Atlas Salt Secures $10 Million Bought Deal to Advance Great Atlantic Salt Project

• Atlas Salt has entered into a bought deal private placement agreement with Ventum Financial Corp. & Raymond James Ltd. to raise gross proceeds of $10,000,080 through the issuance of 8,333,400 common shares at $1.20 per share.
• The underwriters have been granted an option to purchase up to an additional 15% of the offered shares at the same price, exercisable up to 48 hours prior to closing.
• The offering is structured under the Listed Issuer Financing Exemption (LIFE), meaning issued common shares will not be subject to a hold period under applicable Canadian securities legislation.
• Net proceeds are directed toward early works & site preparation, detailed engineering & mine development planning, permitting & environmental workstreams, procurement planning & equipment studies, and advancement of project financing at the Great Atlantic Salt Project.
• Closing is targeted on or about June 11, 2026, subject to TSX Venture Exchange conditional approval & other customary regulatory conditions.

Company Overview

Atlas Salt Inc. (TSXV: SALT) is developing North America's next salt mine through its Great Atlantic Salt Project in Newfoundland & Labrador, Canada. The company is focused on responsible & sustainable mining practices, with a commitment to environmental stewardship & community engagement as it advances the project toward production.

A Bought Deal to Advance North America's Next Salt Mine

Atlas Salt announced on May 31, 2026 that it has entered into a bought deal private placement agreement with Ventum Financial Corp. & Raymond James Ltd. as co-lead underwriters & co-lead bookrunners. Under the terms of the agreement, the underwriters have agreed to purchase 8,333,400 common shares at $1.20 per share for aggregate gross proceeds of $10,000,080.

The offering is being conducted under the Listed Issuer Financing Exemption (LIFE), pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935. Shares offered under LIFE carry no hold period under applicable Canadian securities legislation, & the offering is available to purchasers resident in all provinces of Canada. Common shares may also be distributed in offshore jurisdictions & into the United States under applicable private placement exemptions.

The underwriters have also been granted an overallotment option to purchase up to an additional 15% of the offering shares at the same $1.20 price, exercisable in whole or in part at any time up to 48 hours prior to the scheduled closing date.

Proceeds Directed at Project Advancement

Atlas Salt has specified 5 workstreams to receive net proceeds from the financing: early works & site preparation activities at the Great Atlantic Salt Project; detailed engineering & mine development planning; advancement of permitting & environmental workstreams; procurement planning & equipment studies; and advancement of project financing initiatives. A portion of proceeds will also be applied to general corporate & working capital purposes.

The allocation of capital across these workstreams reflects the stage of development at the Great Atlantic Salt Project, with the company moving from feasibility-level work toward pre-construction activities. The offering document is available under the company's profile on SEDAR+ & on the Atlas Salt website, and provides further detail on the intended use of proceeds & underlying assumptions.

Next Steps

Closing of the offering is targeted on or about June 11, 2026, subject to receipt of all necessary approvals including conditional approval from the TSX Venture Exchange. Following closing, Atlas Salt has indicated that net proceeds will be applied to early works & site preparation, detailed engineering, permitting & environmental workstreams, procurement planning & equipment studies, and project financing advancement at the Great Atlantic Salt Project. If exercised, the underwriters' overallotment option would increase total gross proceeds by up to 15% above the base offering amount.

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