Mr. Jim Gallagher reports
CLEAN AIR METALS FILES INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JULY 31, 2023
Clean Air Metals Inc. has filed its unaudited consolidated interim financial statements and management's discussion and analysis for the six-month period ended July 31, 2023, available for viewing on SEDAR+.
Financial Highlights
- Total assets as at July 31, 2023 of $40,578,504
- Total cash as at July 31, 2023 of $8,236,668
- Working capital as at July 31, 2023 of $8,652,794
- Shareholder's equity as at July 31, 2023 of $37,274,294
Financial Summary
For the three months ended For the six months ended
July 31,2023 July 31,2022 July 31,2023 July 31,2022
Operating Expenses $ 1,096,522 $ 1,010,351 $ 2,073,693 $ 2,108,430
Net Loss and Comprehensive Loss (1,002,805 ) (746,643 ) (1,908,304 ) (1,307,514 )
Loss per share -
Basic and Diluted $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.01 )
July 31, 2023 January 31, 2023
Total Assets $ 40,578,504 $ 42,290,356
Total Liabilities 3,304,210 3,425,984
Total Shareholders' Equity $ 37,274,294 $ 38,864,372
Full details of the financial reports and operating results for the six-month period ended July 31, 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.
CEO Statement
Jim Gallagher, CEO stated, "During this low point in the cycle for the junior mining market Clean Air Metals remains focused on prudent cash management and developing the targets and execution plan for the next phase of drilling on the down plunge extension of the Escape deposit expected to start in early 2024. We are confident that the pending supply crisis for the critical metals which are necessary to drive the green economy will bring investors back to the mining space with substantially improved commodity prices. Of particular significance for Clean Air Metals is the expected demand increase for Platinum given its role in the production and consumption of green Hydrogen. The Thunder Bay North project will potentially be one of the only primary Platinum mines in the world outside of South Africa."
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 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 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.
CEO 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.
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