ST GEORGE’S, NL / ACCESS Newswire / February 27, 2026 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQX:SALQF)(FRA:9D00) announces that it has fulfilled the applicable Environmental Assessment (“EA”) conditions necessary to initiate Early Works for the Great Atlantic Salt Project (the “Project”), located near St. George’s, Newfoundland and Labrador.
Commencement of Land Clearing and Site Preparation Activities
The Company confirms that:
The Early Works Development Plan and associated Environmental Management Plans have received approval from the Government of Newfoundland and Labrador, as previously disclosed.
The Benefits Agreement between Atlas Salt and the Province of Newfoundland and Labrador has been approved by necessary provincial entities, including Cabinet, and has been executed.
Atlas Salt has received a formal Letter of Release confirming satisfaction of the applicable Environmental Assessment conditions required to commence Early Works Phase activities.
With these approvals and the Letter of Release in place, Atlas Salt is immediately commencing permitted land clearing and related site preparation activities.
Transition to Site Activity
Fulfillment of EA conditions for the Great Atlantic Salt Project represents a key regulatory milestone, enabling Atlas Salt to advance from permitting and planning into physical Early Works execution. Initial activities will include permitted land clearing, grubbing, and site preparation required to establish the mine site footprint and support subsequent construction phases.
Nolan Peterson, President and CEO of Atlas Salt, commented:
“With the execution of the Benefits Agreement with the Province of Newfoundland and Labrador and satisfaction of the Early Works conditions under our approved Environmental Assessment, we are now moving into site preparation and initial construction at the Great Atlantic Salt Project. Beginning construction is a major milestone achievement for any mining project. For Atlas and the Great Atlantic Salt Project, it reflects disciplined progress and growing momentum as we continue advancing the project toward full development and production.”
Regulatory and Stakeholder Alignment
Completion of the EA conditions and associated approvals reflects ongoing coordination with provincial regulators and stakeholders. The Benefits Agreement establishes a framework supporting employment, procurement, training, and community participation throughout the construction and operations phases of the Project. Atlas Salt will continue to advance required regulatory submissions as the Project progresses into subsequent phases.
Atlas Salt is developing North America’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / February 13, 2026 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQX:SALQF)(FRA:9D00) announces an expansion of its strategic relationship with Sandvik Mining (“Sandvik”) in connection with the Updated Feasibility Study (“UFS”) for the Great Atlantic Salt Project (the “Project”), located near St. George’s, Newfoundland and Labrador.
Building on the comprehensive non-binding Memorandum of Understanding (“MOU”) announced in September 2024, Atlas Salt and Sandvik have expanded the scope of the MOU to reflect the full construction and ramp-up requirements outlined in the UFS. The expanded scope contemplates Sandvik supplying underground mobile mining equipment, technology, and associated services, with vendor-supported financing for Sandvik capital equipment required during Project construction and the planned ramp-up to steady-state production of 4.0 million tonnes per year (“Mtpa”).
Nolan Peterson, President and CEO of Atlas Salt, commented:
“The Updated Feasibility Study reflects the scale and longevity of the Great Atlantic Salt Project, and our relationship with Sandvik has evolved accordingly. What began as an equipment supply arrangement has developed into a long-term strategic partnership aligned with construction, ramp-up, and decades of expected operations. This partnership supports execution certainty, operational readiness, and the disciplined development of the Project.”
Peter Corcoran, Vice President of Sandvik Mining Canada added:
“Sandvik is pleased to continue working with Atlas Salt as the Great Atlantic Salt Project advances. The UFS confirms a long-term vision that aligns well with our portfolio of electrified equipment, automation, and lifecycle services, and our strategic initiatives in the Canadian market. We look forward to continuing to support the Project through its development and operation.”
Expanded Scope of the Sandvik Relationship
Based on the mine plan, production profile, and capital assumptions presented in the UFS, the anticipated commercial value of Sandvik-supplied equipment, technology, and services during the construction and ramp-up phases of the Project is estimated at approximately $132 million, representing an increase of $59 million from the $73 million contemplated under the original MOU.
The estimated $132 million scope includes:
Underground mobile mining equipment and associated services required for mine construction and initial operations.
Additional fleet units, electrification, automation, and digital systems deployed during the multi-year ramp-up to full production capacity.
Equipment quantities and deployment schedules consistent with the UFS development plan and ramp-up timelines post-construction.
In connection with the product and service offering, Sandvik has expressed a non-binding financing arrangement to support the acquisition of certain Sandvik capital equipment, advanced mining system and technology contemplated in the UFS. The terms of financing remain subject to customary due diligence, receipt of Sandvik’s required internal approvals, and negotiation and execution of the definitive agreements.
Alignment with Project Execution Strategy
Sandvik continues its role as an Integrated Project Delivery (“IPD”) partner in supporting Atlas Salt’s UFS and execution strategy by aligning mine design, equipment selection, automation, and maintenance planning with the Project’s safety, productivity, and sustainability objectives.
The UFS contemplates a predominantly electric and battery-electric underground fleet, supported by automation and digital systems, as a core element of the Project’s operating strategy. Sandvik’s technology platform, including AutoMine®, digital fleet management tools, and battery solutions, is expected to support these objectives while reducing operating risk and improving long-term cost certainty. Operating with Sandvik’s battery electric and electric underground fleet, as contemplated in the UFS, is expected to reduce diesel emissions, underground heat load, and ventilation demand, resulting in lower greenhouse gas emissions, improved working conditions, and reduced energy intensity over the life of the Project.
