CALGARY, Alberta — December 17, 2025 — Leads & Copy —
Canadian Premium Sand Inc. (TSXV: CPS) has provided a corporate update on its development activities, including an extension of its convertible debenture maturity date and its fiscal year end 2024 financial results.
The company’s audited financial statements and notes, as well as Management’s Discussion and Analysis for the three months and year ended September 30, 2025, are accessible under CPS’s SEDAR+ profile.
During fiscal year 2025, the company focused on advancing its pattern solar glass manufacturing strategy through the development of a planned 4 GW facility in the U.S. and its flagship 6 GW Canadian project in Selkirk, Manitoba.
The company continued customer discussions and negotiations toward long-term binding take-or-pay offtake agreements to support further development of the U.S. project. While 30% of the planned U.S. facility’s output has been secured in binding offtake agreements, uncertainty surrounding U.S. solar energy policy has made it challenging to achieve the company’s internal target of 80% contracted offtake agreements to advance the U.S. project. Continued uncertainty in Canada-U.S. trade relations has inhibited progress on offtake discussions needed to support advancement of the Canadian facility.
As a result, the company has elected to pause further development of the two pattern solar glass projects until there is stability in trade policy and the geopolitical landscape. U.S. policy developments could strengthen the investment climate for solar energy and the solar module supply chain. The U.S. administration’s focus on establishing a domestic solar supply-chain, together with the recently introduced Prohibited Foreign Entity of Concern (“FEOC”) legislation, may create an environment where non-FEOC supply-chain participants have preferential access to the U.S. market.
Market demand for pattern solar glass remains strong, with solar installations in the U.S. projected to average approximately 40 GW annually from 2025 through 2030. The company will continue to monitor and evaluate the solar energy policy landscape in the U.S. to determine the appropriate time to re-engage with potential customers to advance its pattern solar glass manufacturing plans.
With the solar glass projects on hold, the company is focused on near-term revenue generation by developing its quarry operations to produce proppant for the oil and gas sector in Western Canada and opportunistically adding sales into industrial and glass-making silica sand markets. On April 9, 2025, the company released its updated Inferred Mineral Resource Report announcing a substantial increase in its low-iron sand inferred resource, detailing a total of 24.4 million tonnes of solar grade low-iron glass sand. The Technical Report also references a previously defined measured and indicated resource of 42.3 million tonnes from the lower and upper black island formations, suitable for use as proppant in hydraulic fracturing applications. The expansion in the solar grade low-iron sand represents a subset of the 42.3 million tonnes of measured and indicated resource.
Establishing quarry operations and generating revenue with an anchor customer base in Western Canada will position the company to pursue future opportunities in additional silica sand based markets and products, including solar and float glass.
The holders of the company’s outstanding convertible debentures, who are also key strategic investors or insiders, have agreed to extend the maturity date of such debentures by one year from February 26, 2026, to February 26, 2027.
Certain directors of the company, including Lowell Jackson, John Assman, and Glenn Leroux, and each of its two significant shareholders, Paramount Resources Ltd. and David Wilson, directly or indirectly participated in the convertible debenture maturity extension, which may result in this transaction being a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The convertible debenture maturity extension is subject to the approval of the TSX Venture Exchange.
Canadian Premium Sand Inc. is developing its Wanipigow silica sand resource in Manitoba to supply fracture proppant to the Western Canada Sedimentary Basin, along with other applications for high purity and low iron silica sand including the manufacture of solar and float glass. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSX Venture Exchange under the symbol “CPS”.
Glenn Leroux
President and Chief Executive Officer
glenn.leroux@cpsmail.com
Investor Relations
IR@cpsmail.com
587.355.3714
Source: Canadian Premium Sand Inc.
