Supply Vitality Providers Experiences This fall 2024 and 12 months Finish Outcomes

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

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Supply Vitality Providers Ltd. (“Supply” or the “Firm”) is happy to announce its monetary outcomes for the three and twelve months ended December 31, 2024.

2024
PERFORMANCE
HIGHLIGHTS

Key achievements for the yr ended December 31, 2024 embody the next:

• realized sand gross sales volumes of three,527,248 metric tonnes (“MT”) and sand income of $532.9 million, a rise of $72.8 million or 16% from 2023;

• generated whole income of $674.0 million, a $104.2 million enhance from 2023;
• realized gross margin of $127.3 million and Adjusted Gross Margin⁽¹⁾ of $162.6 million, will increase of 16% and 20%, respectively, when in comparison with final yr;
• reported web revenue of $9.5 million;
• realized Adjusted EBITDA⁽¹⁾ of $123.9 million, a $24.8 million enchancment from 2023;
• refinanced the Firm’s present credit score services by coming into into a brand new five-year, US$135.0 million Time period Mortgage (as outlined under) and a brand new $40.0 million credit score facility, attaining focused improved liquidity of $68.8 million at yr finish;
• introduced a partnership with Trican Effectively Service Ltd. (“Trican”) to assemble a unit prepare succesful terminal facility situated in Taylor, British Columbia;
• closed two acquisitions for sand trucking belongings, additional strengthening Supply’s nicely web site options platform;
• accomplished the enlargement of the Chetwynd terminal facility to a full unit prepare facility; and
• deployed Supply’s tenth and eleventh Sahara models, each working on the North Slope in Alaska, driving utilization of 78% throughout the eleven unit fleet for the yr.

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Observe:

RESULTS
OVERVIEW

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2024
RESULTS

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Whole income for the yr ended December 31, 2024 grew $104.2 million, or 18%, to $674.0 million in comparison with final yr. The addition of latest clients and continued sturdy buyer exercise ranges within the Western Canadian Sedimentary Basin (“WCSB”) contributed to the rise in sand gross sales volumes and income for the yr. Further clients and exercise ranges additionally resulted in report volumes delivered for “final mile” logistics, and the completion of two new Sahara models late within the yr contributed to strong utilization charges for 2024.

Value of gross sales, excluding depreciation, elevated in comparison with 2023, as a result of greater sand gross sales volumes realized, in addition to elevated transportation prices ensuing from the report volumes hauled by “final mile” logistics. These volume- pushed will increase had been partly offset by decrease prices to supply sand throughout all mining services and the fee financial savings realized by the acquisition of sand trucking belongings accomplished through the yr. A weakening of the Canadian greenback elevated value of gross sales denominated in US {dollars} by $1.59 per MT, in comparison with 2023, which was largely offset by the motion in change charges on income denominated in US {dollars} for the yr.

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For the yr ended December 31, 2024, gross margin elevated by 17,931, or 16% in comparison with 2023. Excluding gross margin from mine gate volumes, Adjusted Gross Margin was $46.99 per MT in comparison with $46.07 per MT in 2023. Adjusted Gross Margin benefited from elevated sand gross sales volumes and sand volumes trucked, decrease prices to supply sand, as famous above, and $3.2 million of incremental gross margin generated from the sand trucking belongings acquired, in comparison with 2023. The weakening of the Canadian greenback negatively impacted Adjusted Gross Margin by $0.31 per MT for the yr, in comparison with final yr.

Working bills elevated by $2.6 million on a year-over-year foundation, attributed to greater royalty prices related to elevated sand gross sales volumes, in addition to elevated insurance coverage and compensation expense resulting from greater exercise ranges realized. Basic and administrative expense elevated by $5.5 million throughout 2024, largely the results of greater folks prices, resulting from elevated nicely web site exercise and the trucking belongings acquired, in addition to skilled charges for authorized bills and IT prices in comparison with final yr.

