Atlas Salt Provides Comprehensive Development Update on Great Atlantic Salt Project

Rhea-AI Summary

Atlas Salt (TSXV:SALT)(OTCQB:REMRF) has provided a comprehensive update on the development of its Great Atlantic Salt Project. The company reports 93% completion of its geotechnical and hydrogeological drilling program, with 2,275 meters drilled and final completion expected by early April 2025.

Key developments include:

• Ongoing project financing discussions with Endeavour Financial, exploring both debt and equity options
• Final stages of selecting Lead Engineering Partner and Material Handling Equipment Partner, with decisions expected by end of April 2025
• Mine plan revisions in progress with Deswik Consulting following Sandvik's selection as preferred mining equipment partner
• Completion of Project Governance Framework and advancement of comprehensive Project Execution Plan with Hatch
• Confirmation from Newfoundland Power regarding electrical load support and preliminary cost estimates for high-voltage infrastructure
• Operational Readiness planning with TrajectorE, targeted for completion in May 2025

Positive

• 93% completion of geotechnical drilling program, indicating strong project advancement
• Confirmed power infrastructure support from Newfoundland Power
• Multiple financing options being explored with Endeavour Financial
• Completed Project Governance Framework and advancing execution planning

Negative

• Final project financing structure not yet secured
• Key partnerships for engineering and material handling still pending finalization

ST. JOHN'S, NL / ACCESS Newswire / 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.

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:

  • Engineering Execution Plan

  • Quality Management Plan

  • Risk Management Plan

  • Project Controls Management Plan

• 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 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.

• 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.

Several complementary plans are also progressing well and are expected to be finished in April 2025.

Operational Readiness with TrajectorE

Power Infrastructure and Engineering

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.

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
investors@atlassalt.com
(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 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.

SOURCE: Atlas Salt Inc.

View the original press release on ACCESS Newswire

FAQ

What is the current status of Atlas Salt's (REMRF) Great Atlantic drilling program?

The geotechnical and hydrogeological drilling program is 93% complete with 2,275 meters drilled, expecting final completion by early April 2025.

When will Atlas Salt (REMRF) select its Lead Engineering and Material Handling partners?

Decisions on both partners are expected by the end of April 2025.

What is the timeline for Atlas Salt's (REMRF) Operational Readiness planning?

The Operational Readiness planning phase with TrajectorE is projected to conclude by May 2025.

How is Atlas Salt (REMRF) approaching project financing for Great Atlantic?

The company is pursuing a balanced approach of both debt and equity financing through discussions with Endeavour Financial and interested financiers.

What progress has Atlas Salt (REMRF) made on power infrastructure for Great Atlantic?

Newfoundland Power has confirmed ability to support the project's electrical load requirements and provided preliminary cost estimates for high-voltage infrastructure.