Atlas Salt expands Sandvik MOU at Great Atlantic

The news release dated February 13, 2026, announces a significant expansion of the non-binding Memorandum of Understanding (MOU) with Sandvik Mining for the Great Atlantic Salt Project. The estimated commercial value of the arrangement has increased by $59 million to approximately $132 million, reflecting the project's scaled-up production profile (4.0 Mtpa) outlined in the Updated Feasibility Study (UFS). The expanded scope includes Sandvik supplying a full suite of underground mining equipment, technology, automation systems (AutoMine®), and associated services, supported by vendor financing for the capital equipment. The release also includes the routine grant of 3.15 million stock options at CAD $0.98 and the formal appointment of Integral Wealth Securities as a market-maker.

This news is materially positive. The increased commitment from Sandvik, a global leader in mining equipment, validates the enhanced scale and economics of the Great Atlantic project following the UFS. The provision of vendor-supported financing for a significant portion of the mobile equipment fleet (estimated at $132 million) reduces a key execution risk and provides a tangible de-risking element for future project lenders. However, the impact is tempered by the non-binding nature of the MOU, which remains subject to due diligence and definitive agreements. The news is consistent with the company's strategic progression but does not represent a fundamental "game changer" like securing the full project financing or a binding offtake agreement.

Atlas Salt Inc. is a development-stage company focused on advancing the Great Atlantic Salt Project in western Newfoundland and Labrador, Canada. The flagship project is a large, high-purity (95%+ NaCl), flat-lying halite deposit located near the town of St. George's, with direct access to deepwater port facilities. The Updated Feasibility Study (September 2025) outlines a 4.0 million tonne per annum underground room-and-pillar mine using electric continuous miners, with a 24-year mine life. Key economics include a post-tax NPV8% of CAD $920 million and an IRR of 21.3%, with initial capital estimated at CAD $589 million.