Atlas Energy : Investor Presentation May 2024

Investor Presentation

May 2024

NYSE: AESI

Important Disclosures

Forward-Looking Statements

This Presentation contains "forward-looking statements" of Atlas Energy Solutions Inc. ("Atlas," the "Company," "AESI," "we," "us" or "our") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words "may," "assume," "forecast," "position," "strategy," "potential," "continue," "could," "will," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include: statements about the anticipated financial performance of Atlas following our acquisition of substantially all of the Permian Basin proppant production and logistics businesses and operations of Hi-Crush Inc. (the "Hi-Crush Acquisition"); the expected synergies and efficiencies to be achieved as a result of the Hi-Crush Acquisition; expected accretion to free cash flow and earnings per share; expectations regarding the leverage and dividend profile of Atlas; expansion and growth of Atlas's business; statements regarding the extent of the damage to the Kermit facility, the required repairs and the cost and timeline of such repairs; Atlas's expectations regarding the timing of the Kermit facility's return to service and its utilization; Atlas's expectations relating to continuing operations during the pendency of repairs; statements about the availability and extent of insurance coverage; statements about the ultimate impact of the incident on Atlas's future performance; our business strategy, industry, future operations and profitability; expected capital expenditures and the impact of such expenditures on our performance; our financial position, production, revenues and losses; our capital programs; management changes; current and potential future long-term contracts; and our future business and financial performance.

Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to: uncertainties as to whether the Hi-Crush Acquisition will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas's ability to integrate Hi-Crush Inc.'s operations in a successful manner and in the expected time period; risks that the anticipated tax treatment of the Hi-Crush Acquisition is not obtained; unforeseen or unknown liabilities; unexpected future capital expenditures; potential litigation relating to the Hi-Crush Acquisition; the effect of the completion of the Hi-Crush Acquisition on the parties' business relationships and business generally; risks that the Hi-Crush Acquisition disrupts current plans and operations of Atlas and its management team and potential difficulties in retaining employees as a result of the Hi-Crush Acquisition; the risks related to Atlas's financing of the Hi-Crush Acquisition; potential negative effects of the completion of the Hi-Crush Acquisition on the market price of Atlas's common stock or operating results; uncertainties as to whether we will be able to effectuate the repairs to the Kermit facility in the expected time period or at all; uncertainty regarding the ultimate cost to repair the facility and bring it back online and the availability of insurance proceeds to offset the cost of such repairs; risks relating to the impact of this incident on our ability to service our customers; commodity price volatility stemming from geopolitical conflicts and events, including the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; our ability to complete growth projects, including the Dune Express, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization (the "Up-C Simplification") may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission ("SEC"), including those discussed under the heading "Risk Factors" in Annual Report on Form 10-K, filed with the SEC on February 27, 2024, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Presentation. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty and do not intend to update any forward-looking statements to reflect events or circumstances after the date of this Presentation.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others, in the case of Adjusted EBITDA, to assess our operating performance on a consistent basis across periods by removing the effects of development activities, provide views on capital resources available to organically fund growth projects and, in the case of Adjusted Free Cash Flow, to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure, levels of reinvestment or historical cost basis. These measures do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, net cash provided by operating activities, or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted EBITDA and Adjusted Free Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures may differ from computations of similarly titled measures of other companies.

We define Adjusted EBITDA as net income before depreciation, depletion and accretion, interest expense, income tax expense, stock and unit-based compensation, loss on extinguishment of debt, unrealized commodity derivative gain (loss), and non-recurring transaction cost. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total sales. We define Adjusted Free Cash Flow as Adjusted EBITDA less Maintenance Capital Expenditures. We define Maintenance Capital Expenditures as capital expenditures less growth capital expenditures. We define Adjusted Free Cash Flow Margin as Adjusted Free Cash Flow divided by total sales. We define Adjusted Free Cash Flow Conversion as Adjusted Free Cash Flow divided by Adjusted EBITDA.

Atlas Energy Solutions (NYSE: AESI) | May 2024	2

Important Disclosures (cont'd)

Reserves

This Presentation includes frac sand reserve and resource estimates based on engineering, economic and geological data assembled and analyzed by our mining engineers, which are reviewed periodically by outside firms. However, frac sand reserve estimates are by nature imprecise and depend to some extent on statistical inferences drawn from available drilling data, which may prove unreliable. There are numerous uncertainties inherent in estimating quantities and qualities of frac sand reserves and non-reserve frac sand deposits and costs to mine recoverable reserves, many of which are beyond our control and any of which could cause actual results to differ materially from our expectations. These uncertainties include: geological and mining conditions that may not be fully identified by available data or that may differ from experience; assumptions regarding the effectiveness of our mining, quality control and training programs; assumptions concerning future prices of frac sand, operating costs, mining technology improvements, development costs and reclamation costs; and assumptions concerning future effects of regulation, including the issuance of required permits and taxes by governmental agencies.

