-transaction significantly increases financial position without any shareholder dilution

SAGUENAY, QC, March 16, 2023 /CNW/ - Arianne Phosphate (the "Company" or "Arianne") (TSXV: DAN) (OTCQX: DRRSF) (FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec's Saguenay-Lac-Saint-Jean region, is pleased to announce that it has sold royalties covering 25 claims in the James Bay area to Lithium Royalty Corp. for $2,350,000.  The royalty, retained by Arianne as part of an earn-in option agreement first entered into in 2009, provided for a 1.5% NSR on the property.  These claims currently constitute part of Allkem Limited's James Bay lithium project.