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Adjusted EBITDA elevated by 25%, or $24.8 million, to $123.9 million for the yr ended December 31, 2024, attributed primarily to the report sand gross sales volumes and nicely web site options efficiency, and incremental profit from trucking belongings acquired through the yr. Adjusted EBITDA additionally benefited from the graduation of the leases for Supply’s tenth and eleventh Sahara models, each now working on the North Slope in Alaska. The weakening of the Canadian greenback favorably impacted Adjusted EBITDA by $1.2 million for the yr, attributed to the motion in change charges on the settlement of working capital.

Refinancing
Transaction

On December 20, 2024 the Firm accomplished a refinancing of its credit score services (the “Refinancing Transaction”). Pursuant to the Refinancing Transaction, the Firm closed a brand new five-year time period mortgage (the “Time period Mortgage”) with Silver Level Finance, LLC for whole proceeds of $187.2 million (US$135.0 million), and a brand new revolving asset backed credit score facility with Canadian Imperial Financial institution of Commerce, offering entry to funding of $40.0 million. Upon closing of the Refinancing Transaction, the Firm repaid all quantities excellent for the senior secured notes (the “Notes), the Firm’s prior revolving asset-backed senior credit score facility (the “Prior ABL”) and the Promissory Notes (as outlined under). The Refinancing Transaction will drive a decrease value of borrowing and injects incremental liquidity into the enterprise, permitting Supply to capitalize on anticipated rising exercise ranges. Materials paperwork associated to the Refinancing Transaction can be found underneath the Firm’s SEDAR+ profile at www.sedarplus.ca.

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Taylor
Facility

On July 25, 2024, Supply introduced the execution of a partnership association with Trican to assemble a brand new terminal facility situated in Taylor, British Columbia. Development of the power has commenced, and can lead to a unit prepare succesful terminal which can accommodate roughly 55,000 MT of sand storage and greater than 12,000 MT of day by day sand throughput capability (the “Taylor Facility”). The mission is predicted to be absolutely operational in 2025.

Beneath the phrases of the association, Trican will advance funding for development on a cost-to-complete foundation in change for transloading and sand provide companies, in addition to a charge payable to Trican on every advance drawn, repayable by transloading credit on the Taylor Facility and elective money funds over a three-year time period.

Acquisition
of
Sand
Trucking
Property

Throughout 2024, Supply accomplished two sand trucking asset acquisitions, additional strengthening Supply’s mine to nicely web site providing within the WCSB. Supply bought the sand trucking belongings of RWR Trucking Inc. for a complete combination buy worth of $8.1 million, comprised of money, a promissory word payable and lease obligations for sure of the trucking belongings acquired. A second sand trucking asset acquisition was additionally accomplished through the yr, with PVT Group Ltd., for an combination buy worth of $2.2 million, comprised of money and a promissory word. Pursuant to the Refinancing Transaction, quantities excellent for the 2 promissory notes (the “Promissory Notes”) had been repaid.

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In the course of the fourth quarter of 2024, Free Money Circulation decreased by $10.7 million in comparison with the fourth quarter of 2023, primarily resulting from a rise in financing expense paid. Financing expense paid included $6.0 million of transaction prices associated to the Refinancing Transaction, in addition to $2.6 million of incremental Notes curiosity paid in accordance with necessities of the discover of redemption, in comparison with the identical interval final yr. Excluding quantities associated to the Refinancing Transaction, whole finance expense paid through the fourth quarter was $0.5 million decrease than the identical interval in 2023, reflecting decrease curiosity incurred for the Notes of $0.6 million and decrease curiosity paid for the Prior ABL facility of $0.5 million, partially offset by elevated curiosity for excellent lease obligations. Decrease realized Adjusted EBITDA for the quarter, as outlined above, and a rise in funds for lease obligations, attributed to sure trucking belongings acquired and extra yellow iron gear for the Wisconsin mining services, additionally contributed to the discount in Free Money Circulation in comparison with the fourth quarter of 2023. The discount was partially offset by decrease web capital expenditures, as outlined under.

