Mr. Patrick Laracy reports

VULCAN MINERALS INC. -- ATLAS SALT INC. RELEASES ENHANCED UPDATED FEASIBILITY STUDY ON THE GREAT ATLANTIC SALT PROJECT

Atlas Salt Inc., a company related to Vulcan Minerals Inc., has released the results of an enhanced updated feasibility study (UFS) on the Great Atlantic salt project in western Newfoundland. An excerpt from Atlas's news release follows.

Summary of updated feasibility study

The UFS was prepared by SLR Consulting (Canada) Ltd., with contributions from specialized engineering and technical partners, including Shaft and Tunnel Consulting Services Ltd., Terrane Geoscience Inc., Sandvik Mining and Rock Solutions, and Tamarack Resources.

The updated feasibility study builds on the 2023 feasibility study, incorporating optimizations in mine design, throughput, port logistics and capital efficiency. The results confirm Great Atlantic as a large-scale, high-purity, low-cost underground salt project strategically positioned to serve the North American market.

General description of operations and process plan

The capital and operating cost estimates in the updated feasibility study have been prepared in accordance with the guidelines of the Association for the Advancement of Cost Engineering (AACE) for a Class 3 estimate. This level of estimate is typically based on feasibility-level engineering, vendor quotations and discipline-level design sufficient to support a financing decision. The accuracy range for initial capital costs is considered to be within approximately minus 10 per cent to plus 30 per cent, while the accuracy for operating costs is estimated to be within approximately minus 10 per cent to plus 20 per cent. Costs are based on Q3 2025 data.

The estimates incorporate contingency allowances to reflect the current design, anticipated execution risks, and prevailing market conditions for labour, materials and equipment. They are also benchmarked against comparable projects and historical data for underground salt operations.

Atlas Salt is a spinout company from Vulcan by way of a plan of arrangement. Vulcan owns 28,972,000 common shares of Atlas (approximately 30 per cent) and a 3-per-cent net production royalty on the Great Atlantic Salt mineral licences.

Patrick Laracy, chief executive officer of Vulcan, stated: "The updated feasibility study further confirms the compelling economics of the Great Atlantic salt project. We congratulate the team at Atlas for accomplishing this critical step towards advancing the project to production. We look forward to seeing this project receive development financing with all the related benefits flowing to stakeholders."

About Vulcan Minerals Inc.

Vulcan Minerals is a base and precious metals exploration company based in St. John's, Nfld., with strategic land interests in multiple active Newfoundland exploration and development belts. It also owns approximately 30 per cent of the shares in Atlas Salt. Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.

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