Independent Feasibility Report for Atlas Salt’s Great Atlantic Project Filed on SEDAR

ST. JOHN’S, Newfoundland and Labrador, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Atlas Salt (the “Company” or “Atlas” – TSXV: SALT; OTCQB: REMRF) announces that further to its news release of August 28, 2023, the Company has filed a technical report on SEDAR presenting the results of a Feasibility Study of the Great Atlantic Salt Project on the west coast of Newfoundland in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The report is entitled “Technical Report on the Great Atlantic Salt Project, Newfoundland and Labrador, Canada, Report for NI 43-101”. The report was prepared by SLR Consulting (Canada) Ltd. and has an effective date of July 31, 2023. A link to the report is also available on the Company’s website at www.AtlasSalt.com.

In the Technical Report, SLR has advised that there is a recalculation of the post-tax valuation compared to the numbers provided to the Company and used in the August 28, 2023 news release. The variance is set out in the Table below. Pre-tax valuations are unchanged.

Summary of Economic Outcomes – Initial 34-Year Production Plan at 2.5 Mtpa

Metric	Units	Value in August 28 News Release	Value in Final FS
Pre-Tax Payback Period	yrs	4.2	4.2
Pre-Tax IRR	%	23%	23%
Pre-tax NPV at 5% discounting	C$ '000	1,900,081	1,900,081
Pre-tax NPV at 8% discounting	C$ '000	1,017,038	1,017,038
Pre-tax NPV at 10% discounting	C$ '000	681,292	681,292
Post-Tax Payback Period	yrs	4.8	4.8
Post-tax IRR	%	19%	18.5
Post-tax NPV at 5% discounting	C$ '000	1,145,765	1,088,743
Post-tax NPV at 8% discounting	C$ '000	599,926	553,094
Post-tax NPV at 10% discounting	C$ '000	386,682	349,180

The Company also announces that it has approved the grant of 144,000 restricted share units and 256,000 performance share units to certain officers of the Company. All security-based compensation was granted pursuant to the Company’s Equity Incentive Plan and are ‎subject to shareholder approval, the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.‎