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Thunder Bay, Ontario--(Newsfile Corp. - October 9, 2026) - Clean Air Metals Inc. (TSXV: AIR) (FSE: CKU) (OTC Pink: CLRMF) ("Clean Air Metals" or the "Company") is pleased to announce the closing of the previously announced non-brokered private placement of 2,500,000 flow-through common shares (the "FT Shares") at a price of C$0.06 per FT Share, to raise aggregate gross proceeds of C$150,000 (the "Offering"). The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act").

Proceeds from the Offering will be used to advance development and exploration activities at the Company's Thunder Bay North Critical Minerals Project and other "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as such terms are defined in the Tax Act).

The Offering remains subject to final acceptance by the TSX Venture Exchange (the "TSXV"). All securities issued pursuant to the Offering will be subject to a four (4) month plus a day hold period expiring on February 10, 2027 in accordance with applicable securities legislation and policies of the TSXV.

The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Clean Air Metals

Clean Air Metals is a development and exploration company advancing its flagship 100% owned Thunder Bay North Critical Minerals Project, 40 km northeast of Thunder Bay, Ontario, Canada (the "TBN Project"). The TBN Project, accessible by road and next to established infrastructure, hosts two deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 14.9 Mt indicated mineral resource grading 2.66 g/t (Pt+Pd), 0.40% Cu and 0.24% Ni (NI 43-101 PEA Technical Report, Thunder Bay North Project, Ontario, Canada SLR Consulting Canada Ltd, November 21, 2025) with significant potential for expansion down-plunge.

One of the rare primary platinum resources outside of South Africa, the TBN Project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. The TBN Project has the potential to develop into a secure source of rare platinum metals, as well as other critical metals such as copper, nickel, and cobalt, for the North American manufacturing sector. With its proven technical team, Clean Air Metals is committed to advancing the TBN Project and creating long-term value for shareholders.

Social Engagement

Clean Air Metals acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwaabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek.

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and to building, fostering, and encouraging a respectful relationship with First Nations, Métis, and Inuit peoples, based upon principles of mutual trust, respect, reciprocity, and collaboration, in the spirit of reconciliation.

ON BEHALF OF THE CLEAN AIR BOARD OF DIRECTORS

"Mike Garbutt"

Mike Garbutt, CEO of Clean Air Metals Inc. Connect with us on X/ Facebook/ Instagram

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note

All statements and other information contained in this news release about anticipated future events may constitute forward-looking information under Canadian securities laws ("forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track" and "intend" and statements that an event or result "may", "will", "should", "could", "would" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements relating to: the final acceptance of the Offering by the TSXV; the qualification of the FT Shares as "flow-through shares"; the intended use of proceeds; the closing of the proposed transaction with Springbok Ventures Inc., and the timing, terms and outcome thereof; and the advancement, development and exploration of the Thunder Bay North Critical Minerals Project. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including, without limitation, risks that final acceptance of the Offering by the TSXV may not be obtained, that the FT Shares may not qualify as "flow-through shares", that the proceeds may not be used as anticipated, risks inherent in mineral exploration and development, and other risk factors as detailed from time to time in the Company's filings with Canadian securities regulators, available on the Company's profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on assumptions made with regard to, among other things: receipt of final acceptance of the Offering by the TSXV; the FT Shares qualifying as "flow-through shares"; and the use of proceeds as anticipated. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company does not undertake any obligation to update forward-looking statements, other than as required by applicable laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318427