Clean Air Metals reports departure of CEO

5th June 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Canadian exploration and development company Clean Air Metals on Friday announced that Abraham Drost would “no longer continue” as CEO and director of the company.

His exit from the company was with immediate effect, the TSX-V-listed firm said in a statement.

Jim Gallagher, who has served as executive chairperson since Clean Air Metals began trading on the TSX-V in early 2020, will assume the role of CEO on an interim basis, while a search for a permanent CEO is under way.

"I would like to thank Abraham for his efforts while leading the company and wish him all the best in his future endeavours,” he said.

Last week, Clean Air Metals announced a new mineral resource estimate (MRE) for the Thunder Bay North project. The critical minerals project has an indicated resource of 14-million tonnes, containing 1.2-million ounces of platinum and palladium, 57 000 t of copper and 34 300 t of nickel.

“The new MRE and new leadership bring the company to its next stage of development. Technical studies of a selective, higher grade, underground mining plan are commencing for these two near-surface deposits. The next phase of exploration will investigate down-plunge targets. Once the exploration plan is finalised and permits and sufficient funding are secured, we will look to execute the programme in 2024 and beyond.”

Further, Gallagher said that Clean Air Metals was well funded with just under C$10-million in cash available to meet its commitments well into 2024.

“Given the difficult markets and our low share price we do not anticipate raising any additional funds at least until 2024, avoiding unnecessary dilution of the stock. We intend to prudently manage our cash until market conditions improve.”