Mr. Jean-Sebastien David reports

ARIANNE PHOSPHATE CONCLUDES ON ITS SECOND FORMAL OFFTAKE AGREEMENT

Arianne Phosphate Inc. has entered into its second formal offtake agreement for the purchase and marketing of its high-purity phosphate concentrate.

The buyer of the Arianne Phosphate concentrate is an industry-leading global trader of fertilizer products, including phosphate concentrate and phosphoric acid. Under the terms of the agreement, the buyer has a commitment to purchase a specific annual quantity of phosphate concentrate and has been granted an option to purchase additional amounts under certain terms and conditions.

"This agreement is yet another validation of Arianne's Lac a Paul project," said Brian Ostroff, chief executive officer of Arianne Phosphate. "By entering into this relationship, Arianne's product will now have an even greater global reach by leveraging on the operations and relationships of a long-established, well-respected international fertilizer traders. As well, by entering into this agreement, it allows us to expand our potential customer base beyond our focus on the larger multinational buyers by gaining access to many regional buyers through the trader's current ongoing relationships."

Similar to Arianne's first announced offtake agreement (see press release dated Sept. 25, 2018), this agreement's pricing mechanism is based off of floating benchmark prices plus a premium that accounts for the company's high-purity phosphate content. Aside from these two completed offtake agreements, Arianne continues to work closely with other potential phosphate buyers to conclude similar agreements, the completion of which are a significant component to finalizing project financing.

Qualified person

Jean-Sebastien David, PGeo, qualified person by National Instrument 43-101, has approved this release. Mr. David is also the company's chief operating officer.

About Arianne Phosphate Inc.

Arianne Phosphate is developing the Lac a Paul phosphate deposits located approximately 200 kilometres north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 phosphorus pentoxide with little or no contaminants (feasibility study released in 2013).

We seek Safe Harbor.