Mr. Glenn Leroux reports

CANADIAN PREMIUM SAND INC. ANNOUNCES EXERCISE OF WARRANTS AND EXTENSION OF CONVERTIBLE DEBENTURE MATURITY DATE

Canadian Premium Sand Inc. has completed two financing initiatives in support of the continuing process to raise project financing for the construction of the company's patterned solar glass manufacturing facility in Selkirk, Man.

The company's insiders, including board members and management, as well as certain key strategic investors, have exercised 4,747,692 common share purchase warrants, at an exercise price of 40 cents per warrant, resulting in cash proceeds to Canadian Premium of $1,899,077. Following this initiative, the company has 83,420,752 common shares outstanding.

Additionally, the company has reached an agreement with the holders of its outstanding convertible debentures to extend the maturity date by one year from Feb. 26, 2024, to Feb. 26, 2025. All holders of the convertible debentures are insiders or key strategic investors in the company.

"Despite a challenging macroeconomic and fundraising landscape, we continue to make progress toward a successful project financing. We believe a patient approach to this financing will deliver the best outcome for our shareholders. This approach is supported by our insiders and key strategic investors, who have ensured the company is in a strong position to execute the financing strategy. Management is confident that the market for our patterned solar glass remains strong. We continue to engage with our customers, all of which maintain their commitment to the project and establishing North American solar glass supply to support their own capital investment and growth initiatives. We look forward to completing the project financing process so we can support our customer's growth objectives and create value for our shareholders," stated company president and chief executive officer Glenn Leroux.

Certain directors of the company, being Lowell Jackson, John Assman and Glenn Leroux, and each of its two significant shareholders being Paramount Resources Ltd. and David Wilson, directly or indirectly participated in the convertible debenture maturity extension, which may result in this transaction being a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as the company is listed on the TSX Venture Exchange, and at the time the transaction was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved interested parties (as defined in MI 61-101), exceeded 25 per cent of the company's market capitalization. The convertible debenture maturity extension is subject to the approval of the TSX Venture Exchange.

About Canadian Premium Sand Inc.

The company is developing manufacturing capacity for ultrahigh-clarity patterned solar glass through a company-owned facility to be located in Selkirk, Man., 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 TSX Venture Exchange under the symbol CPS.

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