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For the yr ended December 31, 2024, Supply generated Free Money Circulation of $46.6 million, a rise of $9.3 million or 25% in comparison with final yr, pushed by greater Adjusted EBITDA realized. The rise was partially offset by greater financing expense paid, together with transaction prices and curiosity associated to the Refinancing Transaction, as described above. Excluding these quantities, finance expense paid was decrease by $2.3 million, in comparison with 2023, resulting from Observe repurchases accomplished in 2023 and early 2024, and decrease common attracts on the Prior ABL. Funds for lease obligations elevated, on a year-over-year foundation, attributed to the trucking belongings acquired, as famous above, and renewed gear at mining services in Wisconsin and Alberta. Increased web funds for capital expenditures, as famous under, additionally partially offset the rise to Free Money Circulation for 2024, in comparison with final yr.

Capital expenditures, web of proceeds on disposals and reimbursements and expenditures for the Taylor Facility, had been $5.5 million for the fourth quarter of 2024, a discount of $1.1 million in comparison with the identical interval in 2023. Whole capital expenditures elevated with the graduation of development for the Taylor Facility and enhancements on the Peace River mining facility, partly offset by decrease capital prices incurred for a bit of kit which malfunctioned final yr at a terminal facility, and decrease prices related to overburden elimination for mining operations in comparison with the prior yr quarter.

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For the yr ended December 31, 2024, Supply’s capital expenditures, web of proceeds on disposals and reimbursements, elevated by $6.0 million in comparison with 2023. Whole capital expenditures elevated, primarily as a result of graduation of development for the Taylor Facility, as outlined above, in addition to development prices related to constructing Supply’s tenth and eleventh Sahara models, absolutely reimbursed by clients, expenditures for the rail enlargement mission on the Chetwynd terminal facility and better quantities for the elimination of overburden, in comparison with the prior yr. Quantities spent on the acquisition of sand trucking belongings accomplished through the yr additionally contributed to the rise in capital expenditures in comparison with final yr.

This fall
2024
RESULTS

Supply bought sand volumes of 767,712 MT for the three months ended December 31, 2024, producing sand income of $117.7 million, a lower of $6.6 million from the fourth quarter of 2023 which was an unusually busy quarter. In the course of the fourth quarter, Supply buyer exercise ranges slowed in comparison with the identical interval final yr, as capital budgets had been exhausted and extra capital funding was not added previous to the tip of the yr. Income generated from the sale of sand from the Peace River facility elevated by 20%, in comparison with the identical interval in 2023. In the course of the fourth quarter of 2024, volumes from mine gate gross sales lowered the typical realized sand worth by $0.76 per MT; nevertheless, the sale of lower-value mine gate gross sales has a positive influence on manufacturing prices by creating sand processing efficiencies and rising manufacturing yields.

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For the three months ended December 31, 2024, nicely web site options income was $26.7 million, a lower of $2.7 million or 9% in comparison with the fourth quarter of 2023. As famous above, decrease sand gross sales volumes impacted trucked volumes, leading to decrease trucking income for the quarter. Sahara models within the US had been 85% utilized through the fourth quarter, with two models now deployed and absolutely operational on the North Slope in Alaska. In Canada, Sahara models had been 48% utilized for the interval, impacted by capital price range exhaustion, as famous above. For the three months ended December 31, 2024, terminal companies income was $0.6 million, a lower of $0.2 million in comparison with the fourth quarter of 2023, primarily attributed to decrease income from chemical elevation volumes realized through the interval.

Value of gross sales, excluding depreciation, decreased by $7.0 million for the three months ended December 31, 2024 in comparison with the identical interval in 2023, as a result of decrease sand volumes bought and decrease trucked volumes from “final mile” logistics, in addition to decrease rail transportation prices realized through the fourth quarter. Increased folks prices and elevated repairs and upkeep bills for gear had been incurred, in comparison with the fourth quarter of 2023, attributed to the sand trucking belongings bought through the yr. In the course of the fourth quarter of 2024, a weakening of the Canadian greenback on US greenback denominated parts of value of gross sales contributed to a rise of $2.72 per MT to value of gross sales, in comparison with the identical interval in 2023. This influence was largely offset by US greenback denominated income for the quarter.

