Mr. Mike Garbutt reports

CLEAN AIR METALS AND FIORE-BACKED SPRINGBOK VENTURES ANNOUNCE UPSIZE OF NON-BROKERED PRIVATE PLACEMENT TO C$6.2 MILLION

Further to the joint news releases of Clean Air Metals Inc. and Springbok Ventures Inc., dated July 31, 2026, and Aug. 10, 2026, regarding the proposed business combination by way of a three-cornered amalgamation involving Clean Air Metals, Springbok and a wholly owned subsidiary of Clean Air Metals, which transaction will constitute a reverse takeover of Clean Air Metals under the policies of the TSX Venture Exchange, the previously announced concurrent financing has been upsized to approximately $6.2-million and will now be completed by Clean Air Metals.

Mike Garbutt, president and chief executive officer of Clean Air Metals, commented: "The upsizing of this financing is another important step toward completing our combination with Springbok and beginning the next chapter for Clean Air Metals. The transaction brings together Thunder Bay North, a significant Canadian PGM-copper-nickel resource, with the financial, technical and capital markets capabilities of the Fiore Group. With a strengthened treasury following closing, we expect to be well positioned to advance the next phase of work at TBN while evaluating opportunities to grow the company into a broader Canadian critical minerals platform."

The financing will consist of a non-brokered private placement by Clean Air Metals for aggregate gross proceeds of up to approximately $6.2-million, including the following:

• Up to 10.05 million non-flow-through subscription receipts of Clean Air Metals at a price of 50 cents per non-flow-through subscription receipt, for gross proceeds of up to $5,025,000;
• Up to 2,090,909 flow-through subscription receipts of Clean Air Metals at a price of 55 cents per flow-through subscription receipt, for gross proceeds of up to approximately $1.15-million.

The gross proceeds of the offering will be held in escrow pending the satisfaction of the applicable escrow release conditions relating to the completion of the transaction. Upon satisfaction of those conditions before the applicable deadline, without further action or payment by the holders, each non-flow-through subscription receipt will automatically convert into one postconsolidation common share of the resulting issuer and each flow-through subscription receipt will entitle its holder to subscribe for one resulting issuer share qualifying as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The proceeds of the offering are intended to be used to advance development and exploration activities at Clean Air's Thunder Bay North project and Springbok's Maude Lake project, and for general working capital and corporate purposes.

Completion of the offering remains subject to acceptance by the TSX Venture Exchange and other customary closing conditions.

Please refer to the joint news releases dated July 31, 2026, for more information on the transaction.

About Springbok Ventures Inc.

Springbok Ventures is an unlisted reporting issuer mineral exploration company backed by the Fiore Group, a mine-building and investment group with a proven record of discovering, financing and developing successful mining companies globally. The Fiore team brings extensive experience across capital markets, exploration, mine development, operations and M&A (merger and acquisition), and its broader ecosystem includes West Red Lake Gold Mines, NexGold Mining, Nations Royalty, Selkirk Copper Mines, Cambria Gold Mines, Argenta Silver, Crossroads Gold and Pacific Ridge Exploration, among others. Springbok's principal asset is its interest in the Maude Lake property, located approximately 14 kilometres north of Schreiber, Ont., consisting of 95 contiguous mining claims covering approximately 2,017 hectares. The property hosts nickel-copper-PGE (platinum group element) sulphide mineralization associated with the historical Nicopor occurrence, and has been the subject of extensive geological, geophysical and drilling programs that have identified multiple high-priority exploration targets with significant discovery potential.

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 minerals project, 40 kilometres northeast of Thunder Bay in Ontario, Canada. The TBN project, accessible by road and next to established infrastructure, hosts two deposits, the Current and Escape deposits, only 2.5 kilometres apart. Together, the deposits host a 14.9-million-tonne (t) indicated mineral resource grading 2.66 grams per tonne (g/t) platinum plus palladium (Pt-plus-Pd), 0.40 per cent copper (Cu) and 0.24 per cent nickel (Ni) (National Instrument 43-101 preliminary economic assessment (PEA) technical report, Thunder Bay North project, Ontario, Canada, SLR Consulting Canada Ltd., Nov. 21, 2025), with significant potential for expansion downplunge.

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. With its proven technical team, Clean Air Metals is committed to advancing the TBN project and creating long-term value for shareholders.

Social engagement

Both Clean Air Metals and Springbok 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, Biinjitiwaabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek.

They further acknowledge that the Maude Lake property is also located within the Robinson-Superior Treaty of 1850 area. This includes the territories of Pays Plat First Nation, Fort William First Nation, Biinjitiwaabik Zaaging Anishinaabek, Kiashke Zaaging Anishinaabek, Bingwi Neyaashi Anishinaabek and Long Lake 58 First Nations. Both companies also acknowledge the important history of the Metis Nation of Ontario, Region 2, and the Red Sky Metis Independent Nation.

They appreciate the opportunity to work in these territories and remain committed to the recognition and respect of those who have lived, travelled and gathered on the lands since time immemorial. The companies are 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.