Mr. Jim Gallagher reports

CLEAN AIR METALS FILES INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED OCTOBER 31, 2023

Clean Air Metals Inc. has filed its unaudited consolidated interim financial statements and management's discussion and analysis for the nine-month period ended Oct. 31, 2023, available for viewing on SEDAR+.

Financial highlights:

• Total assets as at Oct. 31, 2023, of $39,854,603;
• Total cash as at Oct. 31, 2023, of $6,991,212;
• Working capital as at Oct. 31, 2023, of $7,490,011;
• Shareholders equity as at Oct. 31, 2023, of $36,362,547.

Full details of the financial reports and operating results for the nine-month period ended Oct. 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+.

Chief executive officer statement

Jim Gallagher, CEO, stated: "With almost $7-million cash available and our current spending profile, the company remains in a solid financial position to ride out the difficult financial markets that have persisted throughout 2023. Although the financial pundits remain split on what 2024 holds, I am cautiously optimistic that 2024 will be better for the junior mining market in general and Clean Air Metals. The company saw its share price double in the last few weeks of trading in 2023 lifted by several factors. Once tax loss selling had run its course, I believe many long-term investors saw the inherent bargain in our stock, where we were trading for little more than the cash in the company, and the Thunder Bay North asset, which has close to two million equivalent ounces of platinum in an indicated mineral resource, was being attributed no value. Furthermore, some investor interest has returned to the space as a result of a recent rally in gold, supplemented by recent coverage by the press highlighting the dire state of investment in the junior market and the growing concern that critical minerals demand can't be met if these investors do not return to the mining sector. I am confident that 2023 saw the bottom of the market and we are on a slow climb back."

Indigenous community social and economic engagement

Clean Air and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North critical mineral 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 also acknowledges the contributions of the Metis Nation of Ontario, Region 2, and the Red Sky Metis Independent Nation to the rich history of the 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 is committed to stewarding indigenous heritage, and remains committed to building, fostering and encouraging a respectful relationship with first nations, Metis 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's flagship asset is the 100-per-cent-owned, high-grade Thunder Bay North critical mineral 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.

Mr. Gallagher and chief operating officer Mike Garbutt lead an experienced technical team which is using an orthomagmatic mineral deposit model to guide continuing exploration and development studies for potential mine development on the Thunder Bay North project. Mr. Gallagher was formerly chief executive officer of North American Palladium, which operated the Lac des Iles palladium mine just north of the Thunder Bay North project. After a significant operational and financial turnaround, the company was sold to Impala Platinum of South Africa for approximately $1-billion.

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