Atlas Salt is Advancing the Great Atlantic Salt Project with an Updated Feasibility Study
Building on the Feasibility Study completed in 2023, this UFS will incorporate significant advancements and optimizations to enhance the Project's development strategy. The UFS will focus on optimizing the production rate while balancing capital expenditure, refining mine planning parameters, and integrating recently completed technical studies to improve operational efficiency and economic outcomes; with the ultimate objective of supporting ongoing financing activities.
Key Objectives of the Updated Feasibility Study
Production Optimization: Assessment of an increased, optimized production rate taking into consideration mine design, throughput capabilities, and market alignment.
Refined Mine Plan and Scheduling: Incorporation of updated geotechnical findings, ventilation, and infrastructure requirements to support an efficient development timeline.
Processing and Product Mix Enhancements: Refinements to the fines segregation circuit to accommodate both screened mediums for commercial contracts and ASTM D632 bulk road salt, enhancing market flexibility.
Integration of Sandvik Mining Equipment: Advancing our memorandum of understanding with Sandvik Mining and Rock Solutions ("Sandvik") through optimization of underground operations by implementing Sandvik Mining Equipment to improve efficiency and reduce operating costs.
Updated Economic Analysis: A revised financial model, including updated capital and operating cost estimates, cash flow projections, and key economic indicators such as Net Present Value (NPV) and Internal Rate of Return (IRR).
Regulatory Compliance and Permitting Integration: Inclusion of all post-Environmental Assessment release conditions to ensure seamless regulatory alignment.
SLR Consulting Ltd. ("SLR"), the lead consultant on the original Feasibility Study, brings extensive experience in mineral resource and reserve assessments, underground mine design, and NI 43-101 Technical Reports. As the lead consultant on the original Feasibility Study, SLR's continuity on this project will ensure a seamless transition and a robust evaluation of the updated development strategy.
Patrick Laracy, Chairman & Interim CEO of Atlas Salt, commented: "The initiation of this Updated Feasibility Study marks another important step toward optimizing and advancing the Great Atlantic Salt Project. With SLR's proven expertise and our team's commitment to execution, we are refining our development strategy to maximize value while maintaining the lowest-cost production model. The enhancements incorporated into this study will further de-risk the Project and strengthen our positioning in the North American salt market and increase our attractiveness with major financiers."
The Updated Feasibility Study is expected to be completed by Q3 2025, with results providing critical inputs for finalizing financing and development strategies.
Financing Update
As announced previously (see news release of December 10, 2024) Endeavour Financial has been engaged by the Company to lead the arrangement of project financing for the Great Atlantic Salt Project. Endeavour will continue to progress the project financing process while the UFS work is underway, and completion of the UFS will enable Endeavour and potential lenders to incorporate the Project's updated technical and economic parameters into their evaluations, forming the basis for financing arrangements. The Company will provide updates on the timing and details of financing activities as they advance.
Compensation Securities Issued
The Company also announces that it has issued compensation securities to certain officers of the Company. A total of 800,000 performance share units have been issued with vesting tied to the achievement of certain objectives but in any event not before June 9, 2026. A total of 700,000 restricted share units ("RSUs") have been issued with 150,000 RSUs vesting on June 9, 2026, 275,000 RSUs vesting on June 9, 2027, and 275,000 RSUs vesting on June 9, 2028. A total of 600,000 stock options have been granted, with an exercise price of $0.49, expiring on June 9, 2030, with 300,000 stock options vesting on June 9, 2026, and 300,000 stock options vesting on June 9, 2027.
For further information and ongoing updates, please visit https://atlassalt.com.
The scientific and technical information contained in this news release has been approved by Andrew Smith, P.Eng., ICD.D, Project Director and General Manager, who is a "Qualified Person" for the purposes of NI 43-101.
About Atlas Salt Inc.
Atlas Salt Inc. is developing Canada'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.
For information, please contact:
Patrick Laracy, Chairmaninvestors@atlassalt.com(709) 739-9545
We seek safe harbor.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE: Atlas Salt Inc.
View the original press release on ACCESS Newswire
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Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, Chief Executive Officer Colin Kinley, Chief Operating Officer Alice Carroll, Head of Corporate Sustainability Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris James Bellman Edward Foulkes Berenberg (Broker) +44 (0) 20 3207 7800 Matthew Armitt Ciaran Walsh Detlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark Antelme Jimmy Lea Charles Denley-Myerson About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Ecoaims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. 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Founded in 2017, HIVE Digital Technologies Ltd. builds and operates sustainable blockchain and AI infrastructure data centers, powered exclusively by renewable hydroelectric energy. With a global footprint in Canada, Sweden, and Paraguay, HIVE is committed to operational excellence, green energy leadership, and scaling the future of digital finance and computing, while creating long-term value for its shareholders and host communities. For more information, visit or connect with us on: X: On Behalf of HIVE Digital Technologies Ltd. "Frank Holmes"Executive Chairman For further information, please contact: Nathan Fast, Director of Marketing and Branding Frank Holmes, Executive Chairman Aydin Kilic, President & CEO Tel: (604) 664-1078 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Information Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the construction of the Company's in Yguazú, Paraguay and its potential specifications and performance upon completion, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at and The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law. To view the source version of this press release, please visit Sign in to access your portfolio
