Mr. Jim Gallagher reports

CLEAN AIR METALS RECEIVES 3-YEAR EXPLORATION PERMIT FOR ITS THUNDER BAY NORTH PROJECT AND PROVIDES A COMPANY UPDATE

Clean Air Metals Inc. has received approval from the Ontario Ministry of Mines for its three-year exploration permit as submitted in May, 2023. The permit covers the down plunge extension to the southeast of the Escape deposit as has previously been communicated but also covers other areas of interest for future potential drilling and geophysical work within the company's Thunder Bay North critical minerals project near Thunder Bay, Ont., Canada.

The Thunder Bay North critical minerals project hosts an indicated mineral resource of 13.8 million tonnes containing 1.2 million ounces of 2PGE (platinum group elements) (Pt+Pd (platinum plus palladium), 56,800 tonnes of Cu (copper) and 33,800 tonnes of Ni (nickel) between the twin magmatic intrusions (chonoliths) known as the Current and Escape deposits. Both deposits remain open and largely unexplored below 500 metres in depth.

In addition to the down plunge potential of the Escape deposit, as outlined in the press release of Aug. 29, 2023, this permit also includes proposed work to continue testing the Current chonolith down plunge, continued exploration of untested magnetotelluric (MT) anomalies associated with emplacement controlling structures of the Escape and Quetico faults and the capacity to undertake infill drilling for conversion of inferred to indicated mineral resources as required, in both the Escape and Current deposits.

Geoff Heggie, vice-president of exploration, commented, "Approval of the three-year early exploration permit which covers the two resource areas and the down plunge potential on both mineralized intrusions provides the company the opportunity to continue expanding the mineral resource with future exploration programs."

Company update

The strategic alternatives process announced by the company on Oct. 3, 2023, is fully in progress. The company does not expect to have any material information to report on this process until early in the new year.

Jim Gallagher, chief executive officer, stated: "The press has recently begun to cover the difficult situation in the Canadian junior mining market, with investor interest and available financing at an all-time low despite the global concern for supply of critical metals to supply the green energy revolution. BlackRock, the large American investment fund that has significant holdings in both the mining and green energy spaces, recently expressed concern that if investors don't return to mining, the green energy transition cannot happen. Further compounding the issue is the fact that many of the critical metals, including platinum, palladium, copper and nickel, all of which are in the Thunder Bay North mineral resource, are at multiyear low prices. Management at Clean Air Metals has recognized this growing issue and has pro-actively reacted to it. In June, 2023, we reduced staff, deferred exploration drilling until early 2024 at a minimum and cutback on attendance at investor conferences and other investor outreach programs. These activities do not yield the intended benefits in the current environment."

Mr. Gallagher continues: "I have taken direct calls from many investors recently, concerned about the lack of activity and news flow from the company and my response remains consistent:

"The company is committed to managing its cash which sits at approximately $7-million at the end of October, 2023.

"The company has no debt.

"The quality of the asset and the mineral resource has not changed. It is a rare platinum, palladium asset outside of South Africa and Russia. The project is in a stable jurisdiction and is close to all necessary infrastructure.

"The project has four critical metals and the price for these metals is projected to rebound, perhaps dramatically given the imbalance between green energy demand and the current investment levels in mining.

"The company is taking further steps to reduce costs.

"The company's valuation is unrealistically low.

"We remain reluctant to raise funds at these poor valuations and are positioning ourselves to wait out these markets until investor interest returns to the market."

Permitting

One additional permit is still pending for a bridge crossing required to access the Escape down plunge drill setup area. The process is well under way, and the company does not expect any issues with the application.

Qualified person

Dr. Geoff Heggie, PhD, PGeo, a qualified person under National Instrument 43-101 and vice-president of exploration for the company, has reviewed and approved all technical information in this press release.

Indigenous community social and economic engagement

Clean Air Metals and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North critical minerals project is located within the area encompassed by the Robinson-Superior Treaty of 1850, and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of the company's area.

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, Métis and Inuit 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 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 Current and Escape deposits, twin magma conduits which form the basis for the new mineral resource estimate reported on May 4, 2023.

We seek Safe Harbor.