Clean Air Metals (AIR) AI Stock Analysis

• Market Cap: C$25.06M
• Dividend Yield: N/A
• Average Volume (3M): 575.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.51
• Revenue Growth: N/A
• EPS Growth: 66.86%
• Country: CA
• Employees: 16
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): >-0.01
• Shares Outstanding: 250,556,780
• 10 Day Avg. Volume: 351,909
• 30 Day Avg. Volume: 575,232
• PEG Ratio: 0.25
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$0.11 ▲(24.44% Upside)

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and cash burn), despite a supportive low-leverage balance sheet. Technicals are a key positive with strong momentum, though indicators are nearing overbought levels. Valuation remains constrained by lack of profitability and no dividend support.

Positive Factors

Low Balance Sheet Leverage

Low absolute debt versus equity provides durable financial flexibility for a pre-revenue explorer. With roughly $3.5M of debt against ~$33M equity, the company can fund near-term drilling and studies with lower refinancing pressure and less interest burden, reducing execution risk over the medium term.

Concentrated PGM and Base-Metal Asset Base

Concentration on palladium and platinum, alongside nickel and copper, gives the company exposure to multiple, structurally important commodity markets. This commodity mix enhances the appeal of its projects to diverse acquirers or partners and supports multiple commercialization pathways over months to years.

Flexible Monetization Business Model

A stated strategy to monetize assets through sales, joint ventures/farm-ins, mergers, or advancing to development gives management optionality. This reduces single-path execution risk and enables value realization without immediate mine-building capital, which is durable in capital-constrained cycles.

Negative Factors

Pre-Revenue with Persistent Losses

No operating revenue and recurring net losses mean ongoing dependence on external financing. Persistent negative operating and free cash flow increases dilution risk and could slow or curtail exploration and technical programs if capital markets tighten, impacting project timelines.

Negative and Declining Cash Generation

Consistent negative operating and free cash flow indicates rising cash burn and inconsistent internal funding. Continued negative cash generation forces additional financings, raising uncertainty about the pace of resource delineation and engineering work, and increasing execution risk over the medium term.

Negative Return on Equity

A negative trailing ROE signals that operations are eroding shareholder equity rather than creating value. If losses persist without a clear path to revenue or significant partner funding, equity dilution or reduced funding capacity could constrain project advancement and long-term capital structure stability.

Clean Air Metals Business Overview & Revenue Model

Company Description

Clean Air Metals Inc., an exploration stage company, engages in the identification, acquisition, exploration, and development of mineral properties in Canada. The company primarily explores for platinum, palladium, copper, and nickel deposits. Its flagship properties are the Thunder Bay North property that consists of 219 unpatented mining claims covering an area of approximately 40,816 hectares; and the Escape Lake project, which consists of 20 unpatented claims covering an area of approximately 561.3 hectares located in the Thunder Bay region of Ontario. The company was formerly known as Regency Gold Corp. and changed its name to Clean Air Metals Inc. in April 2020. Clean Air Metals Inc. is headquartered in Toronto, Canada.

How the Company Makes Money

Clean Air Metals makes money primarily through the exploration and potential extraction of precious metals, particularly platinum and palladium, from its Thunder Bay North Project. Revenue is generated through the sale of these metals once they are extracted and processed. The company may also enter into strategic partnerships or joint ventures with other mining firms to share costs and expertise, potentially enhancing its revenue streams. Additionally, Clean Air Metals might seek investment and funding from institutional and retail investors to support its exploration and development activities, which can provide the necessary capital to advance its projects toward production.

Clean Air Metals Financial Statement Overview

Summary

Financial profile remains weak due to no revenue, persistent operating losses, and consistently negative free cash flow (with operating cash flow turning negative again in 2025). The balance sheet is the main support (meaningful equity cushion and still-manageable leverage), but rising debt in 2025 and ongoing cash burn keep overall financial strength constrained.

Income Statement

The company continues to report no revenue across the provided annual periods, while losses remain sizable (net loss of ~-3.1M in 2025 vs ~-3.5M in 2024). Operating losses are persistent, and gross profit is negative each year, indicating ongoing spend without an operating revenue base. A modest year-over-year improvement in net loss is a positive, but overall profitability and business scale remain weak.

Balance Sheet

The balance sheet is supported by a relatively large equity base (stockholders’ equity ~33.9M in 2025) and modest leverage (debt-to-equity ~0.10 in 2025). However, debt stepped up materially in 2025 (to ~3.5M from a minimal level in 2024), and returns remain negative (return on equity around -9%), reflecting continued losses. Overall, financial flexibility looks acceptable today, but sustained losses and rising debt are key risks.

