Atlas Salt (SALT) investor relations material

Project overview and market context

• Developing a unique shallow, dry salt mine in Newfoundland targeting the North American de-icing market, the largest regional market for road salt globally.

• North America imports 30%-40% of its salt needs due to a lack of new mines in nearly 30 years, with most existing mines being deep and under bodies of water, creating operational and safety risks.

• The Great Atlantic Salt Project benefits from proximity to a year-round, ice-free deepwater port, enabling efficient, low-cost shipping to major markets.

• The site is close to key infrastructure, including hydroelectric power, highways, and local communities, supporting cost-effective and sustainable operations.

• The mine will be fully battery electric, resulting in near-zero greenhouse gas emissions and no use of diesel, explosives, or hazardous chemicals.

Financials, feasibility, and permitting

• Feasibility studies are complete, showing an average annual free cash flow of CAD 188 million over 25 years, with 75 years of mine life already drilled and defined.

• The project has received environmental assessment approval in just six weeks, with full community support and permits in hand; construction began in March.

• Initial capital cost is CAD 600 million, with 60% expected from senior secured lenders and export credit agencies, and additional support from government and equity.

• The salt market is stable, with demand driven by municipalities and governments, and is relatively recession-proof.

• The project is insulated from fuel price shocks due to electric operations and benefits from a significant shipping advantage over foreign producers.

Competitive positioning and valuation

• The company is the only publicly traded salt development firm in North America, with a projected EBITDA margin near 80%.

• Recent private transactions in the salt industry have seen EV/EBITDA multiples of 13x to 17x, reflecting the sector's stable cash flows and generational asset value.

• Even at conservative multiples, the project could achieve a multi-billion dollar enterprise value as it de-risks and enters production.

• The mine design is simple, with no processing plant, tailings, or hazardous waste, and 96% pure salt extracted using continuous miners.

• Institutional investor interest is growing, with recent capital raises at increasing share prices and over 30% insider ownership.