Atlas Salt TSXV:SALT Stock Report

Atlas Salt Inc. Announces Fischell’s Brook Salt Unit Interpreted to Extend to Depth of 2,400 Metres

Atlas Salt Inc. provided the following update on its proposed spinout of 226 sq. km of mineral licenses in southwest Newfoundland, outside of its Great Atlantic Project, highlighted by the Fischell’s Brook Salt Dome. The Fischell’s Brook Technical Report, prepared independently by APEX Geoscience Ltd. of Edmonton, AB, had five major objectives: Provide a geological introduction to the property; Summarize historical work completed on the property; Detail a 2021 ground gravity geophysical survey conducted on behalf of Atlas; Disclose a conceptual exploration target for the Fischell’s Brook Salt Dome with cautionary and explanatory statements; and Provide recommendations for future exploration programs. The Fischell’s Brook deposit is in the heart of the Bay St. George Sub-Basin (160 km x 60 km) which formed as a pull-apart trough adjacent to, and west of, the northeast trending Long Range Fault, a major strike-slip fault and part of the Cabot Fault system. The marine sedimentary rocks of the Codroy Group, which hosts the Fischell’s Brook Salt Dome, include salt units of the evaporite-dominated Woodville Formation highlighted by the clean, thick sequence of the Basal Halite Member. Six diamond drill holes, totaling 4,820 metres, are reported to have been completed at Fischell’s Brook by four different operators from 1968 to 1998, including Hooker (1968), Amax Exploration Ltd. (1976), Pronto Exploration Ltd. (1980), Canadian Nickel Company Ltd. (Inco) (1987) and Leeson Resources Inc. (1998). The holes were drilled vertically, with depths of between 358 and 1,099 metres, averaging 803 meters. The discovery drill hole, Hooker #1, was drilled at the centre of the negative gravity anomaly from approximately 100 metres off the Trans-Canada Highway. The Pronto and Inco drill holes were located on the northern and western flank of the anomaly. Four of the six drill holes ended in the Basal Halite Member, with end-of-hole depths ranging from 642 to 1,099 metres. The historical drilling data pertaining to Fischell’s Brook was collected prior to the current CIM definition standards and guidelines (2014, 2019). However, the information presented in historical assessment reports appear to meet the technical standards that were employed at the time of exploration. The Technical Report Qualified Persons conducted verification of the following historical information and data: Historical drill hole data, including drill logs, down-hole geophysical logs, assay analytical results and laboratory certificates; Historical collar locations (n=2 drill collars); Historical drill core archived at the Newfoundland Department of Mines and Energy Mineral Core Library in Pasadena, NL (n=1 drill hole); Independent Qualified Person geochemical analysis of the Basal Halite Member in the Hooker drill hole yielded between 92.6% and 97.8% NaCl with an average of 95.0% NaCl (n=4 samples); Historical salt quality test work data and laboratory certificates; Historical geophysical data. During October-November 2021, Atlas Salt commissioned Abitibi Geophysics of Val- d’Or, Quebec, to conduct a high-resolution ground gravity survey over Fischell’s Brook. The objective of the geophysical program was to provide an initial geological framework of the property with emphasis on the size, geometry, depth, and structure of the Fischell’s Brook Salt Dome. A total of 974 gravity stations including one base station were recorded. Spacing of the gravity stations ranged from 175 to 200 metres. The 2021 geophysical gravity survey delineated the FB-1 anomaly gravity low with an estimated amplitude of -5.43 milligal (mGal). The FB-1 anomaly correlates with the known Fischell’s Brook Salt Dome which was originally delineated by historical drill holes. The dimensions of the anomaly were derived from an unconstrained three-dimensional gravity inversion. The conceptual total (global) in-situ Basal Halite Member exploration target within the Woodville Formation at Fischell’s Brook is estimated to include between 1.763 billion tonnes and 3.126 billion tonnes of salt (NaCl). The Fischell’s Brook Salt Dome exploration target’s potential quality and grade is conceptual in nature, there has been insufficient exploration to estimate a mineral resource, and it is uncertain if further exploration will result in the estimation of a mineral resource. The exploration target expressed should not be misrepresented or misconstrued as an estimate of a mineral resource or ore reserve. The exploration target was prepared by the Technical Report Qualified Persons as follows: Used an average Basal Halite Member salt concentration of 94% salt based on 36 historical analyses; Multiplied the mean volume of the wireframed Basal Halite Member domain and the average salt concentration of the Basal Halite Member by +/- 10% to calculate the estimated range of the exploration target; Used a density of 2.20g/cm3 to convert the volume of the exploration target into a range of tonnages. The density value was defined in the 2021 gravity survey.

CEO & Director exercised options to buy CA$811k worth of stock.

On the 27th of July, Patrick Laracy exercised options to buy 239k shares at a strike price of around CA$0.42, costing a total of CA$101k. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. Patrick currently holds 3.37m shares (0.040805969654169195 of the company). Company insiders have collectively bought CA$312k more than they sold, via options and on-market transactions, in the last 12 months.

Atlas Salt Reports Additional Results from Its Ground Gravity Survey Have Led to the Modelling of Potential Second Salt Dome Just 3 Km East of the Large Fischell’s Brook Salt Dome Deposit

Gravity Survey Supports Massive Salt Dome At Atlas Salt’s Fischell’s Brook

Atlas Salt reported that a recently completed ground gravity survey suggests that the Company’s 100%-owned Fischell’s Brook Salt Dome is significantly larger than originally believed, further demonstrating the district-scale salt potential of the broader Bay St. George district in western Newfoundland and the prospectivity of this area in hosting different styles of salt deposits. Given their unique ability to store renewable energy underground in hollowed out caverns, salt domes are beginning to play an important role in the clean energy transition as evidenced by the Advanced Clean Energy Project in Utah anchored by the “Delta Dome”. The U.S. Department of Energy recently issued a conditional commitment backed by up to $504.4 million (U.S.) in debt financing for what’s expected to be the world’s largest industrial green hydrogen production and storage facility located 135 miles south of Salt Lake City. Atlas is carrying out a near-term spinout of its Fischell’s Brook asset combined with other mineral license claims in the Bay St. George Basin that are prospective for salt dome-type deposits and other renewable energy opportunities. More details regarding the spinout will be announced shortly. The ground gravity survey at Fischell’s Brook was completed by Abitibi Geophysics and shows a large gravity low bouguer anomaly. This strong gravity signature is indicative of a thickened mass of salt with a depth extent that is still unknown. The deepest historic drill hole was terminated at a depth of 1,099 meters in salt after intersecting the deposit at 360 meters and remaining in it for 739 meters.