Atlas Salt (SALT) investor relations material

Project and site advantages

• Great Atlantic Salt is a road-salt project on Newfoundland’s west coast, targeting the Northeast U.S., Midwest, Ontario, Quebec and Atlantic Canada.

• The dry deposit is ~200 m deep; a 2 km electrified conveyor would link the mine to Turf Point’s permitted, ice-free port, which can load 50,000-ton vessels.

• The site is 2 km from Newfoundland’s hydro grid and 10 km from the Trans-Canada Highway; operations are planned to be 100% battery electric, with no diesel, drilling, blasting or explosives.

• Location and distribution were described as the central advantage, with lower production costs enabling sales across a wider area.

Project economics and development

• The October 2025 feasibility study outlined a 25-year mine life and nearly CAD 200 million in annual after-tax free cash flow; a further 50 years of salt is in resource.

• Planned output rose from 2.5 million tons in the 2023 study to 4 million in the 2025 update; port capacity is 5–5.5 million tons, and internal models indicate the market could absorb at least 7 million tons.

• Projected annual revenue exceeds CAD 400 million; environmental assessment approval was received in 44 days, and construction is underway.

• Initial capital is estimated at CAD 589 million; more than CAD 300 million in financing LOIs are in place, with the remaining package being assembled for the near future.

Market conditions

• North American salt supply was described as 30%–40% below needs across the overall salt market; de-icing salt accounts for over 50% of usage, with annual consumption of 30–36 million tons.

• U.S. rock-salt prices reportedly grew 4% annually over the prior 30 years; recent municipal tenders included a $160/short-ton bid versus $88 the prior year, and some areas received no bids.

• A 50% U.S. tariff on Canadian road salt was removed three weeks after its August introduction; higher fuel and shipping costs and production constraints were cited as additional market pressures.

• The short-haul ocean route was estimated at 2–3 days to Boston, versus 2–3 weeks for Chilean or Egyptian imports.