Canadian Premium Sand Inc. announced that it has entered into a memorandum of understanding with Heliene Inc. concerning discussions with respect to a definitive commercial offtake agreement for patterned solar glass from the Company's glass manufacturing facility being developed in Selkirk, Manitoba. Heliene, a provider of North American made solar modules, is focused on establishing a domestic, low-carbon solar supply chain to support its growth strategy in North America. Heliene has experienced significant growth since starting its U.S. operations in Minnesota in 2017.

The local supply of CPS glass will enable Heliene to meet accelerating solar demand while ensuring certainty and quality thanks to the supply of regional components of its bill of materials. The MOU with Heliene compliments the July 21, 2022, announcement that CPS executed a MOU with respect to a definitive commercial offtake agreement with Hanwha Solutions Corporation. Anticipated glass demand from both parties would represent in excess of 120% of production capability for Phase 1 of facility.

CPS continues to advance other development initiatives that will bring the solar glass project to a shovel-ready status, including detailed engineering, permitting, silica sand resource upgrading and testing and ongoing negotiations to convert other existing expressions of interest to commercial offtake agreements.