Mr. Mike Garbutt reports

CLEAN AIR METALS ANNOUNCES MANAGEMENT CHANGES

Jim Gallagher has been appointed as permanent and full-time chief executive officer of Clean Air Metals Inc. In addition, Dean Chambers has been appointed as non-executive chair of the board, replacing Mr. Gallagher, who has resigned as executive chair of the board. Both positions are effective immediately.

Mr. Gallagher has served as executive chair of the company since Clean Air Metals began to trade on the TSX Venture Exchange in early 2020 and on June 2, 2023, assumed the role of interim CEO. Mr. Gallagher is a mining engineer and experienced executive who previously was CEO of North American Palladium with its principal 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.

Mr. Chambers has been a director of the company since 2020 and serves as chair of the audit committee and of the governance, nominations and compensation committee. Mr. Chambers is a professional engineer and financial executive who retired as executive vice-president and chief financial officer of Sherritt International Corp. Mr. Chambers was previously a director and chair of the audit committee at North American Palladium up until its sale to Impala Platinum in 2019. Mr. Chambers also serves as a director of Global Atomic Corp.

Mr. Gallagher commented: "I am pleased to fully take the helm as the company moves forward with the next phase of its development. The priorities are clear, advance the technical studies for the potential development of the project based on the recently published resource estimate, advance the down plunge exploration program, continue with the appropriate environmental and permitting activities, and continue to foster true business relationships with the indigenous communities whose lands, and treaty rights are impacted by our project.

"Based on our current plans, the company is well financed into late 2024. A key focus will be in attracting strategic investors who potentially can partner with the company for the long term. The Thunder Bay North resource remains one of the highest grade, undeveloped platinum, palladium deposits outside of Africa with good copper and nickel values; all sought-after critical minerals. Given its stable jurisdiction, proximity to reliable infrastructure and market valuation, the Thunder Bay North project remains a compelling investment opportunity."

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 1-to-1 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. Exploration planning and permitting are in progress to fully investigate the down plunge potential of both deposits.

Social engagement

Clean Air Metals 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 (see press release dated Jan. 11, 2021), and exploration agreement signed April 13, 2022 (see press release dated 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 person

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' primary 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 just south of the Lac des Iles mine owned by Impala Platinum. The Thunder Bay North project hosts the Current and Escape deposits, twin magma conduits that form the basis for the mineral resource estimate reported herein.

Mr. Gallagher and Mr. Garbutt lead an experienced technical team studying the economics of a sustainable mining operation at Thunder Bay North.

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