Clean Air Metals Inc. announced that further to its disclosure of February 15, 2023, the Company has completed an updated Indicated and Inferred Mineral Resource estimate disclosed in accordance with National Instrument 43-101 ("NI 43-101") for the Company's 100%-owned Thunder Bay North Critical Metals Project (the "Project"). The New Mineral Resource Estimate was prepared by SLR Consulting Ltd. ("SLR") and is based on an underground constrained resource model using a Net Smelter Return (NSR) cut-off value of USD 48/tonne and consensus metal pricing. The Current Deposit contains an Indicated Mineral Resource of 8.2 million tonnes grading 2.7 g/t 2PGE ("Pt + Pd"), 0.33% copper and 0.22% nickel and an Inferred Mineral Resource of 1.6 million tonnes grading 1.7 g/tonne 2PGE, 0.32% copper, 0.20% nickel.

The Escape Deposit contains an Indicated Mineral resource of 5.8 million tonnes grading 2.6 g/t 2PGE, 0.52% copper, 0.28% nickel and an Inferred mineral resource of 0.6 million tonnes grading 1.,5 g/tonne 2PG E, 0.29% copper, 0.17% nickel. Contained metal Indicated mineral resource at the Current Deposit is 717,000 oz 2PGE, 27,000 tonnes copper, 17,700 tonnes nickel. Contained metal Indication mineral resource at the Escape Deposit is 492,000 oz 2PGE., 30,400 tonnes copper, 16,500 tonnes nickel.

The underground Mineral Resources at the Current and Escape Deposits will now be the focus of a renewed economic study which will include specific work completed on mining run rate, optimal sequencing of the two adjacent deposits, geotechnical analysis by Carlisle Mine Geotech and updated metallurgical recoveries. Bench scale metallurgical testing and recovery estimates are being completed to a pre-feasibility standard by DRA Americas and will be reported in due course. Rhodium and cobalt are not considered payables but are potentially valuable by-product credits in the metals mix at Thunder Bay North Project.

The Current and Escape Deposits exhibit a roughly 1:1 platinum to palladium ratio and comparable geological attributes and metal grades. The Company reported that Triple Flag Precious Metals Corp. has now forwarded the Tranche 2 payment of C$5 million pursuant to the royalty facility of the Thunder Bay North Project, previously reported.

A total of 73,990 m in 171 holes were drilled by the Company from 2020-2023 for a total drilling database of 105,086 m in 266 holes which support the new Mineral Resource Estimate at the Escape Deposit. Similarly, a total of 17,172 m in 78 holes were drilled by the Company from 2020-2023 for a total drilling database of 179,630 m in 818 holes drilled variously in 2006 ­ 2015 and 2020 -2023 which support the new Mineral Resource Estimate at the Current Deposit. Block models for the Current and Escape Deposits were created by SLR using Seequent's Leapfrog Geo and Edge using drilling and assays results as of April, 2023.

Wireframes for the ultramafic chonolith were generated based on logged lithologies and chromium assays. Higher grade mineralization wireframes were generated at a 1.0 g/t Pt + Pd cut-off grade with lower grades included to maintain continuity. Assays were composited to 2 m lengths and were used for block estimation on an uncapped basis.

Pt, Pd, Au, Ag, Cu, Ni and density were interpolated using Ordinary Kriging (OK) into blocks measuring 5.0 m by 5.0 m by 2.5 m. Inverse Distance Squared (ID2) and Nearest Neighbour estimates were run for validation purposes. Blocks were classified following CIM Definitions (2014) as Indicated and Inferred using drill hole spacing based criterion. Indicated Mineral Resources were based on a nominal drill hole spacing of 50 m. Mineral Resources have been reported within underground reporting shapes based on an NSR cut-off value of USD 48/tonne.

A crown pillar exclusion of 20 m from the bottom of the overburden below lakes and the underground reporting shapes used during reporting ensure that the Mineral Resources meet the minimum requirements for Reasonable Prospects of Eventual Economic Extraction (RPEEE). NSR values have been estimated for an operating scenario that includes production of a split copper sulphide concentrate and a nickel-rich residual sulphide concentrate, each containing payable platinum and palladium, for both the Escape and Current deposits. Metal prices are based on consensus, long term forecasts from banks, financial institutions, and other sources.