Clean Air Metals (TSX-V:AIR) and Fiore Group-backed Springbok Ventures have entered into a strategic merger to form Dante Metals, a Canada-focused critical minerals growth platform.
The combined entity is expected to carry on Clean Air Metals’ business and focus on advancing the flagship Thunder Bay North Critical Minerals Project in northwestern Ontario, Canada. It will also continue exploration at Springbok’s Maude Lake property, which Springbok optioned from Transition Metals (TSX-V:XTM) via an agreement dated 17 June.
Clean Air Metals CEO Mike Garbutt says the deal serves as a ‘critical’ milestone in the advancement of Thunder Bay North.
“Following a difficult period in the market for [platinum group metal] explorers, the company has been making a concerted effort for over a year to identify strategic opportunities to advance the Thunder Bay North Project,” Garbutt says.
“The proposed transaction … provides an immediate strengthening of our balance sheet and is a launch point to execute on a strategy to become a leading PGM-copper exploration and development company.
“We look forward to having Fiore Group as a strategic partner, which will bring market visibility and credibility with extensive institutional relationships for improved access to capital.”
Fiore Group Partner and Springbok Advisor Ryan Weymark says Thunder Bay North has the potential to become “one of Canada’s premier critical minerals development assets”.
“We have been highly impressed with the quality of the Thunder Bay North Project and the work completed by the Clean Air Metals team,” Weymark says.
“Our objective extends beyond financing a single project — we intend to build a leading Canadian critical minerals company through disciplined project advancement, responsible community partnerships, and strategic growth opportunities.”
Situated approximately 50km northeast of Thunder Bay, the Thunder Bay North Critical Minerals Project hosts 14.9 million tonnes in indicated resources containing 1.27 million ounces of two platinum group elements (PGE): palladium and platinum. It also holds 60,000 tonnes of copper and 36,000 tonnes of nickel.
Meanwhile, the Maude Lake property sits within the Pays Plat Lake area.
The asset, which Springbok optioned from multi-commodity explorer Transition Metals, hosts a high-tenor nickel-copper-cobalt-platinum group element magmatic sulphide system, with sampling returning up to 6.23% nickel, 0.72% copper, 0.085% cobalt, and 1.042 grams per tonne PGE.
Terms of the merger
Under the agreement, Clean Air Metals will consolidate its common shares on a 10-to-one basis and continue under the British Columbia Business Corporations Act.
Meanwhile, Springbok will amalgamate with NewCo, a wholly owned subsidiary of Clean Air Metals.
Following the completion of the transaction, former shareholders of Clean Air Metals and Springbok will each hold approximately 41.8% and 41.7% of the resulting issuer, respectively.
In connection with the transaction, Springbok plans to complete a non-brokered private placement of at least 10 million subscription receipts at $0.50 per receipt to raise minimum gross proceeds of C$5 million ($5.1 million).
Net proceeds will be used to advance project activities, pursue exploration, and evaluate strategic development options.
Following completion, Mike Garbutt will serve as president and CEO, Kelsey Chin as CFO and corporate secretary, and Kris Tuuttila as vice president of sustainability and community relations.
The board of directors will comprise five members: three nominees from Clean Air Metals, namely Mike Garbutt, Dave Peck, and John Mason, and two nominees from Springbok, Ranj Pillai and Ryan Brown.
Clean Air Metals notes the transaction is subject to shareholder approval at meetings expected in early September 2026, TSX Venture Exchange acceptance, and customary closing conditions.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