Options Grant
The Company also announces that, subject to approval of the TSX Venture Exchange (the “Exchange”), the Board of Directors has approved the issuance of incentive stock options (the “Options”) to certain directors, officers, employees and consultants of the Company pursuant to the Company’s existing 10% rolling stock option plan (the “Stock Option Plan”).
A total of 3,150,000 Options have been granted. Each Option entitles the holder to purchase one (1) common share in the capital of the Company (each, a “Share”) at an exercise price of $0.98 per Share, which is equal to or greater than the market price of the Company’s common shares on the date of grant. The Options are exercisable for a period of five years from the date of grant for directors and officers and will expire on February 12, 2031, subject to the terms of the Stock Option Plan. The Options granted to all others are exercisable for a period of three years from the date of grant and will expire on February 12, 2029, subject to the terms of the Stock Option Plan.
The Options will be issued as follows:
Directors: 1,200,000 Options
Officers: 1,000,000 Options
Employees: 550,000 Options
Consultants: 400,000 Options
All Options granted are subject to vesting periods of either one or two years.
The Company confirms that the Options are being granted for future services and that the recipients are bona fide directors, officers, employees or consultants of the Company in accordance with applicable Exchange requirements.
After the issuance of the Options, 2,693,611 options will remain available for issuance under the Stock Option Plan.
Market Maker
The Company further announces that it has retained Integral Wealth Securities Limited (“Integral”) to provide Market-Making services in accordance with Exchange policies. Integral will trade securities of Atlas Salt on the TSX Venture Exchange for the purpose of maintaining an orderly market for the Company’s securities.
The agreement between the Company and Integral (the “Agreement”), executed on November 19, 2025, is for an initial term of three months. The Agreement outlines that Integral will receive compensation of CAD$6,000 per month, with the first monthly payment paid on the signing of the Agreement by the Company, and thereafter, the fee will be payable on the first day of each month. After the third month, the Company may terminate the Agreement on 30 days written notice. There are no performance factors in the agreement and Integral will not receive shares or options as compensation.
Atlas Salt and Integral are unrelated and unaffiliated entities; Integral is a member of the Canadian Investment Regulatory Organization (“CIRO”) and can access all Canadian Stock Exchanges and Alternative Trading Systems. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral.
Sandvik Mining is the mining-focused business area of the global Sandvik Group, and a leading supplier of equipment, tools, parts, services, digital solutions, and technologies designed to enhance productivity, safety, and sustainability in the mining and infrastructure industries. Application areas include rock drilling, rock cutting, loading and hauling, tunneling, and quarrying. In 2024, Sandvik Mining and Rock Solutions reported revenues of approximately SEK 63.6 billion and employed roughly 17,300 people worldwide. Sandvik AB, the parent company headquartered in Stockholm, Sweden, operates in more than 150 countries with total Group revenues of about SEK 123 billion and approximately 41,000 employees.
About Integral Wealth Securities Limited
Integral Wealth Securities Limited is an independent CIRO-licensed investment dealer engaged in market making, investment banking and wealth management. Headquartered in Toronto, the firm operates from nine offices across Canada. The firm’s FINRA-licensed US broker dealer affiliate, Integral Wealth Securities LLC, is based in Malvern, PA and provides investment banking as well as private placement services.
About Atlas Salt
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / November 17, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQX:SALQF) announces that, effective today, its shares will begin trading on OTCQX under the symbol “SALQF”. Its shares had previously traded on the OTCQB Venture Market under the symbol “REMRF”.
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
Nolan Peterson, CEO of Atlas Salt, commented, “Moving to the OTCQX Market is an important step in making Atlas Salt’s shares more accessible to a broader market of investors. We believe the improved visibility, enhanced liquidity, and alignment with premier U.S. markets will significantly strengthen our accessibility to institutional and retail investors alike as we continue advancing the Great Atlantic Salt Project.”
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
About Atlas Salt
Atlas Salt is developing North America’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / November 12, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQB:REMRF) announces that it has signed a comprehensive non-binding Memorandum of Understanding (“MOU”) with Hatch Ltd. (“Hatch”) establishing Hatch as the Lead Engineering Partner and Integrated Project Delivery (“IPD”) Partner for the Great Atlantic Salt Project (the “Project”).
Hatch brings over seven decades of global experience designing and delivering some of the world’s largest underground soft-rock mines and has a strong presence in Newfoundland and Labrador. Their mandate within the Project is to integrate all engineering disciplines under an IPD framework, aligning safety, design efficiency, and execution certainty with Atlas Salt’s development strategy.
Key Elements of the Partnership
Safety and Sustainability Leadership: Hatch’s “No Harm” approach to project delivery emphasizes safety-in-design and environmental stewardship, ensuring that health, safety, and environmental performance are prioritized from concept through operations.
Integrated Project Delivery: As a full IPD partner, Hatch will collaborate closely with Atlas Salt and other IPD firms to deliver coordinated engineering, risk management, and project controls, reducing execution risks and driving efficient decision-making.
Digital Engineering and Project Tools: Hatch will apply advanced digital design systems and information management platforms to streamline engineering, procurement, and construction sequencing, ensuring efficiency and readiness for operations.
Local Presence: With a long-standing office in St. John’s, Newfoundland, Hatch is well-positioned to provide on-the-ground support and collaborate directly with Atlas Salt throughout the design and execution phases.
