Atlas Salt Inc. is a next generation mining company that is poised to revitalize North America's salt industry, with an ambitious project that is strategically located near tidewater on the west coast of Newfoundland, Canada. Led by seasoned executives Nolan Peterson (CEO) and Patrick Laracy (Chairman), the company is developing the Great Atlantic Salt Project - the continent's first new salt mine in nearly three decades.

Located within the town of St. George's, this innovative project stands out with its unique approach to salt mining. The deposit, remarkably shallow at less than 200 metres from the surface, allows for portal access, which translates to exceptionally favourable economic prospects & operational flexibility. With plans to produce 4 million tonnes of high-purity salt annually, Atlas Salt Inc.’s targeted production will satisfy approximately 10% of North American de-icing salt demand. Atlas Salt Inc. is looking to secure project financing for the Great Atlantic Salt Project in 2026, after which its focus will be on developing the mine infrastructure, with a goal of first production in 2029-2030.

Nolan Peterson, Atlas Salt Inc.’s CEO, MBA, CFA, P. Eng., spoke exclusively to discuss the company's approach to strategic development and values-driven resource management.

Below is an excerpt from the interview.

What inspired you to start Atlas Salt Inc.?  How has your original vision evolved as the company has scaled and the industry has shifted?

Chairman Patrick Laracy was initially exploring for oil and gas assets near St. George’s, Newfoundland and Labrador. In his own words, he kept finding salt when drilling for oil and gas and tried to “kill” the salt project many times over. I mean, who really mines salt? When it became apparent that the Great Atlantic Salt Project contained an economically viable and massive salt deposit, the company shifted its focus towards salt. 

What are the core services that Atlas Salt Inc. provides, and how have those offerings evolved over time?

Atlas Salt Inc. is building North America’s first new salt mine in nearly 30 years, and we are doing it with a strong commitment to responsible, sustainable mining. By focusing on innovation and efficiency, we believe we can make a meaningful contribution to the North American salt market while staying true to our values around environmental stewardship and community engagement.

While the company does hold some non-core assets—such as the nepheline deposit at Black Bay in Labrador—any work on those assets is intended to unlock value to monetize in the near term. Our primary focus has always been, and will remain, the development of the Great Atlantic Salt Project.

How does Atlas Salt Inc. analyze key project data such as geological results, cost forecasts, environmental metrics, and logistics planning to provide clear insights for investors and stakeholders as the Great Atlantic Salt Project progresses?

The approach begins with comprehensive data integration, leveraging advanced geological modeling software to synthesize geological survey data, creating a high-resolution three-dimensional representation of the salt deposit. This geological foundation is then overlaid with financial modeling tools that translate physical characteristics into precise cost forecasts, considering variables like extraction complexity, infrastructure requirements, and market dynamics.

On the geological side, Atlas Salt Inc. continuously refines its understanding of the deposit. These results are fed directly into updated resource models and mine plans, allowing the company to clearly communicate how confidence in the size, quality, and continuity of the salt body improves over time. This geological foundation then drives many of the downstream decisions on mine design, production rates, and operating assumptions.

Cost forecasting is handled with the same level of discipline. Atlas Salt Inc. uses detailed engineering inputs, benchmarking against comparable underground salt operations, and staged economic studies to refine both capital and operating cost estimates. As the project matures, assumptions are tightened, contingencies are adjusted, and sensitivities are clearly outlined so stakeholders can understand what drives project economics and where the key risks and opportunities lie.

Environmental metrics are another core input. Atlas Salt Inc. tracks baseline environmental data and integrates environmental and regulatory requirements directly into project design and scheduling. This allows the company to demonstrate how environmental performance, permitting progress, and risk mitigation are being managed in parallel with technical and financial development, rather than treated as an afterthought.

Logistics and infrastructure planning are also analyzed early and in detail, given their importance to salt markets. Atlas Salt Inc. evaluates transportation routes, port access, and proximity to end markets, and then stress tests these assumptions against different production and demand scenarios. This helps investors understand not just whether the project works on paper, but how product realistically moves from the mine to customers.

