Why Smart Investors Are Salting
Their Portfolios with Atlas

• Atlas Salt’s Great Atlantic Project is set to deliver 4 million tonnes of domestic de-icing road salt annually, replacing costly imports and redefining supply security for the U.S. and Canada.
• As legacy mines close and imports rise, Atlas Salt’s fully electric mine in Newfoundland offers investors a scalable, ESG-aligned asset with strong cash flow and clear financing pathways.
• With production targeted for 2030, an approved Environmental Assessment, and early-works permits already in hand, Atlas Salt is moving toward construction on North America’s first new salt mine in nearly 30 years.

“There hasn’t been a new salt mine built in North America in over two decades. Some existing mines will be shutting down in the next few years, which will put cost and supply pressures on the market. We’re hitting the market at the perfect time with a strategically located salt mine that can serve the region.”
— Nolan Peterson, CEO of Atlas Salt

Every winter, as snow falls and roads freeze across much of North America, salt becomes the unsung hero that keeps everything moving.

To make modern winter life possible, the United States alone consumes over 20 million tonnes of road salt annually, accounting for more than 40% of global de-icing salt usage, with Canada contributing an additional 5.5 million tonnes per year, states marketreportsworld.com.

What most people don’t realize is that much of this salt comes from halfway across the world, from places like Egypt, Chile, and North Africa, shipped thousands of kilometres before ending up on Canadian and U.S. roads.

This is what Atlas Salt (TSXV: SALT) plans to change. The company’s Great Atlantic Salt Project, near St. George’s, Newfoundland, is set to become North America’s first new underground salt mine in nearly three decades. When operational and fully ramped up, it will produce 4 million tonnes of high-purity road salt each year, directly replacing a significant portion currently imported annually.

As aging mines wind down and demand rises, North America’s supply of de-icing salt is tightening. Cargill’s historic Avery Island mine in Louisiana has already shut down, while others approach the end of their lifespans.

“There hasn’t been a new salt mine built in North America in 25 years, and by the time we’re in operation it will be at least 30,” said Nolan Peterson, CEO of Atlas Salt. “We expect some existing mines will be shutting down in the next few years, which will put cost and supply pressures on the market. We’re hitting the market at the perfect time with a strategically located salt mine that can serve the region. The project’s proximity to a deep-water port just 3 kilometres away, along with its access to the Trans-Canada Highway, gives Atlas a powerful logistics advantage. Salt from Great Atlantic can reach Boston or New York in under three days, compared to more than two weeks from overseas. That advantage promises municipalities and distributors a stable, local supply at predictable prices."

This month, Atlas released its Updated Feasibility Study, which underscores the project’s strengths. It projects an after-tax net present value of $920 million, an internal rate of return of 21.3%, and a payback period of just over four years. Once at full production, the mine is expected to generate $325 million in annual EBITDA and $188 million in post-tax free cash flow.

Peterson said the updated study reflects two years of optimization and de-risking. “We improved the mine design, incorporated the results of our geotechnical drilling, and increased our throughput by 60%,” he said. “Even with higher capital costs due to inflation, our NPV increased by 66%, our EBITDA rose by almost 50%, and our free cash flow improved by 55%. This is a much stronger and more financeable project than before.”

The mine’s life-of-project plan extends 24 years, based on 95 million tonnes of proven and probable reserves grading 95.9% sodium chloride. Using continuous mining methods rather than drilling and blasting will lower costs and minimize environmental impact.

Atlas is also setting a new benchmark for sustainable mining in Canada. Because salt is a soft mineral, it can be extracted with fully electric, battery-powered equipment instead of diesel machinery. “We’re planning a fully battery-electric operation,” said Peterson. “Our greenhouse gas emissions will be about the same as four average Newfoundland households. And because we’ll be replacing imported salt, we believe we can potentially displace up to 500,000 tonnes of CO₂ emissions each year by reducing ocean shipping from foreign jurisdictions.”

Atlas plans to raise about $600 million over four years to build the mine, with roughly 60% expected to come from debt financing. The company has engaged Endeavour Financial of London to structure a package targeting export credit agencies, infrastructure lenders, and sovereign funds. “This project is viewed much like a power plant or a highway,” said Peterson. “We’re selling to municipalities and communities. It’s essential infrastructure, not a speculative venture.”

Partnerships are already taking shape. A memorandum of understanding with Sandvik provides $73 million in equipment financing, and discussions are underway with potential offtakers like Scotwood Industries, the largest U.S. distributor of packaged de-icing salt. Scotwood is working with Atlas on long-term supply agreements that could account for up to 1.5 million tonnes per year.

