Mr. Glenn Leroux reports

CANADIAN PREMIUM SAND INC. ANNOUNCES FIRST QUARTER 2024 RESULTS

Canadian Premium Sand Inc. has released its first quarter 2024 financial results. The company's interim financial statements, notes thereto, and management's discussion and analysis for the three months ended Dec. 31, 2023, are available under Canadian Premium's SEDAR+ profile.

Highlights

The company devoted its time and resources during the three-month period ended Dec. 31, 2023, to advancing its patterned solar glass manufacturing facility in Selkirk, Man. Specifically, the company:

• Continued discussions with debt and equity capital investors which have expressed interest in financing the project;
• Completed two financing initiatives in support of the continuing process to raise project financing; on Dec. 11, 2023, the company's insiders, including board members and management, as well as certain key strategic investors, exercised 4,747,692 common share purchase warrants, at an exercise price of 40 cents per warrant, resulting in net cash proceeds of $1,899,042; additionally, the company 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;
• Subsequent to the period, the company announced on Feb. 15, 2024, an acknowledgment of the support it received for its project from the Province of Manitoba.

"We look forward to making continued progress in 2024 with our efforts to raise capital for the construction of our integrated patterned solar glass manufacturing facility. The pledge of support we received recently from the Province of Manitoba is an important milestone. Reflecting on the meaningful level of job creation and the potential to attract other solar energy supply chain investments, this project represents significant economic and strategic value to the City of Selkirk, the Province of Manitoba and Canada over all. We remain committed to establishing North America's first source of patterned solar glass and contributing to our customers' stated goal of securing a low-risk and low-carbon solar energy supply chain," 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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