Mr. Jean-Sebastien David reports

ARIANNE PHOSPHATE EXTENDS CREDIT FACILITY

Arianne Phosphate Inc. has extended its secured credit facilities held with Mercury Financing Corp. The extended secured credit facilities are in the aggregate amount of $28,942,259 and will have a maturity of June 15, 2021. These credit facilities will continue to bear interest at an annual rate of 15 per cent, with all interest capitalized through maturity. The company has also issued Mercury 26.78 million non-transferable warrants with an exercise price of 24.66 cents per share. The warrants are exercisable through June 15, 2021.

"We know and understand the value of this project," said Brian Ostroff, chief executive officer of Arianne Phosphate. "Events such as the recent COVID-19 outbreak continue to show the importance of security of supply and the interconnectedness of the food chain. Having a large producer of high-purity phosphate in a safe geopolitical jurisdiction is of paramount importance, and we welcome the continued support of our investors as we look to develop our project and unlock its enormous economic and social benefit."

Qualified person

Jean-Sebastien David, PGeo, 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 north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 per cent P2O5 with little or no contaminants (feasibility study released in 2013).

We seek Safe Harbor.