Mr. Zigurds Vitols reports

SELECT SANDS REPORTS RESULTS FOR FIRST QUARTER 2023

Select Sands Corp. has released its operational and financial results for the three months ended March 31, 2023 (Q1 2023), and filed its financial statements and associated management's discussion and analysis on SEDAR. All dollar references in this release are in U.S. dollars.

KEY HIGHLIGHTS

• Sold 83,027 tons of frac and industrial sand during Q1 2023 compared to 81,451 tons in the three months ended December 31, 2022 ("Q4 2022") and 107,428 tons in the three months ended March 31, 2022 ("Q1 2022").
• Recorded revenue of $5.1 million and gross margin of $0.4 million in Q1 2023 versus $5.4 million of revenue and gross margin of $0.5 million in Q4 2022, and revenue of $6.2 million and gross margin of $0.7 million for Q1 2022.
• Reported a net loss of $0.5 million, or $0.01 per share, in Q1 2023 compared to a net loss of $0.7 million, or $0.01 per share, in Q4 2022 and a net loss of $0.1 million, or $0.00 per share, in Q1 2022.
• Generated Adjusted EBITDA (1) of $0.1 million for Q1 2023 versus $0.2 million in Q4 2022 and $0.5 million for Q1 2022.
• As of March 31, 2023, cash and cash equivalents were $0.4 million, accounts receivable was $1.1 million, inventory was $5.0 million, working capital was $0.8 million and total debt was $8.1 million (including $7.0 million long-term). Of note, the Company has received full payment on all of its accounts receivable balance outstanding on March 31, 2023.

(1) Adjusted EBITDA is a non-IFRS financial measure and is described and reconciled to net (loss) income in the table later in this release under the section titled "Non-IFRS Financial Measures".

Zig Vitols, President and Chief Executive Officer, commented, "We were pleased to see higher sequential sales volumes during the first quarter and remain focused on supporting oil and gas operators in their ongoing field development efforts designed to maximize the ultimate recovery of their inventory of assets. These operators recognize the superior benefits afforded by our premium Northern White Sand product offerings that are located much closer to key oil basins in the Southern U.S. compared to the majority of other Northern White Sand producers. As in the past, I want to thank our workforce for their tireless efforts as we strive to continue to provide our customers with a superior product and exemplary service."

FINANCIAL SUMMARY

The following table includes summarized financial results for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022:

SALES VOLUMES

Select Sands sold 83,027 tons of frac and industrial sand during Q1 2023, which was 2% higher than sales of 81,451 tons in Q4 2022. Sales volume levels for Q1 2023 were below the full shipment capability of the Company's Arkansas' operations (approximately 150,000 tons per quarter). This presents the opportunity for continued improvement in sales volumes (and the ability to spread fixed costs over a wider base of tons produced) over time.

For Q2 2023, the Company expects frac and industrial sand sales volumes of approximately 45,000 to 60,000 tons.

OPERATIONS UPDATE

Contributing to Select Sands' outlook is Baker Hughes' recently published weekly drilling rig count estimates that show a U.S. onshore count of 720 rigs as of May 19, 2023, which was substantially flat with the same time last year. The Company remains focused on positioning its operations to capitalize on this positive trend by further leveraging its high-quality product offerings. This includes serving the needs of customers in the Eagle Ford shale basin in South Texas. Select Sands' George West transload facility continues to operate 24 hours per day and seven days per week, including offering transload for other rail shippers as appropriate. The facility has recently enhanced its tons per day capabilities to meet the requests who have short notice spot demand.

OUTLOOK

Mr. Vitols concluded, "Our second quarter sales volumes outlook reflects the continued evolvement of one of our largest customer's schedule of field development activities and previous product purchase obligations. We view the anticipated decline in sales volumes for the second quarter as temporary and expect to see an increase to more recent historical activity levels in the second half of 2023 assuming a continued solid industry commodity pricing backdrop and an anticipated improvement in the spot sales environment. As in the past, we will continue to capitalize on available opportunities to strategically enhance our cost structure for the benefit of our shareholders. We appreciate the ongoing support of our shareholders as we remain focused on growing the business through targeted internal initiatives and evaluation of external opportunities designed to prudently expand the business and provide a solid risk-adjusted return on investment."

ADDITIONAL MANAGEMENT COMMENTARY

An audio recording of management's additional comments related to its results and outlook will be posted to the Company's website under the Investors section in the next week.

ABOUT SELECT SANDS CORP.

Select Sands Corporation is an industrial silica product company, which wholly owns a Northern White silica sands property and related production facilities located near Sandtown, Arkansas. Select Sands' goal is to become a key supplier of premium industrial silica sand and frac sand to North American markets. Select Sands' Arkansas properties have a significant logistical advantage of being significantly closer to oil and gas markets located in Oklahoma, Texas, Louisiana, and New Mexico than the majority of sources of similar sands from the Northern mid-west area such as Wisconsin. Select Sands also operates a transload facility in George West, Texas in Live Oak County that serves customers operating in the Eagle Ford Shale Basin. The facility has a capacity for 180 rail cars and is equipped with two offload/loading stations with dedicated silos for a high throughput capacity. In addition to transloading Select Sands products, the Company sells other sand products from this facility and is able to offer transload services.

We seek Safe Harbor.