Proven Soft-Rock Mining Expertise: Hatch has successfully led engineering and delivery on major underground mining projects across Canada, including potash, nickel, and salt operations. Their deep bench of subject-matter experts in mine, port, and infrastructure design positions the Great Atlantic Salt Project for success.
Management Commentary Nolan Peterson, CEO of Atlas Salt, stated:
“Hatch’s addition to our Integrated Project Delivery team is a pivotal milestone for the Great Atlantic Salt Project. Their proven track record in large-scale soft-rock mining, combined with their strong presence in Newfoundland and Labrador and commitment to safety and sustainability, provides Atlas Salt with the confidence that the Project will be engineered to the highest global standards.”
Mike Watters, Global Lead, Mine Infrastructure of Hatch, stated:
“We are honoured to partner with Atlas Salt on this important project for Newfoundland and Labrador. By applying our integrated project delivery model, digital engineering tools, and commitment to community engagement, Hatch will help ensure the Great Atlantic Salt Project is delivered safely, efficiently, and sustainably.”
The scientific and technical information contained in this news release has been approved by Andrew Smith, P.Eng., ICD.D, Project Director and General Manager, who is a “Qualified Person” for the purposes of NI 43-101.
About Hatch Hatch is a global engineering, project delivery, and professional services firm. Whatever our clients envision, our teams can design and build. With over seven decades of business and technical experience in the mining, energy, and infrastructure sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We draw upon our 10,000 staff with experience in more than 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve.
About Atlas Salt Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / November 6, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQB:REMRF)(FRA:9D00) announces that the Company has filed on SEDAR+ an independent technical report (the “Report”) to present the results of an Updated Feasibility Study prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of its Great Atlantic Salt Project. There are no material differences in the Report from those results disclosed in the Company’s news release dated September 30, 2025. The Report is dated November 5, 2025, with an effective date of September 30, 2025.
The Report was prepared by SLR Consulting (Canada) Ltd. (“SLR”), with contributions from specialized engineering and technical partners including Shaft and Tunnel Consulting Services Ltd., Terrane Geoscience Inc., Sandvik Mining and Rock Solutions (“Sandvik”), and Tamarack Resources and can be found under the Company’s issuer profile at www.sedarplus.ca.
Qualified Person
The scientific and technical information contained in this news release has been approved by Andrew Smith, P.Eng., ICD.D, Project Director and General Manager, who is a ‘Qualified Person’ for the purposes of NI 43-101.
About Atlas Salt
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws, including the policies of the TSX Venture Exchange. All statements in this release, other than statements of historical fact, are forward-looking information. Forward-looking information is often identified by words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “may,” “could,” “would,” “will,” “potential,” “opportunity,” “strategy,” “target,” or similar expressions and variations, and include, without limitation, statements with respect to: the results, assumptions, and conclusions of the Updated Feasibility Study for the Great Atlantic Salt Project, including projected NPV, IRR, payback, capital and operating costs, production rates, mine life, cash flows, and economics; the anticipated timing and results of permitting, approvals, engineering, financing, procurement, and construction activities; expectations regarding market demand for road salt in North America, pricing assumptions, and strategic positioning of the Project; the ability to secure project financing and offtake arrangements on acceptable terms; the expected benefits of technical enhancements, mining methods, and logistics improvements; plans for stakeholder, Indigenous, and community engagement; and future exploration, development, and production activities.
Forward-looking information is based on the Company’s current expectations, estimates, assumptions, and beliefs as of the date of this release, which include, but are not limited to: assumptions regarding commodity prices and demand for road salt; exchange rates; the accuracy of mineral reserve and resource estimates; the ability to obtain permits, regulatory approvals, and financing on acceptable terms; anticipated capital and operating costs; availability of labour, equipment, and services; compliance with environmental, health, and safety laws; and general business, economic, and market conditions.
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: risks relating to the accuracy of mineral reserve and resource estimates; risks inherent in the feasibility study process and that the Project economics may not be realized; operating and technical risks associated with underground mining and salt production; risks related to permitting, environmental regulation, and community relations; the ability to raise sufficient financing on acceptable terms; volatility in commodity prices, input costs, and exchange rates; risks related to construction schedules and cost overruns; risks related to third-party contractors and service providers; political, regulatory, and legal risks; and general business and market conditions. Additional information regarding the Company, including risk factors that may affect its business and operations, is available within the Company’s continuous disclosure documents within the Company’s profile on SEDAR+ at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is made as of the date hereof, and Atlas Salt disclaims any obligation to update or revise such information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
ST. GEORGE’S NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / October 29, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQB:REMRF) announces the signing of a comprehensive non-binding Memorandum of Understanding (“MOU”) with Continental Conveyor (“Continental”). This agreement establishes Continental as the Integrated Project Delivery (“IPD”) Partner responsible for the design and supply of the material handling conveyor systems at the Great Atlantic Salt Project (the “Project”).
Continental brings over 60 years of expertise in delivering heavy-duty bulk material handling systems across mining, ports, cement, and smelting industries. With established Canadian manufacturing operations in Quebec and Ontario, Continental will supply the complete conveyor package for the Great Atlantic Salt Project, spanning underground crushing systems through surface storage and overland conveyors to the port at Turf Point.
Key Elements of the Partnership
Comprehensive Scope: Continental will supply the full conveyor system for the Project, including 28 belt conveyors and head chutes covering underground, surface, overland, and port operations.
