05:30 PM EDT, 09/30/2024 (MT Newswires) -- Clean Air Metals Inc. ( CLRMF ) on Monday said its fiscal second-quarter loss widened on higher costs.

The company, which is developing the Thunder Bay North Critical Minerals Project in northwestern Ontario, said it loss $1.43 million, or $0.01 per share, in the quarter ended July 31, compared with a loss of $1 million, or $0.01, a year earlier.

Clean Air reported no revenue in either period and had $4.19 million of cash on hand at the end of the quarter.

It reported expenses of $1.44 million in the period, up from $1.1 million a year ago.

"We are comfortable with our current financial position for project development activities through the end of 2025 and we look forward to meaningful progress over this period," said chief executive Mike Garbutt. "As a reminder to shareholders, further results from the late summer drill program are pending."

The company's shares closed up $0.005 to $0.07 on the TSX Venture Exchange.