Cash Flow

Cash generation is volatile and generally weak: operating cash flow swung from positive in 2024 (~+1.6M) back to negative in 2025 (~-2.7M), and free cash flow is negative in every year shown. Free cash flow burn worsened meaningfully in 2025 versus 2024, which increases reliance on external funding. A positive item is that free cash flow is roughly in line with reported losses in 2025 (not materially worse than net income), but overall cash burn remains a clear constraint.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-20.32K	-38.20K	-42.86K	-34.79K	-12.48K
EBITDA	-2.88M	-2.77M	-4.14M	-1.62M	-2.70M
Net Income	-3.12M	-3.53M	-4.82M	-2.17M	-1.27M
Balance Sheet
Total Assets	37.91M	39.21M	42.29M	35.06M	27.15M
Cash, Cash Equivalents and Short-Term Investments	3.44M	5.91M	6.87M	542.57K	6.68M
Total Debt	3.50M	8.42K	26.46K	2.59M	3.69M
Total Liabilities	4.02M	3.48M	3.43M	4.03M	3.92M
Stockholders Equity	33.89M	35.73M	38.86M	31.03M	23.22M
Cash Flow
Free Cash Flow	-2.74M	-943.51K	-16.97M	-15.96M	-14.89M
Operating Cash Flow	-2.73M	1.57M	-8.65M	-1.79M	-3.11M
Investing Cash Flow	-1.16M	-2.52M	-8.33M	-14.17M	-11.78M
Financing Cash Flow	1.42M	-3.40K	23.31M	9.82M	20.02M

Clean Air Metals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.09
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIR, the sentiment is Positive. The current price of 0.09 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.07, and above the 200-day MA of 0.06, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.98 is Neutral, neither overbought nor oversold. The STOCH value of 65.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AIR.

Clean Air Metals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SAE	54 Neutral	C$17.59M	0.81	289.73%	―	―	―
AIR	53 Neutral	C$25.06M	-17.86	-4.21%	―	―	66.86%
SBMI	52 Neutral	C$35.43M	-4.09	-9498.89%	―	―	-69.10%
RRI	48 Neutral	C$16.30M	-9.24	-15.87%	―	―	-90.32%
NOB	36 Underperform	C$24.92M	-80.77	―	―	―	-970.00%

Clean Air Metals Corporate Events

Clean Air Metals Narrows Loss as Thunder Bay North Project Advances with New PEA and Step-Out Drill Results

Clean Air Metals has filed its unaudited interim financial statements for the nine months ended October 31, 2025, reporting total assets of $36.6 million, cash of $1.6 million, shareholders’ equity of $33.0 million and a working capital deficiency of $1.75 million, alongside a reduced net loss of $0.9 million over the period. The company spent just over $1.0 million on exploration at its Thunder Bay North project, completed initial step-out drilling that extended mineralization 400 metres from the known resource in the Escape down-plunge area, and finalized a Preliminary Economic Assessment focused on a toll-milling scenario targeting higher-margin material at the Current and Escape deposits, developments that advance the project’s economic case and resource growth potential for stakeholders.

Clean Air Metals Advances Thunder Bay North Project with Positive PEA

Clean Air Metals has filed a Preliminary Economic Assessment (PEA) for its Thunder Bay North Project, highlighting an 11-year mine life with a daily production of 2,500 tonnes from a near-surface underground operation. The PEA reveals robust economic potential with a pre-tax NPV of $219.4M and an IRR of 39%, underscoring the project’s viability amid a recovering PGE market. The company is committed to advancing the project with support from local Indigenous communities and plans to explore further financing and processing opportunities.

Clean Air Metals Extends Escape Deposit, Boosting Resource Potential

Clean Air Metals Inc. announced the successful extension of its Escape Deposit at the Thunder Bay North Project, following its 2025 summer drilling program. The drilling confirmed the presence of high-tenor sulphide mineralization in a previously untested area, significantly enhancing the project’s resource potential. This development is expected to impact the project’s scale and economics positively, providing a pathway for resource expansion and strengthening Clean Air Metals’ position in the critical minerals market.

Clean Air Metals Announces Promising PEA Results for Thunder Bay North Project

Clean Air Metals Inc. has announced the results of a Preliminary Economic Assessment (PEA) for its Thunder Bay North Project, indicating a pre-tax net present value (NPV) of C$219.4 million and an internal rate of return (IRR) of 39%. The project, designed as a low-cost, high-margin operation, is expected to have an 11-year mine life and produce 2,500 tonnes per day. With a capital payback period of 2.5 years and significant operating margins, the project is strategically positioned near Thunder Bay, benefiting from existing infrastructure and positive relationships with Indigenous communities. The updated resource estimates highlight significant indicated and inferred resources, further supporting the project’s potential to contribute to the regional economy and meet federal critical mineral goals.