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CALGARY, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) — TSX:
SHLE

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Source Energy Services Ltd. (“Source” or the “Company”) is pleased to announce its financial results for the three and twelve months ended December 31, 2024.

2024
PERFORMANCE
HIGHLIGHTS

Key achievements for the year ended December 31, 2024 include the following:

• realized sand sales volumes of 3,527,248 metric tonnes (“MT”) and sand revenue of $532.9 million, an increase of $72.8 million or 16% from 2023;

• generated total revenue of $674.0 million, a $104.2 million increase from 2023;
• realized gross margin of $127.3 million and Adjusted Gross Margin⁽¹⁾ of $162.6 million, increases of 16% and 20%, respectively, when compared to last year;
• reported net income of $9.5 million;
• realized Adjusted EBITDA⁽¹⁾ of $123.9 million, a $24.8 million improvement from 2023;
• refinanced the Company’s existing credit facilities by entering into a new five-year, US$135.0 million Term Loan (as defined below) and a new $40.0 million credit facility, achieving targeted improved liquidity of $68.8 million at year end;
• announced a partnership with Trican Well Service Ltd. (“Trican”) to construct a unit train capable terminal facility located in Taylor, British Columbia;
• closed two acquisitions for sand trucking assets, further strengthening Source’s well site solutions platform;
• completed the expansion of the Chetwynd terminal facility to a full unit train facility; and
• deployed Source’s tenth and eleventh Sahara units, both operating on the North Slope in Alaska, driving utilization of 78% across the eleven unit fleet for the year.

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Note:

RESULTS
OVERVIEW

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2024
RESULTS

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Total revenue for the year ended December 31, 2024 grew $104.2 million, or 18%, to $674.0 million compared to last year. The addition of new customers and continued strong customer activity levels in the Western Canadian Sedimentary Basin (“WCSB”) contributed to the increase in sand sales volumes and revenue for the year. Additional customers and activity levels also resulted in record volumes delivered for “last mile” logistics, and the completion of two new Sahara units late in the year contributed to solid utilization rates for 2024.

Cost of sales, excluding depreciation, increased compared to 2023, due to the higher sand sales volumes realized, as well as increased transportation costs resulting from the record volumes hauled by “last mile” logistics. These volume- driven increases were partly offset by lower costs to produce sand across all mining facilities and the cost savings realized through the acquisition of sand trucking assets completed during the year. A weakening of the Canadian dollar increased cost of sales denominated in US dollars by $1.59 per MT, compared to 2023, which was largely offset by the movement in exchange rates on revenue denominated in US dollars for the year.

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For the year ended December 31, 2024, gross margin increased by 17,931, or 16% compared to 2023. Excluding gross margin from mine gate volumes, Adjusted Gross Margin was $46.99 per MT compared to $46.07 per MT in 2023. Adjusted Gross Margin benefited from increased sand sales volumes and sand volumes trucked, lower costs to produce sand, as noted above, and $3.2 million of incremental gross margin generated from the sand trucking assets acquired, compared to 2023. The weakening of the Canadian dollar negatively impacted Adjusted Gross Margin by $0.31 per MT for the year, compared to last year.

Operating expenses increased by $2.6 million on a year-over-year basis, attributed to higher royalty costs associated with increased sand sales volumes, as well as increased insurance and compensation expense due to higher activity levels realized. General and administrative expense increased by $5.5 million during 2024, largely the result of higher people costs, due to increased well site activity and the trucking assets acquired, as well as professional fees for legal expenses and IT costs compared to last year.

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Adjusted EBITDA increased by 25%, or $24.8 million, to $123.9 million for the year ended December 31, 2024, attributed primarily to the record sand sales volumes and well site solutions performance, and incremental benefit from trucking assets acquired during the year. Adjusted EBITDA also benefited from the commencement of the leases for Source’s tenth and eleventh Sahara units, both now operating on the North Slope in Alaska. The weakening of the Canadian dollar favorably impacted Adjusted EBITDA by $1.2 million for the year, attributed to the movement in exchange rates on the settlement of working capital.

Refinancing
Transaction

On December 20, 2024 the Company completed a refinancing of its credit facilities (the “Refinancing Transaction”). Pursuant to the Refinancing Transaction, the Company closed a new five-year term loan (the “Term Loan”) with Silver Point Finance, LLC for total proceeds of $187.2 million (US$135.0 million), and a new revolving asset backed credit facility with Canadian Imperial Bank of Commerce, providing access to funding of $40.0 million. Upon closing of the Refinancing Transaction, the Company repaid all amounts outstanding for the senior secured notes (the “Notes), the Company’s prior revolving asset-backed senior credit facility (the “Prior ABL”) and the Promissory Notes (as defined below). The Refinancing Transaction will drive a lower cost of borrowing and injects incremental liquidity into the business, allowing Source to capitalize on anticipated increasing activity levels. Material documents related to the Refinancing Transaction are available under the Company’s SEDAR+ profile at www.sedarplus.ca.

