CPS Canadian Premium Sands Inc

Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce that it has entered into a memorandum of understanding (“MOU”) with Hanwha Solutions Corporation (“Hanwha”) concerning continued discussions between CPS and Hanwha with respect to a definitive commercial offtake agreement for patterned solar glass from the Company’s glass manufacturing facility being developed in Selkirk, Manitoba.

Hanwha, through its Qcells Division (“Qcells”), is the largest solar panel manufacturer in North America and is focused on establishing a comprehensive, fully domestic, low-carbon solar supply chain to support its solar energy growth strategy in North America. On May 11, 2022, Qcells announced its expansion plans to nearly double total production capacity of its operated 1.7-gigawatt module factory in Dalton, Georgia, to over 3 gigawatts. The expanded Qcells factory would represent approximately 35% of current North American solar module production.

“Following a tour of our planned facilities in Manitoba and meetings in Calgary with members of Hanwha’s management team in June of 2022, we are delighted to enter into an MOU with Hanwha regarding long-term supply of our low-carbon, patterned solar glass,” stated Company President, Glenn Leroux. “Hanwha’s North American solar glass demand requirements of over 3 gigawatts of module manufacturing represents over 80% of our planned Phase 1 production capacity.”

Hanwha comments, “We are excited to continue our discussion with CPS to form a future partnership with respect to long-term stable supply of patterned solar glass for our current and planned production capacity. As Qcells expands its manufacturing footprint in North America, we see tremendous value in securing supply from a trusted partner that is proximal to our operations. Additionally, the integrated nature of CPS’ operation with its wholly-owned sand resource and the use of renewable hydro-electricity in its manufacturing process offer excellent alignment with our low-carbon objectives.”

The Company continues to advance other development initiatives that will bring the solar glass project to a shovel-ready status, including permitting, silica sand resource upgrading and testing and ongoing negotiations to convert other existing expressions of interest to commercial offtake agreements.

About Canadian Premium Sand Inc.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”.

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.

CONTACT INFORMATION:         

Canadian Premium Sand Inc.
Glenn Leroux	Cam Deller
President and Chief Executive Officer	Chief Financial Officer
glenn.leroux@cpsmail.com	cam.deller@cpsmail.com

Investor RelationsIR@cpsmail.com587.355.3714www.cpsglass.com

Forward Looking Information

Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company’s future performance (both operational and financial), development plans and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and phrases, or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Such forward-looking statements reflect the Company’s beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the anticipated benefits of the MOU; various development initiatives that will bring the solar glass project to a shovel-ready status, including permitting, silica sand resource upgrading and testing and ongoing negotiations to convert existing expressions of interest to additional commercial offtake agreements; industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner by which the Company expects to meet its capital needs; and the Company’s objectives, strategies and competitive strengths. By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements.

A number of factors, risks and uncertainties could cause results to differ materially from those anticipated and described herein including, among others: the effects of competition and pricing pressures; effects of fluctuations in the price of glass products and raw materials input costs; risks related to indebtedness and liquidity, including the Company’s capital requirements; risks related to interest rate fluctuations and foreign exchange rate fluctuations; changes in general economic, financial, market and business conditions in the markets in which the Company operates; the Company’s ability to obtain, maintain and renew required permits, licenses and approvals from regulatory authorities; the stringent requirements of and potential changes to applicable legislation, regulations and standards; the ability of the Company to comply with unexpected costs of government regulations; liabilities resulting from the Company’s operations; the results of litigation or regulatory proceedings that may be brought against the Company; uninsured and underinsured losses; risks related to the transportation of the Company’s products, including potential rail line interruptions or a reduction in rail car availability; the geographic and customer concentration of the Company; the ability of the Company to retain and attract qualified management and staff in the markets in which the Company operates; labor disputes and work stoppages and risks related to employee health and safety; general risks associated with the glass manufacturing and sand quarry industries, loss of markets, consumer and business spending and borrowing trends; limited, unfavorable, or a lack of access to capital markets; uncertainties inherent in estimating quantities of products; processing problems; the use and suitability of the Company’s accounting estimates and judgments; and the other risk factors outlined in CPS’s most recent Management’s Discussion and Analysis which is available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in its forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will materialize or prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking statements. These statements speak only as of the date of this press release. Except as may be required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements or information whether as a result of new information, future events or otherwise. Any financial outlook and future-oriented financial information contained in this press release regarding prospective financial performance, financial position, cash flows or EBITDA projections are based on assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information contains forward-looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. Actual results will vary from projected results. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this document speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws

Market, Independent Third Party and Industry Data

Certain market, independent third-party and industry data contained in this press release is based upon information from government or other independent industry publications and reports or based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but the Company has not conducted its own independent verification of such information. This press release also includes certain data derived from public filings made by independent third parties. While the Company believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. The Company has not independently verified any of the data from independent third-party sources referred to in this press release or ascertained the underlying assumptions relied upon by such sources.

Currency

All references to “$” in this press release are to Canadian dollars, unless otherwise noted.