Clean Air Metals
Clean Air Metals is a Canadian junior mining company developing the Thunder Bay North platinum-palladium-copper-nickel project in Ontario, currently at the PEA stage and pre-revenue, advancing through drilling, permitting, and First Nations consultation toward feasibility.
- Company typePublic
- Founded2020
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Clean Air Metals does
Clean Air Metals is a Canadian mineral exploration and development company advancing its flagship Thunder Bay North Project in Ontario, a platinum-palladium-copper-nickel asset with an indicated resource of approximately 14.9 million tonnes. The company completed a Preliminary Economic Assessment indicating a project NPV8 of C$219.4M and an IRR of 39%, and is currently working through environmental assessment, First Nations consultation, and further drilling to progress the project toward feasibility. The project is anchored on a 14.9Mt indicated resource containing platinum group elements plus copper and nickel by-products, with the PEA prepared by SLR Consulting and BBA providing the technical and economic foundation for next-stage work. Adjacent district activity — most notably Rio Tinto's acquisition of the neighbouring Escape Lake property — provides third-party validation of the broader camp.
The business model is conventional junior mining: the company does not yet generate revenue and instead finances drilling, studies, and permitting through equity (flow-through private placements) and non-dilutive capital such as the C$15M royalty financing provided by Triple Flag Precious Metals in December 2022. Future revenue, once in production, would come from concentrate or metal sales to smelters, traders, or a potential toll-milling counterparty such as Impala Platinum, with margins sensitive to PGM and base-metal prices, Canadian dollar exchange rates, and concentrate treatment charges. The company is listed on the TSX Venture Exchange under the symbol AIR, employs 11-50 people, and is currently in a leadership transition following the appointment of Mike Garbutt as CEO.
Clean Air Metals firmographics
Firmographics- Name
- Clean Air Metals
- Legal name
- Clean Air Metals Inc.
- Website
- https://cleanairmetals.ca
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Clean Air Metals is a Canadian junior mining company developing the Thunder Bay North platinum-palladium-copper-nickel project in Ontario, currently at the PEA stage and pre-revenue, advancing through drilling, permitting, and First Nations consultation toward feasibility.
- Ownership category
- akta.pro rank
Clean Air Metals industry classification
Industry- Product category
- Critical Minerals Mining
- NAICS
- Primary Metal Manufacturing (331)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industry
- Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)
Keywords
Where Clean Air Metals is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Clean Air Metals business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D
Revenue model
- Mineral Production: Pre-revenue exploration and development stage. The company plans to develop an underground mining operation producing PGE-Cu-Ni concentrate from toll milling arrangements. The PEA contemplates a toll-milling scenario where ROM feed would be accumulated at site, sampled via a sampling tower, and transported to a local mining company's concentrator for processing.
- Strategic Partnerships and Offtake Agreements: Future revenue expected from offtake agreements and strategic partnerships with mining companies for toll milling. The company is exploring options including potential acquisition or partnership with Impala Canada for processing of ores at the Lac-des-Iles mine.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Clean Air Metals product offering
Product offeringCore offering
Clean Air Metals is focused on advancing its flagship Thunder Bay North Critical Minerals Project in Ontario, Canada, targeting platinum-palladium-copper-nickel mineralization. The project encompasses the Current and Escape deposits as the company's primary asset for exploration, resource definition, and future development toward production of critical minerals.
Product overview
Clean Air Metals is a development and exploration company operating a single flagship project: the 100%-owned Thunder Bay North Critical Minerals Project (TBN). This project encompasses two platinum-palladium-copper-nickel deposits (Current and Escape) located 50km northeast of Thunder Bay, Ontario. The company does not operate a multi-product software platform; rather, it advances its mining project through stages including exploration, resource definition, Preliminary Economic Assessment, and pre-feasibility studies. Processing is planned via toll milling arrangements with nearby facilities. The company also maintains a corporate ESG reporting program aligned with First Nations partnership commitments.