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Taylor
Facility

On July 25, 2024, Source announced the execution of a partnership arrangement with Trican to construct a new terminal facility located in Taylor, British Columbia. Construction of the facility has commenced, and will result in a unit train capable terminal which will accommodate approximately 55,000 MT of sand storage and more than 12,000 MT of daily sand throughput capacity (the “Taylor Facility”). The project is expected to be fully operational in 2025.

Under the terms of the arrangement, Trican will advance funding for construction on a cost-to-complete basis in exchange for transloading and sand supply services, as well as a fee payable to Trican on each advance drawn, repayable through transloading credits at the Taylor Facility and optional cash payments over a three-year term.

Acquisition
of
Sand
Trucking
Assets

During 2024, Source completed two sand trucking asset acquisitions, further strengthening Source’s mine to well site offering in the WCSB. Source purchased the sand trucking assets of RWR Trucking Inc. for a total aggregate purchase price of $8.1 million, comprised of cash, a promissory note payable and lease obligations for certain of the trucking assets acquired. A second sand trucking asset acquisition was also completed during the year, with PVT Group Ltd., for an aggregate purchase price of $2.2 million, comprised of cash and a promissory note. Pursuant to the Refinancing Transaction, amounts outstanding for the two promissory notes (the “Promissory Notes”) were repaid.

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During the fourth quarter of 2024, Free Cash Flow decreased by $10.7 million compared to the fourth quarter of 2023, primarily due to an increase in financing expense paid. Financing expense paid included $6.0 million of transaction costs related to the Refinancing Transaction, as well as $2.6 million of incremental Notes interest paid in accordance with requirements of the notice of redemption, compared to the same period last year. Excluding amounts related to the Refinancing Transaction, total finance expense paid during the fourth quarter was $0.5 million lower than the same period in 2023, reflecting lower interest incurred for the Notes of $0.6 million and lower interest paid for the Prior ABL facility of $0.5 million, partially offset by increased interest for outstanding lease obligations. Lower realized Adjusted EBITDA for the quarter, as outlined above, and an increase in payments for lease obligations, attributed to certain trucking assets acquired and additional yellow iron equipment for the Wisconsin mining facilities, also contributed to the reduction in Free Cash Flow compared to the fourth quarter of 2023. The reduction was partially offset by lower net capital expenditures, as outlined below.

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For the year ended December 31, 2024, Source generated Free Cash Flow of $46.6 million, an increase of $9.3 million or 25% compared to last year, driven by higher Adjusted EBITDA realized. The increase was partially offset by higher financing expense paid, including transaction costs and interest related to the Refinancing Transaction, as described above. Excluding these amounts, finance expense paid was lower by $2.3 million, compared to 2023, due to Note repurchases completed in 2023 and early 2024, and lower average draws on the Prior ABL. Payments for lease obligations increased, on a year-over-year basis, attributed to the trucking assets acquired, as noted above, and renewed equipment at mining facilities in Wisconsin and Alberta. Higher net payments for capital expenditures, as noted below, also partially offset the increase to Free Cash Flow for 2024, compared to last year.

Capital expenditures, net of proceeds on disposals and reimbursements and expenditures for the Taylor Facility, were $5.5 million for the fourth quarter of 2024, a reduction of $1.1 million compared to the same period in 2023. Total capital expenditures increased with the commencement of construction for the Taylor Facility and improvements at the Peace River mining facility, partly offset by lower capital costs incurred for a piece of equipment which malfunctioned last year at a terminal facility, and lower costs associated with overburden removal for mining operations compared to the prior year quarter.

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For the year ended December 31, 2024, Source’s capital expenditures, net of proceeds on disposals and reimbursements, increased by $6.0 million compared to 2023. Total capital expenditures increased, primarily due to the commencement of construction for the Taylor Facility, as outlined above, as well as construction costs associated with building Source’s tenth and eleventh Sahara units, fully reimbursed by customers, expenditures for the rail expansion project at the Chetwynd terminal facility and higher amounts for the removal of overburden, compared to the prior year. Amounts spent on the purchase of sand trucking assets completed during the year also contributed to the increase in capital expenditures compared to last year.

