Triple Point Resources' Fischells Salt Dome Continues to Prove Ideal for Energy Storage

Additional core testing validates the dome's structural superiority, accelerating project design

St. John's, Newfoundland and Labrador--(Newsfile Corp. - June 3, 2024) - Today, Triple Point Resources Ltd. (Triple Point) announced the results of laboratory analysis completed by RESPEC Company LLC on historical core samples from its Fischells Salt Dome project. The results are very promising, showcasing the project's superior qualities for energy storage. As the Fischells Salt Dome project progresses, these findings underscore the significant energy storage capacity for hydrogen and CAES, marking a major step forward for the project.

"These results mark a significant milestone in our project development and provide important information about cavern characteristics to advance our commercial model," said Julie Lemieux, CEO of Triple Point. "Our confidence in this project has been reinforced and we remain committed to advancing the project and contributing to the growth of sustainable energy infrastructure in Newfoundland and Labrador."

Situated strategically on the east coast of North America, the Fischells Salt Dome is poised to transform intermittent renewables into dependable, safe, and cost-effective low carbon renewable energy on a utility and industrial scale. Key findings confirm that the Fischells Salt Dome is highly suitable for energy storage, accelerating project engineering and planning phases:

• Superior Stiffness and Tensile Strength: The stiffness and tensile strength results surpass typical salt formations, with an average tensile strength of 2.70 MPa, significantly higher than the average tensile strength of 1.41 MPa for Gulf Coast salts.
  
  
• Excellent Permeability and Porosity: All tested salt samples showed very low permeability and porosity, which are ideal for effective hydrogen storage.
  
  
• Creep Behavior: Steady-state creep test results from samples taken across the dome returned variable results. However, all creep rate results are suitable for cavern development and crucial for evaluating the long-term stability and closure of the proposed storage caverns.
  
  
• Mineralogical Insights: X-Ray Diffraction (XRD) analyses show the samples to be predominately composed of halite with minor amount of anhydrite and trace amounts of calcite and sylvite. Insoluble range between 4.3-10.5 per cent, this information will guide the planning for insoluble sump management and washing requirements during cavern development.
  
  
• Dynamic-Elastic Constants: The dynamic Young's modulus and Poisson's ratio were calculated from ultrasonic measurements, with average values of 35.06 GPa and 0.28, respectively, indicating robust structural characteristics. This data is crucial for ensuring the stability and integrity of the planned salt caverns, supporting their long-term viability for energy storage.

"Drawing upon RESPEC's extensive expertise in testing salt cores from hundreds of core wells worldwide, the Fischells Salt Dome historical core demonstrated very low permeability alongside suitable mechanical characteristics," said Samuel Voegeli, Energy Services Lead for RESPEC. "This indicates the geotechnical feasibility of the dome for hydrogen and compressed air storage."

Building on these promising results, Triple Point is embarking on an extensive geotechnical testing program to further evaluate the capacity of the Fischells Salt Dome. This program includes drilling a geotechnical core hole to thoroughly assess the salt characteristics using the latest technology.

This additional testing is critical to ensure the optimal design and placement of caverns, ultimately maximizing the capacity and safety of the storage facility. As the project advances, Triple Point remains committed to transparent communication and ongoing engagement with local communities to determine the best approach for further development.

Qualified Person

Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.

About Triple Point Resources Ltd.
The Company owns the Fischells Salt Dome mineral rights, Newfoundland & Labrador's only known salt dome, and a total of 226 sq. km of mineral licenses prospective for salt on the west coast of Newfoundland. The Company is focused on building shareholder value and will evaluate the timing and method of creating liquidity for Triple Point shareholders.

For information with respect to Triple Point Resources Ltd., please contact:

Julie Lemieux
Chief Executive Officer
jlemieux@triplepoint.ca
709-214-5721

For media inquiries, please contact:
Shauna MacDonald
Brookline Public Relations, Inc.
403-538-5645
smacdonald@brooklinepr.com

Forward-Looking Statements

Certain information contained herein constitutes forward-looking information or statements ("forward-looking statements") under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company's sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

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