Mr. Jim Gallagher reports

CLEAN AIR METALS REPORTS POSITIVE PHASE TWO METALLURGICAL TEST RESULTS FOR THE THUNDER BAY NORTH CRITICAL MINERALS PROJECT

Clean Air Metals Inc. has completed its follow-up metallurgical test program for the Thunder Bay North critical minerals project.

The metallurgical test program consisted of locked cycle tests on a variety of composite samples with a range of head grades from both the Current and Escape deposits and delivered recoveries of 70.2 per cent to 80.9 per cent platinum (Pt) and 74.0 per cent to 86.9 per cent palladium (Pd) and copper recoveries from 89.9 per cent to 96.3 per cent. The tests were completed by Base Metallurgical Labs under the guidance of DRA Global.

Preliminary modelling of recoveries using estimated deposit head grades and updated recovery curves based on the test program, are shown in the attached table.

CEO comment

Jim Gallagher, chief executive officer of Clean Air Metals, stated that: "The extensive phase 2 test program demonstrates very good recoveries of platinum, palladium and copper all critical metals for the green energy revolution. In addition, there are material amounts of nickel, gold and silver. These are recoverable with conventional flotation technology producing two saleable concentrates. These results will be incorporated into the ongoing optimization studies for the mine plan at Thunder Bay North."

The program followed a typical crush, grind, float flowsheet to generate an initial bulk concentrate, that was subsequently sent through a secondary flotation process to produce separate copper-rich and PGE (platinum group element)/nickel rich concentrates.

The test program was completed using core samples from both the Current and Escape deposits to produce three composites and 17 variability samples. The composites were structured to represent early and late mine life production. The composite samples and 15 of the variability samples were subjected to a combination of grindability tests including JK Drop Weight, SMC, Bond Work Index and Bond Abrasion tests.

Copper-nickel separation circuit

Early flowsheet assessments focused on sequential flotation to create the two concentrates. However, optimal results were achieved with bulk flotation, followed by a copper-nickel separation flowsheet which resulted in improved overall recovery of metals.

Sulphide minerals within the sample composites were sufficiently liberated at a grind size K80 of 65 millimetres. The process included bulk flotation with rougher and cleaner stages to create a sulphide-rich product hosting PGE, chalcopyrite, pentlandite, pyrite and pyrrhotite. This product was subsequently subjected to a regrind averaging a K80 of 20 mm and then subjected to a high pH float to depress nickel-bearing minerals and PGEs (PGE/Ni rich conc) and float copper-bearing minerals (Cu rich conc).

Consistent with previous results

The program consisted of a total of 80 open circuit development tests and eight locked cycle flotation (LCT) tests. LCT test results highlighted the potential for the following:

• Recoveries as high as 80.9 per cent platinum and 86.9 per cent palladium;
• Recoveries as high as 96.3 per cent copper and up to 69.5 per cent nickel and 84.3 per cent gold.

These results are encouraging and are consistent with the stated metallurgical outcomes in the previous test program undertaken by Blue Coast Research in 2021 when using similar head grades.

Preliminary modelled concentrate grade outlined the potential for a clean copper concentrate grading 22 per cent Cu, 38 g/t Pt plus Pd and a PGE Ni rich concentrate grading 50 g/t Pt plus Pd and 3.75 per cent Ni. Through an engagement with Ocean Partners Inc., it was identified that projected concentrates produced were marketable with interest and indicative terms received from several domestic and overseas smelters.

Financial results

The company also announces that it has filed its unaudited consolidated interim financial statements and management's discussion and analysis for the three month period ended April 30, 2023, available for viewing on SEDAR.

Financial highlights

• Total assets as at April 30, 2023, of $41,653,021;
• Total cash as at April 30, 2023, of $9,951,916;
• Working capital as at April 30, 2023, of $9,896,655;
• Shareholder's equity as at April 30, 2023, of $38,158,330.

Full details of the financial reports and operating results for the three month period ended April 30, 2023, are described in the company's unaudited consolidated interim financial statements with accompanying notes and related management's discussion and analysis, available on SEDAR.

Grant of stock options

The company announces that it has granted an aggregate of 4.25 million incentive stock options to certain directors, officers and employees of the company, subject to regulatory approval. The stock options are exercisable at six cents for a period of five years from the grant date and subject to vesting terms.

Qualified persons

Dave Frost, FAusIMM, a qualified person under National Instrument 43-101 and vice-president of process engineering for DRA Global, has reviewed and approved all of the metallurgical results information in this press release.

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 (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.

About Clean Air Metals Inc.

Clean Air Metals' flagship asset is the 100-per-cent-owned, high-grade Thunder Bay North 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 new mineral resource estimate subsequently reported on May 4, 2023.

We seek Safe Harbor.