THUNDER BAY, ON, Sept. 22, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) announces that it has filed its condensed
consolidated interim financial statements and
management's discussion and analysis for the six-month period
ended July 31, 2021, available
for viewing on www.sedar.com.
Q2 Financial Highlights
- Total assets as at July 31, 2021
of $37,696,643
- Total cash as at July 31, 2021 of
$9,164,586
- Working capital as at July 31,
2021 of $5,927,070
- Shareholder's equity as at July 31,
2021 of $31,135,289
During the six-month period ended July
31, 2021 as previously reported, the Company,
- Closed a bought deal private placement for total proceeds of
approximately $11.5-million,
consisting of: (i) 11,904,800 flow-through shares at a price of
$0.42 per flow-through share; and
(ii) 12,745,100 flow-through units at a price of $0.51 per flow-through unit, including the
exercise of the underwriters' option.
- Commenced a 30,000 meter diamond drill program with two drills
at the Thunder Bay North project, with a focus on systematic
step-outs between resource centers within the Escape Lake Deposit
to add to the 505,369 oz palladium equivalent (PdEq) indicated
mineral resource at 3.67g/t PdEq in 4,286,220 tonnes, published on
January 20, 2021.
- Conducted additional resource delineation drilling at the
adjacent Current Lake deposit, building on the indicated mineral
resource of 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq
in 11,999,177 tonnes, defined in the mineral resource update dated
January 20, 2020.
- Mineral resource estimates for both deposits are reported
pursuant to the January 20, 2021 NI
43-101 Technical Report and Mineral Resource Estimate for the
Thunder Bay North Project, Thunder Bay,
Ontario, prepared by Nordmin Engineering Ltd. with QP Glen
Kuntz, P.Geo, as posted to SEDAR on March 4,
2021.
- Commenced metallurgical studies as a precursor to smelter
offtake analysis and underground mine modelling as key inputs into
a Preliminary Economic Assessment of the Current Lake Deposit
scheduled for completion and disclosure in Q4/2021.
Financial Summary
|
|
|
|
|
|
For the three
months ended
|
For the six months
ended
|
|
July
31, 2021
|
July
31, 2020
|
July
31, 2021
|
July
31, 2020
|
|
|
|
|
|
Operating
Expenses
|
$
|
1,241,739
|
$
|
1,886,854
|
$
|
1,988,873
|
$
|
2,524,098
|
|
|
|
|
|
Net Income (Loss)
and
Comprehensive
Income (Loss)
|
(794,601)
|
350,425
|
(842,342)
|
(289,901)
|
|
|
|
|
|
Earnings (Loss)
per share –
|
|
|
|
|
Basic and
Diluted
|
$
|
(0.00)
|
$
|
0.00
|
$
|
(0.00)
|
$
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
July
31,
2021
|
January
31,
2021
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
37,696,643
|
$
|
27,146,884
|
|
|
|
|
|
|
|
Total
Liabilities
|
6,561,354
|
3,923,352
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
$
|
31,135,289
|
$
|
23,223,532
|
|
|
Full details of the financial reports and operating results for
the six-month period ended July 31,
2021 are described in the Company's condensed consolidated
interim financial statements with accompanying notes and related
Management's Discussion and Analysis, available on SEDAR at
www.sedar.com.
COVID Policy
Clean Air Metals continued to apply
COVID-19 avoidance and personal protection measures for its
geological staff, drilling contractor and service suppliers during
the third quarter. Personnel are required to maintain physical
distance, use Personal Protective Equipment (PPE), self-monitor and
self-isolate or elect to work from home. Management had previously
eliminated plans for a camp setup to service a planned diamond
drill campaign on the Escape Lake Project. The Company is aware of
Thunder Bay Health Unit guidelines that provide for "mandatory"
self-isolation for returning overseas and inter-provincial travel.
The guidelines also "strongly recommended" self-isolation after
travel into the Northwest region from other areas of the Province.
Mineral Exploration and Development has been deemed an essential
service in the Province
of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/).
The Company has procured the services of a locally staffed and
serviced diamond drilling contractor to complete the diamond
drilling programs.
Qualified Person
Mr. Allan
MacTavish, P.Geo. a Qualified Person under National
Instrument 43-101 and VP, Project Manager of the Company, has
reviewed and approved all technical information in this press
release.
Social Engagement
Clean Air Metals Inc. and its
wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay
North Project is on the traditional territories of the Fort William
First Nation, Red Rock First Nation and Biinjitiwabik
Zaaging Anishinabek. The parties together are the Cooperating
Participants in a Memorandum of Agreement dated January 9,
2021.
The Company is also in discussions with Red Sky Metis
Independent Nation and the Metis Nation of Ontario and other
non-proximate First Nation communities. Woodland Heritage
Northwest, a Metis-owned consultancy has been retained to conduct
archaeological studies on the Thunder Bay North Project and
surrounding areas.
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 Clean Air Metals project hosts the Current Lake Deposit and
magma conduit and the Company is actively exploring the Escape Lake
Deposit, a twin structure to the Current Lake Deposit. Executive
Chairman Jim Gallagher and CEO Abraham
Drost lead an experienced team of geologists and engineers who
are using the Norilsk magma conduit stratigraphic and mineral
deposit model to guide ongoing exploration and development studies.
As the former CEO of North American Palladium Ltd. which owned the
Lac des Iles Mine prior to the sale to Impala Platinum
in December 2019, Jim Gallagher and team are
credited with the mine turnaround and creation of significant value
for shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive
Officer of Clean Air Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements relate to information that
is based on assumptions of management, forecasts of future results,
and estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation: political and regulatory risks
associated with mining and exploration; risks related to the
maintenance of stock exchange listings; risks related to
environmental regulation and liability; the potential for delays in
exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the
geology, grade and continuity of mineral deposits; risks related to
the inherent uncertainty of cost estimates and the potential for
unexpected costs and expenses; results of technical studies,
benchmark reports, and the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks related to commodity price
fluctuations; and other risks and uncertainties related to the
Company's prospects, properties and business detailed elsewhere in
the Company's disclosure record. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned
against attributing undue certainty to forward-looking statements.
These forward-looking statements are made as of the date hereof and
the Company does not assume any obligation to update or revise them
to reflect new events or circumstances, except in accordance with
applicable securities laws. Actual events or results could differ
materially from the Company's expectations or projections.
View original
content:https://www.prnewswire.com/news-releases/clean-air-metals-files-second-quarter-2021-interim-financial-statements-301383374.html
SOURCE Clean Air Metals Inc.