Mr. Nolan Peterson reports

ATLAS SALT ENTERS MOU WITH CN TO EVALUATE LOGISTICS OPPORTUNITIES TO OPTIMIZE GREAT ATLANTIC SALT PROJECT ECONOMICS

Atlas Salt Inc. has entered into a non-binding memorandum of understanding (the MOU) with CN, one of North America's leading Class I railroads, to explore multimodal rail solutions for the distribution of deicing salt from the company's Great Atlantic salt project in Newfoundland and Labrador.

The MOU aims to assess how integrating rail logistics can reduce the project's delivered salt costs, expand its addressable market and ultimately improve the project's economics relative to the updated feasibility study.

Nolan Peterson, chief executive officer of Atlas Salt, commented: "Logistics is the single largest driver of delivered cost in the deicing salt business, and we are systematically engineering every leg of our supply chain to maximize our competitive advantages. Collaborating with a partner of CN's calibre to explore building out the rail component of our strategy is an important step, and it reflects the disciplined, cost and value focused approach we are taking across the Project."

Buck Rogers, vice-president, petroleum, chemicals and regional, at CN, commented: "CN is committed to working with customers to develop efficient and resilient supply chain solutions. We look forward to exploring with Atlas Salt how our network can support the movement of its product to markets across Eastern Canada and beyond."

Under the MOU, Atlas Salt and CN intend to explore:

• Rail movement of deicing salt on lanes served by CN's network;
• Railcar supply and equipment solutions to support Atlas Salt's distribution requirements;
• Transload arrangements linking Atlas Salt's marine distribution with CN's inland rail network and logistics partnerships.

The MOU establishes a framework for the parties to jointly evaluate the use of CN's bulk-freight rail network and ancillary logistics relationships to complement Atlas Salt's marine-centric logistics model, under which product is shipped by vessel from the Port of Turf Point to discharge ports along the eastern seaboard. Rail is evolving into a significant component of Atlas Salt's broader multimodal distribution strategy, which the company continues to optimize to reduce delivered cost, expand its addressable market and potentially expand profitability. In the company's updated feasibility study for the project, delivery port to final customer distribution was contemplated to be completed almost entirely by trucking -- understanding the ability to transition much of this distribution to rail has the potential to significantly improve project economics.

The MOU is non-binding and does not commit either party to enter into a definitive agreement. The parties intend to work together in good faith to develop the scope, terms and commercial framework of a potential multimodal rail logistics partnership.

About Atlas Salt Inc.

Atlas Salt is developing North America'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.

About CN

CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada's Eastern and Western coasts with the United States Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

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