Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has said it remains focused on prudent cash management during what it described as a low point in the cycle for the junior mining market.
Announcing the company’s financial results for the six months ended July 31, 2023, the company said it is also focused on developing the targets and execution plan for the next phase of drilling on the down plunge extension of the Escape deposit at its Thunder Bay North critical minerals project in Ontario, expected to start in early 2024.
CEO Jim Gallagher stated: “We are confident that the pending supply crisis for the critical metals which are necessary to drive the green economy will bring investors back to the mining space with substantially improved commodity prices.
“Of particular significance for Clean Air Metals is the expected demand increase for Platinum given its role in the production and consumption of green Hydrogen. The Thunder Bay North project will potentially be one of the only primary Platinum mines in the world outside of South Africa."
The company ended the first half of its financial year with total assets of $40.6 million and total cash of $8.24 million. Working capital as of July 31 amounted to $8.65 million.
Operating expenses for the six months came to $1.1 million and it posted a net loss of $1 million, or $0.01 per share.
The company and its Panoramic PGMs subsidiary also acknowledged that the Thunder Bay project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band, and Biinjitiwabik Zaaging Anishinabek.
The parties have entered a 2021 Memorandum of Agreement and a 2022 Exploration Agreement.
“The company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial,” Clean Air Metals said.
“Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations and Métis peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.”
Clean Air Metals' flagship asset is the 100% owned, high-grade Thunder Bay North Critical Minerals Project, a platinum, palladium, copper, and nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum.
Contact the author at stephen.gunnion@proactiveinvestors.com