# Clean Air Metals Files PEA Technical Report for the Thunder Bay North Critical Minerals Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d Original source: https://money.tmx.com/en/quote/AIR/news/7224835038389605/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m Publisher: tmx Original announcement: 2025-11-24T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Clean Air Metals Inc. - Ticker: AIR - Exchange: TSX - Region: Ontario, Canada - Primary commodity: Platinum - Secondary commodities: Palladium, Copper, Nickel - Document categories: Resource update, Other - Extracted: 2026-09-13 11:16:22 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Clean Air Metals has filed a Preliminary Economic Assessment \(PEA\) for the Thunder Bay North PGE-Cu-Ni Project in Ontario. The PEA reports a $219.4M pre-tax NPV and an updated resource including 14.9Mt of indicated PGE-Cu-Ni mineralization. Reasoning: The filing of a PEA with strong economic metrics and an updated resource provides significant project de-risking, though the core data was partially disclosed previously. - Positive factor: Strong economic indicators in PEA \(39% pre-tax IRR\) - Positive factor: Significant indicated resource scale \(14.9Mt\) - Positive factor: Robust operating margins \(45%\) - Positive factor: Strategic location near infrastructure - Negative factor: Results were previously disclosed in October 2025 \(low novelty\) - Negative factor: No reserves reported Facts used in scoring: 6 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The announcement specifically details the filing of a Preliminary Economic Assessment \(PEA\). Evidence · text > Clean Air Metals Files PEA Technical Report **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource includes 2.49M tonnes in the inferred category. Evidence · text > 2.49M tonnes of inferred resource **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple independent Qualified Persons \(P. Eng\) are named as having prepared the report. Evidence · text > are considered independent "Qualified Persons" under National Instrument 43-101 ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-0) Thunder Bay North Critical Minerals Project · platinum Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: platinum - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:6b9694fac658f79e26ca - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 2.66 - Grade Unit: g/t 2PGE #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Indicated resource component of the updated estimate. - Positive factor: Significant tonnage - Negative factor: Previously disclosed Evidence · text > 14.9M tonne indicated resource grading 2.66 g/t 2PGE #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-1) Thunder Bay North Critical Minerals Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: copper - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:6b9694fac658f79e26ca - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Indicated copper grade component. - Negative factor: Previously disclosed Evidence · text > 0.40% Cu #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-2) Thunder Bay North Critical Minerals Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: nickel - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:6b9694fac658f79e26ca - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 0.24 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Indicated nickel grade component. - Negative factor: Previously disclosed Evidence · text > 0.24% Ni #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-3) Thunder Bay North Critical Minerals Project · platinum Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: platinum - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:3ddb32d7a1ebf8f9513a - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 1.62 - Grade Unit: g/t 2PGE #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Inferred resource component. - Negative factor: Speculative category Evidence · text > 2.49M tonnes of inferred resource grading 1.62 g/t 2PGE #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-4) Thunder Bay North Critical Minerals Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: copper - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:3ddb32d7a1ebf8f9513a - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.31 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Inferred copper grade component. - Negative factor: Speculative category Evidence · text > 0.31% Cu #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--edc74f3a-d16f-4d29-a50d-f8818e245e2d#fact-resource-facts-5) Thunder Bay North Critical Minerals Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Thunder Bay North Critical Minerals Project - Commodity: nickel - Region: canada\_on - Reported Region: Ontario, Canada - Ticker: AIR #### Resource scope - Estimate type: resource - Resource group id: resource:3ddb32d7a1ebf8f9513a - Deposit or zone: Thunder Bay North - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.19 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-10-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-10-09T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Inferred nickel grade component. - Negative factor: Speculative category Evidence · text > 0.19% Ni #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.