Mr. Mike Garbutt reports

CLEAN AIR METALS RECEIVES PROVINCIAL FUNDING AND PROVIDES UPDATE ON THE THUNDER BAY NORTH PROJECT

Clean Air Metals Inc. has provided an update on its 100-per-cent-owned Thunder Bay North critical mineral project in Northwestern Ontario.

Company financing update

The company has been approved for up to $200,000 in government funding as part of the Ontario junior exploration program that will be used to advance work in the 2.5-kilometre-long Escape down plunge target, where it recently intersected 53 metres of resource-grade mineralization in the initial exploration hole (Oct. 20, 2025, release).

"Ontario is leading the charge to secure the minerals that will power our economy and strengthen our sovereignty," said Stephen Lecce, Minister of Energy and Mines. "Through OJEP, we're backing companies like Clean Air Metals Inc. to advance promising projects here at home, unlocking resources, creating jobs, and building a more self-reliant and secure Canadian economy."

Additionally, the company is continuing discussions with potential strategic partners that share its positive view on the long-term strength of both platinum group metal and copper markets in advance of any financing announcement to move its 2026 strategic objectives forward (Jan. 12, 2026, release).

Strong fundamentals for platinum group element and copper markets

Although recent global economic uncertainty has had a negative impact on almost all commodity prices, the recent record prices reached by gold and platinum and the strong price recovery for palladium underscore the company's belief that underlying fundamentals are and will continue to be strong. Platinum and palladium continue to benefit from tight primary supply from South Africa and Russia while autocatalyst demand for these metals remains robust. At the same time, copper is underpinned by strong long-term demand from electrification, grid expansion and energy transition initiatives against a backdrop of declining ore grades and a thin project pipeline. Together, these factors will continue to provide strong economics for the Thunder Bay North project.

Project development and exploration update

The company continues to advance critical aspects of the project, including:

• Update the stand-alone mill business case for Thunder Bay North that will create a parallel development path;
• Prepare for a new metallurgical test program to confirm potential toll milling performance;
• Initiate early design discussions for the site access road and power infrastructure, with the active participation of first nations communities;
• Engage provincial and federal government agencies on future funding opportunities for the project;
• Continue to progress advanced exploration permitting activities with the government of Ontario;
• Detailed planning of ground geophysical surveys and drilling for the next phase of the Escape down plunge exploration program.

Mike Garbutt, president and chief executive officer, commented: "We would like to thank the Ontario government for its support of the project through the OJEP program. This input of non-dilutive capital represents an important contribution to junior exploration companies like Clean Air Metals and demonstrates strong support for mineral development by the provincial government."

Qualified person

Mike Garbutt, PEng, MBA, a qualified person under National Instrument 43-101, president and chief executive officer for the company, has reviewed and approved all technical information in this press release.

About Clean Air Metals Inc.

Clean Air Metals is a development and exploration company advancing its flagship, 100-per-cent-owned Thunder Bay North critical mineral project, 40 kilometres northeast of Thunder Bay, Ont. The TBN project, accessible by road and next to established infrastructure, hosts two deposits: the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8-million-tonne indicated mineral resource containing 2.4 million ounces platinum equivalent (technical report on the Thunder Bay North project, Ontario, Canada, National Instrument 43-101, SLR Consulting Canada Ltd., June 19, 2023) with significant potential for expansion down plunge.

One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction, and benefits from long-standing relationships with local first nations. The TBN project has the potential to develop into a secure source of rare platinum metals, as well as other critical metals such as copper, nickel and cobalt, for the North American manufacturing sector. Continuing concerns over future platinum supply are driving prices to historic highs, with obvious benefits for a future TBN mining operation. With its proven technical team, Clean Air Metals is committed to advancing the TBN project and creating long-term value for shareholders.

Social engagement

Clean Air Metals acknowledges 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 Metals 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 Metals is committed to stewarding indigenous heritage and 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.

We seek Safe Harbor.