Clean Air Metals (TSX-V:AIR) is in a “comfortable” position after filing its unaudited consolidated interim financial statements for the half-year ending 31 July 2024.
With total assets for the period just over C$37.635 million ($40.56 million) and C$4.194 million cash at hand as of 31 July, CEO Mike Garbutt says the company is in a strong position as it awaits further drill results.
“We are comfortable with our current financial position for project development activities through the end of 2025 and we look forward to meaningful progress over this period,” Garbutt says.
“As a reminder to shareholders, further results from the late summer drill program are pending.”
Garbutt will be presenting at Red Cloud’s Fall Mining showcase to discuss the Thunder Bay North Critical Minerals Project.
The Thunder Bay North Critical Minerals Project in Ontario has an existing indicated resource of 14 million tonnes, containing 1.2 million ounces of platinum and palladium, 56,800 tonnes of copper and 33,800 tonnes of nickel.
PGMs are currently mainly used in the catalytic converters of internal combustion engine vehicles, which consume over 70% of supply. The group comprises six white-silver coloured metals including platinum, palladium, rhodium, iridium, ruthenium and osmium.
The International Energy Agency (IEA) says reaching net zero emissions targets will require a rapid transformation of energy systems, including the deployment of innovative technologies that can address the most challenging sectors and tackle residual emissions.
Hydrogen will be a large consumer of PGMs, requiring platinum in green hydrogen production and use, and platinum and palladium in liquid organic hydrogen carriers, a major breakthrough in hydrogen transportation.
There is not a great deal of primary production outside of South Africa, which in 2022 accounted for 220,000kg, or 7.1 million troy ounces, of the just under 400,000kg, or 12.9 million troy ounces, of platinum and palladium produced.
Just 6 million ounces of platinum is mined annually and 75% of that comes from South Africa. Canada is a significant global producer, ranking third in palladium production and fourth in platinum production.
An estimated 17.4 million troy ounces of PGMs were supplied globally in 2022, where 72% of which was from mined sources, and the balance was from recycling and scrap sources.
Additionally, Clean Air has secured an exploration permit for the other intrusions – Lone Island North and South and 025 – located on the claim package where the company is defining a potential 2025 exploration program.
Write to Adam Orlando at Mining.com.au
Images: Clean Air Metals
