Ms. Cheryl Grue reports

ATHABASCA MINERALS INC. ANNOUNCES COMMENCEMENT OF COURT-APPROVED SALE AND INVESTMENT SOLICITATION PROCESS

Athabasca Minerals Inc. has begun a restructuring process by filing notices of intention to make a proposal to its creditors (NOI) under the provisions of Part III, Division 1, of the Bankruptcy and Insolvency Act (Canada), as amended (BIA). KSV Restructuring Inc. is acting as proposal trustee (the "Proposal Trustee").

Pursuant to an order granted by the Court of King's Bench of Alberta (the "Court") on December 12, 2023 (the "Initial Order"), Athabasca, with the assistance of Canaccord Genuity Corp. acting as the sales advisor, and in consultation with the Proposal Trustee, has commenced a sales and investment solicitation process (the "SISP") in respect of Athabasca's business and property. The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in or refinancing of, all or part of Athabasca's assets and business operations.

The SISP includes a stalking horse bid to acquire Athabasca's business for $13,000,000 from JMAC Energy Services LLC ("JMAC"), which bid includes an expense reimbursement in the amount of $200,000 payable to JMAC in the event the stalking horse bid is not the successful bid. The SISP is a single phase process. Participants are invited to submit a final bid by 12:00 p.m. (Calgary time) on January 31, 2024. In the event superior offers to the stalking horse bid are received, a run-off auction will be held virtually through open rounds of bidding until the highest and best price is achieved.

In addition, the Initial Order, among other things (i) extends the stay of proceedings and ability of Athabasca to present a joint proposal to their creditors to January 26, 2024; (ii) authorizes JMAC to act as interim lender to Athabasca in the NOI, advancing up to $2,850,000; and (iii) approves Athabasca's key employee retention plan and related priority charge.

Copies of the Initial Order and other Court filed materials are available at: www.ksvadvisory.com/experience/case/athabasca-minerals.

Interested parties who wish to obtain additional information and participate in the SISP may contact either the Sales Advisor at abirkby@cgf.com or the Proposal Trustee at abasi@ksvadvisory.com.

About Athabasca Minerals Inc.

Athabasca 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% owned technology platform, AMI RockChain.

We seek Safe Harbor.