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Gross margin decreased by $2.3 million for the three months ended December 31, 2024, the results of decrease sand gross sales volumes, trucked volumes and Sahara utilization, as famous above, in comparison with the identical interval final yr. Excluding gross margin from mine gate volumes, Adjusted Gross Margin was $44.88 per MT, in comparison with $47.45 per MT for a similar interval in 2023. Adjusted Gross Margin was impacted by the decrease buyer exercise ranges realized through the interval, and better trucking bills, attributed to extreme climate circumstances skilled late within the quarter and longer journeys to buyer nicely websites, leading to elevated standby prices. These impacts had been partly offset by incremental gross margin generated from the sand trucking belongings acquired through the yr.

For the fourth quarter of 2024, whole working and common and administrative expense elevated by $2.9 million in comparison with the fourth quarter of 2023. In the course of the three months ended December 31, 2024, working expense elevated by $0.9 million from the identical interval final yr, primarily resulting from greater compensation expense and elevated promoting and administrative prices on account of elevated royalty prices attributed to greater sand shipments from mines that require royalty funds, in addition to elevated insurance coverage expense.

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Basic and administrative expense elevated $2.0 million through the three months ended December 31, 2024, in comparison with the identical interval in 2023, largely resulting from elevated folks prices pushed by greater compensation expense. Promoting and administrative prices additionally elevated, on a quarter-over-quarter foundation, resulting from greater IT bills incurred for a brand new cloud-based computing system.

BUSINESS
OUTLOOK

Supply anticipates development in buyer exercise ranges within the Montney basin in 2025, by completion of the Taylor Facility and the momentum attained with sure new massive exploration and manufacturing clients. Supply has enhanced its strategic place in northeastern British Columbia by the trucking belongings acquired, development of the Taylor Facility and expansions on the Chetwynd and Peace River services. Latest bulletins by the US authorities to impose tariffs on items imported from Canada might influence the long-term capital plans of Supply’s clients. Nevertheless, extra export functionality by way of LNG Canada and the expedited allowing of extra LNG capability will assist mitigate any potential impacts. Regardless of these uncertainties, Supply believes it’s well-positioned to accommodate elevated demand for mine to nicely web site companies as LNG Canada comes on-line and benefit from exercise ranges within the WCSB.

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Within the longer-term, Supply believes the elevated demand for pure gasoline, pushed by liquefied pure gasoline exports, elevated pure gasoline pipeline export capabilities and energy technology services, will drive incremental demand for Supply’s companies within the WCSB. Supply continues to see elevated demand from clients which might be primarily targeted on the event of pure gasoline properties within the Montney, Duvernay and Deep Basin. This development is in keeping with Supply’s view that pure gasoline can be an vital transitional gas that’s crucial for the profitable motion to a much less carbon-intensive world.

Supply continues to deal with rising its involvement within the provision of logistics companies for different gadgets wanted on the nicely web site in response to buyer requests to increase its service choices and to additional make the most of its present Western Canadian terminals to supply extra companies.

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

Supply is happy to announce that it has filed with the relevant Canadian securities regulatory authorities up to date Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) technical reviews for every of its three mineral tasks in Wisconsin, United States (collectively, the “Technical Experiences”).

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The Technical Experiences have every been ready with an efficient date of December 31, 2024 and had been up to date as a part of an annual evaluation that accounts for typical mining depletion of the mineral sources and embody up to date manufacturing information. The up to date sources don’t signify a 100% or better change within the whole mineral sources.