Trademarks and Trade Names

The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensor to these trademarks, service marks and trade names.

Industry and Market Data

This Presentation has been prepared by the Company and includes market data and certain other statistical information from third-party sources, including independent industry publications, government publications, and other published independent sources. Although we believe these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates, which are derived from our review of internal sources as well as the third-party sources described above. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these third-party publications. Additionally, descriptions herein of market conditions and opportunities are presented for informational purposes only; there can be no assurance that such conditions will actually occur. Please also see "Forward-Looking Statements" disclaimer above.

No Offer or Solicitation

This communication includes information relating to the acquisition of Hi-Crush Inc. by the Company (the "Acquisition"). This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, in connection with the Acquisition or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Atlas Energy Solutions (NYSE: AESI) | May 2024	3

Atlas Energy Solutions (NYSE: AESI) at a Glance

Market Capitalization (1)

$2.4B

Enterprise Value (1)

$2.7B

Quarterly Dividend (2)

$0.22 / share

Production Capacity (3)

~28mmtpy

Resource Life (3)

~75 years

Headquarters

Austin, Texas

Stock Symbol

NYSE: AESI

Q1 2024 Update Video

ctrl + click to play

1. Source: Bloomberg. Market data as of 02-May-2024. | (2) Q1 2024 dividend payment date of 23-May-2024 to holders of record as of 16-May-2024. Reflects a base dividend of $0.16 per share and variable dividend of $0.06 per share. | (3) Including of Hi-Crush production capacity. Resource life calculated as (reserves + resources) / 28mmtpy of annual production capacity | Video link https://vimeo.com/942062761/bfb0c6f3f0?share=copy.

Atlas Energy Solutions (NYSE: AESI) | May 2024	4

Permian Basin Market Update - Strong Market Fundamentals

Completions efficiencies driving proppant demand growth; the Permian is the #1 basin in US shale

Permian Basin Production & Rig Count (1,2)

Permian Frac Fleets & Proppant per Fleet per year (1)

10	The Permian Basin is Driving U.S. Shale Production	70
9									0	ermian
d)l
7									0
									i
roductionil (mm
								0	s as a ootal
								30
3									20
2									10
1
201	2017	201	2019	2020	2021	2022	2023	202

	200	Permian Frac Fleets
			Proppant per Frac Fleet (k tons)
	1	0
	1	0
	1	0
	120
	100
		0
		0
		0
	20
		0

Simul-Frac Fleets Can Use >1mmtpy

00

700

00

00

00

300

200

100

0

		Permian		Other		Permian Rigs as a % of Total U.S. Rig Count	201	2017	201	2019 2020 2021 2022 2023 202 E	202 E
		Avg. Permian Basin Proppant per Well (1)				Permian Basin Proppant Demand (1)

Permian Proppant per Well (tons)

Equivalent Truckloads of Proppant (3)

Permian Proppant Demand (mmtpa)

Permian as % of U.S. Total

201	2017	201	2019	2020	2021	2022	2023 202 E 202 E	201	2017	201	2019	2020	2021	2022	2023 202 E 202 E

1. Per Lium, Baker Hughes and EIA. 2024E and 2025E frac fleet and proppant demand forecast based on Lium guidance. | (2) Area chart represents production by basin and line chart represents Permian's share of the total U.S. rig count. | (3) Assumes 23.5 tons per truckload of proppant.

Atlas Energy Solutions (NYSE: AESI) | May 2024	5

Atlas Energy Solutions Q1 2024 Operational & Financial Update

Total Sales	Adj. EBITDA (2)	Adj. FCF (2)	Net Income	Cash Provided by
				Operating Activities
$193mm $76mm $71mm	$27mm $40mm
(~3.9mm tons) (1)	(~39% Margin)	(~37% Margin)	(~14% Margin)	(~21% Margin)

Summary Company Updates

Dune Express Update

Operational Update

Logistics Update

Substantially all equipment and materials ordered; majority of installation / labor services completed; orders are largely contracted, providing budget visibility

>60% of the conveyor modules completed; expect 95% to be completed by the end of May

Frying Pan Road overhead crossing installation complete, TX-18 overhead crossing substantially complete

Silo construction at both the Stateline Facility and the End-of-Line Facility well underway

