# Clean Air Metals PEA Delivers C$219.4 M pre-tax NPV, 39% IRR for the Thunder Bay North Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98 Original source: https://money.tmx.com/en/quote/AIR/news/5421764929281788/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n Publisher: tmx Original announcement: 2025-10-09T11:00:00.000Z 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 - Primary commodity: Platinum - Secondary commodities: Palladium, Copper, Nickel, Gold, Silver - Document categories: Resource update, Other - Extracted: 2026-09-13 11:24:58 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Clean Air Metals announced a Preliminary Economic Assessment \(PEA\) for its Thunder Bay North Project, outlining an 11-year mine life with a pre-tax NPV of C$219.4 million and an IRR of 39%. The PEA is based on an updated NI 43-101 compliant resource estimate, which includes 14.9 million tonnes of Indicated resources grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni, plus 2.49 million tonnes of Inferred resources. The project benefits from a low initial capital cost of C$89.5 million and a quick payback period of 2.5 years, with potential for even stronger economics at current spot metal prices. Reasoning: Clean Air Metals announced a positive Preliminary Economic Assessment \(PEA\) for its Thunder Bay North Project, demonstrating robust economics with a significant pre-tax NPV and IRR, supported by an updated NI 43-101 compliant resource estimate. The project focuses on critical minerals \(PGE-Cu-Ni\) and benefits from a low initial CAPEX and favorable market dynamics for PGEs, despite the PEA's reliance on Inferred resources and a pending toll milling agreement. - Positive factor: Strong PEA economics with C$219.4M pre-tax NPV and 39% IRR - Positive factor: Updated resource estimate with significant Indicated tonnage \(14.9 Mt\) - Positive factor: Project focuses on critical minerals \(PGEs, Cu, Ni\) - Positive factor: Low initial capital expenditure \(C$89.5M\) and quick payback \(2.5 years\) - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Positive market outlook for PGEs with potential for higher economics at spot prices - Negative factor: No Mineral Reserves currently, PEA includes Inferred Mineral Resources - Negative factor: Toll milling agreement not yet in place, introducing some uncertainty Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 42 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an 'updated resource' estimate for the Thunder Bay North Project. Evidence · text > updated resource **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and updated resource were prepared by 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Evidence · text > independent 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects. **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: The PEA was independently prepared by named 'Qualified Persons' under NI 43-101. Evidence · text > independently prepared by Mr. Denis Decharte, P. Eng of SLR, Mr. Michael Selby, P. Eng of Technica Mining, Mr. Charlie Buck, P. Eng of XPS and Mrs. Maria Story of Story Environmental, who are considered independent 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate uses an underground constrained model with a Net Smelter Return \(NSR\) cut-off value of US$46/tonne. Evidence · text > underground constrained resource model using a Net Smelter Return \(NSR\) cut-off value of US$46/tonne **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The updated resource includes a significant 14.9 million tonnes of Indicated resources. Evidence · text > 14.9M tonne indicated resource **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The updated resource includes 2.49 million tonnes of Inferred resources, which are considered speculative. Evidence · text > 2.49M tonnes of inferred resource **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a Preliminary Economic Assessment \(PEA\) for the project. Evidence · text > Preliminary Economic Assessment \(PEA\) ## Extracted facts Stored fact records: 42. Some facts used in scoring do not have a stored record. ## Resource Estimates (42) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-0) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 1.39 - Grade Unit: g/t - Contained Metal: 396 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for platinum at Current Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for platinum - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.39 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-1) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 370 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for palladium at Current Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for palladium - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.30 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-2) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 25 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Indicated resource for gold at Current Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.09 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-3) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 560 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Indicated resource for silver at Current Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.96 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-4) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 0.32 - Grade Unit: % - Contained Metal: 29 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for copper at Current Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for copper - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.32 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-5) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 19 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for nickel at Current Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for nickel - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.22 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-6) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:6019a9e86ced5f03e5fc - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8870000 - Grade: 2.68 - Grade Unit: g/t - Contained Metal: 766 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 2.68 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for 2PGE \(Platinum + Palladium\) at Current Lake represents a key value driver for the project, with a solid grade and tonnage, and is supported by robust reporting standards and disclosed equivalent assumptions. - Positive factor: Significant Indicated resource tonnage and grade for 2PGE - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 2.68 Context: 8.87 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-7) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 0.91 - Grade Unit: g/t - Contained Metal: 48 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for platinum at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.91 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-8) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 0.83 - Grade Unit: g/t - Contained Metal: 44 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for palladium at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.83 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-9) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for gold at Current Lake is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for gold Evidence · table > 0.07 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-10) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 1.91 - Grade Unit: g/t - Contained Metal: 102 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for silver at Current Lake is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for silver Evidence · table > 1.91 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-11) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 0.32 - Grade Unit: % - Contained Metal: 5 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for copper at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.32 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-12) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 3 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for nickel at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.21 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-13) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:77a49557ae06e4e19469 - Deposit or zone: Current Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1650000 - Grade: 1.74 - Grade Unit: g/t - Contained Metal: 93 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.74 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for 2PGE \(Platinum + Palladium\) at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 1.74 Context: 1.65 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-14) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 1.17 - Grade Unit: g/t - Contained Metal: 226 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for platinum at Escape Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for platinum - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.17 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-15) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 1.45 - Grade Unit: g/t - Contained Metal: 282 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for palladium at Escape Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for palladium - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.45 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-16) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 0.11 - Grade Unit: g/t - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Indicated resource for gold at Escape Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.11 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-17) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 640 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Indicated resource for silver at Escape Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 3.30 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-18) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 