Q4
2024
RESULTS

Source sold sand volumes of 767,712 MT for the three months ended December 31, 2024, generating sand revenue of $117.7 million, a decrease of $6.6 million from the fourth quarter of 2023 which was an unusually busy quarter. During the fourth quarter, Source customer activity levels slowed compared to the same period last year, as capital budgets were exhausted and additional capital funding was not added prior to the end of the year. Revenue generated from the sale of sand from the Peace River facility increased by 20%, compared to the same period in 2023. During the fourth quarter of 2024, volumes from mine gate sales lowered the average realized sand price by $0.76 per MT; however, the sale of lower-value mine gate sales has a favorable impact on production costs by creating sand processing efficiencies and increasing production yields.

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For the three months ended December 31, 2024, well site solutions revenue was $26.7 million, a decrease of $2.7 million or 9% compared to the fourth quarter of 2023. As noted above, lower sand sales volumes impacted trucked volumes, resulting in lower trucking revenue for the quarter. Sahara units in the US were 85% utilized during the fourth quarter, with two units now deployed and fully operational on the North Slope in Alaska. In Canada, Sahara units were 48% utilized for the period, impacted by capital budget exhaustion, as noted above. For the three months ended December 31, 2024, terminal services revenue was $0.6 million, a decrease of $0.2 million compared to the fourth quarter of 2023, primarily attributed to lower revenue from chemical elevation volumes realized during the period.

Cost of sales, excluding depreciation, decreased by $7.0 million for the three months ended December 31, 2024 compared to the same period in 2023, due to the lower sand volumes sold and lower trucked volumes from “last mile” logistics, as well as lower rail transportation costs realized during the fourth quarter. Higher people costs and increased repairs and maintenance expenses for equipment were incurred, compared to the fourth quarter of 2023, attributed to the sand trucking assets purchased during the year. During the fourth quarter of 2024, a weakening of the Canadian dollar on US dollar denominated components of cost of sales contributed to an increase of $2.72 per MT to cost of sales, compared to the same period in 2023. This impact was largely offset by US dollar denominated revenue for the quarter.

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Gross margin decreased by $2.3 million for the three months ended December 31, 2024, the result of lower sand sales volumes, trucked volumes and Sahara utilization, as noted above, compared to the same period last year. Excluding gross margin from mine gate volumes, Adjusted Gross Margin was $44.88 per MT, compared to $47.45 per MT for the same period in 2023. Adjusted Gross Margin was impacted by the lower customer activity levels realized during the period, and higher trucking expenses, attributed to severe weather conditions experienced late in the quarter and longer trips to customer well sites, resulting in increased standby charges. These impacts were partly offset by incremental gross margin generated from the sand trucking assets acquired during the year.

For the fourth quarter of 2024, total operating and general and administrative expense increased by $2.9 million compared to the fourth quarter of 2023. During the three months ended December 31, 2024, operating expense increased by $0.9 million from the same period last year, primarily due to higher compensation expense and increased selling and administrative costs as a result of increased royalty costs attributed to higher sand shipments from mines that require royalty payments, as well as increased insurance expense.

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General and administrative expense increased $2.0 million during the three months ended December 31, 2024, compared to the same period in 2023, largely due to increased people costs driven by higher compensation expense. Selling and administrative costs also increased, on a quarter-over-quarter basis, due to higher IT expenses incurred for a new cloud-based computing system.

BUSINESS
OUTLOOK

Source anticipates growth in customer activity levels in the Montney basin in 2025, through completion of the Taylor Facility and the momentum attained with certain new large exploration and production customers. Source has enhanced its strategic position in northeastern British Columbia through the trucking assets acquired, construction of the Taylor Facility and expansions at the Chetwynd and Peace River facilities. Recent announcements by the US government to impose tariffs on goods imported from Canada could impact the long-term capital plans of Source’s customers. However, additional export capability via LNG Canada and the expedited permitting of additional LNG capacity will help mitigate any potential impacts. Despite these uncertainties, Source believes it is well-positioned to accommodate increased demand for mine to well site services as LNG Canada comes online and take advantage of activity levels in the WCSB.

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In the longer-term, Source believes the increased demand for natural gas, driven by liquefied natural gas exports, increased natural gas pipeline export capabilities and power generation facilities, will drive incremental demand for Source’s services in the WCSB. Source continues to see increased demand from customers that are primarily focused on the development of natural gas properties in the Montney, Duvernay and Deep Basin. This trend is consistent with Source’s view that natural gas will be an important transitional fuel that is critical for the successful movement to a less carbon-intensive world.

