Atlas Salt Announces De-risked Development Schedule for Great Atlantic Salt Project
1
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
FOR IMMEDIATE RELEASE
Atlas Salt Announces De-risked Development Schedule for Great Atlantic Salt
Project
St. John's, Newfoundland and Labrador – August 12, 2024 - Atlas Salt Inc. (“Atlas
Salt” or the “Company”) (TSXV: SALT; OTCQB: REMRF) is pleased to announce a de-
risked development schedule for the Great Atlantic Salt Project (the “Project”) with
3rd party review and verification by Tamkali Limited (“T amkali”), an independent
provider of Project Development and Control Services with a focus on the Mining
Industry.
The Company previously disclosed a schedule for the Project in a technical report,
supported by a feasibility study (“Feasibility Study”) prepared by SLR Consulting
(Canada) Ltd. (“SLR”), which was filed on SEDAR+ on October 12, 2023 , as amended
and refiled on May 1, 2024 . That feasibility schedule assumed a duration of 6 2
months, following project sanctioning that does not account for sourcing, timing and
preconditions for securing financing, all of which were not part of SLR’s scope of
work.
Over the past year, Atlas Salt has made key advances , such as obtaining provincial
environmental assessment (“EA”) release for the Project, addressing EA conditions,
acquiring surface rights, advancing permitting, advancing geotechnical studies ,
securing long-lead critical equipment and major components, sourcing off -take
partnerships and agreements, completing greenhouse gas intensity and economic
impact studies, and technical de-risking of the Project , which are all necessary
preconditions for securing financing packages.
Following a rigorous review and optimization process, the Company has reduced the
Project’s schedule duration to 59 months, a 5% improvement compared to the
Feasibility Study. As verified by Tam kali, this achievement reflects critical feedback
from regulators, vendors, and industry experts, resulting in a more detailed and
robust project execution plan.
2
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
The updated schedule includes a target date in the first half of 2025 for securing
project financing. While Atlas Salt is working towards meeting this target, the
Company acknowledges the inherent risks and uncertainties in achieving this date.
Should financing be delayed , the planned Project schedule will be adjusted
accordingly, with ongoing monitoring and management by the Company.
Richard LaBelle, CEO, noted, "Our ability to prudently manage our resources to
further build momentum while working within our current cash position is a
testament to our team's capabilities and determination to advanc e our world class
project."
Key Enhancements to the Project Schedule:
• Increased Detail: At this stage of the project, the level of detail in the schedule
has been doubled, ensuring a comprehensive representation of all project
activities. This enhancement supports more effective monitoring and control
of the Project’s progress.
• PERT Analysis and Monte Carlo Simulation: A full Program Evaluation and
Review Technique ( “PERT”) analysis has been conducted, accompanied by a
Monte Carlo simulation to address schedule risks and duration uncertainties.
This dual approach has provided a more realistic and resilient schedule that
anticipates potential challenges and mitigates associated risks.
• Oracle Primavera Cloud Software: The scheduling work was performed
using Oracle Primavera Cloud, a leading scheduling software. This platform
enhances the precision and flexibility of the schedule while ensuring a
seamless transition into the construction phase, supporting the Project’s long-
term success. Additionally, Atlas Salt is currently implementing Oracle Aconex
and Oracle Netsuite systems, which together will form an integrated
scheduling, construction management, costing, procurement and financial
controls system.
• Quality Assurance Review: The revised schedule underwent a quality
assurance review by Tamkali, an independent project services and controls
3
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
advisory firm. The review confirmed that the schedule serves as a robust
baseline for project execution, capable of accommodating future project
phases, including construction and commissioning.
A graphic illustrating the high -level project schedule reflecting the 3-month
improvement and estimated ranges, is included below.
Figure 1 - Updated Overall Project Schedule
Tamkali’s President, Will van Niekerk , highlighted, "Our Independent peer review of
the de-risked Project schedule found that it is representative of the execution
strategy and can effectively be used to establish an initial baseline for the Project's
timeline, ensuring that the key milestones for management, engineering,
procurement, construction and commissioning are defined and achievable. This
foundation will support a baseline upon which permitting, engineering, and
associated activities can be built to ensure transparent progression of the Project as
it advances through its subsequent phases."
Richard LaBelle, CEO, commented: "This schedule improvement is a testament to our
commitment to building the Great Atlantic Salt Project. By integrating expert insights
from Tamkali and advanced risk analysis, we have strengthened our confidence in
the Project’s successful execution. We are excited about the progress made and are
fully dedicated to advancing the Project with a focus on operational excellence and
stakeholder value."
4
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
For further information and ongoing updates, please visit https://atlassalt.com/.
For further information about Tamkali, please visit https://tamkali.ca/.
Scientific and Technical Information
The scientific and technical information contained in this news release has been
approved by Andrew Smith, P.Eng., Mine Project Manager, who is a "Qualified
Person" for the purposes of NI 43-101.
About Atlas Salt Inc.
Atlas Salt Inc. 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.
For information, please contact:
Richard LaBelle, CEO
We seek safe harbor.
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”, “e stimates”, “potential”,
5
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
“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 releas e 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.