Initial stages of commissioning to begin early in the fourth quarter

Dredges:

New "Sandstorm" and "Edlund" electric dredges currently in the commissioning process

"Twinkle" electric dredge has moved to Monahans; plan to float in July

Plan to move a dredge to the Hi-Crush Kermit Facility this summer for trial

OnCore:

OnCore #8 is currently producing sand with first sales by Mid-May

OnCore #3 have been relocated from the Delaware Basin to the Midland Basin; expecting first sales by end of May

Kermit Facility Fire Update:

Currently producing sand, utilizing a temporary loadout to service customers & minimize downtime

Exiting Q1 2024 with ~27 crews; acquisition of Pronghorn doubled our active crew count

2 active Drop Depots, evaluating additional locations

Continue transition from manual trucking company and point-by-point monitoring to data driven dispatch and automated driver management

Launched driver dashboard Q1 2024; auto-ordering fully integrated with select vendors

1. Represents proppant sales volumes and includes 27 days of Hi-Crush sales volumes during Q1 2024. | (2) Non-GAAP financial measure. See Appendix for reconciliations of non-GAAP measures to the nearest GAAP measures.

Atlas Energy Solutions (NYSE: AESI) | May 2024	6

Kermit Facility Update and Temporary Operational Plan

Operational Plan to Service Our Customers

On Sunday, April 14th, a mechanical fire occurred at the Atlas mine in Kermit, Texas which resulted in the closure of the facility

• All personnel at the site, including Company employees and contractors are safe. No injuries occurred and no environmental impacts have been reported

The Atlas team began moving temporary loadout equipment to the Kermit facility within 48 hours of the incident; the facility remained closed until an initial restart of operations occurred on April 25th

Utilizing a small bi-directional conveyor that discharges finished product from the screener tower to two distinct pick-up locations before being transported, either by haul truck or conveyor, to the temporary loadout site for stockpile

Once the facility restarted and the temporary loadout equipment was fully operational, we began to fulfill a portion Kermit facility customer commitments with sand produced and loaded from that facility

• Currently at ~33% of temporary loadout equipment capacity
• Plan to bring that up to 50% by mid-May and to be at 100% by end of May
• Plant fully back online by early Q3 2024

The unmatched scale, redundancy, diverse geographical production and logistical assets as well as our strong relationships enabled us to continue servicing customers despite the temporary disruption - a capability unique to Atlas

Atlas Energy Solutions (NYSE: AESI) | May 2024	7

Atlas is a Leading Permian Focused Proppant and Logistics Provider

Key Investment Highlights

Permian Basin Asset Base (2)

Compelling Valuation and Growth Profile

Trading at a compelling valuation (1)

High growth potential from ongoing capital projects and the deployment of additional OnCore units

Robust Cash Flow Generation + Strong Financial Position

Strong and resilient margins

Strong balance sheet with low financial leverage

Low capital intensity required to maintain core business

High Quality, Differentiated Asset Base

Giant open dunes are best-in-class resource

Lea

Eddy

NEW
MEXICO
TEXAS	Loving
Culberson
	Reeves

Cochran Hockley Lubbock Crosby Dickens King

Yoakum

Terry

Lynn

Garza

Kent

Stonewall

Midland

Basin

Gaines

Dawson

Borden

Scurry

Fisher

Martin

Howard

Andrews

Mitchell

Nolan

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Midland

Glasscock

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Winkler

Sterling

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Water access enables low-cost electric dredge mining

Plants with automation + redundancy maximize efficiency

Dune Express is a step-change in sand logistics

OnCore distributed mining network

Fit-for-purpose trucking assets with expanded payloads

Proven Team, Compelling Track Record, E&P Experience

Team with a track record of performance

Long-time E&P operators optimizing sand solutions

Innovators applying proven technology in novel ways

Proven ability to return capital to shareholders

Added depth to the bench with the acquisition of Hi-Crush

Atlas Mines

s

le

Schleicher

OnCore Mines

i

M

0

Dune Express

Delaware

Pecos

5

Crockett

25-mile Service Area

Davis

Rig

Basin

50-mile Service Area

Basin

75-mile Service Area

Atlas & Sustainable Environmental and Social Progress

A long-termfocus on shareholders and profits also produces favorable environmental and social outcomes: Dune Express: 42-mile conveyor to transport sand into core

Permian acreage will make roads safer, reduce emissions The OnCore distributed mining network reduces truck miles driven, enhancing efficiencies and reliability while reducing

emissions

Fit-for-purpose wellsite delivery assets with significantly expanded payloads and the potential for automation further aims to enhance safety and emissions improvements Electric dredge mining = lower cost, lower emissions

Source: Enverus, Baker Hughes, Public Filings, Bloomberg Consensus data. | (1) Reference slides #16 and #17. | (2) Represents planned Dune Express route based on secured rights-of-way and federal permits.

