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Crystal Peak Minerals provides operational update

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World Fertilizer,

In line with government advice, Crystal Peak Minerals has implemented measures to ensure the health and safety of the company’s team. These measures include delaying all non-essential travel, exploring the possibility of holding its Annual General Meeting of Shareholders in Salt Lake City, Utah, USA, and curtailing staff time spent in the office.

For the next several weeks, the Crystal Peak team will be working from home. Prior to introducing this change, business systems were tested to ensure that core functions would continue while the team worked remotely. This has allowed most day-to-day operations to carry on as usual. The company will monitor governmental restrictions and recommendations and will determine appropriate actions as conditions develop.

Since the Sevier Playa Project is not yet operational, there are limited activities at that site. All necessary environmental and regulatory procedures are going forward on schedule. Where appropriate, other activities have been deferred. The board believes that the current restrictions represent a low risk to the health and safety of company employees and consultants and that any reduction in activities will have no significant impact on the project in the short term.

The key issue facing the company is uncertainty surrounding financial markets and the company’s ability to raise needed funds. While work is ongoing and discussions are progressing with a number of parties, the company is reviewing all expenditures and will take reasonable measures to preserve cash. All non-essential disbursements and all non-critical engineering work has been suspended until there is reduced volatility in financial markets.

Regarding engineering, the company continues to refine its approach. Studies are underway seeking to optimise project development, reduce initial capital expenditures, improve operating costs, shorten time to first production and to include the potential benefits of valuable by-products. Furthermore, management continues to work with potential partners to secure an offtake arrangement for the project’s anticipated products.

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