Mr. Jai Duhan of Respec Consulting reports

ATCO MINING IDENTIFIES AT LEAST ONE SALT STRUCTURE SUITABLE FOR HYDROGEN STORAGE ON ITS FLAT BAY SALT PROJECT IN SW NEWFOUNDLAND & ENGAGES MILESTONE CAPITAL PARTNERS FOR INVESTOR RELATIONS IN EUROPE

Atco Mining Inc.'s contracted consultant partner, Respec Consulting, has completed an analysis of the previously announced 2-D seismic interpretation on the Flat Bay salt project, located in southwestern Newfoundland. Respec located at least one salt structure prospective for halite exploration, the mineral form of sodium chloride or road salt, and potentially suitable for hydrogen salt dome cavern development.

The gravity and 2-D seismic data show the potential presence of a salt structure within the project boundary; the maximum thickness of the salt structure is identified to be approximately 1,700 metres within the Flat Bay project site. Based on the depth and thickness of the salt strata identified from the gravity and 2-D seismic surveys, hydrogen storage salt caverns exceeding a storage volume of two million square metres could potentially be developed within the property.

Respec is currently working on building a 3-D geological model of the salt structure from the gravity and 2-D seismic data. The 3-D model will be used for the following:

1. The placement of future core well locations;
2. Defining the dimensions of the salt structure;
3. Estimating the potential number of salt caverns that could be developed within the property;
4. Estimating the potential amount of hydrogen that could be stored in salt caverns in the project area.

Jai Duhan, subsurface energy storage consultant at Respec, comments: "The gravity and 2-D seismic data show the potential presence of a thick salt structure suitable for hydrogen storage cavern development at Atco's Flat Bay project site. Respec is currently working on developing the 3-D geological model of the salt structure and is looking forward to assisting Atco in defining the appropriate next steps in its exploration program."

Investor relations agreement

Atco also announces that it has engaged Christian Klingebiel to provide marketing services for an effective period of six weeks starting on Sept. 4, 2023.

Mr. Klingebiel, through his company, Milestone Capital Partners Ltd., is an investor relations consultancy firm headquartered in Monaco. Milestone provides a full-service, results-driven approach to Atco's investor relations program to access the European investment community. Through its proprietary database used for marketing purposes Milestone will organize physical or on-line presentations with interested parties, including financial advisers, bankers, institutional sales, analysts, brokers, funds, family offices and others. In consideration for his services, Atco has paid a total upfront fee of 100,000 euros.

Qualified person

The technical content of this news release has been reviewed and approved by Tabetha Stirrett (PGeo), who is a qualified person as defined by National Instrument 43-101.

About Atco Mining Inc.

Atco is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco is also exploring for sulphide-rich VHMS (volcanic-hosted massive sulphide) deposits in Saskatchewan as well as salt opportunities in western Newfoundland.

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