Source continues to focus on increasing its involvement in the provision of logistics services for other items needed at the well site in response to customer requests to expand its service offerings and to further utilize its existing Western Canadian terminals to provide additional services.

UPDATED
NI
43-101
TECHNICAL
REPORTS
FOR
THE
MINERAL
PROJECTS
IN
WISCONSIN, UNITED STATES

Source is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities updated National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical reports for each of its three mineral projects in Wisconsin, United States (collectively, the “Technical Reports”).

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The Technical Reports have each been prepared with an effective date of December 31, 2024 and were updated as part of an annual assessment that accounts for conventional mining depletion of the mineral resources and include updated production records. The updated resources do not represent a 100% or greater change in the total mineral resources.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. Source has not based its production decisions and ongoing mine production on mineral reserve estimates, preliminary economic assessments, prefeasibility studies or feasibility studies. As a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery and historically projects without any mineral reserves have increased uncertainty and risk of failure.

Further details with respect to the scientific and technical information contained in this press release are available in the Technical Reports, which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.

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FOURTH
QUARTER
CONFERENCE
CALL

A conference call to discuss Source’s fourth quarter financial results has been scheduled for 7:30 am MST (9:30 am ET) on Thursday, February 27, 2025.

Interested analysts, investors and media representatives are invited to register to participate in the call. Once you are registered, a dial-in number and passcode will be provided to you via email. The link to register for the call is on the Upcoming Events page of our website and as follows:

Source
Energy
Services
Q4
2024
Results
Call

The call will be recorded and available for playback approximately 2 hours after the meeting end time, until March 27, 2025, using the following dial-in:

Toll-Free
Playback
Number: 1-855-669-9658

Playback
Passcode: 2917717

ABOUT
SOURCE
ENERGY
SERVICES

Source is a company that focuses on the integrated production and distribution of frac sand, as well as the distribution of other bulk completion materials not produced by Source. Source provides its customers with an end-to-end solution for frac sand supported by its Wisconsin and Peace River mines and processing facilities, its Western Canadian terminal network and its “last mile” logistics capabilities, including its trucking operations, and Sahara, a proprietary well site mobile sand storage and handling system.

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Source’s full-service approach allows customers to rely on its logistics platform to increase reliability of supply and to ensure the timely delivery of frac sand and other bulk completion materials at the well site.

IMPORTANT
INFORMATION

These results should be read in conjunction with Source’s audited consolidated financial statements for the years ended December 31, 2024 and 2023, together with the accompanying notes (the “Financial Statements”) and its corresponding MD&A for such periods. The Financial Statements and MD&A and other information relating to Source, including the Annual Information Form, are available under the Company’s SEDAR+ profile at www.sedarplus.ca. The Financial Statements and comparative statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Unless otherwise stated, all amounts are expressed in Canadian dollars.

NON-IFRS
MEASURES

In this press release Source has used the terms Free Cash Flow, Adjusted Gross Margin and Adjusted EBITDA, including per MT, which do not have standardized meanings prescribed by IFRS and Source’s method of calculating these measures may differ from the method used by other entities and, accordingly, they may not be comparable to similar measures presented by other companies. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss) and gross margin, respectively, which represent the most directly comparable measures of financial performance as determined in accordance with IFRS.

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For additional information regarding non-IFRS measures, including their use to management and investors, their composition and discussion of changes to either their composition or label, if any, please refer to the ‘Non-IFRS Measures’ section of the MD&A, which is incorporated herein by reference. Source’s MD&A is available online at www.sedarplus.ca and through Source’s website at www.sourceenergyservices.com.

FORWARD-LOOKING
STATEMENTS

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 Source’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”, “believes”, “continues”, “focus”, “trend”, 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 Source’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 Source undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change unless required by applicable law. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by Source that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance.

