Great Atlantic Salt Project to Provide Significant Economic Boost to Newfoundland & Labrador and Canada
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
FOR IMMEDIATE RELEASE
Great Atlantic Salt Project to Provide Significant Economic Boost to Newfoundland
& Labrador and Canada
St. John's, Newfoundland and Labrador – July 23, 2024 - Atlas Salt Inc. (“Atlas Salt”
or the “Company”) (TSXV: SALT; OTCQB: REMRF) is pleased to announce the results
of a n Economic Impact Report and Model (the “Report”) for its Great Atlantic Salt
Project (the “Project”) prepared by Jupia Consultants Inc. (“Jupia”).
The Report concludes that, combining both capital and operational expenditures, the
entire Project will have significant direct, indirect and induced effects on the regional
and Provincial economies over the life of the Project , including the following
highlights1:
• Boosting Newfoundland and Labrador (“NL”) GDP by $4.8 billion;
• Contributing $2.5 billion in employment income in NL;
• Boosting annual household spending in NL by $1.9 billion;
• Contributing $90 million in tax revenue to municipal governments in NL; and
• Contributing $1.7 billion to the NL government and $953 million to the federal
government in Canada.
David Campbell, President, Jupia Consultants Inc., remarked: “The Great Atlantic Salt
Project, represents a generational investment in southwestern Newfoundland ,
bringing substantial economic benefits and sustaining hundreds of high-paying jobs
and associated economic benefits in the province on an annual basis over at least a
three-decade period. The $4.8 billion boost to provincial GDP over the 34 -year
Project life will be felt by everyone in Newfoundland and Labrador.”
Rick LaBelle, CEO, commented: “ Atlas Salt is committed to creating a long -term
sustainable business and the Jupia report confirms our belief in just how significant
the Great Atlantic Salt Project can be to the region around St. George’s and beyond .
The Project will not only boost mining investment in Newfoundland and Labrador,
1 In real dollars ($2024). As per Jupia Consultants report and economic model dated July 2024.
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
but establish a high quality, generational employer creating hundreds of high quality
jobs and supporting new and existing companies in the region.”
The Report provides a detailed economic impact model that considers direct and
indirect as well as induced economic impacts within the province and across the
country. The Project represents one of the largest private sector investments in
recent history in southwestern Newfoundland. The following table shows the
combined cumulative economic impacts of the capital and operational expenditure
phases, along with an estimate of the economic impacts of spending provincial tax
revenues on public services.
The Report details the strategic impact Atlas Salt’s Project will have on the N L
economy, and will help support the Company’s strategic discussions with various
parties, including potential sources of financing, allowing the Company to advance
the Project’s construction and unlocking shareholder value.
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/. A
copy of the Jupia Consultants Inc. Report will be available for download on Atlas Salt’s
website.
About Jupia Consultants Inc.
Jupia Consultants Inc. is a full service economic development planning and consulting
firm based in Moncton, New Brunswick. Jupia works with governments, communities,
not-for-profit organizations and industries across Canada and in the United States.
Core strengths include economic impact analysis, workforce development,
population growth, return on taxpayer investment (ROTI) analysis, sector
development and investment attraction. Jupia has worked on projects in more than
100 communities over nearly 20 years. https://www.jupia.ca/.
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
(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”)
within the meaning of applicable Canadian securities legislation. All statements, other
TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
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, identif ied 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: 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 th at 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 ma de 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, bot h 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, sh ould they change, except as required by
law.