Atlas Energy Solutions (AESI) Company presentation summary

Business profile and assets

• Founded in 2017; management cited more than 200 years of combined experience and a legacy shareholder base of 40+ energy entrepreneurs.

• Permian production capacity exceeded 10 million tons per year, with ~15 million tons per year targeted by year-end 2023; proven and probable reserves totaled 357 million tons.

• Total resources were 1.665 billion tons; reserves and resources represented ~200 years of life at 10 million tons of annual production capacity.

• Giant open-dune deposits were presented as offering higher process yields, favorable sand-quality testing and large, deep deposits with consistent reserve mix.

• 2023 contract coverage represented 89% of current capacity, with a volume-weighted contract tenor of ~2 years.

Operating model and facilities

• Facilities were designed with equipment redundancy, automated and remote operations, large dry storage and efficient loadouts to support reliability and throughput.

• Electric dredging, water recycling above 95%, a dedicated natural-gas pipeline and multi-year fixed-price power were cited as operating advantages.

• In-basin trucking distances were presented at ~25–150 miles, versus ~1,300+ miles for Midwestern supply; the Dune Express route targets ~0–65 miles by truck.

• The Dune Express was projected to remove 55 million miles of sand-truck travel from public roads, reducing regional traffic, accidents and fatalities.

Dune Express and growth plans

• The 42-mile conveyor is designed to move proppant from Kermit into the Northern Delaware Basin, with annual capacity of 13 million tons and ~85,000 tons of storage.

• Construction was underway, with commercial service estimated to begin in Q4 2024; estimated project cost was $400 million, with net IPO proceeds of ~$300 million covering ~75%.

• Two multi-year sand supply and logistics agreements include delivery through the Dune Express after commercial service begins; FY 2023 proppant volumes were sold out.

• Over a 30-year period, projected reductions included ~70% in public-road miles, miles driven per well, traffic accidents, fatalities and emissions, and ~80% in drivers per well.

• Other near-term growth initiatives included the Kermit facility expansion and development of high-capacity wellsite delivery assets.