Athabasca Minerals Announces Resignation of Robert Beekhuizen as Director & CEO, Appointment of Dana Archibald as Interim CEO, & Shareholder Update Call

Edmonton, June 23, 2022 - Athabasca Minerals Inc. (TSXV: AMI) ("AMI" or the "Corporation") an innovative and integrated group of companies that develops and delivers sand and gravel products, technical services, and supply-chain solutions, today announced that Robert Beekhuizen has provided notice of his resignation as Chief Executive Officer and Director of the Corporation, effective immediately. Dana Archibald, Chief Operating Officer, has been appointed as interim Chief Executive Officer while the Board of Directors assesses a permanent successor.

Donald Paulencu, chairman of the AMI Board, said, "On behalf of the Board we thank Robert for his service and many accomplishments during his tenure as Chief Executive Officer. We will always be grateful for his leadership at a critical juncture in the Corporation's history. We have made great strategic and operational progress under his leadership, and we wish Robert the very best in his future endeavors."

Dana Archibald has served as AMI's Chief Operating Officer since January 2019, and was recently announced as the President of the Corporation's AMI Silica division. Mr. Archibald has been instrumental in the acquisition and integration of the U.S. sand facility as well as the development of the Corporation's resources in the Duvernay and Montney regions. In addition, Mr. Archibald has also led the Corporation's Indigenous relations portfolio, successfully developing strong and impactful partnerships with multiple Indigenous groups. Given his experience, and his strong team leadership the Board is confident in his abilities to lead AMI through this transition.

Jon McCreary, AMI Board Director, said, "As we move forward, the Board has great confidence in the leadership of Dana Archibald, the senior executive team and all of our employees to continue implementing our strategies and achieving our goals. AMI remains strong, with significant potential, and we are on track to achieve several important milestones over the remainder of 2022 and beyond. We are focused on significant growth throughout all our divisions as well as increasing value for our shareholders."

SHAREHOLDER UPDATE WEBCAST

The Corporation will host a webcast for investors, analysts and stakeholders to provide divisional updates. Registration is required so please pre-register to receive your password.

ABOUT ATHABASCA MINERALS INC.

Athabasca Minerals is an integrated group of companies capable of full life-cycle development and supply of aggregates and industrial minerals. The Corporation is comprised of the following business units: AMI Silica, (www.amisilica.com) with resource holdings and business interests in Alberta, North-East BC, and the United States; AMI Aggregates, with aggregates from its corporate pits and which manages the Coffey Lake Public Pit for the Government of Alberta; Métis North Sand & Gravel which is a strategic partnership with the McKay Métis Group to deliver aggregates to the energy, infrastructure, and construction sectors in the Wood Buffalo region; AMI RockChain, a technology-enabled business using its proprietary RockChain™ digital platform, automated supply-chain and logistics solutions, quality-assurance & safety programs to deliver products across Canada; and TerraShift Engineering which conducts resource exploration, regulatory, mining, environmental and reclamation engineering for a growing nation-wide customer base and is also the developer of its proprietary TerraMaps™ software.

For further information, please contact:

• Cheryl Grue, Director, Corporate Affairs
  Tel: 587-392-5862 / Email: cheryl.grue@athabascaminerals.com
  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains certain statements or disclosures relating to Athabasca that are based on the expectations of its management as well as assumptions made by and information currently available to Athabasca which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Athabasca anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "would", "will", "anticipates", believes", "explores" and similar expressions. Athabasca believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.

Additional information on these and other factors that could affect the Corporation's operations and financial results are included in this news release and may be accessed under Athabasca's profile on SEDAR at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128752