Mr. Jim Gallagher reports

CLEAN AIR METALS ANNOUNCES MANAGEMENT CHANGES

Abraham Drost will no longer be continuing as chief executive officer and director of Clean Air Metals Inc. effective immediately.

Jim Gallagher, who has served as executive chair since Clean Air Metals began to trade on the TSX Venture Exchange in early 2020, will assume the role of CEO on an interim basis while retaining the executive chair role. A search for a permanent CEO will commence in due course.

Mr. Gallagher is a mining engineer and experienced executive who most recently was CEO of North American Palladium with its single asset being the Lac des Iles palladium mine located approximately 90 kilometres north of Clean Air Metals' Thunder Bay North critical minerals project. Mr. Gallagher assumed the CEO role in 2015 as the company emerged from a Companies' Creditors Arrangement Act process and over the next five years led an operational and financial turnaround of the company culminating in the sale to Impala Platinum of South Africa at the end of 2019 for just under $1-billion.

Updated resource estimate

On May 4, 2023, the company press released an updated mineral resource estimate for the company's 100-per-cent-owned Thunder Bay North critical minerals project. The indicated resource of 14 million tonnes contains 1.2 million ounces of platinum and palladium (on a one-to-one ratio), 57,000 tonnes of copper, and 34,300 tonnes of nickel. All four of these potentially payable metals are defined as critical metals by both the provincial and federal governments. The company is near completion with DRA Americas on validating metallurgical recoveries and potential smelter offtake terms. Technical evaluation of mining options, production rates and site infrastructure will be continuing over the next several months and the company will continue to advance environmental studies toward future permit applications.

Exploration

The almost 25,000 metres of infill drilling in 2022 on both the Escape and Current deposits that make up the Thunder Bay North critical minerals project have provided a well-defined resource model above approximately 500 metres in depth which is the basis for the mineral resource estimate. Both deposits are open at depth and have minimal drilling below 500 metres. An exploration plan is in development for the down plunge extension of both deposits.

Mr. Gallagher, CEO and executive chair, commented: "I would like to thank Abraham for his efforts while leading the company and wish him all the best in his future endeavours. The new mineral resource estimate and new leadership bring the company to its next stage of development. Technical studies of a selective, higher-grade, underground mining plan are commencing for these two near surface deposits. The next phase of exploration will investigate down plunge targets. Once the exploration plan is finalized and permits and sufficient funding are secured, we will look to execute the program in 2024 and beyond.

"The company is well funded with just under $10-million in cash available to meet its commitments well into 2024. Given the difficult markets and our low share price we do not anticipate raising any additional funds at least until 2024, avoiding unnecessary dilution of the stock. We intend to prudently manage our cash until market conditions improve.

"Lastly but most importantly I would like to reaffirm the company's commitment to social responsibility and sustainability. 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 co-operating participants in a memorandum of agreement dated Jan. 9, 2021 (press release Jan. 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, travelled 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.

Qualified persons

Mike Garbutt, PEng, a qualified person under National Instrument 43-101 and chief operating officer for the company, has reviewed and approved all technical information in this press release.

About Clean Air Metals Inc.

Clean Air Metals' flagship asset is the 100-per-cent-owned, high-grade Thunder Bay North critical minerals project, a platinum, palladium, copper, nickel project located near the city of Thunder Bay, Ont., and the Lac des Iles mine owned by Impala Platinum. The Thunder Bay North project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for the mineral resource estimate reported herein.

Interim CEO and executive chair Jim Gallagher, PEng, and chief operating officer Mike Garbutt, PEng, lead an experienced technical team studying the economics of a sustainable mining operation at Thunder Bay North.

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