Differentiator
Problem solved
Functional benefit
Products and services
- Thunder Bay North Critical Minerals Project Flagship platinum-palladium-copper-nickel exploration and development project located in Ontario, Canada. Encompasses the Current and Escape deposits and represents the company's sole material asset, currently in pre-production resource definition and advancement toward feasibility. Aimed at future supply of critical minerals for automotive, hydrogen, and electrification end-markets.
Quantifiable outcome
- C$219.4M pre-tax NPV8 with 39% IRR at study prices, improving to C$316M NPV8 and 52% IRR at October 2025 spot prices
- +3 more outcomes
Companies that use Clean Air Metals
Customer profileSegments2 records
Ideal customer profiles1 record
Clean Air Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Clean Air Metals partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered minor and core.
- BBA E&C Inc.minorBBA was selected as prime engineering consultant to lead execution of Pre-Feasibility Study work packages including underground mine design, life-of-mine planning, and cost estimation. Trade-off studies for conventional, trolley-electric, and battery-electric mine fleet as part of net-zero carbon neutrality objectives.
- SLR Consulting Canada Ltd.coreSLR Consulting was engaged to complete validation of in-house resource estimates and author the NI 43-101 compliant technical report. SLR prepared the November 2025 updated mineral resource estimate (14.9Mt indicated resource) and PEA technical report.
- Lakehead UniversityminorResearch partnership for carbon sequestration studies on ultramafic mine tailings. Master of Science research project investigating effects of hydrothermal alteration and characterizing magnesium alteration products for CO2 capture potential.
- Fort William First NationcoreFirst Nations partnership through Memorandum of Agreement (effective January 8, 2020) and subsequent Exploration Agreement (signed April 13, 2022). Framework for collaborative relationship including consultation, economic accommodation through warrant instruments (1 million warrants per community), and future Community Impacts Benefits Agreement.
- Red Rock Indian BandcoreFirst Nations partnership through Memorandum of Agreement (effective January 8, 2020) and subsequent Exploration Agreement (signed April 13, 2022). Cooperating Participant in the MOA framework for Thunder Bay North Project development on traditional territories.
- Biinjitiwabik Zaaging Anishinaabek (BZA)coreFirst Nations partnership through Memorandum of Agreement (effective January 8, 2020) and subsequent Exploration Agreement (signed April 13, 2022). Cooperating Participant in the MOA framework for Thunder Bay North Project development.
- Kiashke Zaaging Anishinaabek (KZA)coreFirst Nations partnership through MOA framework for Thunder Bay North Project development. KZA is acknowledged in the January 12, 2026 strategic objectives release as one of the traditional territory First Nation Communities with an exploration agreement.
- Benton ResourcescoreClean Air Metals completed an amalgamation with Benton Resources for the rights to purchase the Thunder Bay North Property from Panoramic Resources Ltd. for C$9 million through staged payments, finalized in December 2022. Benton Resources originally acquired the property through a 2020 definitive agreement.
- Rio Tinto (Escape Lake Property)coreClean Air Metals purchased the Escape Lake Project from Rio Tinto for C$6 million through staged payments, completed in 2021 with accelerated final payment. Rio Tinto had acquired Kennecott's interest in 2014 and carried out exploration programs between 2014-2016.
- Impala Platinum Holdings (Lac des Iles Mine)minorThe Thunder Bay North Project is located 60km southeast of the Lac des Iles Mine owned by Impala Platinum Holdings. Clean Air Metals has expressed interest in exploring options to utilize infrastructure at LDI, including potential acquisition or partnership for continued operation with supplementary higher-grade feed from Thunder Bay North. No formal agreement in place.
Scale indicators7 records
Recent moves8 records
Clean Air Metals competitors and assessment
Company assessmentDirect peers
- Generation Mining: Canadian developer of the Marathon Palladium-Copper project in Ontario, also hosted in the Midcontinent Rift. Directly comparable as a junior PGE-Cu developer targeting underground mining and toll/regional processing in the same jurisdiction and geological camp.
- Platinum Group Metals: Mid-tier PGE developer focused on the Waterberg PGE project in South Africa. Comparable as a publicly listed primary platinum group metals developer advancing a large-scale PGE deposit through feasibility and permitting.
