Atlas Salt Announces Updated Feasibility Study with Enhanced Results for the Great Atlantic Salt Project; $920M Post-Tax NPV8 and 21.3% Post-Tax IRR
Executive Summary
- Atlas Salt released an Updated Feasibility Study (UFS) for the 100 % owned Great Atlantic Salt Project showing a post‑tax NPV₈ of $920 M, IRR of 21.3 % and a 4.2‑year payback, indicating materially positive economics.
- The study upgrades production to 4.0 Mtpa (up 60 % vs. 2023), reduces operating cost to $28.17/t FOB, and projects average post‑tax free cash flow of $188 M per year over a 24‑year mine life.
- Initial capital is estimated at $589 M with sustaining capex of $609 M; the company plans to file an NI 43‑101 technical report within 45 days and advance financing, engineering and stakeholder engagement.
Key Details
- Economic Highlights
- Post‑tax NPV₈: $920 M (up 66 % from 2023)
- Pre‑tax NPV₈: $1.68 B (up 65 %)
- Post‑tax IRR: 21.3 % (up 15 % pts)
- Payback period: 4.2 years (down from 4.8)
- Average annual post‑tax cash flow: $188 M
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Total undiscounted post‑tax cash flow (including capex): $3.93 B
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Capital & Operating Costs
- Initial capital cost: $589 M (incl. $77 M contingency)
- LOM sustaining capital: $609 M (≈$26.5 M/yr)
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Total operating cost: $28.17/t FOB (‑20 % vs. 2023)
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Production Profile
- Steady‑state production rate: 4.0 Mtpa of high‑purity road salt (≈11,500 t/day)
- Mine life: 24 years (based on Proven & Probable reserves)
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Total tonnes mined over LOM: 95.8 Mt; total sold: 90.3 Mt
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Reserves & Resources
- Probable reserves (UFS, 2025): 95.0 Mt at 95.9 % NaCl (up 7.9 % tonnage vs. 2023)
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Mineral resources unchanged from 2023; effective date September 30 2025
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Technical & Infrastructure Updates
- Mining method: room‑and‑pillar with continuous miners (Sandvik)
- Port facility designed for 4.0 Mtpa throughput, scalable stockpile (~72 kt)
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Power demand ~10 MW from provincial grid; no on‑site camp required
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Sensitivity Analysis (selected results):
- Salt price ±10 % → post‑tax NPV₈ range $474 M–$1.48 B, IRR 16.9 %–25.0 %
- CAPEX ±10 % → post‑tax NPV₈ $963 M–$891 M, IRR 22.9 %–20.2 %
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OPEX ±10 % → post‑tax NPV₈ $973 M–$881 M, IRR 22.0 %–20.9 %
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Regulatory Status
- EA conditionally released (2024) and Early Works Development Plan approved (2025).
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Capital Development Plan to be submitted after detailed engineering; commercial production approval pending.
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Next Steps
- File NI 43‑101 technical report on SEDAR within 45 days.
- Continue financing discussions with lenders, offtake partners and equity investors.
- Advance detailed engineering, procurement and community/Indigenous engagement.
Notable Quotes
“The Updated Feasibility Study marks another significant milestone… validates the strengthened economics of Great Atlantic and enhances lender confidence in financing this world‑class development.” – Nolan Peterson, CEO & Director
All forward‑looking statements are subject to risks and uncertainties detailed in the release.