Integrated Project Delivery: As an IPD partner, Continental will work alongside Atlas Salt and other IPD firms to integrate equipment design, risk management, and project controls into a unified execution plan.
Proven Bulk Material Handling Expertise: With a global track record in mining and resource industries, Continental’s systems have been deployed in harsh operating environments worldwide, including potash, gold, coal, and port facilities.
Canadian Manufacturing and Support: With facilities in Thetford Mines, QC and Napanee, ON, Continental offers local engineering, fabrication, and service capabilities to support timely delivery and long-term operational reliability.
Safety and Reliability: Continental applies established safety programs and robust manufacturing practices to deliver reliable, long-life conveyor systems that meet the demanding requirements of Canadian mining projects.
Nolan Peterson, CEO of Atlas Salt, stated, “The selection of Continental Conveyor as our IPD partner for material handling represents another critical milestone for the Great Atlantic Salt Project. Their proven expertise, Canadian manufacturing base, and ability to deliver complete conveyor systems from underground to port provides Atlas Salt with the confidence to execute this core element of the Project with safety and certainty.”
Brian Lynn, Vice President of Continental Conveyor, added, “We are proud to partner with Atlas Salt on this landmark Canadian mining project. With our extensive experience in bulk material handling and our integrated manufacturing facilities, we are committed to providing a complete, reliable, and efficient conveyor solution for the Great Atlantic Salt Project.”
The scientific and technical information contained in this news release has been approved by Andrew Smith, P.Eng., ICD.D, Project Director and General Manager, who is a “Qualified Person” for the purposes of NI 43-101.
About Continental Conveyor
Founded in 1963, Continental Conveyor is a Canadian manufacturer of bulk material handling equipment with facilities in Quebec and Ontario. The company designs and supplies complete conveyor systems, feeders, reclaimers, stackers, and associated equipment to industries including mining, smelting, cement, ports, and power generation. With over 220 employees and decades of global experience, Continental is recognized for delivering robust, engineered solutions in demanding environments.
About Atlas Salt
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / October 21, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQB:REMRF)(FRA:9D00) announces that it has closed its brokered private placement financing (the “Offering“) previously announced on October 14, 2025, raising gross proceeds of $8,704,400. Under the Offering, 10,880,500 common shares of the Company (“Common Shares“) at a price of $0.80 per Common Share (the “Offering Price“) were issued pursuant to National Instrument 45-106 Prospectus Exemptions (“NI 45-106“) in accordance with Part 5A of NI 45-106, as amended by the Canadian Securities Administrators’ Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption“). The Common Shares offered under the Listed Issuer Financing Exemption are not subject to a hold period in accordance with applicable Canadian securities laws.
Participants in the Offering included a strategic investor with whom the Company is excited to build and strengthen its relationship. This investor’s interest in the Company and its flagship Great Atlantic Salt Project aligns with its long-term strategic objectives.
Nolan Peterson, CEO of Atlas Salt, commented: “The commitment and interest of both new and existing shareholders underscores the strength of the results of our recent Updated Feasibility Study, which demonstrated improved project economics and cash flow potential at Great Atlantic, in conjunction with significant de-risking. The participation of this strategic investor marks a major milestone for the Company and further reinforces our confidence in the direction we are taking with the Great Atlantic Salt Project. The rapid and positive response to the Updated Feasibility Study, the resulting market interest and the rapid closing of this financing have provided us with a timely opportunity to advance our early works program. Collectively, these developments position Atlas Salt as an increasingly attractive investment opportunity.”
The Offering was conducted pursuant to the terms of an agency agreement entered into among the Company and Raymond James Ltd., as co-lead agent and joint bookrunner, and Ventum Financial Corp., as co-lead agent and joint bookrunner, on behalf of a syndicate of agents, including Desjardins Capital Markets (collectively, the “Agents“). As consideration for their services, the Company has paid the Agents an aggregate cash fee totaling $522,264. The Company also issued to the Agents an aggregate of 652,830 compensation warrants (each, a “Compensation Warrant“), with each Compensation Warrant entitling the holder thereof to acquire one Common Share at the Offering Price for a period of 24 months from the closing date of the Offering.
The net proceeds received from the Offering will be used for civil engineering work related to advancing the Great Atlantic Salt Project towards development and for general corporate and working capital purposes, as further described in the offering document in connection with the Offering, which can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.atlassalt.com.
As previously disclosed, certain insiders of the Company participated in the Offering, and such participation by insiders constitutes a related party transaction as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the formal valuation and minority shareholder requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the securities issued under the Offering nor the consideration paid by insiders of the Company exceed 25% of the Company’s market capitalization.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Atlas Salt Inc.
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the intended use of proceeds of the Offering, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / September 30, 2025 / Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV:SALT)(OTCQB:REMRF)(FRA:9D00) announces the results of its Updated Feasibility Study (“UFS”) on the 100%-owned Great Atlantic Salt Project (“Great Atlantic” or the “Project”) located in Western Newfoundland.
