Atlas Salt Announces Updated Feasibility Study with Enhanced Results for the Great Atlantic Salt Project; $920M Post-Tax NPV8 and 21.3% Post-Tax IRR
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TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
FOR IMMEDIATE RELEASE
Atlas Salt Announces Updated Feasibility Study with Enhanced Results for the
Great Atlantic Salt Project; $920M Post-Tax NPV8 and 21.3% Post-Tax IRR
St. George's, Newfoundland and Labrador - 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)
• Post-tax NPV8: $920 million, Post-tax IRR: 21.3%, Payback: 4.2 Years
o Pre-tax NPV8: $1.68 billion, Pre-tax IRR: 27.1%
o Pre-tax NPV5: $2.75 billion, Post-tax NPV5: $1.57 billion
• Initial Capital Cost: $589 million
• 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 (incl uding 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”)
2
TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
• 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.
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TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
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 Assumptions2
UFS Economic Model Results and Assumptions Value
2025 Salt Price Assumed
($/t)
$81.67 / t FOB port.
Pre-Tax NPV₈ & IRR
($/%)
$1.68 billion / 27.1 %
Post-Tax NPV₈ & IRR
($/%)
$920 million / 21.3%
Undiscounted Post-Tax Cashflow (LOM)
($)
$3.93 billion
Average LOM Operating Cashflow (EBITDA1)
($/a)
$325 million
Average LOM Post-Tax Cashflow
($/a)
$188 million
Post-Tax Payback Period (from first production)
(Years)
4.2 years
Initial Capital
($)
$589 million
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TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
LOM Sustaining Capital
($)
$609 million
Average LOM Operating Cost (FOB port)
($/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.
• Equipment Integration - 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.
• Economic Resilience - Financial model reflects updated costs, pricing
assumptions (including inflationary trends), and robust project economics.
• Regulatory Alignment - 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.
5
TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
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
(EBITDA1)
$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 NPV8 / 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
6
TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
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:
1. CIM (2014) definitions were followed for Mineral Resources.
2. 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.
3. Bulk density is 2.16 t/m3.
4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
5. Mineral Resources are inclusive of Mineral Reserves.
6. 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).
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TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
7. 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:
1. CIM (2014) definitions were followed for Mineral Reserves.
2. 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).
3. A minimum mining height of 5.0 m and width of 17.0 m were used for production rooms.
4. Sterilization zone 8.0 m below the top of salt and 5.0 m above the bottom of salt have been applied.
5. A mining extraction factor of 100% was applied to all excavations.
6. Bulk density is 2.16 t/m3.
7. Planned process recovery is 95%.
8. Numbers may not add due to rounding.
8
TSXV: SALT
2 School Rd.
St. George’s, NL A0N 1Z0
Telephone: (709) 275-2009
AtlasSalt.com
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.
• Pillar Configuration: 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.
• Production Rate: 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.