Mr. Jeff Kilborn reports

ATLAS SALT ANNOUNCES ORDER BOOK INTEREST EXCEEDING TARGETED GROSS PROCEEDS OF $8,000,000 ON LIFE PRIVATE PLACEMENT

Atlas Salt Inc. has entered into an agreement with Raymond James Ltd. and Ventum Financial Corp., to act as co-leads and joint bookrunners, in connection with a commercially reasonable efforts private placement offering for up to 10 million common shares of the company at a price of 80 cents per common share for aggregate gross proceeds of up to $8-million.

The company has also granted the agents an option to sell up to an additional 1.5 million common shares for additional gross proceeds of up to $1.2-million, exercisable in whole or in part, any time up to 48 hours prior to the closing of the offering. The agents shall be under no obligation, in whole or in part, to exercise the agents' option.

The company has agreed to pay to the agents a cash commission equal to 6 per cent of the gross proceeds of the offering. The company has also agreed to issue to the agents that number of compensation options equal to 6.0 per cent of the aggregate number of shares issued by the company under the offering. Each compensation option is exercisable to acquire one common share at a price equal to the offering price for a period of 24 months from the closing date of the offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the offering will be offered for sale to purchasers resident in all of the provinces of Canada with the exception of Quebec pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issuable from the sale of the offering are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The common shares may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The minimum amount to be raised in the offering is $5-million.

The net proceeds received from the offering will be used for civil engineering work related to advancing the Great Atlantic salt project toward development and for general corporate and working capital purposes, as further described in the offering document.

The offering is scheduled to close on or about Oct. 21, 2025 (closing date), or such other date as the company and the agents may agree and, in any event, on or before a date not later than 45 days after the date of the news release announcing the offering. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Certain insiders of the company are anticipated to participate in the offering, and such participation by insiders will constitute a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company intends to rely on exemptions from the formal valuation and minority shareholder requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the securities to be issued under the offering nor the consideration to be paid by insiders of the company will exceed 25 per cent of the company's market capitalization.

About Atlas Salt Inc.

Atlas Salt is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.

We seek Safe Harbor.