Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has posted its financial report for the year ended January 31, 2022, during which it continued work to advance its platinum, palladium, copper and nickel Thunder Bay North project in Ontario.
In its results statement, the company said it ended the year with total assets of $35 million and total cash of $542,573. It had a working capital deficit as at January 31 of $1.63 million.
Subsequent to the year-end, Clean Air Metals raised $12.5 million in a private placement.
WATCH: Clean Air Metals reveals new drilling results at the Escape Deposit of the Thunder Bay North Project
During the year, Clean Air Metals carried out metallurgical studies in preparation for an independent Preliminary Economic Assessment (PEA) of the Current and Escape deposit at Thunder Bay North, which was released on January 12 this year.
The PEA showed an after-tax net present value (NPV) of C$378.4 million, using a 5% discount rate, as well as an after-tax internal rate of return (IRR) of 29.8%. The PEA also estimates the project will generate average annual revenue of C$239.8 million per year from the sale of PGE and copper mineral concentrates over a 10-year mine life.
The 100% owned, high-grade Thunder Bay North Project is located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for the robust preliminary economic assessment.
The audited consolidated financial statements and management's discussion and analysis for the year ended January 31, 2022, are available for viewing on www.sedar.com.
Contact the author at jon.hopkins@proactiveinvestors.com