UFS Highlights
(all figures are in Canadian dollars and include annual escalation, unless otherwise noted)
Life of Mine (“LOM”) Sustaining Capital : $609 million
Average Annual LOM Operating Cashflow (EBITDA 1 ) in Operations : $325 million per annum (“pa”)
Average Annual LOM Post-Tax Free Cashflow in Operation : $188 million pa
Total Undiscounted Post-Tax Cashflow (including Initial Capital Cost) : $3.93 billion
Average Annual Steady State Production LOM : 4.0 million tonnes of high-purity road salt
Mine Life : 24 years based on Proven and Probable Reserves
Average Operating Cost : $28.17 per tonne free on board (“FOB”) mine site port
Production Rate : 4.0 million tonnes per annum (“Mtpa”)
Port Capacity : Designed for scalable throughput up to 4.0 Mtpa
1 EBITDA is a non ‑ International Financial Reporting Standards (“IFRS”) financial measure and represents earnings before interest, income taxes, depreciation and amortization. It is not defined under IFRS and may not be comparable to similar measures presented by other companies. Management believes that this measure provides useful supplemental information to investors in evaluating the Project’s operating performance and its ability to generate cash flows. EBITDA is closely approximated in this model by Operating Cashflow, defined as Net Revenues less cash operating costs.
Nolan Peterson, CEO and Director of Atlas Salt, stated : “The Updated Feasibility Study marks another significant milestone in Atlas Salt’s journey, highlighting Great Atlantic’s potential as the leading undeveloped salt project in North America. This study reinforces our vision to deliver a long-life, low-cost operation at scale. It is supported by technical and logistical enhancements from the 2023 Feasibility Study that further reduce risks and position us for future success.
The improvement in projected free cash flow is especially significant as it validates the strengthened economics of Great Atlantic and enhances lender confidence in financing this world-class development. With the previously announced regulatory approval of our Early Works Development Plan, Atlas Salt is strategically positioned to advance Great Atlantic and create substantial value for all stakeholders.
We extend our gratitude to our employees, partners, the town of St. George’s and the broader Western Newfoundland community, and our dedicated shareholders for their ongoing support and commitment as we complete the UFS and move forward with our plans. Their belief in Atlas Salt drives our progress. With the foundation we have built, and the momentum of this updated feasibility study, we look forward with confidence to realizing Great Atlantic’s potential to help shape the future of salt supply in North America.”
Summary of Updated Feasibility Study
The UFS was prepared by SLR Consulting (Canada) Ltd. (“SLR”), with contributions from specialized engineering and technical partners including Shaft and Tunnel Consulting Services Ltd., Terrane Geoscience Inc., Sandvik Mining and Rock Solutions (“Sandvik”), and Tamarack Resources.
The Updated Feasibility Study builds on the 2023 Feasibility Study (“2023 FS”), incorporating optimizations in mine design, throughput, port logistics, and capital efficiency. The results confirm Great Atlantic as a large scale, high-purity, low-cost underground salt project strategically positioned to serve the North American market.
General Description of Operations and Process Plan
The capital and operating cost estimates in the Updated Feasibility Study have been prepared in accordance with the guidelines of the Association for the Advancement of Cost Engineering (AACE) for a Class 3 estimate. This level of estimate is typically based on feasibility-level engineering, vendor quotations, and discipline-level design sufficient to support a financing decision. The accuracy range for initial capital costs is considered to be within approximately -10% to +30%, while the accuracy for operating costs is estimated to be within approximately -10% to +20%. Costs are based on Q3 2025 data.
The estimates incorporate contingency allowances to reflect the current design, anticipated execution risks, and prevailing market conditions for labour, materials, and equipment. They are also benchmarked against comparable projects and historical data for underground salt operations.
Table 1 – Summary of UFS Economic Results and Assumptions 2
UFS Economic Model Results and Assumptions
Value
2025 Salt Price Assumed
($/t)
$81.67 / t FOB port.
Pre-Tax NPV₈ & IRR
($/%)
$1.68 billion / 27.1 %
Post-Tax NPV₈ & IRR
($/%)
$920 million / 21.3%
Undiscounted Post-Tax Cashflow (LOM)
($)
$3.93 billion
Average LOM Operating Cashflow (EBITDA 1 )
($/a)
$325 million
Average LOM Post-Tax Cashflow
($/a)
$188 million
Post-Tax Payback Period (from first production) (Years)
4.2 years
Initial Capital
($)
$589 million
LOM Sustaining Capital
($)
$609 million
Average LOM Operating Cost (FOB port)
($/t)
$28.17 / t
Average Annual Steady-State Salt Production
(Mtpa)
4.0 Mt
Life of Mine (LOM)
(Years)
24 years
Total Tonnes Produced / Sold (LOM)
(Mt)
90.3 Mt
Estimated Reserve Grade
(% NaCl)
95.9 % NaCl
2 Unless otherwise noted, values are presented in Canadian dollars and expressed in real terms as of 2025. Certain figures (e.g., NPV, IRR, payback) are derived outputs of the discounted cash flow model rather than direct 2025-dollar inputs. The salt price assumption is stated in 2025 Canadian dollars FOB mine site port facility. Salt pricing was determined by an independent third-party marketing study. The port facility is assumed to be operated by a third-party contractor, with associated costs incorporated into the economic analysis.
Summary of Strategic & Technical Advancements in UFS
Optimized Production Plan – Incorporates updated geotechnical, ventilation, and infrastructure studies to support efficient construction and long-term operations.
EquipmentIntegration – Deployment of Sandvik continuous mining equipment to improve productivity and reduce unit operating costs.
Port& Logistics Improvements – Upgraded stockpile and shiploading configurations to support high-capacity, efficient loading.
EconomicResilience – Financial model reflects updated costs, pricing assumptions (including inflationary trends), and robust project economics.
