Benton Provides Update on Its Stake in Clean Air Metals Inc. - New PEA Delivers C$219.4M pre-tax NPV, 39% IRR for the Thunder Bay North Project

Core Insights - Benton Resources Inc. holds a 9.8% equity stake in Clean Air Metals Inc. and has received a positive update regarding the Thunder Bay North Project, which shows a pre-tax NPV of C$219.4 million and a 39% IRR [1][5] Financial Metrics - The Thunder Bay North Project has a pre-tax NPV of C$219.4 million against a project capital cost of C$89.5 million, with an after-tax NPV of C$157.5 million [5] - The pre-tax IRR is reported at 39%, while the after-tax IRR stands at 32% [5] - At current spot pricing, the pre-tax NPV increases to C$316 million with a pre-tax IRR of 52% [5] Project Characteristics - The project is designed as a low-cost, high-margin producer, with a capital payback period of 2.5 years from the start of production [5] - The project benefits from healthy operating margins of 45% and utilizes temporary infrastructure and toll milling at a nearby facility [5] - Baseline environmental studies are primarily completed to support future permitting [5] Resource Estimates - The updated resource includes 14.9 million tonnes of indicated resource grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni [5] - Additionally, there are 2.49 million tonnes of inferred resource grading 1.62 g/t 2PGE, 0.31% Cu, and 0.19% Ni [5] Community Engagement - The company maintains positive relationships with nearby Indigenous communities to ensure full and meaningful participation in the project [5]