Mineral sources will not be mineral reserves and don’t have demonstrated financial viability. There is no such thing as a assure that every one or any a part of the mineral useful resource can be transformed right into a mineral reserve. Supply has not based mostly its manufacturing choices and ongoing mine manufacturing on mineral reserve estimates, preliminary financial assessments, prefeasibility research or feasibility research. Consequently, there could also be an elevated uncertainty of attaining any specific stage of restoration of minerals or the price of such restoration and traditionally tasks with none mineral reserves have elevated uncertainty and danger of failure.

Additional particulars with respect to the scientific and technical info contained on this press launch can be found within the Technical Experiences, which can be found underneath the Firm’s SEDAR+ profile at www.sedarplus.ca.

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FOURTH
QUARTER
CONFERENCE
CALL

A convention name to debate Supply’s fourth quarter monetary outcomes has been scheduled for 7:30 am MST (9:30 am ET) on Thursday, February 27, 2025.

analysts, buyers and media representatives are invited to register to take part within the name. As soon as you might be registered, a dial-in quantity and passcode can be supplied to you by way of electronic mail. The hyperlink to register for the decision is on the Upcoming Occasions web page of our web site and as follows:

Supply
Vitality
Providers
This fall
2024
Outcomes
Name

The decision can be recorded and obtainable for playback roughly 2 hours after the assembly finish time, till March 27, 2025, utilizing the next dial-in:

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

Playback
Passcode: 2917717

ABOUT
SOURCE
ENERGY
SERVICES

Supply is an organization that focuses on the built-in manufacturing and distribution of frac sand, in addition to the distribution of different bulk completion supplies not produced by Supply. Supply gives its clients with an end-to-end resolution for frac sand supported by its Wisconsin and Peace River mines and processing services, its Western Canadian terminal community and its “final mile” logistics capabilities, together with its trucking operations, and Sahara, a proprietary nicely web site cell sand storage and dealing with system.

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Supply’s full-service strategy permits clients to depend on its logistics platform to extend reliability of provide and to make sure the well timed supply of frac sand and different bulk completion supplies on the nicely web site.

IMPORTANT
INFORMATION

These outcomes must be learn along with Supply’s audited consolidated monetary statements for the years ended December 31, 2024 and 2023, along with the accompanying notes (the “Monetary Statements”) and its corresponding MD&A for such durations. The Monetary Statements and MD&A and different info referring to Supply, together with the Annual Data Kind, can be found underneath the Firm’s SEDAR+ profile at www.sedarplus.ca. The Monetary Statements and comparative statements have been ready in accordance with Worldwide Monetary Reporting Requirements (“IFRS”) as issued by the Worldwide Accounting Requirements Board. Except in any other case acknowledged, all quantities are expressed in Canadian {dollars}.

NON-IFRS
MEASURES

On this press launch Supply has used the phrases Free Money Circulation, Adjusted Gross Margin and Adjusted EBITDA, together with per MT, which don’t have standardized meanings prescribed by IFRS and Supply’s methodology of calculating these measures could differ from the strategy utilized by different entities and, accordingly, they might not be akin to comparable measures offered by different firms. These monetary measures shouldn’t be thought-about as an alternative choice to, or extra significant than, web revenue (loss) and gross margin, respectively, which signify essentially the most instantly comparable measures of monetary efficiency as decided in accordance with IFRS.

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For added info relating to non-IFRS measures, together with their use to administration and buyers, their composition and dialogue of modifications to both their composition or label, if any, please discuss with the ‘Non-IFRS Measures’ part of the MD&A, which is integrated herein by reference. Supply’s MD&A is on the market on-line at www.sedarplus.ca and thru Supply’s web site at www.sourceenergyservices.com.