RegulatoryAlignment – Incorporates all post-Environmental Assessment release conditions, ensuring compliance.
These changes collectively demonstrate improved project resilience and stronger cash flow generation and returns potential, while further de-risking execution.
Detailed Comparison to 2023 Feasibility Study
Atlas Salt has summarized the quantitative differences between the 2023 Feasibility Study (“2023 FS”) and the Updated Feasibility Study (“UFS”). Unless otherwise noted, figures are presented as LOM totals or averages.
Table 2 – Detailed Comparison to 2023 Feasibility Study
Metric
2023 FS
2025 UFS
Variance (Abs.)
Variance (%)
Production Rate
(Mtpa)
2.5
4.0
+1.5
+60%
Mine Life
(years)
34
24
(10)
(29.5%)
Tonnes Produced / Sold
(LOM, Mt)
83.7
90.3
+6.6
+8%
Salt Price
(FOB port, $/t, LOM Average)
$124.86
$118.49
($6.37)
(5%) 3
Operating Cost
($/t)
$27.49
$22.00
($5.49)
(20%) 4
Pre-tax NPV8
($M)
$1,017
$1,683
+$666
+65%
After-tax NPV8
($M)
$553M
$920M
+367M
+66%
Average LOM Operating Cashflow in Operation (EBITDA 1 )
$M/a
$211M
$315M
+$104M
+49%
Average LOM Post-Tax Cashflow in Operation
$M/a
$121M
$188M
+$67M
+55%
Post-tax IRR
(%)
18.5%
21.3%
+2.8%
+15%
Initial Capital
($M)
$480M
$589M
+$109M
+23%
Sustaining Capital
(LOM, $M)
$600M
$609M
+$9M
+2%
Payback Period
(years)
4.8
4.2
(0.6)
(12%)
Post-Tax NPV 8 / Initial CAPEX Ratio
1.15
1.56
+0.41
+36%
[3] From shorter overall mine life
[4] From shorter overall mine life and economies of scale
UFS Technical Summary
Project Location and Access
The Great Atlantic Salt Project is located near St. George’s, Newfoundland, approximately 3 km from the Trans-Canada Highway and adjacent to deepwater port facilities on the west coast of Newfoundland. The location provides direct access to tidewater shipping routes serving Eastern Canada, the U.S. Northeast and Western Europe.
Geology and Mineral Resources
The Great Atlantic deposit is a flat-lying, laterally extensive, high-purity halite formation with minimal insoluble content. No changes were made to the Mineral Resource estimate completed in the 2023 FS. Table 3 provides a summary of the Mineral Resource estimate by SLR, with an effective date of September 30, 2025.
Table 3 – Mineral Resource Estimate – September 30, 2025
Category
Horizon
Tonnes (Mt)
Grade (% NaCl)
Contained NaCl (Mt)
Indicated
1-Salt
–
–
–
2-Salt
160
95.9
154
3-Salt
223
96.0
214
Total
383
96.0
368
Inferred
1-Salt
195
95.3
186
2-Salt
288
95.3
274
3-Salt
385
95.0
366
Total
868
95.2
827
Notes:
CIM (2014) definitions were followed for Mineral Resources.
Mineral Resources are estimated without a reporting cut-off grade. Reasonable Prospects for Eventual Economic Extraction were instead demonstrated by reporting within Mineable “Stope” Optimised (MSO) shapes, with a minimum height of 5 m, minimum width of 20 m, length of 40 m, and minimum grade of 90% NaCl, with a 5 m minimum pillar width between shapes.
Bulk density is 2.16 t/m 3 .
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Resources are inclusive of Mineral Reserves.
Salt prices are not directly incorporated into the Mineral Resource MSO minimum target grades, however, the mean Mineral Resource grades exceed the 95.0% NaCl (± 0.5%) specification outlined in ASTM Designation D632-12 (2012).
Numbers may not add due to rounding.
The Updated Feasibility Study uses the same Mineral Resource estimate completed in the 2023 FS. There have been no changes to the Mineral Resource estimate between the 2023 FS and the UFS (2025). The Mineral Resource estimate has a new effective date of September 30, 2025.
Mineral Reserves
The Updated Feasibility Study is supported by the Mineral Reserve estimate summarized in Table 4. These Probable Reserves have been prepared in accordance with NI 43-101 and reflect appropriate modifying factors for mining, recovery, and economics at a feasibility study level. The Mineral Reserves have an effective date of September 30, 2025.
Table 4 – Summary of Mineral Reserves
Category
Horizon
Tonnes (Mt)
Grade (% NaCl)
Contained NaCl (Mt)
Probable
2-Salt
39.3
95.9
37.6
3-Salt
55.8
95.9
53.5
Total
All
95.0
95.9
91.1
Notes:
CIM (2014) definitions were followed for Mineral Reserves.
Salt prices are not directly incorporated into the Mineral Reserve designs, however the mean Mineral Reserve grades exceed the 95% NaCl (±0.5%) specification outlined in ASTM Designation D632-12(2012).
A minimum mining height of 5.0 m and width of 17.0 m were used for production rooms.
Sterilization zone 8.0 m below the top of salt and 5.0 m above the bottom of salt have been applied.
A mining extraction factor of 100% was applied to all excavations.
Bulk density is 2.16 t/m3.
Planned process recovery is 95%.
Numbers may not add due to rounding.
Table 5 compares the Probable Reserves from the 2023 FS with the current UFS.