0.52 - Grade Unit: % - Contained Metal: 31 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for copper at Escape Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for copper - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.52 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-19) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 0.28 - Grade Unit: % - Contained Metal: 17 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for nickel at Escape Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards. - Positive factor: Significant Indicated resource tonnage and grade for nickel - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.28 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-20) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:caa93b5995d4f040ae42 - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 6030000 - Grade: 2.62 - Grade Unit: g/t - Contained Metal: 508 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 2.62 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: This Indicated resource for 2PGE \(Platinum + Palladium\) at Escape Lake represents a key value driver for the project, with a solid grade and tonnage, and is supported by robust reporting standards and disclosed equivalent assumptions. - Positive factor: Significant Indicated resource tonnage and grade for 2PGE - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 2.62 Context: 6.03 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-21) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.63 - Grade Unit: g/t - Contained Metal: 17 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for platinum at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.63 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-22) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.75 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for palladium at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.75 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-23) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for gold at Escape Lake is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for gold Evidence · table > 0.05 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-24) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 1.61 - Grade Unit: g/t - Contained Metal: 43 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for silver at Escape Lake is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for silver Evidence · table > 1.61 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-25) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 2 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for copper at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.27 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-26) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 1 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for nickel at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.17 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-27) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:13189c2830b213e605df - Deposit or zone: Escape Lake - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 1.37 - Grade Unit: g/t - Contained Metal: 37 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.37 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The Inferred resource for 2PGE \(Platinum + Palladium\) at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 1.37 Context: 0.83 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-28) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 622 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for platinum is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards. - Positive factor: Significant total Indicated resource tonnage and grade for platinum - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.30 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-29) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 1.36 - Grade Unit: g/t - Contained Metal: 652 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for palladium is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards. - Positive factor: Significant total Indicated resource tonnage and grade for palladium - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 1.36 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-30) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 47 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for gold, while low grade, contributes to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.10 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-31) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 2.51 - Grade Unit: g/t - Contained Metal: 1201 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for silver, while low grade, contributes to the polymetallic nature of the project and is supported by robust reporting standards. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 2.51 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-32) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 60 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for copper is a material component of the project's economics, providing valuable byproduct credits, and is supported by robust reporting standards. - Positive factor: Significant total Indicated resource tonnage and grade for copper - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.40 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-33) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 36 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for nickel is a material component of the project's economics, providing valuable byproduct credits, and is supported by robust reporting standards. - Positive factor: Significant total Indicated resource tonnage and grade for nickel - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified Evidence · table > 0.24 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-34) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:d891e85f257b997bb2d0 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 2.66 - Grade Unit: g/t - Contained Metal: 1274 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 2.66 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Indicated resource for 2PGE \(Platinum + Palladium\) is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards and disclosed equivalent assumptions. - Positive factor: Significant total Indicated resource tonnage and grade for 2PGE - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 2.66 Context: 14.90 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-35) Thunder Bay North · platinum #### Identity - Project: Thunder Bay North - Commodity: platinum - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.81 - Grade Unit: g/t - Contained Metal: 65 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for platinum provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.81 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-36) Thunder Bay North · palladium #### Identity - Project: Thunder Bay North - Commodity: palladium - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 64 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for palladium provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.80 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-37) Thunder Bay North · gold #### Identity - Project: Thunder Bay North - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 5 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for gold is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for gold Evidence · table > 0.07 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-38) Thunder Bay North · silver #### Identity - Project: Thunder Bay North - Commodity: silver - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 1.81 - Grade Unit: g/t - Contained Metal: 144 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for silver is very low grade and in a speculative category, requiring further work to establish economic viability. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence - Negative factor: Very low grade for silver Evidence · table > 1.81 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-39) Thunder Bay North · copper #### Identity - Project: Thunder Bay North - Commodity: copper - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.31 - Grade Unit: % - Contained Metal: 8 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for copper provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.31 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-40) Thunder Bay North · nickel #### Identity - Project: Thunder Bay North - Commodity: nickel - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 5 - Contained Unit: kt - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for nickel provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 0.19 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--a74a9db2-ce3c-46c6-959f-5731696e6b98#fact-resource-facts-41) Thunder Bay North · 2pge #### Identity - Project: Thunder Bay North - Commodity: 2pge - Region: canada\_on - Reported Region: Ontario - Ticker: AIR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Denis Decharte, Michael Selby, Charlie Buck, Maria Story - Resource group id: resource:053a9d2422e1e7f06fac - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2490000 - Grade: 1.62 - Grade Unit: g/t - Contained Metal: 129 - Contained Unit: koz - Cutoff Grade: 46 - Cutoff Unit: US$/tonne #### Prior Estimate - Resource Date: 2025-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.62 - Metal Eq. Unit: g/t 2PGE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-10-09T00:00:00.000Z Reasoning: The total Inferred resource for 2PGE \(Platinum + Palladium\) provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate. - Positive factor: Resource is NI 43-101 compliant and QP signed - Positive factor: Underground mining method specified - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred resource category implies lower geological confidence Evidence · table > 1.62 Context: 2.49 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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.