Clean Air Metals (AIR) Corporate presentation summary

Project and resource

• Thunder Bay North covers 300 km² with five magmatic intrusions, near a paved highway, 230 kV transmission line and natural gas infrastructure.

• Updated NI 43-101 resource published Nov. 24, 2025: 14.9 Mt indicated, 2.3 million Pt-equivalent oz; plus 2.4 Mt inferred at 1.6 g/t Pt+Pd, 0.30% Cu and 0.19% Ni.

• Current Deposit: 8.9 Mt indicated at 2.7 g/t Pt+Pd, 0.32% Cu and 0.22% Ni; Escape Deposit: 6.0 Mt at 2.6 g/t Pt+Pd, 0.52% Cu and 0.28% Ni.

PEA and metallurgy

• PEA results released Oct. 9, 2025; base case and Jan. 6, 2026 spot-price case: pre-tax NPV8 $219M/$718M and IRR 39%/100%; post-tax NPV8 $158M/$494M and IRR 32%/84%, all values in CAD.

• PEA parameters include $89.5M CAPEX, $100.30/t OPEX and $696/oz AISC for Pt+Pd; plan targets 2,500 tpd via bulk open stoping, with a toll-milling option focused on higher-margin areas.

• Metallurgical testing produced two saleable concentrates: copper concentrate grading 22.4% Cu plus 40 g/t Pt+Pd, and PGE concentrate grading over 53 g/t Pt+Pd plus over 4% Ni.

• Reported recoveries: Cu 95.9%, Pd 86.3%, Pt 80.6%, Au 83.5% and Ni 57.0%.

Market drivers

• Presentation cites an 800 koz/year structural platinum deficit, with 70% of primary production from South Africa and recycling at a 15-year low.

• Copper demand is linked to electrification and grid expansion; refined copper shortage forecast at 330 kt in 2026, with demand projected to rise from 27 Mt to 33 Mt over the next decade.

• Palladium demand drivers include tighter emissions standards and PHEVs using 15% more PGMs than ICE vehicles; PHEV growth is cited at 40% YoY with a 6% long-term CAGR forecast.