Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has filed its financial results for the year ended January 31, 2023, posting cash on hand that it says will fund operations well into 2024.
The company posted total assets of roughly $42.3 million, with cash of $6.8 million and working capital of $11.7 million.
In December, Clean Air Metals closed the first $10 million tranche of a $15 million royalty financing agreement with Triple Flag Precious Metals (TSX:TFPM) Corp. The Triple Flag royalty agreement features a 2.5% net smelter return mining royalty for all mineral product produced on the Thunder Bay North critical minerals (platinum, palladium, copper and nickel) project in Ontario.
Since the end of the fiscal year, the company has received the second tranche of $5 million.
"We are pleased that due to the participation of Triple Flag Precious Metals (TSX:TFPM) in a royalty financing completed in December 2022, the company was able to minimize share dilution and remains in a sound financial position,” CEO Abraham Drost said in a statement. “We expect that cash on hand is sufficient to fund the company's activities well into 2024."
Clean Air Metals' flagship asset is the 100% owned, high-grade Thunder Bay North Critical Minerals 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.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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