File: Attachment VUL-2025-09-30 - Atlas UFS-Final.pdf

News Release

September 30, 2025

Vulcan Minerals Inc. Atlas Salt Inc. Releases Enhanced Updated Feasibility Study on the Great Atlantic Salt Project

St. John's, Newfoundland and Labrador - Vulcan Minerals Inc. ("the Company" -

"Vulcan" TSX-V: VUL), advises that Atlas Salt Inc. (TSX-V: SALT), a related company,

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. For the complete Atlas news release please link here

https://atlassalt.com/news/.

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

The Updated Feasibility Study builds on the 2023 Feasibility Study ("2023 FS"), 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 -10% to +30%, while the accuracy for operating costs is estimated to be within approximately -10% to +20%. Costs are based on Q3 2025 data.

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca 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.

Table 1 - Summary of UFS Economic Results and Assumptions2

UFS Economic Model Results and Value Assumptions

2025 Salt Price Assumed $81.67 / t FOB port.

($/t)

Pre-Tax NPV & IRR $1.68 billion / 27.1 %

($/%)

Post-Tax NPV & IRR $920 million / 21.3%

($/%)

Undiscounted Post-Tax Cashflow (LOM) $3.93 billion

($)

Average LOM Operating Cashflow $325 million

(EBITDA1)

($/a)

Average LOM Post-Tax Cashflow $188 million

($/a)

Post-Tax Payback Period (from first 4.2 years

production)

(Years)

Initial Capital $589 million

($)

LOM Sustaining Capital $609 million

($)

Average LOM Operating Cost (FOB port) $28.17 / t

($/t)

Average Annual Steady-State Salt 4.0 Mt

Production

(Mtpa)

Life of Mine (LOM) 24 years

(Years)

Total Tonnes Produced / Sold (LOM) 90.3 Mt

(Mt)

Estimated Reserve Grade 95.9 % NaCl

(% NaCl)

[2] Unless otherwise noted, values are presented in Canadian dollars and expressed in

real terms as of 2025. Certain figures (e.g., NPV, IRR, payback) are derived outputs of

the discounted cash flow model rather than direct 2025-dollar inputs. The salt price

assumption is stated in 2025 Canadian dollars FOB mine site port facility. Salt pricing

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca was determined by an independent third-party marketing study. The port facility is assumed to be operated by a third-party contractor, with associated costs incorporated into the economic analysis.

Atlas Salt Inc. is a spinout company from Vulcan by way of plan of arrangement. Vulcan owns 28,972,000 common shares of Atlas (approximately 30%) and a 3% Net Production Royalty on the Great Atlantic Salt mineral licences.

Patrick Laracy, CEO 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 Vulcan Minerals is a base and precious metals exploration company based in St. John's, NL 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 Inc. (TSX-V: SALT). Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.

We seek safe harbour.

For information please contact: Patrick J. Laracy, P.Geo. CEO and President (709) 754-3186 info@vulcanminerals.ca www.vulcanminerals.ca

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: completion, delivery and timing of the referenced feasibility study, actions 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

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca 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 the referenced assessments and analysis. 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.

333 Duckworth Street, St. John's, NL, A1C 1G9 Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: info@vulcanminerals.ca Website: www.vulcanminerals.ca