Atlas Salt Moves Great Atlantic Salt Project Into Active Construction & Advances Financing Due Diligence

• On Grade Construction has mobilized to site, with Early Works construction under way following the commencement announced February 27, 2026.
• The Town of St. George's confirmed its Development Permit authorizes the full Early Works Mine Development Plan and Rehabilitation and Closure Plan under one municipal authorization, not separate permits per activity.
• Avifauna nest sweeps by Strum Consulting confirmed no active nests in the clearing footprint, and a nest protection protocol overseen by ICI Innovations remains active.
• Atlas Salt is pursuing approximately $350 million to $400 million of senior secured debt, anchored by a feasibility study update released September 30, 2025 that estimated the Project's after-tax value at $920 million.
• That study estimated the Project could repay initial capital within 4.2 years and generate approximately $188 million in after-tax free cash flow over a 25-year mine life at 4.0 million tonnes per annum.
• The Company has engaged Outside The Box Capital Inc. for investor awareness and marketing services over a 6-month term, at a cost of $150,000 plus applicable taxes, subject to TSX Venture Exchange approval.

Company Overview

Atlas Salt Inc. (TSXV:SALT | OTCQX:SALQF | FSE:9D00) is developing the Great Atlantic Salt Project in St. George's, Newfoundland and Labrador, described by the Company as North America's next salt mine, committed to responsible and sustainable mining, innovation, efficiency, environmental stewardship and community engagement.

Early Works Construction Progress

On Grade Construction mobilized to site in early May and is executing the approved Early Works program, with vegetation clearing, grubbing and earthworks completed to date, together with temporary drainage infrastructure and erosion controls.

The Company states that, in the coming months and subject to weather and site conditions, the program is expected to advance into the balance of the authorized scope, including access roads, laydown areas, and earthworks to shape site terraces, stockpile foundations, and catchment and diversion ditches with berms and fencing, supporting the transition into Capital Works construction.

Prior to clearing, Atlas Salt engaged Strum Consulting for avifauna nest sweeps during the spring migratory bird arrival window; clearing commenced only after sweeps confirmed no active nests. A nest protection protocol overseen by ICI Innovations remains active under the Project's Environmental Protection Plan.

Regulatory & Permitting Progress

On April 30, 2026, the Town of St. George's issued Atlas Salt a Development Permit authorizing site development work for the Early Works program. Following collaboration with the Town, written confirmation was provided that the permit applies to the full approved Early Works Mine Development Plan and Rehabilitation and Closure Plan, not to grubbing and bulk earthworks alone.

Previously, it was expected the Company would need multiple Town Development applications for granular work packages. The confirmation instead allows Atlas Salt to advance the full program under a single municipal authorization, which the Company expects will significantly reduce administrative permitting overhead in the coming years. Atlas Salt views the confirmation as a reflection of sustained community support and its constructive relationship with the Town.

Project Financing Update

Atlas Salt continues to advance project financing, supported by its financing advisor, Endeavour Financial, pursuing approximately $350 million to $400 million of senior secured debt, with potential subordinate debt, anchored by the September 30, 2025 feasibility study update.

That study estimated the Project's after-tax value at $920 million, with the ability to repay initial capital within 4.2 years at 4.0 million tonnes per annum, and approximately $188 million in after-tax free cash flow over a 25-year mine life.

The Company states it has received indications of interest from prospective lenders, vendor financing counterparties and strategic partners across multiple jurisdictions, with multiple parties working within its due diligence process, alongside engagement with export credit agencies. All discussions remain non binding.

President and Chief Executive Officer of Altas Salt, Nolan Peterson commented on the Company's progress:

"It has been a busy and productive few months at Atlas, and I'm pleased to update stakeholders on our progress. With construction crews on site, our Town Development Permit confirmed for the full Early Works program, and the financing process under way, the Great Atlantic Salt Project has moved decisively from planning into execution. The discipline our team is demonstrating in the field, measured progress, strong safety performance, and active environmental oversight, is the same discipline we will carry into Capital Works construction, and it underpins the strong early interest we are seeing from the financing community."

Engagement of Outside The Box Capital

Atlas Salt has engaged Outside The Box Capital Inc. ("OTB"), a marketing firm based in Oakville, Ontario, for investor awareness and digital marketing services, including distributing company approved content across social media and producing feature content on media channels. The engagement runs 6 months from the release date, at a cost of $150,000 plus applicable taxes, payable from general working capital, with no performance based compensation and no shares or options issued. OTB has no direct relationship with the Company beyond this engagement and, to the Company's knowledge, holds no Atlas Salt securities, though it may purchase shares during the term. The engagement remains subject to TSX Venture Exchange approval.

Next Steps

Atlas Salt expects the Early Works program to advance, subject to weather and site conditions, into the balance of the authorized scope, building infrastructure to support the transition into Capital Works construction as financing advances.

On financing, multiple lenders, vendor financing counterparties and strategic partners remain in active due diligence, alongside ongoing engagement with export credit agencies, with all discussions non binding. The OTB engagement remains subject to TSX Venture Exchange approval.

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