Atlas Salt receives EDC Letter of Interest for Up to C$150 Million in Project Debt Financing

Atlas Salt Inc. has received a Letter of Interest from Export Development Canada (EDC) regarding potential financing of up to C$150 million for the Great Atlantic Salt Project, supporting EDC's advancement of due diligence as a prospective participant in the project's senior debt financing process led by financial advisor Endeavour Financial. The milestone builds on the company's previously disclosed engagement with export credit agencies and confirms interest from the global financing community as part of the company's broader, multi-jurisdictional financing process. The Letter of Interest remains non-binding and is subject to EDC's completion of due diligence, credit approval, and negotiation of definitive agreements.

Company Overview

Atlas Salt (TSXV: SALT | OTCQX: SALQF | FRA: 9D00) is developing North America's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is positioned to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement. 

Letter of Interest from Export Development Canada

Atlas Salt Inc. announced that it has received a Letter of Interest from Export Development Canada (EDC) confirming EDC's interest in providing long-term debt financing of up to C$150 million, in the role of Mandated Lead Arranger, for the Great Atlantic Salt Project, located near St. George's, Newfoundland and Labrador. The Letter of Interest marks an important milestone in the company's project financing process, which continues to advance with the support of the company's financial advisor, Endeavour Financial.

The Letter of Interest confirms EDC's interest in evaluating potential financing for the project and its intention to advance due diligence in cooperation with the company and its advisors, with the objective of providing up to C$150 million in secured lending. EDC is Canada's export credit agency, providing financing, insurance, and knowledge to support Canadian companies and projects with international trade and export potential. The Letter of Interest is non-binding, does not constitute a commitment to provide financing, and any participation by EDC would remain subject to the completion of its due diligence process, credit approval, and the negotiation of definitive agreements.

President and Chief Executive Officer of Atlas Salt, Nolan Peterson, commented on the significance of the milestone:

"EDC's Letter of Interest, for the provision of up to C$150M of financing is an important endorsement of the Great Atlantic Salt Project and of the fundamentals set out in our Updated Feasibility Study. Export credit agencies apply rigorous, disciplined diligence, and their engagement at this stage reflects the strength and strategic significance of a long-life, Canadian critical-mineral and industrial-salt asset. This milestone is one part of a broader financing process that is progressing across multiple counterparties and jurisdictions, and we look forward to advancing that process in a diligent manner alongside our advisor, Endeavour Financial."

Project Financing Process

Atlas Salt continues to advance project financing for the Great Atlantic Salt Project with the support of Endeavour Financial. As previously disclosed, the company is pursuing approximately C$350 million to C$400 million of senior secured debt, anchored by the Updated Feasibility Study (UFS), released on September 30, 2025. The UFS delivered an after-tax net present value at an 8% discount rate (NPV8%) of C$920 million, a post-tax internal rate of return (IRR) of 21.3%, a 4.2-year payback at a steady-state production rate of 4.0 million tonnes per annum, and approximately C$188 million in after-tax free cash flow over a 25-year mine life.

The company has received indications of interest from prospective lenders, vendor-financing counterparties, and strategic financing partners across multiple jurisdictions, and continues to engage with export credit agencies as part of a structured, competitive financing process. Interested parties are working within the company's established due diligence process. All discussions remain non-binding, and there can be no assurance that any financing will be completed on the terms contemplated, or at all.

Next Steps

Atlas Salt will provide further updates as material developments occur in its financing process. EDC's due diligence review, credit approval, and the negotiation of definitive agreements remain outstanding steps before any participation in the project's senior debt financing is confirmed. The company's broader financing process continues to progress across multiple counterparties and jurisdictions, with Endeavour Financial supporting ongoing engagement with prospective lenders and strategic financing partners toward completion of the approximately C$350 million to C$400 million senior secured debt package for the Great Atlantic Salt Project.