Vulcan Minerals Inc. – Review and Update on Affiliated Company Atlas Salt Inc.
St. John’s, Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), is pleased to update shareholders on the status of Atlas Salt Inc. (Atlas), an affiliated entity that forms a key asset for the Company. Atlas is engaged in the development of the Great Atlantic Salt project in the Bay St. George basin of western Newfoundland. Vulcan owns 23.5% of the outstanding common shares of Atlas which trades on the TSX Venture Exchange. Vulcan created and financed Atlas via a corporate spinout in 2012 to pursue the advanced exploration and development of industrial mineral projects originally generated by Vulcan. Subsequently, Atlas defined a substantial rock salt resource and reserve, financed and produced a positive feasibility study, gained environmental approval for mine development and embarked on the early construction of the mine. Final project financing to fully construct the mine is currently being assembled.
Atlas reported on September 1, 2026 that it has secured non-binding Letter of Interests totally more than $300,000,000 in debt and equipment financing. As per its news release of that date, its plan is clear:
“As previously disclosed, the company is pursuing approximately $350-million to $400- million of senior secured debt, with the potential for additional subordinate debt, anchored by the updated feasibility study (UFS) released on Sept. 30, 2025. The UFS delivered an after-tax net present value (discounted at 8 per cent) of $920-million, an after-tax internal rate of return of 21.3 per cent, a 4.2-year payback at a steady-state production rate of 4.0 million tonnes per annum and approximately $188-million in average annual after-tax free cash flow over a 25-year mine life.”
With an initial capital expenditure for mine development of $589,000,000, formal expressions of interest for the debt portion are approaching the targeted amount with the balance to be funded through equity. The Company commends Atlas on its significant recent progress and looks forward to the ultimate full project financing of the salt mine, the first salt mine development in North America since 2001. The timing appears perfect given that there are significant salt imports into eastern North America to address a domestic supply deficit for road de-icing (7-10 million tonnes annually depending on the severity of the winter). A shortfall which is expected to become more pronounced with the recent shut down of an Ohio mine (Fairport) combined with the aging infrastructure of other salt mines in eastern North America.
President Patrick Laracy, noted “The Great Atlantic Salt Project offers a long-life revenue stream from a recession proof commodity in a domestically under-supplied market with a competitive advantage against imports that will never go away, namely, a location proximal to the largest road de-icing market in the world.”
The Company is waiting for assay results from its Carbonear drill project which will be released upon receipt and review, expected in the next few weeks. An update on prospecting work recently carried out on the Red Cross Lake and Colchester projects will be provided as well.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland and Labrador. The Company has strategic land positions in multiple active Newfoundland gold and base metal exploration and development belts. It also holds approximately 23.5% of the shares in Atlas Salt Inc. (TSX-V: SALT) and retains a 3% net production royalty on the Great Atlantic Salt project.
Patrick J. Laracy P.Geo., President, is the qualified person who has reviewed and approved the technical contents of this news release as defined in National Instrument 43-101.
The Updated Feasibility Study cited above is available here https://www.atlassalt.com/great-atlantic#feasibility and is the source for technical information referenced herein.
We seek safe harbour.
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 development program, related financing 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 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.
For information please contact:
Patrick J. Laracy, P.Geo. President
(709) 754-3186
