Mr. Richard LaBelle reports

ATLAS SALT ANNOUNCES CORE PROJECT EXECUTION TEAM AND NEW CFO

Atlas Salt Inc. has formed the core project execution team for the development of its new underground salt mine in St. Georges, Nfld. This strategic move underscores the company's commitment to excellence and its dedication to developing the Great Atlantic salt project in Newfoundland.

Core project execution team

Leading the team as mine project manager, Andrew Smith, PEng, ICD.D, offers over a decade of expertise in mining engineering and project management. Throughout his career, he has adeptly managed international mine-building contracts with a total value exceeding $500-million. Recently, Mr. Smith served as the manager of the project management office at Dumas Mining, where he championed advanced business intelligence systems, real-time monitoring and management, and pro-active data-driven decision-making. These initiatives have contributed to the sustainable growth of a globally respected mining contractor. His expertise and leadership, further distinguished by receiving the prestigious Mel W. Bartley Award from the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), are invaluable to the success of the Great Atlantic salt project.

Joining Mr. Smith in this venture are a core group of seasoned professionals, each an expert in their respective field:

• Senior project engineer: Shaun McGlade brings extensive experience in underground mining engineering and design since 1978. His deep experience in engineering and contract management, overseeing mine layout, equipment design, feasibility studies and contractors, combined with understanding of mine infrastructure and project management is crucial for Atlas's success.
• Senior mine engineer: Doug Harris, PEng, PMP, bringing significant expertise from his tenure at Vale in evaluating major mining projects. His skills in mine development, production profiling and economic evaluations, honed over three decades, are vital for the company's underground salt mine's potential.
• Project controls manager: Jennifer Harkins joins as the project controls manager, bringing her robust experience from Vale, and Hudbay where she excelled in project planning, management and contract management. Ms. Harkins's proven record in project control will be invaluable in steering this project to success.
• Project scheduler/planner: Adam Pranszka will be responsible for developing and maintaining project schedules. M. Pranszka's extensive background in project planning and control, combined with his skill in using Primavera P6, will be instrumental in keeping the project on schedule.
• Senior power systems consultant: Kyle Tucker, the company's senior power systems engineer. With nearly 25 years of experience in electrical power systems, Mr. Tucker brings a wealth of knowledge in high-voltage transmission and power generation technology. His expertise encompasses all aspects of transmission system development, from concept analysis to construction management.
• Senior environmental consultant: David Robbins. With over 25 years of experience, Mr. Robbins is an expert in environmental impact assessments and environmental management strategies. His extensive work with NL Hydro demonstrates his capability in environmental science, particularly in fisheries science and biophysical studies.

This core project execution team, aggregating over two centuries of collective experience in the mining industry, epitomizes a union of diverse expertise and seasoned professionalism. This diverse team, unified in their mission, brings an unparalleled depth of expertise in mining engineering, project management, underground design, economic evaluation, power systems and environmental management to advancing the Great Atlantic salt project.

Bob Booth, PEng, PMP, Atlas Salt's vice-president of engineering and construction, commented, "I couldn't think of a better combination of skill sets and talent to gather together in one place to deliver on this unique and dynamic project."

Changes to corporate management team

Peter Newton has resigned as chief financial officer after steering the company's financial operations during the initial transition to the new management team. The company recognizes and thanks Mr. Newton for his valued contribution at this pivotal stage of the company's evolution.

Michael Psihogios has been appointed the new chief financial officer of the company. Mr. Psihogios will oversee financial management, capital structure, investor relations and business development and will work closely with the executive team to transform and unlock shareholder value for Atlas Salt in the construction, execution and financing of the Great Atlantic salt project.

Mr. Psihogios is an experienced financial executive working with public, private and investment companies in the natural resource industry over the past 20 years.

Mr. Psihogios was the CFO of Dumas Mining, an underground mine builder, from 2016 to 2021, where he established the systems and controls for a successful financial turnaround and profitable growth strategy, while pro-actively ensuring access to financial capital across equity, debt and asset-backed lenders.

Most recently (2021 to 2023), Mr. Psihogios was the chief investment officer of Carbon Streaming, an investment company focused on royalties, streaming and long-term offtake investments, where he was responsible for structuring and negotiating transactions, alongside establishing continuing portfolio reporting and risk management systems.

Prior to Dumas Mining, Mr. Psihogios worked with an international natural resource private equity fund on numerous executive and corporate development secondment roles within portfolio companies, leading financial management and corporate development, including raising capital and the ultimate sale of each business. Of note, Mr. Psihogios was instrumental in financing and the sale of an integrated mineral sands mining and infrastructure operation in Africa.

Mr. Psihogios started his career in investment banking with National Bank Financial in the merger and acquisition group. He holds an MBA from the University of Toronto (Canada) and the University of St. Gallen (Switzerland).

Rick LaBelle commented: "Michael's background complements the overall executive team. He will help shape the company's strategic financial road map during a period of transformative growth underpinned by our high-calibre project execution team." He further added, "I will provide an update on project execution early in the new year."

Equity incentives

The company's board of directors has approved the grant of 72,000 restricted share units, 128,000 performance share units and 150,000 deferred share units to certain directors and officers of the company. All security-based compensation was granted pursuant to the company's equity incentive plan and is subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.

Ensuring project success

Atlas Salt remains committed to the successful execution of the Great Atlantic salt project, leveraging the expertise of its core team and incorporating valuable insights from a peer review process. The company's refined corporate management team and board of directors' focus on sustainability, community engagement, operational excellence and innovative mining practices positions it as a leader in the industry.

About Atlas Salt Inc.

Atlas Salt is a leader in the salt mining industry, 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.

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