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In particular, this press release contains forward-looking statements pertaining, but not limited to: expectations regarding the Refinancing Transaction driving a lower cost of borrowing and injecting incremental liquidity into the business to allow Source to capitalize on anticipated increasing activity levels; the expectation that LNG Canada will come online; expectations regarding the partnership arrangement with Trican Well Service Ltd. to construct the Taylor Facility and the sand storage and daily sand throughput capacity; expectations that the first phase of the project will be operational late this year and completion of the Taylor Facility in early 2025; expectations regarding the sand trucking asset acquisitions completed during the year; Source’s terminal network footprint and its Wisconsin and Peace River production facilities; the outcomes of countermeasures proposed by the Canadian federal and provincial governments to mitigate any tariff-related impacts; expectations with respect to sand revenue and mine gate sand sales and associated costs; the expectation that Source will continue to grow its business through the balance of the year; expectations that increased demand for natural gas, increased natural gas pipeline export capabilities and liquefied natural gas exports will drive incremental demand for Source’s services in the WCSB; continued increase in demand from customers primarily focused on the development of natural gas properties in Montney, Duvernay and Deep Basin; views that natural gas is an important transitional fuel for the successful movement to a less carbon- intensive world; Source’s focus on and expectations regarding increasing its involvement in the provision of logistics services for other well site items; the benefits of Source’s existing Western Canadian terminals to provide additional services to customers; the benefits that Source’s “last mile” services provide to customers; expectations respecting future conditions; and profitability.

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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 Source to differ materially from those anticipated by Source and described in the forward-looking statements.

With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: proppant market prices; future oil, natural gas and liquefied natural gas prices; future global economic and financial conditions; future commodity prices, demand for oil and gas and the product mix of such demand; levels of activity in the oil and gas industry in the areas in which Source operates; the continued availability of timely and safe transportation for Source’s products, including without limitation, Source’s rail car fleet and the accessibility of additional transportation by rail and truck; the maintenance of Source’s key customers and the financial strength of its key customers; the maintenance of Source’s significant contracts or their replacement with new contracts on substantially similar terms and that contractual counterparties will comply with current contractual terms; operating costs; that the regulatory environment in which Source operates will be maintained in the manner currently anticipated by Source; future exchange and interest rates; geological and engineering estimates in respect of Source’s resources; the recoverability of Source’s resources; the accuracy and veracity of information and projections sourced from third parties respecting, among other things, future industry conditions and product demand; demand for horizontal drilling and hydraulic fracturing and the maintenance of current techniques and procedures, particularly with respect to the use of proppants; Source’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Source conducts its business and any other jurisdictions in which Source may conduct its business in the future; future capital expenditures to be made by Source; future sources of funding for Source’s capital program; Source’s future debt levels; the impact of competition on Source; and Source’s ability to obtain financing on acceptable terms.

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A number of factors, risks and uncertainties could cause results to differ materially from those anticipated and described herein including, among others: the effects of competition and pricing pressures; risks inherent in key customer dependence; effects of fluctuations in the price of proppants; risks related to indebtedness and liquidity, including Source’s leverage, restrictive covenants in Source’s debt instruments and Source’s capital requirements; risks related to interest rate fluctuations and foreign exchange rate fluctuations; changes in general economic, financial, market and business conditions in the markets in which Source operates; changes in the technologies used to drill for and produce oil and natural gas; Source’s ability to obtain, maintain and renew required permits, licenses and approvals from regulatory authorities; the stringent requirements of and potential changes to applicable legislation, regulations and standards; the ability of Source to comply with unexpected costs of government regulations; liabilities resulting from Source’s operations; the results of litigation or regulatory proceedings that may be brought by or against Source; the ability of Source to successfully bid on new contracts and the loss of significant contracts; uninsured and underinsured losses; risks related to the transportation of Source’s products, including potential rail line interruptions or a reduction in rail car availability; the geographic and customer concentration of Source; the impact of extreme weather patterns and natural disasters; the impact of climate change risk; the ability of Source to retain and attract qualified management and staff in the markets in which Source operates; labor disputes and work stoppages and risks related to employee health and safety; general risks associated with the oil and natural gas industry, loss of markets, consumer and business spending and borrowing trends; limited, unfavorable, or a lack of access to capital markets; uncertainties inherent in estimating quantities of mineral resources; sand processing problems; implementation of recently issued accounting standards; the use and suitability of Source’s accounting estimates and judgments; the impact of information systems and cyber security breaches; the impact of inflation on capital expenditures; and risks and uncertainties related to pandemics, including changes in energy demand.

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Although Source has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will materialize or prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking statements. These statements speak only as of the date of this press release. Except as may be required by law, Source expressly disclaims any intention or obligation to revise or update any forward-looking statements or information whether as a result of new information, future events or otherwise.

Any financial outlook and future-oriented financial information contained in this press release regarding prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information contains forward-looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of Source’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. Actual results will vary from projected results. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this document speak only as of the date hereof and have been approved by the Company’s management as at the date hereof. 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.

FOR
FURTHER
INFORMATION
PLEASE
CONTACT:

Scott Melbourn
Chief Executive Officer
(403) 262-1312
[email protected]

Derren Newell
Chief Financial Officer
(403) 262-1312
[email protected]

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