Canadian Premium Sand Inc. Announces Option Grants

CALGARY, May 23, 2023 - Canadian Premium Sand Inc. ("CPS" or the "Company") (TSXV: CPS) announces the grant of share options ("Options") to acquire common shares ("Common Shares") under its omnibus equity incentive compensation plan (the "Plan").

The Company granted 1,695,000 Options, including 475,000 granted to its independent directors and 1,220,000 to its executive officers and employees. The Options are exercisable at $0.59 per Common Share expiring May 23, 2028. As of the date hereof, there are 78,549,660 Common Shares issued and outstanding, and therefore, a maximum of 7,854,966 Options, RSUs, DSUs, PSUs and other share-based awards that may be issued under the Plan on a combined basis are issuable under the Plan, of which an aggregate of 4,410,000 Options have been granted.

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".

www.cpsglass.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.

SOURCE Canadian Premium Sand Inc.