FORWARD-LOOKING
STATEMENTS

Sure statements contained on this press launch represent forward-looking statements referring to, with out limitation, expectations, intentions, plans and beliefs, together with info as to the long run occasions, outcomes of operations and Supply’s future efficiency (each operational and monetary) and enterprise prospects. In sure circumstances, forward- trying statements might be recognized by way of phrases similar to “expects”, “believes”, “continues”, “focus”, “development”, or variations of such phrases and phrases, or state that sure actions, occasions or outcomes “could” or “will” be taken, happen or be achieved. Such forward-looking statements replicate Supply’s beliefs, estimates and opinions relating to its future development, outcomes of operations, future efficiency (each operational and monetary), and enterprise prospects and alternatives on the time such statements are made, and Supply undertakes no obligation to replace forward-looking statements if these beliefs, estimates and opinions or circumstances ought to change until required by relevant legislation. Ahead-looking statements are essentially based mostly upon a variety of estimates and assumptions made by Supply which might be inherently topic to vital enterprise, financial, aggressive, political and social uncertainties and contingencies. Ahead-looking statements will not be ensures of future efficiency.

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Specifically, this press launch accommodates forward-looking statements pertaining, however not restricted to: expectations relating to the Refinancing Transaction driving a decrease value of borrowing and injecting incremental liquidity into the enterprise to permit Supply to capitalize on anticipated rising exercise ranges; the expectation that LNG Canada will come on-line; expectations relating to the partnership association with Trican Effectively Service Ltd. to assemble the Taylor Facility and the sand storage and day by day sand throughput capability; expectations that the primary section of the mission can be operational late this yr and completion of the Taylor Facility in early 2025; expectations relating to the sand trucking asset acquisitions accomplished through the yr; Supply’s terminal community footprint and its Wisconsin and Peace River manufacturing services; the outcomes of countermeasures proposed by the Canadian federal and provincial governments to mitigate any tariff-related impacts; expectations with respect to sand income and mine gate sand gross sales and related prices; the expectation that Supply will proceed to develop its enterprise by the stability of the yr; expectations that elevated demand for pure gasoline, elevated pure gasoline pipeline export capabilities and liquefied pure gasoline exports will drive incremental demand for Supply’s companies within the WCSB; continued enhance in demand from clients primarily targeted on the event of pure gasoline properties in Montney, Duvernay and Deep Basin; views that pure gasoline is a vital transitional gas for the profitable motion to a much less carbon- intensive world; Supply’s deal with and expectations relating to rising its involvement within the provision of logistics companies for different nicely web site gadgets; the advantages of Supply’s present Western Canadian terminals to supply extra companies to clients; the advantages that Supply’s “final mile” companies present to clients; expectations respecting future circumstances; and profitability.

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By their nature, forward-looking statements contain quite a few present assumptions, recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of Supply to vary materially from these anticipated by Supply and described within the forward-looking statements.

With respect to the forward-looking statements contained on this press launch, assumptions have been made relating to, amongst different issues: proppant market costs; future oil, pure gasoline and liquefied pure gasoline costs; future international financial and monetary circumstances; future commodity costs, demand for oil and gasoline and the product mixture of such demand; ranges of exercise within the oil and gasoline business within the areas wherein Supply operates; the continued availability of well timed and secure transportation for Supply’s merchandise, together with with out limitation, Supply’s rail automotive fleet and the accessibility of extra transportation by rail and truck; the upkeep of Supply’s key clients and the monetary energy of its key clients; the upkeep of Supply’s vital contracts or their alternative with new contracts on considerably comparable phrases and that contractual counterparties will adjust to present contractual phrases; working prices; that the regulatory atmosphere wherein Supply operates can be maintained within the method presently anticipated by Supply; future change and rates of interest; geological and engineering estimates in respect of Supply’s sources; the recoverability of Supply’s sources; the accuracy and veracity of knowledge and projections sourced from third events respecting, amongst different issues, future business circumstances and product demand; demand for horizontal drilling and hydraulic fracturing and the upkeep of present methods and procedures, notably with respect to using proppants; Supply’s capacity to acquire certified employees and gear in a well timed and cost-efficient method; the regulatory framework governing royalties, taxes and environmental issues within the jurisdictions wherein Supply conducts its enterprise and another jurisdictions wherein Supply could conduct its enterprise sooner or later; future capital expenditures to be made by Supply; future sources of funding for Supply’s capital program; Supply’s future debt ranges; the influence of competitors on Supply; and Supply’s capacity to acquire financing on acceptable phrases.

