Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) released its financial report for the fiscal year ended January 31, 2022, during which it continued its work to advance its platinum, palladium, copper and nickel Thunder Bay North in Ontario.

In its income statement, the company said it ended the year with total assets of $35 million and total cash of $542,573. It had a working capital deficiency as of January 31 of $1.63 million.

Subsequent to year-end, Clean Air Metals raised $12.5 million in a private placement.

WATCH: Clean Air Metals Reveals New Drilling Results at Thunder Bay North Project’s Escape Deposit

During the year, Clean Air Metals completed metallurgical studies in preparation for an independent Preliminary Economic Assessment (PEA) of the Current and Escape deposit in Thunder Bay North, which was released on January 12 of this year.

The PEA showed an after-tax net present value (NPV) of C$378.4 million, using a discount rate of 5%, as well as an after-tax internal rate of return (IRR) of 29.8 %. The PEA also estimates that the project will generate average annual revenues of C$239.8 million per year from the sale of EGP and copper mineral concentrates over a 10-year life.

The 100% owned high-grade Thunder Bay North project is located near the city of Thunder Bay, Ontario and the Lac des Iles mine owned by Impala Platinum. The Thunder Bay North project hosts the twin magmatic conduit bodies that host the Current and Escape deposits forming the basis of the robust preliminary economic assessment.

The audited consolidated financial statements and management report for the year ended January 31, 2022 can be viewed at www.sedar.com.

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