Ms. Cheryl Grue reports

ATHABASCA MINERALS PROVIDES UPDATE ON QUARTER ONE 2023 FILINGS AND CEASE TRADE ORDER

Athabasca Minerals Inc. will not be filing its quarterly financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the quarter ended March 31, 2023 (collectively, the Q1 statements), within the period prescribed for the filing of such documents under Parts 4, 5 and 6 of National Instrument 51-102 -- Continuous Disclosure Obligations, and pursuant to National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings, that being May 30, 2023 (the filing deadline).

Due to the complexity of the corporation's 2022 year-end audit, and the subsequent delay in filing those statements, Athabasca Minerals will not be able to finalize the Q1 statements by the filing deadline. While the corporation acknowledges the importance of timely financial reporting, it remains committed to upholding the highest standards of transparency and compliance. Additionally, the Alberta Securities Commission (ASC) has made the decision to maintain the cease trade order (CTO) until the Q1 statements have been filed. Athabasca Minerals is fully co-operating with the ASC to fulfill its requirements and resolve the matter promptly, and expects to file its Q1 statements by or before June 9, 2023.

About Athabasca Minerals Inc.

Athabasca Minerals is an integrated industrial minerals company focused on the production and delivery of frac sand to Canada and the United States. Athabasca also operates aggregate operations in Western Canada and maintains the largest platform for buying, selling and transporting of aggregates through its 100-per-cent-owned technology platform, AMI RockChain.

We seek Safe Harbor.