Atlas Salt Closes C$15.15 Million Bought Deal to Advance Great Atlantic Salt Project Toward Construction

• Atlas Salt Inc. closed a bought deal LIFE offering on 11 June 2026, raising aggregate gross proceeds of C$15,153,600
• A total of 12,628,000 common shares were issued at C$1.20 per share with no hold period under applicable Canadian securities laws
• The offering was announced at C$10 million on 31 May 2026, upsized to C$15 million on 1 June 2026, and closed inclusive of a partial exercise of the underwriters' option for 128,000 additional shares
• Co-lead underwriters Ventum Financial Corp. & Raymond James Ltd. received aggregate cash consideration of C$929,216
• Net proceeds are allocated across early works & site preparation, detailed engineering & mine development planning, permitting & environmental workstreams, procurement planning & equipment studies, project financing advancement, and general corporate & working capital purposes

Company Overview

Atlas Salt Inc. (TSXV: SALT) is developing North America's next salt mine at its Great Atlantic Salt Project in Newfoundland & Labrador, Canada. The company is focused on responsible & sustainable mining practices, with an emphasis on innovation & efficiency in serving the North American salt market.

Offering Structure & Sizing

Atlas Salt closed a bought deal LIFE offering on 11 June 2026, issuing 12,628,000 common shares at C$1.20 per share for aggregate gross proceeds of C$15,153,600. The offering was conducted pursuant to National Instrument 45-106 (NI 45-106) Prospectus Exemptions under the Listed Issuer Financing Exemption (LIFE), meaning the common shares issued carry no hold period under applicable Canadian securities laws.

The offering originated as a C$10 million transaction announced on 31 May 2026 before being upsized to C$15 million on 1 June 2026. The underwriting agreement included an option for co-lead underwriters Ventum Financial Corp. & Raymond James Ltd. to purchase up to an additional 1,079,000 common shares at the offering price. That option was exercised in part for 128,000 common shares. The underwriters received aggregate cash consideration of C$929,216 for their services. Closing remains subject to final acceptance by the TSX Venture Exchange.

Proceeds Allocation

Net proceeds from the offering are directed at advancing the Great Atlantic Salt Project toward construction. According to the amended & restated offering document dated 1 June 2026 and filed on SEDAR+, the allocated workstreams are early works & site preparation activities, detailed engineering & mine development planning, advancement of permitting & environmental workstreams, procurement planning & equipment studies, advancement of project financing initiatives, and general corporate & working capital purposes.

The capital deployment reflects a pre-construction sequencing strategy, targeting the technical, regulatory, & procurement groundwork required before full-scale mine development commences.

Management Commentary

Nolan Peterson, Chief Executive Officer (CEO) of Atlas Salt, stated:

"The successful closing of this upsized bought deal offering reflects strong market confidence in Atlas Salt and Great Atlantic Salt Project and the significant progress we have made in advancing the Project toward full scale construction. The proceeds from this financing will enable us to accelerate our ongoing early works and site preparation program, advance detailed engineering, and continue to build momentum with our strategic project partners. We are well-positioned to deliver on our near-term development milestones and to create lasting value for our new and existing shareholders."

Next Steps

With the offering now closed, Atlas Salt is targeting acceleration across several parallel workstreams at the Great Atlantic Salt Project. Early works & site preparation activities are set to advance alongside detailed engineering & mine development planning. Permitting & environmental workstreams will continue to progress concurrently with procurement planning & equipment studies. The company is also advancing project financing initiatives in connection with the Great Atlantic Salt Project. Final acceptance of the closing by the TSX Venture Exchange remains outstanding as of the date of the press release.

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