Atlas Salt Receives Letter of Interest from Export Development Canada up to C$150M for the Great Atlantic Salt Project Financing
Atlas Salt Receives Letter of Interest from
Export Development Canada up to C$150M for
the Great Atlantic Salt Project Financing
St. George's, Newfoundland and Labrador--(Newsfile Corp. - July 23, 2026) - Atlas Salt Inc. (TSXV:
SALT) (OTCQX: SALQF) (FSE: 9D00) ("Atlas Salt" or the "Company") announces that it has received a
Letter of Interest from Export Development Canada ("EDC") stating its interest in providing long term
debt financing of up to C$150M, as Mandated Lead Arranger, for the Great Atlantic Salt Project (the
"Project"), located near St. George's, Newfoundland and Labrador. The Letter of Interest marks an
important milestone in the Company's project financing process, which continues to advance with the
support of the Company's financial advisor, Endeavour Financial.
Summary of Key Points
Atlas Salt has received a Letter of Interest from EDC earmarking potential financing up to C$150M
for the Great Atlantic Salt Project.
The Letter of Interest supports EDC's advancement of due diligence on the Project as a
prospective participant in the Project's senior debt financing process, led by Endeavour Financial.
The milestone builds on the Company's previously disclosed engagement with export credit
agencies and is a confirmation of the interest from the global financing community.
Nolan Peterson, President and CEO of Atlas Salt, commented:
"EDC's Letter of Interest, for up to C$150M of senior debt financing is an important endorsement of
the Great Atlantic Salt Project and the fundamentals set out in our Updated Feasibility Study.
Export credit agencies apply rigorous, disciplined diligence, and their engagement at this stage
reflects the strength and strategic significance of a long-life, Canadian industrial-salt asset. This
key derisking event is one part of a broader financing process that is progressing across multiple
counterparties and jurisdictions, and we look forward to advancing that process in a diligent manner
alongside our advisor, Endeavour Financial."
Export Development Canada Letter of Interest
The Letter of Interest confirms EDC's interest in evaluating potential financing for the Project and its
intention to advance due diligence in cooperation with the Company and its advisors, with the objective
of providing up to C$150M in secured debt funding. EDC is Canada's export credit agency, providing
financing, insurance and knowledge to support Canadian companies and projects with international
trade and export potential. The Letter of Interest is non-binding, does not constitute a commitment to
provide financing, and any participation by EDC would remain subject to the completion of its due
diligence process, credit approval and the negotiation of definitive agreements.
Project Financing Process
Atlas Salt continues to advance project financing for the Great Atlantic Salt Project with the support of its
financial advisor, Endeavour Financial. As previously disclosed, the Company is pursuing approximately
C$350 million to C$400 million of senior secured debt, anchored by the Updated Feasibility Study
("UFS") released on September 30, 2025. The UFS delivered an after-tax NPV
₈
of C$920 million, a
post-tax IRR of 21.3%, a 4.2-year payback at a steady-state production rate of 4.0 million tonnes per
annum, and approximately C$188 million in after-tax free cash flow over a 25-year mine life.
The Company has received indications of interest from prospective lenders, vendor-financing
counterparties and strategic financing partners across multiple jurisdictions, and continues to engage
with export credit agencies as part of a structured, competitive financing process. Interested parties are
working within the Company's established due diligence process. All discussions remain non-binding,
and there can be no assurance that any financing will be completed on the terms contemplated, or at all.
The Company will provide further updates as material developments occur.
For further information and ongoing updates, please visit
https://atlassalt.com
.
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.
For information, please contact:
Nolan K. Peterson, CEO and Director
(709) 275-2009
We seek safe harbour.
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release. This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements with respect to: obtaining financing; completion, delivery and timing of project components
and requirements; and analysis and assumptions related thereto. Forward-looking information is
generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends",
"could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of
such expressions. Forward-looking information is subject to known and unknown risks and
uncertainties that may cause actual results to differ materially from those anticipated or implied in the
forward-looking information. The Company's forward-looking information is based on the assumptions
that: the Company will be able to obtain all required approvals for the Great Atlantic Salt Project and
the marketing engagement; general business and economic conditions will not change in a materially
adverse manner; the Company will be able to obtain financing as required; and the marketing
services engagement will proceed as planned. Risk factors that could cause actual results to differ
materially include, but are not limited to: failure to obtain TSX Venture Exchange approval for the
marketing engagement; failure to obtain necessary financing; changes in general economic,
business and political conditions; changes in applicable laws and regulations; compliance with
extensive government regulation; and other risks described in the Company's public disclosure
documents filed on SEDAR+. The Company cautions that the foregoing list of risk factors is not
exhaustive. The forward-looking information contained in this news release is made as of the date
hereof and the Company is not obligated to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, except as required by applicable securities
laws. Because of the risks, uncertainties and assumptions contained herein, investors should not
place undue reliance on forward-looking information. The foregoing statements expressly qualify any
forward-looking information contained herein.
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