Atlas Energy Solutions (NYSE: AESI) | May 2024	8

The Atlas Energy Solutions Advantage

A fully integrated sand solutions provider

Premium Giant Open

Dune Geology

Advantaged Water

Access

Next Generation Plant

Design

OnCore Distributed

Mining Network

Logistics

Differentiation

Key Benefits from

Geology

~75 years of resource life at 28mmtpy of production (1)

Lack of organics and impurities result in higher mining yields

Premium quality product with high crush strength

5 plants representing >75% of the available giant open dune acreage (2)

Key Benefits from Water

Access

Ample costless water provides Atlas with the distinct advantage of deploying the Permian's only electric dredge mining assets

Results in lower mining cost and is more environmentally sustainable than traditional mining methods utilizing yellow iron

Access to ponds for our wash process enables us to recycle >95%

Key Benefits from Plant

Design

Redundancies maximize utilization rates

Plants designed to enable automation, remote operations leading to the realization of lower labor intensity

Large wet and finished good storage provides for efficient inventory management

Key Benefits from nCore's Network

Proppant is logistically advantaged to customer wells by geographic proximity

OnCore mines drive surety of supply that helps drive efficiencies for customer completion programs

Shortens haul distances, reducing the miles driven and associated emissions

Key Benefits from

Logistics Differentiation

Dry and wet sand logistics infrastructure across the Permian

High-capacity trailers & multi-trailer configuration allow Atlas to exceed industry standard payloads by up to 3x - 4x

Remote command center ensures superior in-field service

Digitally integrating across supply chains to further enhance oilfield efficiencies

Source: Atlas 2024 Reserve Report (produced by John T. Boyd Company). | (1) Resource life calculated as (reserves + resources) / 28mmtpy of annual production capacity. | (2) Atlas owns or leases 65% of the Kermit giant open dune and 92% of the Monahans giant open dune. On a consolidated basis, Atlas owns or leases 77% of the total acreage across the two giant open dunes.

Atlas Energy Solutions (NYSE: AESI) | May 2024	High Quality, Differentiated Asset Base	9

he ermian's Giant pen Dunes are a ier ne esource

Geology of open dunes separates AESI on scale, costs, margins & quality

Improved yields relative to off-dune deposits enhance economics

Exceptional quality (high crush strength, low turbidity, etc.)

Large, deep deposits with consistent reserve mix

Costless Pecos Valley Aquifer provides unique dredging & washing advantage

Approximately 75 years of resource life (1)

Up to ~100 feet of consistent stacked pay produces > economic yields

Illustrative Cross-Section

Premier Assets Bookending the Winkler Sand Trend

Atlas Kermit:

• 7,052 gross acres (all on Kermit Giant Open Dune)

• ~95% WI / ~91% NRI

• Atlas holds 65% of the Kermit Giant Open Dune's areal extent

• Atlas holds both fee and leases

Giant Open Dune Advantage

Deposit Yields: ~85-90%

Legend

Stabilized Dune

Zones

Thin Buried soil
horizons	Pay
Saturated
thickness	Up to ~100 ft. of Stacked

~40ft to ~50ft ft. of Payable Depth

Off-Dune Deposit

Deposit Yields: ~65-70%

Vegetation

Silty Sand Sheet

Stabilized Dune

Caliche (~5-30ft thick)

Stabilized Dune

Clay

Stabilized Dune

Silt & Clay

Stabilized Dune

Caliche

Stabilized Dune

Silt & Clay

Atlas Monahans:

• ~32,200 gross acres (~8,750 on the Monahans Giant Open Dune, or ~100% of this dune excluding

the state park)
State Park
• 100% WI / 92% to 97% NRI
depending on proppant prices

• Leased

Source: Atlas 2024 Reserve Report (produced by John T. Boyd Company), management estimates, illustrative of processes and characteristics of different styles of Permian aeolian deposits. | (1) Resource life calculated as

(reserves + resources) / 28mmtpy of annual production capacity. | Note: WI = Working Interest, defined as the average % interest in the gross acres that Atlas owns or leases out of the areal extent of the acreage footprint. NRI = Net Revenue Interest, defined as WI * (1- average royalty rate).

Atlas Energy Solutions (NYSE: AESI) | May 2024	High Quality, Differentiated Asset Base	10