Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) is optimistic that 2024 will be a better year for the junior mining market, with its stock price rallying into the year-end.
In a statement accompanying the company's results for the nine months ended in October, CEO Jim Gallagher told investors that Clean Air Metals saw its share price double in the last few weeks of trading in 2023.
Shares of the company traded up 7.1% at C$0.07 in premarket trade on Wednesday.
“Once tax loss selling had run its course, I believe many long-term investors saw the inherent bargain in our stock where we were trading for little more than the cash in the company and the Thunder Bay North asset, which has close to 2 million equivalent ounces of platinum in an indicated mineral resource, was being attributed no value,” Gallagher said.
“Furthermore, some investor interest has returned to the space as a result of a recent rally in gold, supplemented by recent coverage by the press highlighting the dire state of investment in the junior market and the growing concern that critical minerals demand can't be met if these investors do not return to the mining sector.”
Clean Air Metals also reported that it finished the nine months ending in October with just under $7 million in cash.
Gallagher said with this much cash available and its current spending profile, Clean Air Metals remains in a solid financial position to ride out the difficult market conditions that persisted throughout 2023.
For the nine months ended October 31, 2023, the company reported a net loss of $1,013,630, down from $1,149,336 for the same period in 2022.
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.