The project will bring more than 200 direct jobs to western Newfoundland, with hundreds more indirectly supported. “These are well-paying, high-tech jobs,” Peterson said. “We’ll be able to bring home a lot of skilled workers who currently have to fly to Alberta or Ontario for mining work.”

Economic modelling from the company’s original feasibility study projects $2.7 billion in tax revenue, $1.9 billion in household spending, and $90 million in direct municipal benefits over the mine’s life. (The company expects these numbers to be unchanged or improved with the Updated Feasibility Study.)

With environmental approvals secured and early-works permits granted, Atlas is ready to begin site preparation once financing is complete. Full production is targeted for 2030.

“Salt is one of the most essential minerals in the modern economy,” said Peterson. “With Great Atlantic, we’re building the next generation of domestic supply that is cleaner, closer, and ready for decades of steady demand.”

The Top Pick in Muskoka

Stock Information TSXV: SALT

1. As of market close on Friday, October 10, 2025
2. As of market open on Monday, September 29, 2025, after being selected as a Top Pick at the CEM Muskoka Capital Event

Fresh off its Top Pick recognition at the CEM Muskoka Capital Event 2025, Atlas Salt CEO Nolan Peterson spoke with us about the company’s strategy, project milestones, and what’s driving investor confidence.

With financing discussions now underway, how do you see Atlas positioning itself with investors over the next year?

“We’re at a very strong stage in the project’s evolution. Our feasibility work is done, permitting is in hand, and the fundamentals are clear. What investors are looking for now is visibility on financing and offtakes, and we’re well along on both fronts. We’re working with Endeavour Financial in London to structure a debt package that draws on infrastructure lenders, export credit agencies, and sovereign funds. Because this is a utility-type project — selling directly to municipalities — it’s viewed as essential infrastructure, not a speculative mine. That makes it appealing to institutions that want stable, inflation-protected returns.”

What milestones should investors expect as Atlas transitions from development to construction?

“The next big catalyst will be finalizing our financing structure and securing additional offtake agreements. Those are both progressing well. Once that’s in place, we’ll move quickly into early works, such as power access, roads, and the initial box cut for ramp development. The environmental assessment is complete, and the early-works permits are already approved, so we’re ready to begin once the capital is in place. Investors can expect a steady news flow over the coming months as these pieces come together, including updates on engineering partnerships and the upcoming NI 43-101 technical filing based on our updated feasibility study.

Beyond Great Atlantic, how do you see Atlas evolving once production begins?

“Our immediate focus is to get Great Atlantic built and producing. But the long-term vision goes beyond one mine. Once we establish a strong operational and logistics base here, we’ll be in a position to look at vertical integration, whether that means acquiring a distributor to control more of the supply chain or partnering with other producers who want access to our port, infrastructure, and market. There’s also the potential to explore specialty salt products down the line. Great Atlantic gives us the platform, the credibility, and the cash flow to grow in a very deliberate and strategic way.”

Our View

• A generational infrastructure asset entering a supply-constrained market
  Atlas Salt’s Great Atlantic Project stands out as the first new underground salt mine in North America in nearly three decades, entering a market that imports up to 10 million tonnes of de-icing salt annually. With legacy mines like Cargill’s Avery Island shutting down and demand continuing to rise, Great Atlantic’s location, logistics, and scale position it to become a cornerstone supplier for the eastern U.S. and Canada. The updated feasibility study confirms the asset’s strength, with a post-tax NPV of $920 million and a 21.3% IRR — figures that underscore both scarcity value and immediate commercial relevance.
• A financing-ready, ESG-aligned operation built for institutional capital
  Atlas has advanced beyond concept into execution readiness. With full environmental approvals, early-works permits, and partnerships such as Sandvik’s $73 million equipment financing MOU, the project is now moving toward a financing structure led by Endeavour Financial. Its low-risk, infrastructure-style revenue profile, selling essential products directly to municipalities, makes it attractive to lenders seeking stable, long-term cash flow. The fully electric mine design, powered by Newfoundland’s hydro grid, adds a sustainability advantage that aligns with ESG-focused institutional mandates.
• A scalable growth platform with long-term strategic upside
  Beyond its 24 year mine life and 4 million tonne annual production target, Great Atlantic offers expansion potential across its 868 million tonne resource base. The company’s discussions with major distributors such as Scotwood Industries show its ability to secure market access early. Atlas also retains optionality for future vertical integration, whether through downstream distribution, specialty products, or partnerships with existing producers seeking East Coast logistics. With a strong leadership team, 40% insider ownership, and visible near-term milestones, Atlas Salt is poised to deliver durable value in a market where local supply security has never been more critical.

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Warm Regards and Happy Investing,
Fabian Dawson