Mr. Nolan Peterson reports

ATLAS SALT'S FINANCING LETTERS OF INTEREST EXCEED $300 MILLION FOLLOWING FURTHER EXPORT CREDIT AGENCY AND SANDVIK SUPPORT

Atlas Salt Inc. has achieved two additional milestones in the financing of its Great Atlantic salt project in Newfoundland and Labrador:

• $79-million Sandvik equipment financing: The company has advanced its previously announced memorandum of understanding with Sandvik into a non-binding letter of interest for equipment financing of up to approximately $79-million;
• $75-million LOI from a new leading export credit agency: Atlas has separately received a non-binding letter of interest from a new leading export credit agency for up to $75-million.

Together with the company's previously announced letter of interest from Export Development Canada (EDC) for up to $150-million, aggregate financing letters of interest for the project now exceed $300-million.

Nolan Peterson, president and chief executive officer of Atlas Salt, commented: "Advancing our memorandum of understanding with Sandvik into a financing letter of interest and adding the support of an additional leading export credit agency brings the financing letters of interest for the Great Atlantic salt project to more than $300-million. These are the pillars on which we are building a broader financing package, including a commercial bank syndicate, as we work toward a complete financing package. Vendor and export credit support of this scale reflects the strength and strategic significance of our long-life, industrial-salt asset and the international export interest it supports. This is one part of a structured process that is progressing across multiple counterparties and jurisdictions, and we look forward to advancing it in a disciplined manner alongside our adviser, Endeavour Financial."

Summary of key points:

• Sandvik, a leading supplier of underground mobile mining equipment, has advanced its previously announced memorandum of understanding with the company into a non-binding letter of interest for equipment financing of up to approximately $79-million, including approximately $45-million for capital equipment, with the balance available to support equipment leasing during the initial years of operations.
• The company has separately received a non-binding letter of interest from a leading export credit agency indicating potential financing of up to $75-million for the project, supported by qualifying export interest arising from the anticipated supply of Sandvik mining equipment.
• Together with the company's previously announced letter of interest from EDC, aggregate financing letters of interest for the project now exceed approximately $300-million.

Sandvik equipment financing letter of interest

Building on the memorandum of understanding previously entered into with Sandvik, the company has received a non-binding letter of interest, under which Sandvik would consider providing equipment financing of up to approximately $79-million in support of the project. Approximately $45-million is attributable to capital equipment forming part of the project's underground mobile mining fleet, with the balance available to support equipment leasing arrangements during the initial years of operations. The letter of interest is non-binding and any participation by Sandvik remains subject to due diligence, credit approval and the negotiation of definitive agreements.

Export credit agency letter of interest

The company has separately received a non-binding letter of interest from a leading export credit agency wholly owned by its national government, indicating potential financing of up to $75-million for the project. The potential financing reflects a qualifying export interest arising from the anticipated supply of Sandvik mining equipment to the project. The letter of interest is non-binding and does not constitute an offer, commitment or obligation of any kind, and any participation by the export credit agency would remain subject to the completion of satisfactory due diligence, all necessary internal and credit approvals, compliance with the agency's mandate and eligibility criteria, and the negotiation of definitive documentation.

Project financing process

With the Sandvik equipment financing letter of interest and the letter of interest from a leading export credit agency, together with the previously announced letter of interest from Export Development Canada, aggregate financing letters of interest received for the project now exceed approximately $300-million. Atlas Salt continues to advance project financing for the Great Atlantic salt project with the support of its financing adviser, Endeavour Financial.

As previously disclosed, the company is pursuing approximately $350-million to $400-million of senior secured debt, with the potential for additional subordinate debt, anchored by the updated feasibility study (UFS) released on Sept. 30, 2025. The UFS delivered an after-tax net present value (discounted at 8 per cent) of $920-million, an after-tax internal rate of return of 21.3 per cent, a 4.2-year payback at a steady-state production rate of 4.0 million tonnes per annum and approximately $188-million in average annual after-tax free cash flow over a 25-year mine life.

The company intends to use these export credit and vendor financing letters of interest as pillars on which to build a broader financing package, including a commercial bank syndicate, and continues to engage with prospective lenders, vendor-financing counterparties, export credit agencies and strategic financing partners across multiple jurisdictions as part of a structured, competitive financing process. Interested parties are working within the company's established due diligence process. All discussions remain non-binding, and there can be no assurance that any financing will be completed on the terms contemplated, or at all. The company will provide further updates as material developments occur.

About Atlas Salt Inc.

Atlas Salt is developing the Great Atlantic salt project, a wholly owned, high-purity rock salt project on the west coast of Newfoundland, Canada, uniquely positioned to become North America's first new salt mine in nearly three decades. The project is expected to produce 4.0 million tonnes of road salt annually for the import-dependent Eastern Canadian and U.S. Northeast markets. The 2025 updated feasibility study outlines robust economics, including a 25-year mine life, $188-million in average annual after-tax free cash flow, $920-million of after-tax NPV (discounted at 8 per cent), a 21.3-per-cent after-tax IRR and a 4.2-year payback. Designed as a highly electrified, low-emission operation, Great Atlantic's annual Scope 1 emissions are anticipated to equal just four Newfoundland households. Atlas is committed to responsible mining, environmental stewardship and community engagement.

We seek Safe Harbor.