# 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-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a

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, Canada

- Primary commodity: Platinum

- Secondary commodities: Palladium, Copper, Nickel, Gold, Silver, 2pge

- Document categories: Other, Resource update

- Extracted: 2026-08-21 05:39:07 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Clean Air Metals announced positive results from a Preliminary Economic Assessment for its Thunder Bay North PGE-Cu-Ni Project, outlining an 11-year mine life with a C$219.4 million pre-tax NPV \(8%\) and a 39% pre-tax IRR. The study also includes an updated Mineral Resource Estimate, featuring 14.9 million tonnes of Indicated resources grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni. The company plans to fast-track the project towards a production decision, leveraging its strategic location and positive market dynamics for platinum and palladium.

Reasoning: The Preliminary Economic Assessment demonstrates robust project economics with a C$219.4 million pre-tax NPV and 39% IRR, supported by an updated Indicated Mineral Resource of 14.9 million tonnes. The study benefits from QP sign-off and a positive market outlook for PGEs, although it is preliminary and currently lacks Mineral Reserves.

- Positive factor: Strong economics \(NPV, IRR, payback\)

- Positive factor: Updated Indicated Mineral Resource

- Positive factor: QP sign-off

- Positive factor: Strategic location and infrastructure

- Positive factor: Positive market outlook for PGEs

- Positive factor: Underground mining method

- Positive factor: Cut-off grade disclosed

- Negative factor: Preliminary Economic Assessment

- Negative factor: No Mineral Reserves

- Negative factor: Uncertainty of toll milling agreement

- Negative factor: Inferred resources are speculative

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 43

## Classification and evidence

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document presents the results of a Preliminary Economic Assessment \(PEA\).

Evidence · text

> Clean Air Metals PEA Delivers C$219.4 M pre-tax NPV, 39% IRR for the Thunder Bay North Project

**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 and reviewed by multiple 'Qualified Persons' under National Instrument 43-101.

Evidence · text

> The PEA was 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.

**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 resource estimate were prepared in compliance with National Instrument 43-101.

Evidence · text

> The PEA was independently prepared by Mr. Denis Decharte, P. Eng of SLR... "Qualified Persons" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

**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 Mineral Resource Estimate for the project.

Evidence · text

> updated resource that was completed for its Thunder Bay PGE-Cu-Ni Project

**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 estimate includes a significant portion of Inferred Mineral Resources, which are considered speculative.

Evidence · text

> Additionally, there are 2.49M tonnes of inferred resource grading 1.62 g/t 2PGE 2, 0.31% Cu and 0.19% Ni.

**No Mineral Reserves**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document explicitly states that there are currently no Mineral Reserves for the project.

Evidence · text

> There are no Mineral Reserves for the Thunder Bay North Project currently.

**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 a disclosed NSR cut-off value of US$46/tonne.

Evidence · text

> using a Net Smelter Return \(NSR\) cut-off value of US$46/tonne

**Underground Mining**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The PEA outlines a ramp-access underground mining operation.

Evidence · text

> producing 2,500 tonnes per day from a near-surface, ramp-access underground operation.

## Extracted facts

Stored fact records: 36. Some facts used in scoring do not have a stored record.

## Resource Estimates (36)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-7)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 1.39
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.39

Context: 8.87

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-8)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 1.3
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.30

Context: 8.87

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-9)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 0.09
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.09

Context: 8.87

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-10)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 1.96
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.96

Context: 8.87

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-11)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 0.32
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.32

Context: 8.87

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-12)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 8870000
- Grade: 0.22
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.22

Context: 8.87

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-13)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 0.91
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.91

Context: 1.65

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-14)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 0.83
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.83

Context: 1.65

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-15)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 0.07
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.07

Context: 1.65

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-16)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 1.91
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 1.91

Context: 1.65

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-17)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 0.32
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.32

Context: 1.65

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-18)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 0.21
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.21

Context: 1.65

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-19)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 1.17
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.17

Context: 6.03

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-20)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 1.45
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.45

Context: 6.03

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-21)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 0.11
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.11

Context: 6.03

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-22)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 3.3
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 3.30

Context: 6.03

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-23)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 0.52
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.52

Context: 6.03

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-24)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 6030000
- Grade: 0.28
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.28

Context: 6.03

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-25)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 0.63
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.63

Context: 0.83

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-26)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 0.75
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.75

Context: 0.83

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-27)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 0.05
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.05

Context: 0.83

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-28)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 1.61
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 1.61

Context: 0.83

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-29)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 0.27
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.27

Context: 0.83

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-30)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 830000
- Grade: 0.17
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.17

Context: 0.83

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-31)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 1.3
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.30

Context: 14.90

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-32)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 1.36
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 1.36

Context: 14.90

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-33)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 0.1
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.10

Context: 14.90

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-34)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: indicated
- Tonnes: 14900000
- Grade: 2.51
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 2.51

Context: 14.90

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-35)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.40

Context: 14.90

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-36)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Indicated Mineral Resource provides a high-confidence basis for the project's economic assessment and future development. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High confidence category

- Positive factor: Supports economic studies

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: No Mineral Reserves

Evidence · table

> 0.24

Context: 14.90

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-37)

platinum

#### Identity

- Commodity: platinum
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 0.81
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.81

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-38)

palladium

#### Identity

- Commodity: palladium
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 0.8
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.80

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-39)

gold

#### Identity

- Commodity: gold
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 0.07
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.07

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-40)

silver

#### Identity

- Commodity: silver
- Ticker: AIR

#### Resource Data

- Category: inferred
- Tonnes: 2490000
- Grade: 1.81
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 1.81

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-41)

copper

#### Identity

- Commodity: copper
- Ticker: AIR

#### Resource Data

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

Evidence · table

> 0.31

Context: 2.49

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/clean-air-metals-pea-delivers-c-219-4-m-pre-tax-npv-39-irr-for-the-thunder-bay-n--6953c699-66a7-409d-b5fc-5b9c38c4c85a#fact-resource-facts-42)

nickel

#### Identity

- Commodity: nickel
- Ticker: AIR

#### Resource Data

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

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-09T00:00:00.000Z

Reasoning: This Inferred Mineral Resource adds to the project's overall potential but requires further drilling to improve confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource potential

- Positive factor: QP sign-off

- Positive factor: NI 43-101 compliant

- Positive factor: Cut-off grade disclosed

- Negative factor: Speculative category

- Negative factor: Cannot support economic studies

- Negative factor: No Mineral Reserves

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.