Mr. Glenn Leroux reports

CANADIAN PREMIUM SAND INC. ANNOUNCES FISCAL YEAR END 2023 RESULTS

Canadian Premium Sand Inc. has released its fiscal year-end 2023 financial results. The company's audited financial statements, notes thereto, and management's discussion and analysis for the three months and year ended Sept. 30, 2023, are available under Canadian Premium's SEDAR+ profile.

Highlights

The company devoted its time and resources during the financial year ended Sept. 30, 2023, investing $7.2-million to achieve shovel-ready status for its patterned solar glass manufacturing facility in Selkirk, Man. Specifically, the company:

• Achieved positive results with its bulk sand testing project, which confirmed that only simple, low-cost and environmentally responsible processes will be needed to refine its silica sand to patterned solar-glass-grade specifications;
• Executed multiple commercial offtake agreements that represent a minimum of 62 per cent of planned output capacity, with optionality to increase to 77 per cent;
• Advanced discussions with other potential patterned solar glass customers concerning future offtake agreements;
• Finalized the detailed preconstruction engineering and design related to its patterned solar glass manufacturing facility and Wanipigow silica sand extraction operation with the support of its international consortium of engineering, procurement and construction firms and in-house technical consultants;
• Executed a turnkey EPC agreement that incorporated a cost of $880-million and which provided capital cost certainty and operational performance assurances;
• Received an Environmental Act licence to construct and operate its proposed patterned solar glass manufacturing facility in Selkirk, Man.;
• Appointed Dana Partridge as the company's vice-president, glass operations; with over 20 years of glass manufacturing experience, Mr. Partridge joined the company initially as a management consultant pending his relocation to Canada;
• Added Theresa Jester to the company's board of directors, who brings over 40 years of experience in solar energy technology, engineering and manufacturing operations;
• Initiated a process to raise external capital for construction of the project;
• Received an updated Environment Act licence for its Wanipigow sand extraction and processing facility; with the achievement of this key regulatory milestone, the company is in receipt of all required environmental permits to construct and operate its integrated patterned solar glass manufacturing facility.

"We are pleased with the significant development milestones achieved by CPS in 2023. Considerable time and effort was invested in these final development milestones, and I would like to thank my colleagues, our board of directors and our shareholders for their dedication to and support of the project. We look forward to creating significant shareholder value in 2024 by successfully commercializing this exciting project to become the first vertically integrated supplier of patterned solar glass in North America," stated company president and chief executive officer Glenn Leroux.

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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