Atlas Salt Announces De-risked Development Schedule for Great Atlantic Salt Project

ST. JOHN'S, NL / ACCESSWIRE / August 12, 2024 / Atlas Salt Inc. ("Atlas Salt" or the "Company") (TSXV:SALT)(OTCQB:REMRF) is pleased to announce a de-risked development schedule for the Great Atlantic Salt Project (the "Project") with 3^rd party review and verification by Tamkali Limited ("Tamkali"), an independent provider of Project Development and Control Services with a focus on the Mining Industry.

The Company previously disclosed a schedule for the Project in a technical report, supported by a feasibility study ("Feasibility Study") prepared by SLR Consulting (Canada) Ltd. ("SLR"), which was filed on SEDAR+ on October 12, 2023, as amended and refiled on May 1, 2024. That feasibility schedule assumed a duration of 62 months, following project sanctioning that does not account for sourcing, timing and preconditions for securing financing, all of which were not part of SLR's scope of work.

Over the past year, Atlas Salt has made key advances, such as obtaining provincial environmental assessment ("EA") release for the Project, addressing EA conditions, acquiring surface rights, advancing permitting, advancing geotechnical studies, securing long-lead critical equipment and major components, sourcing off-take partnerships and agreements, completing greenhouse gas intensity and economic impact studies, and technical de-risking of the Project, which are all necessary preconditions for securing financing packages.

Following a rigorous review and optimization process, the Company has reduced the Project's schedule duration to 59 months, a 5% improvement compared to the Feasibility Study. As verified by Tamkali, this achievement reflects critical feedback from regulators, vendors, and industry experts, resulting in a more detailed and robust project execution plan.

The updated schedule includes a target date in the first half of 2025 for securing project financing. While Atlas Salt is working towards meeting this target, the Company acknowledges the inherent risks and uncertainties in achieving this date. Should financing be delayed, the planned Project schedule will be adjusted accordingly, with ongoing monitoring and management by the Company.

Richard LaBelle, CEO, noted, "Our ability to prudently manage our resources to further build momentum while working within our current cash position is a testament to our team's capabilities and determination to advance our world class project."

Key Enhancements to the Project Schedule:

• Increased Detail: At this stage of the project, the level of detail in the schedule has been doubled, ensuring a comprehensive representation of all project activities. This enhancement supports more effective monitoring and control of the Project's progress.