Atlas Salt Provides Comprehensive Development Update on Great Atlantic Salt Project
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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 Provides Comprehensive Development Update on Great Atlantic Salt
Project
St. John's, Newfoundland and Labrador – March 28, 2025 - Atlas Salt Inc. (“Atlas
Salt” or the “Company”) (TSXV: SALT; OTCQB: REMRF ) is pleased to provide an
update on key workstreams advancing the Great Atlantic Salt Project (the “Project”).
Building on the Company’s momentum, Atlas Salt is making meaningful progress on
multiple fronts, including its geotechnical and hydrogeological drilling program,
project execution planning, ongoing permitting efforts, and progress related to
project financing.
Project Financing with Endeavour
Financing Discussions Progressing: Atlas Salt continues to hold regular,
productive discussions with Endeavour Financial and interested financiers as
part of establishing a robust financial structure for the Project.
Comprehensive Strategy: The Company is assessing a balanced approach of
both debt and equity to best position the Project for accelerated development
and to reduce overall risk.
Engineering & Mine Plan Updates
Lead Engineering and Material Handling Partner: The procurement team is
in the final stages of selecting both the Lead Engineering Partner and Material
Handling Equipment Partner, with decisions expected by the end of April 2025.
Mine Plan Revisions: Deswik Consulting is adjusting the mine plan to align
with the selection of Sandvik as the preferred mining equipment partner. This
ensures operational efficiencies and a more streamlined path to production.
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
Geotechnical & Hydrogeological Drilling Program
Earthworks Completed: All drill site access and site preparation associated
with the drill program are completed.
93% Drilling Completion: The geotechnical and hydrogeological drilling
program has completed 2,275 m to date, with the final drillhole completion
anticipated by early April 2025.
Data Analysis Underway: Core sampling, technical evaluations, and reporting
are underway to inform final decline design and development strategies.
Project Governance & Execution Planning
Cornerstone Governance Documents: Atlas Salt has completed its Project
Governance Framework and Integrated Project Delivery Framework,
establishing a clear foundation for decision-making and project execution.
Detailed Execution Plan: Pursuant to these frameworks, the Company in
conjunction with engineering firm, Hatch Ltd. is advancing a comprehensive
Project Execution Plan, which includes:
o Engineering Execution Plan
o Quality Management Plan
o Risk Management Plan
o Project Controls Management Plan
Several complementary plans are also progressing well and are expected to be
finished in April 2025.
Operational Readiness with TrajectorE
Planning for a Seamless Transition: Atlas Salt has initiated Operational
Readiness planning with TrajectorE to ensure a smooth shift into commercial
production following the mine’s capital construction period. This planning
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
focuses on the final year of construction, aligning completion activities with
the start of operations.
Target Completion in May 2025: The Operational Readiness planning phase
is projected to conclude by May 2025, establishing the framework for an
efficient handover to commercial production once capital construction is
finished.
Power Infrastructure and Engineering
Newfoundland Power’s Cost Estimate and Schedule: Newfoundland Power
has confirmed that the Great Atlantic Salt Project’s electrical load
requirements can be supported on its distribution network and will be
factored into ongoing load forecasting. They also provided a preliminary cost
estimate and schedule for the high-voltage infrastructure needed to serve the
project.
Substation Engineering Prepared: In collaboration with Angler Solutions Inc.,
Atlas Salt completed preliminary substation engineering that allowed
Newfoundland Power to confirm their ability to provide the requisite high -
voltage power throughout the mine’s life. This effort also advanced the
project’s electrical design by specifying a high -voltage transformer and
associated substation equipment, enabling Atlas Salt to identify and monitor
lead times for these critical, long-lead items.
Permitting Advancement
Advancing Permitting Approvals: Following the submission of its Early Works
Development Plan, Atlas Salt continues to advance and develop its next phase
of capital development permitting.
Alignment with Overall Timeline : These early works initiatives underpin the
broader project schedule, enabling timely site preparation and de-risking early
construction activities.
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
Patrick Laracy, Chairman of Atlas Salt, commented: “We have taken important steps
to maintain continuity and build on the progress made on the development of the
Great Atlantic salt deposit. Our team is keenly focused on executing the next stages
of financing and construction, guided by the strong foundation of feasibility work,
permitting milestones, and engineering plans already in place. We look forward to
completing the final details necessary to advance the Great Atlantic Salt Project into
construction.”
For further information and ongoing updates, please visit https://atlassalt.com.
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:
Patrick Laracy, Chairman
(709) 739-9545
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”)
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
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.