Table 5 – Mineral Reserve Comparison
Category
Horizon
2023 FS Reserves
2025 UFS Reserves
Variance (Abs.)
Variance (%)
Probable
(Mt)
2-Salt
37.7 Mt @ 95.9% NaCl
39.3 Mt @ 95.9% NaCl
1.5 Mt
+4.1%
3-Salt
50.3 Mt @ 96.0% NaCl
55.8 Mt @ 95.9% NaCl
5.4 Mt
+10.8%
Total
88.1 Mt @ 96.0% NaCl
95.0 Mt @ 95.9% NaCl
7.0 Mt
+7.9%
The changes are principally related to different pillar and room dimensions, and minor variances in level spacing.
Mining Method and Design
Method : Room-and-pillar underground mining using continuous miners.
PillarConfiguration : Designed for long-term stability, with pillar dimensions and sequencing optimized for maximum extraction while ensuring ground control.
Development : Access via surface portal and conveyor decline system; mine layout configured for scalable expansion.
ProductionRate : 4.0 Mtpa steady-state by Year 4, with ramp-up commencing in Year 1.
Daily Production Rate: Approximately 11,500 tonnes per day at steady-state capacity.
Processing and Product Handling
Salt is crushed and screened underground to market specifications, conveyed to surface, and transported to the port via covered conveyor. No chemical processing or water usage in processing is required, other than the application of an anti-caking agent immediately prior to shipment offsite.
Infrastructure and Logistics
Port : Dedicated port storage and shiploading system designed for 4.0 Mtpa throughput at full operations.
Shiploading : Continuous conveyor-fed shiploader with optimized cycle times to minimize vessel demurrage.
Storage : Surface stockpile capacity of approximately 72 kt, equivalent to 6.5 days of average production.
Utilities : Connection to provincial power grid with dedicated substation;
Power: The Project is expected to require approximately 10 megawatts (MW) of connected load at steady-state operations, sourced from the provincial grid via a dedicated substation.
Accommodation: No camp facilities are included in the design, with the Project benefiting from proximity to established communities and existing regional infrastructure.
Operating Costs
The operating cost estimates were developed from first principles using a combination of vendor quotations, budgetary pricing from equipment suppliers, labour and power cost assumptions specific to Newfoundland, and benchmarking against comparable underground salt operations. Mining, processing, and port handling costs reflect the planned use of continuous miners, conveyor haulage, and high-capacity shiploading infrastructure. General and administrative (G&A) costs are based on staffing requirements and site services, while closure and bonding provisions reflect anticipated regulatory obligations. Costs are expressed on a LOM average basis and are considered accurate to within -10% to +20%, consistent with a feasibility-level estimate.
Table 6 – Operating Cost Summary Table
Item
Total Operating Cost ($M)
Unit Operating Cost ($/t)
Mining
$1,354M
$15.00
Processing & Handling
$297M
$3.29
G&A
$335M
$3.71
Port Operations
$557M
$6.17
Total
$2,543M
$28.17
Capital Costs
The initial capital cost for the Great Atlantic Salt Project is estimated at approximately $589 million , covering underground mine development, mining equipment, surface infrastructure, port facilities, utilities, and indirect costs, with contingency applied to reflect feasibility-level design maturity. Sustaining capital over the LOM is estimated at $609 million total , averaging approximately $26.5 million per year , and primarily relates to underground development, conveyor extensions, and equipment replacement.
Table 7 – Initial and Sustaining Capital Summary Table
Area
Initial Capital
($M)
LOM Sustaining
($M)
Total
($M)
Underground Mine Development & Equipment
($M)
$203M
$545M
$748M
Processing Plant
($M)
$42M
$31M
$73M
Surface Infrastructure & Port Facilities
($M)
$132M
$33M
$165M
Owner’s Costs & Indirects
($M)
$134M
$134M
Contingency (approx. 15.1%)
($M)
$77M
$77M
Total Capital
($M)
$589M
$609M
$1,198M
Note: Direct Sustaining CAPEX figures are inclusive of Indirects and Contingency
LOM Production and Cash Flow Summary
The Great Atlantic mine plan supports a long-life, consistent production profile, with no significant production variance once full ramp up is achieved.
Table 8 – LOM Production and Cash Flow Summary
Parameter
Value (UFS Base Case)
Life of Mine (LOM)
24 years
Total Tonnes Mined
95.8 Mt
Average Annual Steady-State Production
4.0 Mt salt
Cumulative Post-Tax Cash Flow
$3.93 B
Average Annual Post-Tax Cash Flow in Operation
$188 M
Sensitivity Analysis
The Project economics are most sensitive to salt price, capital costs, and operating costs assumptions. Sensitivity testing indicates that the Updated Feasibility Study maintains robust economics across a wide range of assumptions.
Table 9 – Economic and Sensitivity Analysis
Sensitivity Variance
Sensitivity Value
Post-Tax NPV₈
Post-Tax IRR
(%)
(By Row)
($M)
(%)
2025 Salt Price Sensitivity ($/t FOB Port)
(10%)
$73.50
$474M
16.9%
0%
$81.67
$920M
21.3%
10%
$89.84
$1,483M
25.0%
CAPEX Sensitivity
($)
(10%)
$530M
$963M
22.9%
0%
$589M
$920M
21.3%
10%
$649M
$891M
20.2%
OPEX Sensitivity
($/t)
(10%)
$19.80/t
$973M
22.0%
0%
$22.00/t
$920M
21.3%
10%
$24.20/t
$881M
20.9%
Even under downside scenarios, the Project demonstrates positive economics and resilience, highlighting its strategic competitive positioning in the North American road salt market.
