Ms. Cheryl Grue reports

ATHABASCA MINERALS INC. GRANTED EXTENSION OF STAY PERIOD AND PROVIDES UPDATE ON SALES PROCESS

Athabasca Minerals Inc., together with its subsidiaries, has obtained an order from the Court of King's Bench of Alberta (the court) on Jan. 26, 2024, in support of its restructuring efforts under the notice of intention to make a proposal (the NOI). This order extends the current stay period to March 11, 2024 (the stay extension), amending and restating the initial order announced on Dec. 15, 2023.

Update on sales and investment solicitation process

As previously announced on Dec. 15, 2023, Athabasca commenced a court-approved sale and investment solicitation process (the SISP) in respect of Athabasca's business and property. Since then, the corporation has been diligently working with its sales advisers, counsel and the proposal trustee to implement the SISP. Final bids under the SISP are due by 12 p.m. (Calgary time) on Jan. 31, 2024. As the SISP is a stalking horse sales process, there is also the potential that an auction may be conducted on or about Feb. 9, 2024, pursuant to the SISP terms. The stay extension will provide the necessary time to conclude the SISP with a view to maximizing value for all stakeholders involved.

Athabasca remains committed to a transparent and efficient restructuring process. The corporation will continue to work closely with its advisers, counsel and the court to ensure that all potential options are explored thoroughly and that any transaction pursued is in the best interest of the corporation and its creditors and stakeholders.

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-per-cent-owned technology platform, AMI RockChain.

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