Canadian Premium Sand Inc. Announces Successful US Incentive and Board Appointment

Core Viewpoint - Canadian Premium Sand Inc. has successfully secured a US$75 million tax credit allocation to repurpose a former glass manufacturing site in the southern US for producing pattern solar glass, marking a significant step in advancing its US Project [1][2][3]. Tax Credit Allocation - The company received a letter of encouragement from the US Department of Energy in August 2024 and submitted a detailed application for the 48C tax credit program in October 2024, leading to the acceptance of the tax credit allocation by the US Internal Revenue Service [2][3]. - The tax credit allocation is transferable, allowing the company to monetize it for construction financing, with options to sell the tax credit for cash or enter into a tax-equity transaction [3]. Strategic Partnership - The company's US subsidiary, CPS Glass USA Corp., is negotiating a joint venture agreement with a strategic partner that possesses glass manufacturing expertise and engineering capabilities, which will help refine capital costs and mitigate risks associated with the project [4]. Project Advancement - The company is progressing with engineering and commercial contracting efforts for the US Project, aiming to leverage its low iron silica sand resource to become North America's largest vertically integrated supplier of pattern solar glass [5][8]. - The company is also advancing pre-construction engineering and design to finalize capital cost estimates and updating environmental permits to reflect revised operational parameters [8]. Board of Directors Appointment - Brad Virbitsky has been appointed to the board of directors, bringing over a decade of experience in corporate and financial strategies, and currently holds a 14% stake in the company [6].