Ms. Cheryl Grue reports

ATHABASCA MINERALS INC. GRANTED STAY EXTENSION AND REPLACEMENT INTERIM FINANCING

Athabasca Minerals Inc. obtained an order from the Court of King's Bench of Alberta on March 8, 2024, in support of its restructuring efforts under the notice of intention to make a proposal (NOI). This order extends the current stay period to April 22, 2024, amending and restating the stay extension announced on Jan. 26, 2024. The order also authorizes the corporation to obtain new interim financing from Badger Mining Corp. in the amount of $5.3-million.

As previously announced on Dec. 15, 2023, Athabasca commenced a court-approved sale and investment solicitation process (SISP) in respect of Athabasca's business and property. As part of that process, JMAC Energy Services LLC was authorized to act as interim lender and advanced the corporation $2.85-million. The maturity date of the first interim financing facility is March 12, 2024. The corporation anticipated repaying the first interim financing facility through sale proceeds generated from a transaction emanating from the SISP. The corporation has entered into a transaction agreement with Badger that would repay the first interim financing facility in full as previously announced on Feb. 15, 2024, however, it is not anticipated that the transaction will close prior to the maturity date. The second interim financing facility is required to repay the first interim financing facility in full prior to the maturity date and to finance continuing operational expenses, including professional fees, until the corporation can close the transaction.

The corporation and Badger have been working diligently to satisfy the conditions of closing and have also negotiated a brief one-month extension to the outside date under the subscription agreement from March 30, 2024, to April 30, 2024.

Athabasca remains committed to the SISP and is continuing to work closely with its interested stakeholders and professional advisers to obtain court approval of the transaction prior to the outside date to ensure the best possible outcome is realized for all 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.

We seek Safe Harbor.