Mr. Abraham Drost reports

CLEAN AIR METALS FILES AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED JANUARY 31, 2023

Clean Air Metals Inc. has filed its audited consolidated financial statements and management's discussion and analysis for the year ended Jan. 31, 2023, available for viewing on SEDAR.

Financial Highlights

Total assets as at January 31, 2023 of $42,290,356

Total cash as at January 31, 2023 of $6,871,401

Working capital as at January 31, 2023 of $11,684,677

Shareholder's equity as at January 31, 2023 of $38,864,372

During the fiscal year ended January 31, 2023 as previously reported, the Company:

Closed the first tranche in the amount of $10 million of a $15 million non-dilutive mineral royalty financing agreement effective Dec. 16, 2022, with Triple Flag Precious Metals Corp. The Triple Flag royalty agreement features a 2.5-per-cent net smelter returns (NSR) mining royalty for all mineral product produced on the Thunder Bay North critical minerals (platinum, palladium, copper and nickel) project in Northern Ontario, Canada, temporarily excepting the Escape claims. Subsequent to January 31, 2023, the Company received the second tranche of $5 million and added the Triple Flag royalty to the Escape claims.

Completed 2022 diamond drilling, including 17625 m on the Escape and 7068 m on the Current Critical Metal Deposits in November, 2022.

Signed an Exploration Agreement with its First Nation Partners, the Fort William First Nation, the Red Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek for the Thunder Bay North Project in April, 2022.

Announced the closing of a $12.5 million equity and flow through private placement on strong institutional support, including Michael Gentile, CFA, in February, 2022.

Full details of the financial reports and operating results for the year ended January 31, 2023 are described in the Company's audited consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR at www.sedar.com.

CEO Statement

Abraham Drost, CEO stated, "We are pleased that due to the participation of Triple Flag Precious Metals in a royalty financing completed in December 2022, the Company was able to minimize share dilution and remains in a sound financial position. We expect that cash on hand is sufficient to fund the Company's activities well into 2024."

Grant of Incentive Stock Options

The Company also announces that it has granted an aggregate of 2,032,728 incentive stock options (the "Stock Options"), subject to TSX Venture Exchange approval. The Stock Options are being granted as long-term incentive awards with an exercise price of $0.08 for a period of 5 years and subject to vesting terms.

Qualified Person

Dr. Geoff Heggie, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President - Exploration for the Company, has reviewed and approved all technical information in this press release.

Social Engagement

Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Critical Minerals Project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press release April 14, 2022).

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations and Metis peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

About Clean Air Metals Inc.

Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North Critical Minerals Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Critical Minerals Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for the new mineral resource estimate subsequently reported on May 4, 2023.

Executive Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng., lead an experienced technical team studying the economics of a sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

We seek Safe Harbor.