- Nickel Creek Platinum: Canadian PGE-Ni-Cu developer with the Nickel Shäw project in the Yukon. Comparable as a junior critical minerals developer focused on polymetallic PGE-nickel-copper deposits advancing through PEA/PFS stages.
Regional players
- Talon Metals: Canadian junior developing the Tamarack Ni-Cu-Co-PGE project in Minnesota within the same Midcontinent Rift geological setting as Clean Air Metals. Comparable as a fellow MCR polymetallic critical minerals developer with overlapping deposit model and end-market exposure.
Emerging players
- Bravo Mining: Canadian-listed junior developing the Luanga PGE-Ni-Cu project in Brazil. Comparable as a publicly listed junior PGE-Ni-Cu developer, with a similar PEA-stage profile and polymetallic critical minerals positioning.
- New Age Metals: Canadian junior focused on PGE-Ni-Cu exploration in Manitoba and Ontario. Comparable as an early-stage North American PGE-base metals explorer, though at a less advanced stage than Clean Air Metals' PEA-level TBN project.
- Stillwater Critical Minerals: Canadian junior advancing the Stillwater West PGE-Ni-Cu-Co project in Montana, adjacent to Sibanye-Stillwater's operating mine. Comparable as a North American PGE-Ni-Cu developer using similar magma conduit/reef geological models and targeting energy transition critical minerals.
Broad incumbents
- Sibanye-Stillwater: Major global PGE producer operating the Stillwater Mine in Montana (the type analog for Clean Air Metals' 'ballroom' reef targets) and Kroondal in South Africa. Comparable as a major PGE producer whose PGE price exposure and mine economics frame the broader market context for junior PGE developers.
- Impala Platinum Holdings: Major PGE producer that owns the Lac des Iles mine and mill 60km from Clean Air Metals' TBN project. Highly relevant as the potential toll milling/acquisition partner and a benchmark for North American PGE processing economics.
- Lundin Mining: Diversified Canadian mid-tier base metals producer that operates the Eagle Ni-Cu-PGE mine in Michigan's Upper Peninsula, also within the Midcontinent Rift. Comparable as a North American producer of PGE-bearing Ni-Cu concentrate and a regional benchmark for critical minerals project economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat2 records
Key risks6 records
Key highlights7 records
Customer concentration
Clean Air Metals social profiles
Digital presenceClean Air Metals compliance and trust
Trust signalCompliance2 records
Clean Air Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Clean Air Metals leadership team
Management profileNumber of profiles
Clean Air Metals subsidiaries and ownership
Company hierarchySubsidiaries1 record
Clean Air Metals funding detail
Funding detailFunding overview
Funding rounds6 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Clean Air Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Clean Air Metals
What does Clean Air Metals do?
Clean Air Metals is focused on advancing its flagship Thunder Bay North Critical Minerals Project in Ontario, Canada, targeting platinum-palladium-copper-nickel mineralization. The project encompasses the Current and Escape deposits as the company's primary asset for exploration, resource definition, and future development toward production of critical minerals.
Is Clean Air Metals a public or private company?
Clean Air Metals is a public company. It is classified as public and is currently operating.
When was Clean Air Metals founded?
Clean Air Metals was founded in 2020. It employs 11 to 50 people.
Where is Clean Air Metals based?
Clean Air Metals is headquartered in Toronto, Canada, in the North America region.
How does Clean Air Metals make money?
Two revenue lines are on record. Mineral Production is the primary driver. The others are strategic Partnerships and Offtake Agreements.
Who are Clean Air Metals's main competitors?
Direct peers on record are Generation Mining, Platinum Group Metals and Nickel Creek Platinum. Talon Metals is listed as a regional player. Emerging players are Bravo Mining, New Age Metals and Stillwater Critical Minerals. Broad incumbents are Sibanye-Stillwater, Impala Platinum Holdings and Lundin Mining.
Does Clean Air Metals have an API?
No public API is recorded for Clean Air Metals.
What industry is Clean Air Metals in?
Clean Air Metals's product category is Critical Minerals Mining. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAFAM, Mine Development & Processing EPC (Critical Minerals). Its NAICS code is 331 and its SIC code is 1000.