Market Opportunity
North America consumes over 25 million tonnes of road salt annually, a significant portion of which is imported, with Eastern Canada and the U.S. Northeast representing the highest concentration of demand. Regional supply challenges, combined with increasing winter severity and aging supply bases, create a strategic opportunity for Great Atlantic to deliver reliable, high-purity supply into these critical markets.
Permitting and Regulatory Approvals
The Great Atlantic Salt Project is advancing within a well-defined permitting framework under the Government of Newfoundland and Labrador.
Environmental Assessment (EA): Conditionally released from the provincial EA process in 2024, establishing government approval to advance the Project.
Early Works Development Plan: Approved in 2025, enabling shovel-ready commencement of site preparation, civil works, and other enabling infrastructure.
Capital Development Plan: To be submitted following completion of detailed engineering, covering underground mine development, processing, and port facilities.
Commercial Production Approval: The final stage permit, aligned with commissioning of mine and port facilities.
The permitting pathway for Great Atlantic is clear, with major approvals in place and a structured process established for capital development and eventual production.
Next Steps
Atlas Salt will advance the Project through:
NI 43-101 Technical Report Filing: Submission of the Updated Feasibility Study Technical Report within 45 days.
Financing Discussions: Continued engagement with project lenders, strategic offtake partners, and equity participants to advance funding solutions.
Detailed Engineering and Procurement: Progression of engineering design and procurement packages in alignment with the UFS.
Stakeholder and Community Engagement: Ongoing consultations with local communities, Indigenous groups, and stakeholders to ensure alignment and transparency.
This news release describes an updated Mineral Resource estimate, a feasibility study and cash flow, based upon geological, engineering, technical and cost inputs developed by SLR Consulting (Canada) Ltd. A National Instrument 43-101 Technical Report (NI 43-101) will be filed on SEDAR within 45 days. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Pierre Landry, P.Geo., David M. Robson, P.Eng., MBA, Lance Engelbrecht, P.Eng., Derek J. Riehm, M.A.Sc., P.Eng., and Graham G. Clow, P.Eng. each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Atlas Salt
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws, including the policies of the TSX Venture Exchange. All statements in this release, other than statements of historical fact, are forward-looking information. Forward-looking information is often identified by words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “may,” “could,” “would,” “will,” “potential,” “opportunity,” “strategy,” “target,” or similar expressions and variations, and include, without limitation, statements with respect to: the results, assumptions, and conclusions of the Updated Feasibility Study for the Great Atlantic Salt Project, including projected NPV, IRR, payback, capital and operating costs, production rates, mine life, cash flows, and economics; the anticipated timing and results of permitting, approvals, engineering, financing, procurement, and construction activities; expectations regarding market demand for road salt in North America, pricing assumptions, and strategic positioning of the Project; the ability to secure project financing and offtake arrangements on acceptable terms; the expected benefits of technical enhancements, mining methods, and logistics improvements; plans for stakeholder, Indigenous, and community engagement; and future exploration, development, and production activities
Forward-looking information is based on the Company’s current expectations, estimates, assumptions, and beliefs as of the date of this release, which include, but are not limited to: assumptions regarding commodity prices and demand for road salt; exchange rates; the accuracy of mineral reserve and resource estimates; the ability to obtain permits, regulatory approvals, and financing on acceptable terms; anticipated capital and operating costs; availability of labour, equipment, and services; compliance with environmental, health, and safety laws; and general business, economic, and market conditions.
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: risks relating to the accuracy of mineral reserve and resource estimates; risks inherent in the feasibility study process and that the Project economics may not be realized; operating and technical risks associated with underground mining and salt production; risks related to permitting, environmental regulation, and community relations; the ability to raise sufficient financing on acceptable terms; volatility in commodity prices, input costs, and exchange rates; risks related to construction schedules and cost overruns; risks related to third-party contractors and service providers; political, regulatory, and legal risks; and general business and market conditions. Additional information regarding the Company, including risk factors that may affect its business and operations, is available within the Company’s continuous disclosure documents within the Company’s profile on SEDAR+ at www.sedarplus.ca .
Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is made as of the date hereof, and Atlas Salt disclaims any obligation to update or revise such information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
U.S. Securities Law Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of Atlas Salt have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom.
Non-IFRS Financial Measures
This news release contains references to certain financial measures such as “EBITDA,” “Operating Cashflow,” “Free Cashflow,” and “Return on Capital Employed (ROCE)” which are not recognized measures under International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have standardized meanings prescribed under IFRS and therefore may not be comparable to similar measures presented by other issuers.
EBITDA / Operating Cashflow – In this release, EBITDA is closely approximated by Operating Cashflow, which is defined as net revenues less cash operating costs before interest, taxes, depreciation, and amortization. Management believes this measure is useful in evaluating the Project’s ability to generate cash from operations.
Free Cashflow – Defined as post-tax cashflow after deducting initial and sustaining capital expenditures. Management uses this measure to assess the cash potentially available for reinvestment, debt repayment, or distribution to shareholders.
Management believes that these measures provide meaningful information to investors and analysts in assessing the economic potential and financial performance of the Great Atlantic Salt Project. However, they should not be considered in isolation, as a substitute for, or superior to, measures prepared in accordance with IFRS.
