Edmonton - Athabasca Minerals Inc. (TSXV: AMI) ('AMI', 'Athabasca' or the 'Corporation') an integrated group of companies that develops & delivers sand & gravel products, technical services, transportation, and supply-chain solutions announces the following highlights with the release of its Q1-2022 Financial Statements: Gain in Shareholders' Equity of $22.4 million to $37.5 million, which represents $0.49 per share.

Property, Plant & Equipment increasing to $40.1 million primarily driven by the Corporation's Wisconsin acquisition.

Total comprehensive income of $22.3 million, which on a per share basis represents $0.289/share basic and $0.284/share diluted.

Q1-2022 consolidated gross revenue of $7.0 million, positive operating income of $0.2 million, and year-to-date revenue forecasted to exceed $9.3 million at time of filing.

Annual General & Special Meeting of Shareholders scheduled for June 21, 2022.

Robert Beekhuizen, Chief Executive Officer, states: 'AMI continues to grow year-over-year. We are seeing robust cash flow throughout all divisions, and the Corporation's current outlook is for at least a doubling of annual revenues versus 2021, which was also a growth year. The positive impact of our US acquisition has led to sales of sand product throughout the US and Canada. We believe that AMI is clearly undervalued in the capital markets considering the current stock price. There is tremendous upside potential and Management is focused on continuing the growth trajectory and bringing further value to our shareholders.'

ABOUT ATHABASCA MINERALS INC.

Athabasca Minerals is an integrated group of companies capable of full life-cycle development and supply of aggregates and industrial minerals. The Corporation is comprised of the following business units: AMI Silica, (www.amisilica.com) with resource holdings and business interests in Alberta, North-East BC, and the United States; AMI Aggregates, with aggregates from its corporate pits and which manages the Coffey Lake Public Pit for the Government of Alberta; Metis North Sand & Gravel which is a strategic partnership with the McKay Metis Group to deliver aggregates to the energy, infrastructure, and construction sectors in the Wood Buffalo region; AMI RockChain, a technology-enabled business using its proprietary RockChain digital platform, automated supply-chain and logistics solutions, quality-assurance & safety programs to deliver products across Canada and TerraShift Engineering which conducts resource exploration, regulatory, mining, environmental and reclamation engineering for a growing nation-wide customer base and is also the developer of its proprietary TerraMaps software.

Contact:

Cheryl Grue

Tel: 587-392-5862

Email: cheryl.grue@athabascaminerals.com

FORWARD-LOOKING STATEMENTS

This news release contains certain statements or disclosures relating to Athabasca that are based on the expectations of its management as well as assumptions made by and information currently available to Athabasca which may constitute forward-looking statements or information ('forward-looking statements') under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Athabasca anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words 'would', 'will', 'anticipates', believes', 'explores' and similar expressions.

Athabasca believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: a significant expansion in COVID-19 restricting or prohibiting the operation of the Athabasca's facilities or significantly impacting the Company's supply chain; the duration and extent of the relatively low global oil prices; general economic, market and business conditions including those in the event of an epidemic, natural disaster or other event; increased costs and expenses; reliance on industry partners and certain other risks detailed from time to time in Athabasca's public disclosure documents including, without limitation, those risks identified in this news release, and in Athabasca's annual information form, copies of which are available on Athabasca's SEDAR profile at www.sedar.com. Moreover, the duration and impact of the COVID-19 pandemic is unknown at this time and it is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company.

Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.