Atlas Salt Inc. Announces Filing of Amended Report for the Great Atlantic Salt Project

ST. JOHN'S NEWFOUNDLAND AND LABRADOR / ACCESSWIRE / May 1, 2024 / Atlas Salt Inc. ("Atlas" or the "Company")(TSXV:SALT)(OTCQB:REMRF) announces the filing of an amended technical report (the "Amended Technical Report") for the Great Atlantic Salt Project (the "Project"), following a routine continuous disclosure review by staff of the British Columbia Securities Commission. The Company previously filed a technical report titled "Technical Report on the Great Atlantic Salt Project, Newfoundland and Labrador, Canada" prepared by SLR Consulting (Canada) Ltd. and filed on SEDAR+ on October 12, 2023 (the "October 2023 Report"), with an effective date of July 31, 2023.

The October 2023 Report, supported by a feasibility study, presented a base case (the "Base Case") for a mining project that envisions developing the Project into an underground operating mine capable of producing 2.5 Mtpa of rock salt. Access to the deposit would be via twin declines. Extraction of rock salt would occur using the room and pillar method, with continuous mining equipment. Salt would be processed to a specific size and grade using a crushing and screening plant located within the underground mine, and then brought to surface via conveyor belts. An overland conveyor would transport the rock salt from the mine area to the existing Turf Point port for loading onto ships destined for Canadian and American markets. Key mine access and plant infrastructure included in the feasibility study is designed for 4.0 Mtpa.

The Amended Technical Report does not alter the Base Case, and the Mineral Resource and Mineral Reserve Estimates and financial assumptions in the feasibility study are unchanged from the October 2023 Report. The Amended Technical Report reflects the removal of a preliminary economic assessment of an expansion case originally presented in the October 2023 Report, as well as other minor changes to align with Form 43-101F1.

The Amended Technical Report is titled "Technical Report on the Great Atlantic Salt Project, Newfoundland and Labrador, Canada", as amended on May 1, 2024. The Amended Technical Report is available on our website at www.atlassalt.com and has been filed on SEDAR+ under the Company's issuer profile at www.sedarplus.com.

Qualified Persons

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the Company by Patrick J. Laracy, P. Geo, Chairman of Atlas Salt, a qualified person.