Canadian Premium Sand Inc. Provides Operational Update and Announces Plans for a US Facility
Canadian Premium Sand Inc. Provides Operational Update and Announces Plans for a US Facility
CALGARY , Alberta, November 4, 2024 – Canadian Premium Sand Inc. (“CPS” or the “ Company”) (TSXV:
CPS) is pleased to provide an operational update for its pattern solar glass manufacturing facility in Selkirk,
Manitoba (the “Selkirk Project”) and announces plans for a pattern solar glass manufacturing facility in
the United States.
Operational Update
To advance the $272 million indications of support previously announced on September 18, 2024 for the
Selkirk Project , t he Company has submitted the detailed application for $100 million in non -dilutive
financial support and is now entering the due diligence phase . The Company is working on formalizing
elements of the $72 million financial support from the Province of Manitoba and has held discussions with
Manitoba based indigenous groups related to their participation in the Selkirk Project of $100 million
utilizing the federal Indigenous Loan Guarantee Program.
Plans for a US Facility and a Strategic Glass Manufacturing Partner
The implementation of the Inflation Reduction Act (the “IRA”) in the US has resulted in strong growth in
solar installations and onshoring efforts within the solar supply -chain. As a result, s olar panel
manufacturing capacity is expected to increase from 12GW in 2022 to 52GW by the end of 2025. IRA
policies also provide an incentive to end users of solar panels to maximize domestic content in solar panel
installations, driving solar energy suppliers to locate and expand their manufacturing facilities in the US.
CPS customers in the US have expressed a desire for domestic solar glass supply, in addition to the
Company’s low-carbon supply from the Selkirk Project. To address this, the Company evaluated sites with
existing and under-utilized buildings, utility supply, logistics infrastructure and environmental permits to
support a pattern solar glass manufacturing operation in the US . With this evaluation complete, the
Company has selected a site that meets these criteria providing the opportunity for a lower capital cost
facility to supplement the Selkirk Project.
The Company is now preparing plans to re -purpose a former glass manufacturing facility in the US to
produce 4GW per year of solar glass and is advancing discussions with a potential strategic glass
manufacturing partner to jointly develop this site. This strategic partner would bring glass manufacturing
expertise, purchasing power for equipment and raw material s and in-house engineering capability. Re-
purposing an existing manufacturing facility with a strategic partner will allow CPS to de-risk both the
development of the project and operation of the facility.
CPS has established a wholly owned US subsidiary, CPS Glass USA Corp., and has applied for the US
Department of Energy’s investment tax credit. The allocation decision for this application is expected in
Q1 2025.
Strong Competitive Positioning and Long-Term Strategy
The Company’s low-iron sand deposit in Manitoba can support capacity for both proposed facilities for
over 20 years. With both facilities providing a total of 10GW of solar glass combined , the Company is
preparing to become the largest supplier of patterned solar glass and the only vertically integrated glass
manufacturer in North America.
With manufacturing operations in both Canada and the US, each offering two distinct value propositions
to its customers, CPS is positioning itself to be the preferred supplier of solar glass, providing a complete
solution to its customers:
• low-carbon supply of solar glass from the Selkirk Project,
• supply of domestic content solar glass from the US facility, and
• on-shoring of solar glass supply chain eliminating the cost, carbon emissions and logistical burden
of the current Asia Pacific solar glass supply chain.
“Establishing 10GW supply of both low-carbon and US manufactured ultra clear pattern solar glass aligns
CPS with the supply chain goals of our North American customers”, stated Glenn Leroux, President & CEO
of CPS. “ Alignment with a strategic glass manufacturing partner supports the execution of our North
American strategy and vision.”
About Canadian Premium Sand Inc.
The Company is developing North American manufacturing capacity for ultra high-clarity pattern solar glass
through multiple Company-owned facilities, utilizing high-purity low-iron silica sand from its wholly owned
Wanipigow quarry leases . The Company’s low -carbon facility located in Selkirk, Manitoba will utilize
renewable Manitoba hydroelectricity and produce 6GW of low-carbon solar glass . The Company’s facility
located in the US will produce 4GW of domestic solar glass. With 10GW of annual proposed solar glass
manufacturing capacity, the Company is well positioned to become the largest and preferred supplier in
North America. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade
on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Canadian Premium Sand Inc.
Glenn Leroux
President and Chief Executive Officer
Investor Relations
587.355.3714
www.cpsglass.com
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements relating to, without limitation,
expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the
Company’s future performance (both operational and financial) and business prospects. In certain cases, forward -
looking statements can be identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”,
“anticipates”, “believes”, “plans”, “seeks” , “projects” or variations of such words and phrases, or state that certain
actions, events or results “may” or “will” be taken, occur or be achieved. Such forward -looking statements reflect the
Company's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both
operational and financial), and business prospects and opportunities at the time such statements are made, and the
Company undertakes no obligation to update forward -looking statements if these beliefs, estimates and opinions or
circumstances should change. Forward -looking statements are necessarily based upon a number of estimates and
assumptions made by the Company that are inherently subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Forward -looking statements are not guarantees of future performance. In
particular, this press release contains forward -looking statements pertaining , but not limited, to: the expectation that
significant shareholder value will be created in 2025 by commercializing the Selkirk Project; the financing of the Selkirk
Project and US facility; the anticipated market for the Company's patterned solar glass; future development plans;
industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner
by which the Company expects to meet i ts capital needs; and the Company's objectives, strategies and competitive
strengths. By their nature, forward -looking statements involve numerous current assumptions, known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company
to differ materially from those anticipated by the Company and described in the forward -looking statements. The
forward-looking information and statements contained in this document speak only as of the date hereof and the
Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances,
except as may be required pursuant to applicable laws.