Corporate Update: Triple Point Resources Strengthens Canada’s Energy Future Through Innovation, Collaboration and Strategic Clean Energy Storage

Press Release

St. John’s, Nfld., February 19, 2025 – Triple Point Resources Ltd. (“Triple Point”) is pleased to provide a corporate update, highlighting key achievements throughout the past year in advancing the development of the Fischells Salt Dome (“Fischells”). The only asset of its kind in Canada and on the eastern seaboard of North America, the energy storage capacity at Fischells is a game changer. When combined with Newfoundland and Labrador’s world class wind resources, it will position the province as a global leader in the renewable energy sector. At a time when energy security is more important than ever, this is a strategic advantage that will enhance energy resilience, unlock economic growth and drive long term stability in the Canadian and global energy landscapes.

“2024 was a pivotal year for Triple Point,” said Julie Lemieux, CEO of Triple Point. “Our team made significant strides in advancing our flagship Fischells project, engaging with local communities and fostering collaboration with local, national and international stakeholders. Together, we have laid the groundwork for a cleaner and more secure energy future.”

Highlights from 2024 include:

• Secured Mineral Rights – A Green Light to Advance Feasibility: On January 23, 2024, Newfoundland and Labrador’s Minister of Industry, Energy and Technology officially confirmed that compliance has been achieved with all conditions attached to the key mineral license for Fischells. This marked an important milestone in the development of the asset and enabled Triple Point to move forward with confidence. The company now holds eight mineral licenses across 74 square kilometers with no restrictions under the Mineral Act.
• Scientifically Validated Salt Suitability for Large-Scale Energy Storage: Core sample testing conducted by RESPEC Company LLC successfully confirmed that Fischells possesses exceptional geological properties for large-scale energy storage. The testing highlighted the salt’s superior stiffness, tensile strength and low permeability and porosity, confirming the dome’s suitability for storing compressed air and hydrogen. Its size allows Triple Point to store millions of cubic metres in multiple independent caverns.
• Expanded Team: Triple Point welcomed key team members: William (Bill) Best, Vice President, Major Projects; Darryl Downey, Vice President, Regulatory Affairs & HSE; and Alison Muise, Manager, Community Engagement. Their extensive expertise and strong ties to rural Newfoundland and Labrador have been invaluable in driving Triple Point’s strategic priorities. With their leadership, the development of Fischells remains focused on ensuring long-term energy security and delivering meaningful benefits to local communities and the province.
• Initiated Environmental Assessment: An extensive environmental constraints mapping initiative was completed, incorporating detailed physical, biological, socioeconomic and land use data for the project area. Advanced analytical software was used to identify potential environmental risks, providing a robust foundation for project planning. This analysis will guide upcoming environmental baseline studies, support land use planning discussions with community groups and inform the strategic siting of surface facilities, ensuring a responsible and sustainable approach to development.
• Strengthened Community Engagement and Indigenous Relations: Triple Point has strengthened its engagement with local communities and Indigenous groups, prioritizing meaningful participation in project planning over standard consultation practices. Over the past year, the company hosted planning workshops with community members to gather input on land uses near Fischells, ensuring that local knowledge and perspectives are considered before selecting potential sites for surface facilities. These efforts build on ongoing discussions with Indigenous leadership and community stakeholders, focusing on economic opportunities, environmental stewardship and regional development priorities.
• Launched Supplier Registration Database: To support local businesses and promote fair participation in procurement, Triple Point introduced a supplier registration database. This platform enables local vendors to register their services and be considered for upcoming contracts. Suppliers interested in working with Triple Point are encouraged to register on the database.
• Partnered with Natural Resources Canada: Triple Point entered into a partnership with Natural Resources Canada’s (NRCan) Office of Energy Research and Development (OERD) to advance studies related to salt property testing leveraging historical geological drill cores from Fischells. This collaboration represents a significant step forward in optimizing the role of salt caverns in Canada’s clean energy future. Specifically, it will support efforts to enhance standards for the design, construction and operation of underground hydrogen storage facilities.
• Expanded Global Interest & Policy Engagement: Fischells has continued to gain recognition as a strategic asset for Canada’s clean energy security. With CAES and hydrogen storage operating side-by-side, the project will meet the growing demand for long-duration energy storage. This pioneering dual-storage model not only strengthens grid stability, but also enables efficient energy management, from meeting short-term demands to long-term seasonal balancing and strategic reserves. Triple Point engaged with provincial and federal governments to discuss the role of CAES and hydrogen storage for energy security. International investors and energy leaders have expressed interest in partnering in the project, and Triple Point continues to advance discussions with strategic partners.

With 2024 setting the foundation, Triple Point has now advanced to the feasibility stage of the project and is securing strategic partners and offtakers. Key 2025 priorities include:

• Introduction of provincial legislation for underground storage.
• Registration of the project for an environmental assessment with the Newfoundland and Labrador department of Environment and Climate Change.
• Finalizing project partnerships with energy leaders.
• Advancing feasibility engineering and environmental studies.
• Assessing favourable market conditions for a public offering.

Triple Point is committed to creating sustainable jobs, attracting industries and establishing a foundation for long-term revenue and economic growth in Newfoundland and Labrador. To learn more about Triple Point and the Fischells Salt Dome, visit www.triplepoint.ca and sign up for our newsletter.

About Triple Point Resources Ltd.
Triple Point Resources owns the Fischells Salt Dome mineral rights and a total of 297 sq. km of mineral licenses prospective for salt on the west coast of Newfoundland. The dome is strategically located in one of the world’s premier wind corridors, 10 km from the coastline, near the Trans-Canada Highway with the Maritime Link transmission line crossing the property. Triple Point focuses on developing large-scale underground energy storage solutions using compressed air energy storage (CAES) and hydrogen to support renewable energy integration and grid stability.

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

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

For media inquiries, please contact:

Shauna MacDonald
Brookline Public Relations, Inc.
403-538-5645
smacdonald@brooklinepr.com

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