Atlas Salt Inc., in which Vulcan holds approximately 27% ownership interest (as of December 31, 2025), owns a 100% interest in mineral licences covering a portion of the Bay St. George Basin in western Newfoundland. Vulcan also owns a 3% Net Production Royalty on the licences.
On August 28, 2023, Atlas Salt Inc. released the results of a Feasibility Study (“FS”) and updated Mineral Resource estimate as prepared by SLR Consulting (Canada) Ltd. (“SLR”) on the Great Atlantic Salt Project (“Great Atlantic” or “the Project”), located in western Newfoundland, Canada. The FS demonstrates robust economics based on 2.5 million tonnes per year (Mtpa) or production over a 34-year mine life.
On May 1, 2024, Atlas Salt filed on Sedar+ an amended technical report in regards to the Great Atlantic Salt Project.
On September 30, 2025 Atlas Salt released an Enhanced Updated Feasibility Study (“UFS”) on the Great Atlantic Salt Project (filed on Sedar+). The UFS was prepared by SLR, with contributions from specialized engineering and technical partners Shaft and Tunnel Consulting Services Ltd., Terrane Geoscience Inc., Sandvik Mining and Rock Solutions (“Sandvik”), and Tamarack Resources. The UFS builds on the 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.
Atlas closed an $8.7 million LIFE Private Placement at $0.80 per share in 2025.
As of December 31, 2025 Vulcan owns 29,347,000 shares of Atlas Salt.
