# Clean Air Metals Files PEA Technical Report for the Thunder Bay North Critical Minerals Project

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78

Original source: https://money.tmx.com/en/quote/AIR/news/7224835038389605/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m

Publisher: tmx

Original announcement: 2025-11-24T12:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Clean Air Metals Inc.

- Ticker: AIR

- Exchange: TSX

- Region: Ontario, Canada

- Primary commodity: Platinum

- Secondary commodities: Palladium, Copper, Nickel

- Document categories: Resource update, Other

- Extracted: 2026-08-21 04:16:11 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Clean Air Metals has filed a Preliminary Economic Assessment \(PEA\) for the Thunder Bay North Project in Ontario, reporting a $219.4M pre-tax NPV and a 39% IRR. The report includes an updated resource estimate featuring 14.9Mt of indicated PGE-Cu-Ni mineralization.

Reasoning: The filing of a PEA with a robust 39% IRR and a significant 14.9Mt indicated resource is a major project milestone, though the core data was previously disclosed.

- Positive factor: Strong economic indicators \(39% pre-tax IRR\)

- Positive factor: Significant indicated resource tonnage

- Positive factor: Near-surface underground mining potential

- Negative factor: Results were previously disclosed in October 2025 release

- Negative factor: No reserves reported

Facts used in scoring: 8

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The company announced an updated resource completed for the Thunder Bay North project.

Evidence · text

> announced that it has filed the Preliminary Economic Assessment \(PEA\) and updated 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 resource includes 2.49M tonnes of inferred resource.

Evidence · text

> 2.49M tonnes of inferred resource

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Multiple independent Qualified Persons \(P. Eng\) are named in the report.

Evidence · text

> are considered independent "Qualified Persons" under National Instrument 43-101 Standards

## Extracted facts

Stored fact records: 8. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-0)

platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 2.66
- Grade Unit: g/t 2PGE

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Indicated resource component of the updated MRE.

- Positive factor: Significant indicated tonnage

- Negative factor: Previously disclosed

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-1)

palladium

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 2.66
- Grade Unit: g/t 2PGE

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Indicated resource component of the updated MRE \(part of 2PGE\).

- Positive factor: Significant indicated tonnage

- Negative factor: Previously disclosed

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-2)

copper

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 0.4
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Indicated resource component of the updated MRE.

- Positive factor: Solid copper value contributing to economics

- Negative factor: Previously disclosed

Evidence · table

> 0.40

Context: 14.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-3)

nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 0.24
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Indicated resource component of the updated MRE.

- Positive factor: Solid nickel value contributing to economics

- Negative factor: Previously disclosed

Evidence · table

> 0.24

Context: 14.9

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-4)

platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 1.62
- Grade Unit: g/t 2PGE

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Inferred resource component of the updated MRE.

- Positive factor: Adds potential scale

- Negative factor: Inferred category \(lower confidence\)

- Negative factor: Previously disclosed

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-5)

palladium

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 1.62
- Grade Unit: g/t 2PGE

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Inferred resource component of the updated MRE \(part of 2PGE\).

- Positive factor: Adds potential scale

- Negative factor: Inferred category \(lower confidence\)

- Negative factor: Previously disclosed

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-6)

copper

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 0.31
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Inferred resource component of the updated MRE.

- Positive factor: Adds potential scale

- Negative factor: Inferred category \(lower confidence\)

- Negative factor: Previously disclosed

Evidence · table

> 0.31

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-files-pea-technical-report-for-the-thunder-bay-north-critical-m--757b7e3f-4152-47c5-891f-b7710523cf78#fact-resource-facts-7)

nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 0.19
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-09T00:00:00.000Z

#### Dates

- Event date: 2025-11-24T00:00:00.000Z

Reasoning: Inferred resource component of the updated MRE.

- Positive factor: Adds potential scale

- Negative factor: Inferred category \(lower confidence\)

- Negative factor: Previously disclosed

Evidence · table

> 0.19

Context: 2.49

## 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.