Disseminated on Behalf of: Atlas Salt Inc.
Nolan K. Peterson, CEO of Atlas Salt Inc. (TSXV: SALT | OTCQX: SALQF), shares the company’s transition from project definition to early development at the Great Atlantic Salt Project in Newfoundland and Labrador. Building on key technical and financing milestones achieved in late 2025, Atlas Salt is preparing to deploy capital into early development activities beginning in 2026 and positioning Great Atlantic to move toward construction on a disciplined and executable timeline.
Great Atlantic Salt Project feasibility update supports development pathway
In recent months, Atlas Salt released an updated feasibility study that increased planned steady-state production at the Great Atlantic Salt Project from 2.5 million tonnes to four million tonnes per year. According to CEO Nolan Peterson, the objective was to “improve scale while maintaining a practical and executable development plan,” ensuring the project remains straightforward to advance while supporting long-term production. The higher throughput materially strengthened project economics, outlining an after-tax NPV (eight per cent) of $920 million, a 21 per cent internal rate of return, and an average annual after-tax free cash flow of approximately $188 million over a 24-year mine life. The revised study reflects a more efficient operating profile, mine design improvements and provides a stronger economic foundation as Atlas prepares to initiate early works and advance discussions with global project finance providers.
North American salt supply and infrastructure resilience
Salt is a critical input for road safety, municipal infrastructure, and a wide range of other industrial applications across North America. De-icing salt demand is influenced by population growth, climate variability, and the need for reliable supply chains that can support essential services year after year. As municipalities and governments place greater emphasis on infrastructure resilience, operating reliability, and cost stability, long-life salt assets have taken on increased strategic relevance within the materials supply chain. “The salt market is defined by steady demand and long asset lives,” Peterson says, noting that this stability supports Atlas’s disciplined development approach and financing strategy. The Great Atlantic Salt Project’s location in Newfoundland and Labrador positions it to supply eastern North America while benefiting from proximity to tidewater access and established transportation and logistics networks.
Equity financing completed to fund early development
Following the feasibility update, Atlas completed a fully subscribed, broker-led equity financing for gross proceeds of $8.7 million. The financing was completed without warrants and priced at a modest discount to market, underscoring investor confidence in the project’s advancement. CEO Nolan Peterson notes that the capital allows the company to “move decisively into early works,” while maintaining flexibility as Atlas progresses toward project financing. Importantly, the financing included participation from a strategic investor, further reinforcing confidence in the Great Atlantic Salt Project’s development trajectory. Proceeds are earmarked to advance early development activities, support execution planning, and maintain project momentum into 2026 as the company continues to de-risk the project and prepare for the next stage of development.
Early works and project financing set the stage for development in 2026
In January 2026, Atlas plans to initiate early works development at the Great Atlantic Salt Project, including preparations to tie into Newfoundland Power. These activities are intended to reduce execution risk, refine development timelines, and demonstrate project readiness as the company engages with lenders and strategic capital providers. Early works mark a key transition point, shifting the project from technical studies towards on-the-ground execution.
In parallel, Atlas’s financial advisor, Endeavour Financial, has begun re-engaging global project finance markets with the objective of securing project financing during 2026. Successful completion of project financing would allow Atlas to begin full-scale development by the end of the year. With feasibility work complete and early development underway, the company is entering a phase focused on disciplined execution and continued risk reduction.
Transcript
At Atlas Salt, we are looking to continue building upon the momentum that we started generating in the fall of 2025. In the last few months, we released an updated feasibility study on the Great Atlantic Salt Project, increasing the average annual steady state production from 2.5 million to four million tonnes per year, resulting in improved economics for the mine, including an NPV of $920 million, 21 per cent IRR, and $188 million of average annual after-tax free cash flow for the 24-year mine life. We also launched and closed a fully-subscribed broker-led life financing of common shares with no warrant and priced with just a small discount to market for gross proceeds of $8.7 million. Importantly, the offering included participation from a critical strategic investor. We are now looking to put the proceeds of the offering to work and to get a head start on development activities. In January, 2026, we will begin early works development, which includes preparing to tie into Newfoundland Power. Our financial advisor, Endeavour Financial, has begun reapproaching the Global Project Finance Markets, with the goal of closing project financing next year, allowing us to begin full-scale development of the project by the end of 2026.
About Atlas Salt Ltd.
Atlas Salt (TSXV: SALT | OTCQX: SALQF) is a Canadian mineral development company advancing the Great Atlantic Salt Project in Newfoundland and Labrador. The project is designed as a large-scale, long-life salt operation intended to supply road safety, infrastructure, and industrial markets in eastern North America. Following an upgraded feasibility study, Atlas is preparing to move into early development activities in 2026 while advancing discussions with global project finance providers. With feasibility work complete, Atlas is entering the next phase of development as it prepares for early works and financing.
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