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A variety of elements, dangers and uncertainties might trigger outcomes to vary materially from these anticipated and described herein together with, amongst others: the consequences of competitors and pricing pressures; dangers inherent in key buyer dependence; results of fluctuations within the worth of proppants; dangers associated to indebtedness and liquidity, together with Supply’s leverage, restrictive covenants in Supply’s debt devices and Supply’s capital necessities; dangers associated to rate of interest fluctuations and overseas change price fluctuations; modifications typically financial, monetary, market and enterprise circumstances within the markets wherein Supply operates; modifications within the applied sciences used to drill for and produce oil and pure gasoline; Supply’s capacity to acquire, keep and renew required permits, licenses and approvals from regulatory authorities; the stringent necessities of and potential modifications to relevant laws, laws and requirements; the power of Supply to adjust to sudden prices of presidency laws; liabilities ensuing from Supply’s operations; the outcomes of litigation or regulatory proceedings which may be introduced by or towards Supply; the power of Supply to efficiently bid on new contracts and the lack of vital contracts; uninsured and underinsured losses; dangers associated to the transportation of Supply’s merchandise, together with potential rail line interruptions or a discount in rail automotive availability; the geographic and buyer focus of Supply; the influence of utmost climate patterns and pure disasters; the influence of local weather change danger; the power of Supply to retain and entice certified administration and employees within the markets wherein Supply operates; labor disputes and work stoppages and dangers associated to worker well being and security; common dangers related to the oil and pure gasoline business, lack of markets, client and enterprise spending and borrowing developments; restricted, unfavorable, or an absence of entry to capital markets; uncertainties inherent in estimating portions of mineral sources; sand processing issues; implementation of just lately issued accounting requirements; the use and suitability of Supply’s accounting estimates and judgments; the influence of knowledge programs and cyber safety breaches; the influence of inflation on capital expenditures; and dangers and uncertainties associated to pandemics, together with modifications in power demand.

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Though Supply has tried to determine vital elements that would trigger precise actions, occasions or outcomes to vary materially from these described within the forward-looking statements, there could also be different elements that trigger actions, occasions or outcomes to not be as anticipated, estimated or supposed. There might be no assurance that forward-looking statements will materialize or show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. The forward-looking statements contained on this press launch are expressly certified by this cautionary assertion. Readers mustn’t place undue reliance on forward-looking statements. These statements communicate solely as of the date of this press launch. Besides as could also be required by legislation, Supply expressly disclaims any intention or obligation to revise or replace any forward-looking statements or info whether or not on account of new info, future occasions or in any other case.

Any monetary outlook and future-oriented monetary info contained on this press launch relating to potential monetary efficiency, monetary place or money flows relies on assumptions about future occasions, together with financial circumstances and proposed programs of motion based mostly on administration’s evaluation of the related info that’s presently obtainable. Projected operational info accommodates forward-looking info and relies on a variety of materials assumptions and elements, as are set out above. These projections may be thought-about to include future oriented monetary info or a monetary outlook. The precise outcomes of Supply’s operations for any interval will possible range from the quantities set forth in these projections and such variations could also be materials. Precise outcomes will range from projected outcomes. Readers are cautioned that any such monetary outlook and future-oriented monetary info contained herein shouldn’t be used for functions apart from these for which it’s disclosed herein. The forward-looking info and statements contained on this doc communicate solely as of the date hereof and have been accepted by the Firm’s administration as on the date hereof. The Firm doesn’t assume any obligation to publicly replace or revise them to replicate new occasions or circumstances, besides as could also be required pursuant to relevant legal guidelines.

FOR
FURTHER
INFORMATION
PLEASE
CONTACT:

Scott Melbourn
Chief Government Officer
(403) 262-1312
investorrelations@sourceenergyservices.com

Derren Newell
Chief Monetary Officer
(403) 262-1312
investorrelations@sourceenergyservices.com

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