Resource Growth and Expansion Propel Clean Air Metals’ (TSX.V: AIR) Critical Minerals Project

Highlights

• An updated resource and PEA for the Thunder Bay North Project outlined an 11-year mine life.
• The project hosts Indicated Resources of 14.9 Mt grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni, and Inferred Resources of 2.49 Mt grading 1.62 g/t 2PGE, 0.31% Cu, and 0.19% Ni.
• The PEA estimates a pre-tax NPV8 of CAD 219.4 million and pre-tax IRR of 39%, with a capital payback of 2.5 years and operating margins of 45%.
• Escape Deposit drilling confirmed a 2.5 km down-plunge extension, increasing the mineralised footprint and supporting future resource growth.
• Focus is on fast-tracking the project toward a final production decision.
• The company plans to conduct Magnetotelluric and borehole EM surveys followed by targeted drilling to expand the resource base further.

Canadian exploration company Clean Air Metals Inc. (TSX.V:AIR) (FRA:CKU) (OTCQB:CLRMF) is advancing its 100%-owned Thunder Bay North (TBN) Critical Minerals Project, located just 40km northeast of Thunder Bay, Ontario. The project hosts two high-potential deposits, Current and Escape, situated only 2.5km apart, and is shaping up as one of Canada’s most promising PGE-Cu-Ni assets.

Promising Resource Update

In October 2025, the company released an updated resource and Preliminary Economic Assessment (PEA) for TBN, highlighting the project’s impressive fundamentals:

• Indicated Resources: 14.9 million tonnes grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni
• Inferred Resources: 2.49 million tonnes grading 1.62 g/t 2PGE, 0.31% Cu, and 0.19% Ni
• Mine Plan: 11-year life with a 2,500-tonne-per-day underground operation, ramp-access, and near-surface mining

TBN is designed as a low-cost, high-margin operation, leveraging toll milling at nearby facilities and maximizing temporary infrastructure. Its proximity to Thunder Bay city provides ready access to highways, electrical infrastructure, and local support. The company also maintains positive relationships with Indigenous communities, fostering meaningful participation in the project.

In light of positive preliminary economic results and current momentum in the metals market, the board has approved plan to expedite the project toward a final production decision.

Data source: Company update

Escape Deposit: Key Growth Catalyst

The Escape Deposit is central to TBN’s value, accounting for nearly 40% of the project’s metal content. Its High-Grade Zone (HGZ) contains 3.1 million tonnes grading 3.26 g/t 2PGE and 1.0% Cu + Ni over a 400-metre section of the 3.5 km Escape conduit.

The 2025 summer drilling campaign confirmed a 2.5 km down-plunge extension of the Escape Deposit into a previously untested magnetic anomaly. Highlights from drill hole EL25-001 include:

• 53 m of 0.52 g/t Pt, 0.69 g/t Pd, 0.26% Cu, 0.17% Ni
• High-grade intervals include:
• 11 m of 1.08 g/t Pt, 1.41 g/t Pd, 0.52% Cu, 0.24% Ni
• 22 m of 0.84 g/t Pt, 1.12 g/t Pd, 0.41% Cu, 0.21% Ni from 411 m

The results confirm the drilling intersected the main mineralised conduit system, presenting a clear pathway for resource expansion and potential enhancement of project economics. Extending the Escape conduit further down plunge could increase mine life or allow higher production throughput, believes the company.

Next Steps: Targeting Further Growth

Following latest encouraging developments, the company plans to conduct an infill Magnetotelluric (MT) survey to refine conductive zones associated with PGE-rich sulphide mineralisation. This will be followed by borehole electromagnetic surveys and additional drilling across the 2.5 km target area, aiming to grow the project’s resource base further.

With recent drilling confirming major extensions and an independent PEA validating the project’s economic viability, Clean Air Metals aims at positioning itself as a major player in Canada’s critical minerals space.

AIR shares last traded at CAD 0.060 per share on 10 November 2025.