Atlas Salt Expands Strategic MOU with Sandvik Mining Supporting $132 Million of Equipment and Services at Great Atlantic Salt Project

Executive Summary

• Atlas Salt expands its strategic relationship with Sandvik Mining to cover full construction and ramp‑up of the Great Atlantic Salt Project, estimating a $132 million scope of equipment, technology and services.
• The Board approved issuance of 3,150,000 incentive stock options at an exercise price of $0.98 per share for directors, officers, employees and consultants.
• Atlas Salt retained Integral Wealth Securities Limited as a market‑making provider on the TSX Venture Exchange under a three‑month agreement.

Key Details

• Expanded Sandvik Scope:
• Total estimated commercial value of Sandvik‑supplied equipment, technology and services: ≈ $132 million (up $59 million from original MOU).
• Includes underground mobile mining equipment, electrified/automation fleet, digital systems, and associated services for construction and multi‑year ramp‑up to 4.0 Mtpa production.
• Financing Arrangement:
• Sandvik has expressed a non‑binding financing arrangement to support acquisition of capital equipment and advanced mining systems; subject to due diligence, internal approvals and definitive agreements.
• Project Execution Alignment:
• UFS calls for predominantly electric and battery‑electric underground fleet, automation, and digital fleet management (AutoMine®, etc.) to reduce diesel emissions, heat load, ventilation demand and overall GHG intensity.
• Options Grant:
• Total options granted: 3,150,000 at an exercise price of $0.98 per share.
• Allocation: Directors 1,200,000; Officers 1,000,000; Employees 550,000; Consultants 400,000.
• Vesting periods of one or two years; expiry dates Feb 12 2029 (non‑directors/officers) and Feb 12 2031 (directors/officers).
• Post‑grant, 2,693,611 options remain available under the 10% rolling Stock Option Plan.
• Market‑Making Agreement:
• Integral Wealth Securities Limited engaged to provide market‑making services on TSX Venture Exchange.
• Term: initial three months (effective Nov 19 2025), renewable at Company’s discretion with 30‑day notice.
• Compensation: CAD $6,000 per month, payable first day of each month after initial payment upon signing.
• Strategic Impact:
• The expanded partnership provides execution certainty and aligns equipment selection with safety, productivity and sustainability goals for the Great Atlantic Salt Project.

Notable Quotes

“The Updated Feasibility Study reflects the scale and longevity of the Great Atlantic Salt Project… This partnership supports execution certainty, operational readiness, and the disciplined development of the Project.” – Nolan Peterson, President & CEO, Atlas Salt

“Sandvik is pleased to continue working with Atlas Salt as the Great Atlantic Salt Project advances… we look forward to continuing to support the Project through its development and operation.” – Peter Corcoran, Vice President, Sandvik Mining Canada