Mr. Jean-Sebastien David reports

ARIANNE EXTENDS LOAN FINANCING

Arianne Phosphate Inc. has extended a loan with various third party lenders.

The extended loan is in the aggregate amount of $1,690,462 and will have a maturity of June 18, 2021. The loan will bear interest at 12 per cent per annum.

As part of the loan extension, the company has issued 3,756,583 non-transferable warrants, with each warrant entitling the holder to purchase one common share of the company at a price of 27 cents per share for a term of 18 months, expiring on June 18, 2021. These warrants will replace warrants that were issued as part of the original loan in December, 2018 (see press release dated Dec. 20, 2018).

"The year has seen continued progress on the part of Arianne as the company continues to work towards the development of its Lac a Paul project," said Brian Ostroff, chief executive officer of Arianne Phosphate. "The ongoing support of our investors, along with that of all of our stakeholders, demonstrates the belief that many have in this project. Together, we are all working towards unlocking the tremendous social and economic benefits that come when a project of this natures comes into development."

The securities issued in connection with the extension of the loan are subject to a regulatory four-month-and-one-day hold period expiring on April 18, 2020. The extension of the loan remains subject to the final approval of the exchange.

Qualified person

Jean-Sebastien David, professional geoscientist, qualified person by National Instrument 43-101, has approved this release. Mr. David is also the company's chief operating officer.

About Arianne Phosphate Inc.

Arianne Phosphate is developing the Lac a Paul phosphate deposits located approximately 200 kilometres (km) north of the Saguenay/Lac Saint Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 per cent phosphorus pentoxide (P2O5) with little or no contaminants.

We seek Safe Harbor.