All of this information is synthesized into clear technical reports, economic studies, and regular public disclosures that focus on decision-relevant insights rather than raw data. By consistently linking geology, costs, environmental performance, and logistics into a single, coherent narrative, Atlas Salt Inc. provides stakeholders with a transparent and credible view of how the Great Atlantic Salt Project is progressing and how value is being built over time.

How is Atlas Salt Inc. adopting modern mining, data-analytics, and project-management technologies to enhance transparency, reporting, and performance tracking for partners and investors?

Atlas Salt Inc. is adopting modern mining, data-analytics, and project-management technologies in a manner that strengthens accuracy, transparency, and disciplined execution as the Great Atlantic Salt Project advances. A key component of this strategy is the deployment of Oracle’s integrated construction and financial management suite, including Oracle Aconex, Oracle Primavera Cloud, and Oracle NetSuite, to unify schedule, cost, procurement, document control, and collaboration functions across the project lifecycle. This integrated environment supports standardized reporting, controls, and auditability for both internal and external stakeholders.

Through these platforms, Atlas Salt Inc. establishes structured processes for change control, schedule performance tracking, financial governance, and controlled information sharing, enabling enhanced visibility into project status and risk mitigation as the project progresses toward construction. While the project remains in the development stage, these systems mirror the digital backbones used by major modern mining operations to provide clear, data-driven insight into execution performance.

The company views this digital infrastructure as foundational to future operational readiness, enabling a seamless handoff from feasibility through development into construction and ultimately mining operations. Together, these technologies support a transparent and systematic approach to managing a large-scale industrial asset, reinforcing partner confidence, reporting quality and long-term value creation.

What sets Atlas Salt Inc. apart in its ability to tailor development strategies, risk controls, and capital planning across different stages of the mine’s lifecycle to meet diverse stakeholder and regulatory requirements?

Atlas Salt Inc. stands out because it takes a highly adaptive, lifecycle-driven approach to mine development rather than relying on a one-size-fits-all model. From early exploration through construction, operations, and eventual closure, the company adjusts its development strategies, risk controls, and capital planning to fit the specific needs and realities of each stage.

At the early stages, Atlas Salt Inc. focuses on disciplined technical studies, environmental baseline work, and proactive engagement with regulators and local stakeholders. This helps identify risks early, shape permitting strategies, and avoid costly surprises later. As projects move toward development, the company shifts to detail engineering, phased capital deployment, and robust risk management frameworks that balance cost control with safety, environmental protection, and regulatory compliance.

What really sets Atlas Salt Inc. apart is its ability to align these technical and financial decisions with stakeholder expectations. The company maintains ongoing dialogue with governments, communities, investors, and Indigenous groups, ensuring that development plans meet regulatory standards while also addressing social, environmental, and economic concerns. Capital planning is structured to be flexible, allowing Atlas Salt Inc. to scale investments as certainty increases and milestones are achieved.

In short, Atlas Salt Inc. differentiates itself by combining technical rigor, flexible capital strategies, and strong stakeholder engagement across the entire mine lifecycle, enabling it to manage risk effectively while delivering projects that meet diverse regulatory and stakeholder requirements.

What advantages do partners and shareholders gain by participating in Atlas Salt Inc.’s large-scale salt project compared to seeking similar resource-development opportunities independently?

Atlas Salt Inc. presents an interesting investment opportunity for a diverse set of shareholders. As the company continues to de-risk and moves towards production, shareholders should enjoy capital appreciation.  Once in production, the company will institute a rather robust dividend policy, on account of the mine generating $190M of after-tax cash flow annually when at scale. 

The only other publicly listed salt company in North America is Compass Minerals (NYSE: CMP). At scale, Atlas Salt Inc. will generate more EBITDA and free cash flow than the entirety of Compass Minerals, owing largely to the low-cost nature of the Great Atlantic Salt Project.  Compass Minerals trades at approximately 8x – 9x trailing twelve-month EBITDA.  At scale production, the Great Atlantic Salt Project will generate $325M of annual EBITDA.  Recent large precedent transactions in the North American salt space were completed at 12.5x – 16.5x EBITDA.

