CLEAN AIR METALS CLOSES FIRST TRANCHE OF C$15 MILLION ROYALTY FINANCING AGREEMENT ON THUNDER BAY NORTH CRITICAL MINERALS PROJECT WITH TRIPLE FLAG PRECIOUS METALS CORP.

THUNDER BAY, ON, Dec. 19, 2022 /PRNewswire/ - Clean Air Metals Inc. ("Clean Air Metals") (the "Company") (TSXV: AIR) (OTCQB: CLRMF) (CKU: DB) has closed the first tranche in the amount of C$10 million of a C$15-million mineral royalty financing agreement (the "TF Royalty Agreement") effective December 16, 2022 (the "Effective Date") with Triple Flag Precious Metals Corp. ("Triple Flag"). The TF Royalty Agreement features a 2.5% net smelter returns ("NSR") mining royalty for all mineral product produced on the Thunder Bay North Critical Minerals (Platinum, Palladium, Copper, Nickel) Project in Northern Ontario, Canada, temporarily excepting the Escape claims.

The second tranche, consisting of C$5 million, will be paid on or before 110 days from the Effective Date of the TF Royalty Agreement, allowing time for due diligence and a decision by Rio Tinto Exploration Canada Inc. ("RTEC") on whether or not to sell its 1% NSR royalty on the Escape claims to Clean Air Metals for C$2 million, subject to certain conditions ("Put Option No. 1"). RTEC also has an alternative option to sell its 1% NSR to Clean Air Metals for C$3.5 million at a future date ("Put Option No. 2") or may elect not to sell its 1% NSR at all. Put Option No. 2 is valid for the period from June 30, 2024 until 60 days after filing of a "Feasibility Study" (as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) on SEDAR. The Tranche 1 and Tranche 2 payment areas are shown in the accompanying map link Figure 1 Triple Flag Royalty Map.

Benton Resources Inc. has also provided its consent for the application of the TF Royalty Agreement to the former Thunder Bay North claims previously held by Panoramic Resources Inc. and ultimately to the Escape claims formerly held by Benton Resources under option with RTEC. At either the expiry or closing of Put Option No. 1 or the election of RTEC to move to Put Option No. 2 or not to sell its 1% NSR at all, Clean Air Metals and Triple Flag will close the second tranche and the TF Royalty Agreement shall also apply to the Escape claims and be posted on title of the Escape claims.Use of Proceeds

Proceeds of the royalty financing will be used: (i) to finance the last instalment payment of C$1.5 million cash to Panoramic Resources Inc. as the final vesting condition of the option agreement with Benton Resources Inc. (reported May 15, 2020). On payment, Clean Air Metals will have fully earned a 100% interest in the Thunder Bay North Project and the Escape Project, now collectively called the Thunder Bay North Critical Minerals Project; (ii) to complete the Prefeasibility Study for the Project pursuant to National Instrument 43-101 under supervision of Chief Operating Officer Mike Garbutt, P.Eng.; (iii) to advance environmental and regulatory permitting activities; (iv) to advance further exploration activities, and (v) for general corporate and working capital purposes.Royalty Buydown