Mr. Glenn Leroux reports

CANADIAN PREMIUM SAND INC. EXECUTES MULTIPLE COMMERCIAL OFF-TAKE AGREEMENTS, SIGNS TURN-KEY EPC AGREEMENT, ENHANCES EXECUTIVE TEAM AND BOARD AND INITIATES FINANCING PROCESS

Canadian Premium Sand Inc. has provided an update regarding its development of North America's first vertically integrated patterned solar glass manufacturing facility.

"We are excited to have reached this important stage in the development of our integrated solar glass manufacturing project. With strong revenue visibility through binding commercial off-take agreements and a high degree of certainty with capital costs and operational performance through our EPC agreement we are confident in our ability to commercialize this high return Project, supporting the global energy transition. With our recent additions of industry expertise to the team, we look forward to a successful financing process that capitalizes our project and enables the delivery of our exciting business plan", stated Company President & CEO, Glenn Leroux.

Commercial Off-take Agreements

The Company has secured firm commercial off-take agreements with three North American solar panel manufacturers including, Hanwha Solutions Corporation ("Hanwha"), Heliene Inc. ("Heliene") and Meyer Burger Technology AG ("Meyer Burger"), for a combined total of 62% of planned output capacity and an average renewable contract term of over 4 years. These agreements include options to increase firm off-take volumes by an additional 15% of planned output capacity to a combined total of 77%, subject to mutual agreement.

Hanwha, through its Qcells division, is the largest solar panel manufacturer in North America and is focused on establishing a comprehensive, low-carbon, domestic supply chain to support its domestic solar energy growth strategy. Qcells has announced plans for a total investment of US$2.66 billion to expand its existing 1.7 GW of production capacity in Georgia, to 8.4 GW by 2024. The Company's agreement with Qcells incorporates solar glass volumes that represent a material proportion of the Company's planned output capacity.

Meyer Burger, a large Switzerland-based solar panel manufacturer, is building a manufacturing facility in Arizona with 2.0 GW of annual production capacity. In August 2022, Meyer Burger announced a long-term agreement for supply of modules to D.E Shaw Renewable Investments, a large renewable energy project operator in the U.S. Additional off-take agreements between Meyer Burger and two other renowned counterparties were announced in March 2023 and a significant offtake agreement was signed with Ikea in May 2023.

Heliene, a Canadian based company with operations in Ontario and Minnesota, is focused on establishing a domestic solar supply chain to support its growth strategy in North America. Heliene has experienced significant growth since starting in 2010 in Canada and its U.S. operations in 2017 and is currently expanding its manufacturing capacity by 100% to 2GW.

To further complement these contracted volumes, the Company is negotiating additional firm off-take agreements with nine other solar panel manufacturers. The Company has executed MOUs with these counterparties that represent an additional 170% of total planned output capacity and expects to convert several of these MOUs into formal off-take agreements such that 100% of planned output capacity is contracted to further de-risk the project.

Finalized Engineering and Design

Due to higher-than-expected demand, the Company and its EPC consortium have designed an 800 tonne per day solar glass manufacturing facility (the ''Facility''), significantly larger than the 550 tonne per day facility contemplated in the 2021 FEED study.

The Company's EPC consortium, which includes PCL Constructors Canada Inc. and Henry F. Teichmann, Inc., has finalized comprehensive pre-construction designs for the Facility, which is capable of supplying solar glass to approximately 6.0 GW per annum of solar panel manufacturing capacity in North America. The Facility will be capable of producing a range of patterned solar glass specifications, including standard 3.2mm thick front-glass for the residential and commercial rooftop market as well as 2.0 mm thick glass required for the bifacial utility market.

The Company has entered into a preliminary construction agreement with the EPC consortium that incorporates a guaranteed maximum cost of $880 million, which is inclusive of the silica sand operation and provides for turn-key project execution, including specific operational and performance guarantees for the Project. The agreement includes mechanisms to reduce the guaranteed maximum cost through various means, including a direct reduction in scope that may result from government participation. Additionally, the Company is evaluating the applicability of the Canadian Federal Government's recently announced 30% refundable Investment Tax Credit for Clean Manufacturing.