What key geological or project advantages make the Great Atlantic Salt deposit stand out in the North American salt industry?

A successful mining project really comes down to three key things. First and foremost is the deposit itself. Unlike many salt deposits across North America, the Great Atlantic Salt Deposit is shallow—less than 200 metres below surface. That allows us to access it through a portal rather than a shaft, which translates into stronger economics, lower complexity, simpler maintenance, and much greater operational flexibility.

The second key factor is jurisdiction. Newfoundland and Labrador consistently ranks among the top mining jurisdictions globally, and we genuinely view the province as a true partner in development.

Finally, there is infrastructure—and this is where the Great Atlantic Salt Project truly stands out. The project is located within the town of St. George’s, less than three kilometres from a deep-water port, within two kilometres of a Newfoundland Power tie-in, and under three kilometres from the Trans-Canada Highway. It is hard to ask for a better setup.

Finally, is there anything we have not covered that you would like to highlight such as recent milestones, awards, or core values that truly capture what Atlas Salt Inc. stands for?

Atlas Salt Inc. recently closed a $9M equity financing, which will allow it to commence early works development activities in Q1 2026. The Great Atlantic Salt Project enjoys widespread community support, from the local community of St. George’s, local Indigenous communities, as well as the provincial and federal governments.

In addition, we believe that the Great Atlantic Salt Project will be one of the greenest mining operations in the world. Atlas Salt Inc. received environmental assessment approval with conditions from Newfoundland's Environmental Minister in April 2024 after only two months of review. All underground vehicles used at the mine will be electric powered, and all power requirements will be satisfied by clean hydroelectricity from the provincial grid. The mine will generate Scope 1 greenhouse gas emissions of just 79 tonnes annually, equivalent to four Newfoundland households. Furthermore, underground salt mining generates no tailings and uses no processing chemicals, with salt extracted mechanically and crushed and screened underground. An approved, enclosed conveyor system minimizes dust emissions during transport to port and eliminates the use of heavy trucks. Most of the emissions from the GAS Project are indirect Scope 3 emissions associated with shipping the product. Since we plan to replace international salt supply (primarily from North Africa and Chile) with our product, shipped over much shorter distances, the emissions in our supply chain will be lower than the emissions associated with the product we are replacing.

Atlas Salt Inc. understands that the mining industry is often held to a higher standard of social responsibility in the communities in which they operate. We take this responsibility seriously and remain committed to fostering open and meaningful dialogue to build trusting relationships with the communities and stakeholders and together we will create a more sustainable future for all.

Atlas Salt Inc. recognizes that fostering positive and collaborative relationships with local Indigenous Peoples is vital to the success of the Great Atlantic Salt Project. We remain committed to engaging with Indigenous Peoples to ensure mutually beneficial outcomes during the lifetime of the mine and beyond. Our Indigenous engagements allow us to learn about the land, culture, heritage, and histories from those holding the deepest knowledge. Understanding our Indigenous partners is critical to a successful project and a successful community.

Nolan K. Peterson | CEO    

Nolan K. Peterson is a seasoned mining executive and the CEO and Director of Atlas Salt Inc. Nolan has over 20 years of experience in the mining, infrastructure, and energy sectors, with deep expertise in strategy, corporate development, finance, and project execution. His career spans leadership and technical roles that blend engineering acumen with financial strategy, making him well suited to lead complex resource development initiatives.

Mr. Peterson's distinguished mining career includes leadership roles at World Copper Corp., New Gold, and TMAC Resources/Agnico Eagle. As CEO and in senior executive positions, he successfully merged companies, advanced international mining projects, and drove critical feasibility studies across North American mining developments.

“With a focus on innovation and efficiency, Atlas Salt is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.”