SNS:CC - Select Sands Corp. Provides Corporate Update

(TheNewswire)

July 22, 2024 – TheNewswire - Houston, Texas, USA – Select Sands Corp. (“ Select Sands ” , “ We ” , “ Our ” or the “ Company ”) (TSXV:SNS | OTC: SLSDF) is issuing an update regarding the Company'soperations and future direction.

On July 16, 2024, our primary lender issued a demandletter serving as final notice of default to bring our account currentby August 1, 2024 to avoid foreclosure and the invocation of power ofsale on collateralized assets and associated costs. As of July 16,2024, the past due amount is US$249,863, the total outstandingindebtedness owing to the lender is US$11,648,055 and interest isaccruing at US$2,092 per day.

In response to the evolving market dynamics and recentchallenges, Select Sands, in late April of this year, made a strategicdecision to temporarily pause operations. This decision was influencedby lower-than-anticipated oil and gas activity in key basins, acautious 2024 sales forecast, current product pricing trends, and ameasured transition to the industrial sand markets. Additionally, theCompany has been navigating high interest rates and the resultantimpact on our debt.

Despite these hurdles, Select Sands has proactivelyengaged in discussions with potential buyers for merger andacquisition opportunities over the past months. Our primaryoperational goal remains to diversify and strengthen our presence inthe industrial market to complement our oil and gas sector sales.However, the market conditions for high-grade silica sand wouldnecessitate significant upgrades to achieve desired profitabilitylevels.

In line with our strategic pause, most employees werefurloughed, and we have seen minimal sales from our existing inventorystored at the Diaz rail yard and the George West Transloadfacility.

As previously announced on May 13, 2024, the Company remains subjectto a cease trade order against the Company effective May 8, 2024issued by the British Columbia Securities Commission, for failing tofile audited annual financial statements, management’s discussionand analysis and annual certifications for the year ended December 31,2023 (collectively, the “ RequiredFilings ”) within the time period prescribed by securitieslaws.

Forward-Looking Statements

This news release includesforward-looking information and statements, which may include, but arenot limited to, information and statements regarding or inferring thefuture business, operations, financial performance, prospects, andother plans, intentions, expectations, estimates, and beliefs of theCompany. Information and statements which are not purely historicalfact are forward-looking statements. The forward-looking statements inthis press release relate to comments that include, but are notlimited to, statements related to the expected current and futurestate of operations, the unique market position of the Company,opportunities being explored for the Company’s future, theCompany’s ability to repay or restructure its existing debt, theCompany’s primary lender’s intention to foreclose on theCompany’s assets, areopening timeline for the Company's operations, and the Company's ability to continue as agoing concern. Forward-looking information and statements involve andare subject to assumptions and known and unknown risks, uncertainties,and other factors which may cause actual events, results, performance,or achievements of the Company to be materially different from futureevents, results, performance, and achievements expressed or implied byforward-looking information and statements herein. Although theCompany believes that any forward-looking information and statementsherein are reasonable, in light of the use of assumptions and thesignificant risks and uncertainties inherent in such information and statements, there can be noassurance that any such forward-looking information and statementswill prove to be accurate, and accordingly readers are advised to relyon their own evaluation of such risks and uncertainties and should notplace undue reliance upon such forward-looking information andstatements. Any forward-looking information and statements herein aremade as of the date hereof, and except as required by applicable laws,the Company assumes no obligation and disclaims any intention toupdate or revise any forward-looking information and statements hereinor to update the reasons that actual events or results could or dodiffer from those projected in any forward-looking information andstatements herein, whether as a result of new information, futureevents or results, or otherwise, except as required by applicablelaws.

About Select Sands Corp.

Select Sands Corporation is an industrial silicaproduct company owning a 470-acre Northern White, Tier-1 silica sandsproperty near Sandtown, Arkansas, U.S.A. The Company also owns asilica sand drying plant and rail loadout facility in Diaz, Arkansas.Our goal is to navigate current revenue challenges and identifysolutions that benefit all stakeholders.

Company Contacts

Please visit www.selectsands.com orcontact:

Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

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