Attractive Project Economics

Highlights of the Project include:

• $300 to $330 million of annual revenue
• $170 to $190 million of annual EBITDA
• Greater than 18% unlevered before-tax IRR (see "Endnote")

CPS expects to be the leading provider of patterned solar glass to the North American market benefiting from the use of low-cost renewable hydroelectric energy, proximity to customers, stable political environment and the integration of the Company's wholly-owned and exceedingly rare, low-iron silica sand supply. There are currently only four other known deposits of low-iron silica sand in North America, the majority of which have volumes that are committed to third party architectural glass customers.

Based on the growth profile of the market and the size of the Company's silica sand resource, CPS sees the potential to increase glass production by up to 100% through future expansion. By leveraging investment in common infrastructure, a second phase of the Project is expected to be financed organically, which would be accretive to Project economics.

Environmental Act Licence Issued

On May 3, 2023, the province of Manitoba issued the Company an Environmental Act Licence to construct and operate its proposed patterned solar glass manufacturing facility on the site secured in the City of Selkirk. The receipt of this licence secures a key regulatory requirement and removes a critical path item from the development schedule. Additionally, the successful licence application validates the Company's plan to construct and operate a solar glass manufacturing facility with environmental standards that will exceed current industry standards.

Appointment of Vice President, Glass Operations and Addition to the Board of Directors

CPS is pleased to announce it has appointed Dana Partridge as Vice President, Glass Operations. Mr. Partridge brings significant glass manufacturing experience gained over a 20+ year career across a variety of roles with Guardian Industries in glass plant operations. During his time with Guardian Industries, Mr. Partridge had management oversight of multiple glass production facilities in the firm's U.S., Latin America and Asia-Pacific regions and he managed the construction, commissioning and staffing of a 500 tonne per day greenfield glass manufacturing facility in Saudi Arabia. Following his career at Guardian Industries, Dana contributed to the success of a number of manufacturing companies and is joining CPS from Tacoma Glass Manufacturing, in Burlington, Washington. Mr. Partridge's academic credentials include a BA/BS in Business Management and Geology from Marietta College and a Juris Doctorate from Concord Law School, earned following his graduation from the U.S. Naval War College in Newport, RI. Mr. Partridge will be joining the Company initially as a management consultant pending his relocation to Canada.

Additionally, CPS is pleased to announce that Theresa Jester has joined the Company's board of directors. Ms. Jester brings over 40 years of experience as a corporate executive and board member in solar energy technology, engineering and hardware manufacturing organizations. During Ms. Jester's 26-year career at Solar World and its related predecessors, she managed a 700-employee solar panel manufacturing division with global operations that exceeded $500 million in revenue. Ms. Jester is currently the Managing Director for PI Berlin North America, the leading technical advisor, risk manager and quality assurance provider for PV equipment. Ms. Jester's experience includes executive roles at Solaria, and Hudson Energy Partners, a U.S. private equity fund focused on solar energy technologies. Ms. Jester has also served as a director at several solar energy-related companies. Ms. Jester earned a BS in Mechanical Engineering from California State University and was named "Solar Energy Woman of the Year" 2015 by the American Solar Energy Society.

Initiation of Formal Financing Process

The Company is pleased to announce the initiation of a formal process to raise external capital to finance construction of the Project. The Company has engaged Fort and Peters as co-financial advisors in connection with this process.

The Company does not intend to provide any updates on the progress of this initiative until a definitive outcome has been reached.

About Canadian Premium Sand Inc.

The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned Facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".

Endnote

1 Internal financial modeling based on: capital and operating cost details from the pre-construction engineering and design; current solar glass price data from Singapore Solar Exchange and PV InfoLink; and logistics quotes for delivery costs of solar glass to North American locations. Implicit in forward-looking information in respect of the IRR and EBTIDA projections contained in this press release are certain current assumptions, including, among others, that the Company will continue to execute on its strategy of developing manufacturing capacity for solar glass, attracting customers and end-users, realize operational efficiencies from its integrated sand quarry, and extract procurement and cost synergies on time and on budget. Additional assumptions include no changes to the current economic environment, no material changes in interest rates and foreign exchange rates, procurement, development or supply costs, access to equity and debt capital and sufficient cash flow for ongoing operations and the successful outcome of the formal financing process that has been initiated. These assumptions are based on the fact that funding for the construction of the facility will be obtained, the Project will receive final investment decision approval from the CPS board and the ultimate construction of the Facility will proceed as scheduled and on budget, markets for solar glass and access to end markets.

We seek Safe Harbor.