful resource of 9,852,138 tonnes at a mean grade of two.1 g / t PdEq, containing 663,660 ounces of PdEq (the Mineral useful resource estimates for the Escape Lake and Present Lake deposits are reported in accordance with the January 20, 2021 NI 43-101 Technical Report and Mineral Useful resource Estimate for the Thunder Bay North Challenge, Thunder Bay, Ontario, ready by Nordmin Engineering Ltd. with QP Glen Kuntz, geo, as posted on SEDAR on March 4, 2021).

Monetary abstract








For the 12 months ended


January 31
2021

January 31
2020




Working Bills

$

3,535,976

$

983 422




Web and full loss
Loss

(1,273,525)

(1,135,819)




Loss per share –



Fundamental and Diluted

$

(0.01)

$

(0.05)







Whole property

$

27 146 884

$

1 961 497




Whole duties

3 923 352

693 114




Whole fairness

$

23 223 532

$

1 268 383

Full particulars of monetary experiences and working outcomes for the 12 months ended January 31, 2021 are described within the Firm’s audited consolidated monetary statements with the accompanying notes and the associated MD&A, out there on SEDAR at www.sedar.com.

CEO of Clear Air Metals, Abraham Drost, MSc, P.Geo. said that “on behalf of the Board of Administrators, we’re happy to current the monetary outcomes for the fiscal 12 months 2020 ending January 31, 2021. In 2020, Clear Air Metals has established itself as a robust new entrant within the platinum-palladium-copper-nickel exploration and improvement area worldwide.

The Firm’s Thunder Bay North venture is dwelling to the Present Lake deposit and magma conduit and the Firm is actively exploring the Escape Lake deposit, a sister construction of the Present Lake deposit. Government chairman Jim gallagher and CEO Abraham Drost lead an skilled workforce of explorers and engineers who use the Norilsk magmatic stratigraphic and mineral deposit mannequin to information ongoing exploration and improvement research. As the previous CEO of North American Palladium Ltd., proprietor of the Lac des Iles mine previous to the sale to Impala Platinum in December 2019, Jim gallagher and the workforce are credited with turning the mine round and creating significant shareholder worth. “

COVID Coverage
Clear Air Metals continued to use COVID-19 avoidance and private safety measures for its geological employees, drilling contractor and repair suppliers through the third quarter. Workers are required to keep up a bodily distance, use private protecting tools (PPE), self-monitor and self-isolation or select to do business from home. Administration beforehand scrapped plans to arrange a camp to service a deliberate diamond drilling marketing campaign on the Escape Lake venture. The Society is conscious of the Thunder Bay Well being Unit pointers that present for “obligatory” self-isolation for return abroad and interprovincial journey. The rules additionally “strongly really helpful” self-isolation after journey to the Northwest area from different elements of the province. Mineral exploration and improvement has been thought of an important service within the province of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/). The corporate engaged the providers of a regionally staffed and upkeep diamond drilling contractor to finish the Section 1 and a pair of diamond drilling applications.

Certified particular person
Mr. Allan MacTavish, P.Geo. an individual certified below Nationwide Instrument 43-101 and vice-president, venture supervisor of the corporate, has reviewed and authorized all of the technical info contained on this press launch.

Company social duty

Clear Air Metals and its wholly owned subsidiary, Panoramic PGMs (Canada) Ltd., acknowledge that the Escape Lake and Thunder Bay North properties are on the normal territories of Fort William First Nation, Crimson Rock First Nation and Biinjitiwaabik Zaaging Anishinabek, signatories of the Robinson-Superior Treaty of 1850. – owned subsidiary Panoramic PGMs (Canada) Ltd. is a signatory of a communication protocol between the events.

ON BEHALF OF THE BOARD OF DIRECTORS

Abraham Drost

Abraham Drost, CEO of Clear Air Metals Inc.

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.

Warning

The data contained on this doc accommodates “forward-looking statements” throughout the that means of relevant securities legal guidelines. Ahead-looking statements relate to info based mostly on administration’s assumptions, forecasts of future outcomes and estimates of quantities not but determinable. All statements that categorical predictions, expectations, beliefs, plans, projections, aims, assumptions or future occasions or efficiency aren’t statements of historic truth and could also be “forward-looking statements”. Ahead-looking statements are topic to quite a lot of dangers and uncertainties that would trigger precise occasions or outcomes to vary from these mirrored in forward-looking statements, together with, with out limitation: political and regulatory dangers related to mining and exploration; dangers related to sustaining inventory market quotes; dangers associated to environmental laws and legal responsibility; the potential for delays in exploration or improvement actions or the completion of feasibility research; uncertainty of profitability; dangers and uncertainties related to the interpretation of drilling outcomes, geology, grade and continuity of mineral deposits; dangers related to the inherent uncertainty of manufacturing and value estimates and the potential for unanticipated prices and bills; the outcomes of pre-feasibility and feasibility research, and the chance that future exploration, improvement or mining outcomes might not meet the Firm’s expectations; dangers related to fluctuations in commodity costs; and different dangers and uncertainties referring to the prospects, properties and operations of the Firm detailed elsewhere within the Firm’s disclosure file. If a number of of those dangers and uncertainties materialize, or if the underlying assumptions show to be incorrect, precise outcomes might differ materially from these described in forward-looking statements. Buyers are cautioned towards assigning undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Firm assumes no obligation to replace or revise them to replicate new occasions or circumstances, besides in accordance with relevant securities legal guidelines. Precise occasions or outcomes might differ materially from the Firm’s expectations or projections.

SOURCE Clear Air Metals Inc.

Associated hyperlinks

https://www.cleanairmetals.ca/

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