Benton Information for Approval to Shut Non-Brokered Non-public Placement of Movement-By way of and Non-Movement By way of Models

Benton’s board and administration group is extraordinarily happy to see this stage of funding from an rising streaming and royalty firm resembling Triple Flag and feels it underscores the true worth of those wonderful deposits which can be ideally located solely 50 km north of town of Thunder Bay on a paved freeway. The information launch under was issued earlier as we speak by Clear Air Metals Inc.

December 19, 2022 Clear Air Metals Inc. (“Clear Air Metals”) (the “Firm”) AIR: TSXV; CLRMF: OTCQB; CKU: DB, has closed the primary tranche within the quantity of C$10 million of a C$15-million mineral royalty financing settlement (the “TF Royalty Settlement”) efficient December 16, 2022 with Triple Flag Valuable Metals Corp. (“Triple Flag”) for a 2.5% internet smelter returns (“NSR”) mining royalty for all mineral product produced on the Thunder Bay North Essential Minerals (Platinum, Palladium, Copper, Nickel) challenge in Northern Ontario, Canada.

The second tranche, consisting of C$5 million, can be paid on or earlier than 90 days from the efficient date of the TF Royalty Settlement, permitting time for due diligence and a choice by Rio Tinto Exploration Canada Inc. (“RTEC”) on whether or not or to not promote its 1% NSR royalty on the Escape claims to Clear Air Metals for C$2 million, topic to sure situations (“Put Possibility No. 1”). RTEC additionally has an alternate choice to promote its 1% NSR to Clear Air Metals for C$3.5 million at a future date (“Put Possibility No. 2”). Put Possibility No. 2 is legitimate for the interval from June 30, 2024 till 60 days after submitting of a “Feasibility Research” (as such time period is outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives) on SEDAR. The Tranche 1 and Tranche 2 areas are proven within the accompanying map hyperlink Figure 1 Triple Flag Royalty Map.

Benton Resources Inc. has additionally offered its consent for the applying of the TF Royalty Settlement to the previous Thunder Bay North claims beforehand held by Panoramic Sources Inc. and finally to the Escape claims previously held by Benton Resources below possibility with RTEC. At both the expiry or closing of Put Possibility No. 1 or the election of RTEC to maneuver to Put Possibility No. 2, Clear Air Metals and Triple Flag will shut the second tranche and the TF Royalty Settlement shall apply to the Escape claims and be posted on title of the Escape claims.

Proceeds of the royalty financing can be used: (i) to finance the final instalment cost of C$1.5 million money to Panoramic Sources Inc. as the ultimate vesting situation of the choice settlement with Benton Resources Inc. (reported Might 15, 2020) to earn a 100% curiosity within the Thunder Bay North Mission; (ii) to finish the Prefeasibility Research for the challenge pursuant to Nationwide Instrument 43-101 below supervision of Chief Working Officer Mike Garbutt, P.Eng.; (iii) to advance environmental and regulatory allowing actions; (iv) exploration actions; and (v) for normal company and dealing capital functions.

The TF Royalty Settlement entitles Triple Flag, via its subsidiary TF R&S Canada Ltd., a 2.5% NSR royalty paid utilizing the web smelter returns, as outlined within the TF Royalty Settlement, obtained by Clear Air Metals from the sale of all mineral merchandise for the lifetime of the Thunder Bay North Mission and inside an agreed space of curiosity (the “Space of Curiosity”). Clear Air Metals additionally has been granted the precise by Triple Flag to purchase down as much as 40% of the NSR royalty and to cut back the NSR share to 1.5% on or earlier than three years following the efficient date of the TF Royalty Settlement, for C$10.5-million (assuming the closing of each tranches).

Jim Gallagher, P.Eng., Government Chairman of Clear Air Metals, commented: “This sizeable, early-stage funding by Triple Flag made after a major due diligence evaluation demonstrates the inherent potential worth of the Thunder Bay North Essential Minerals Mission. We respect Triple Flag’s confidence within the Clear Air Metals group’s potential to engineer, allow and assemble a mine at Thunder Bay North.”

Abraham Drost, Chief Government Officer of Clear Air Metals, commented: “The exploration upside at this Mid-Continent Rift associated mineral system being developed at Thunder Bay North is appreciable. We stay up for persevering with the seek for the supply of excessive worth huge sulphide deposits in feeder zone buildings, for the advantage of our Indigenous companions and different stakeholders, Clear Air metals shareholders and our new finance accomplice Triple Flag Valuable Metals Corp.”

Proper of First Refusal on Mission Finance

Clear Air Metals has additionally granted Triple Flag a proper of first refusal to match any bona fide written provide that it’s prepared to just accept from any individual dealing at arm’s size with Clear Air Metals or any of its associates to enter right into a stream, royalty or comparable financing association in or as regards to mineral merchandise extracted from ore which originates throughout the Thunder Bay North Mission and the Space of Curiosity.

About Clear Air Metals Inc.

Clear Air Metals’ flagship asset is the 100% owned, excessive grade Thunder Bay North Mission, a platinum, palladium, copper, nickel challenge situated close to the Metropolis of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Mission hosts the dual magma conduit our bodies which host the Present and Escape deposits forming the idea for a sturdy preliminary financial evaluation (PEA) filed January 12, 2022. The PEA of a ramp entry underground mine and on-site 3600tpd milling advanced and the 2-year trailing common value deck, incorporates a pre-tax NPV5 of C$425m and an IRR of 31% on preliminary capital of $367m over a 10-year mine life.

Government Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng. lead an skilled technical group who’re utilizing the Norilsk magma conduit stratigraphic and mineral deposit mannequin to information ongoing exploration and growth prefeasibility research for a low-carbon, all-electric sustainable mining operation at Thunder Bay North. As the previous CEO of North American Palladium Ltd. which owned the Lac des Iles Mine previous to the sale to Impala Platinum in December 2019, Jim Gallagher and group are credited with the mine turnaround and creation of great worth for shareholders.

About Triple Flag Valuable Metals Corp.

Triple Flag is a pure play, gold-focused, rising senior streaming and royalty firm. Triple Flag provides bespoke financing options to the metals and mining business with publicity primarily to gold and silver within the Americas and Australia, with a complete of 80 belongings, together with 9 streams and 71 royalties. These investments are tied to mining belongings at varied levels of the mine life cycle, together with 15 producing mines and 65 growth and exploration stage initiatives. Triple Flag is listed on the TSX and the NYSE below the ticker “TFPM”.

For additional info, please contact:
Abraham Drost, M.Sc. P.Geo.
Chief Government Officer
Clear AirMetals Inc.
Cellphone: 807-252-7800
E-mail: adrost@cleanairmetals.ca
Web site: www.cleanairmetals.ca