Great Atlantic

North America's Only FS-Stage Salt Project

Great Atlantic: North America's Only FS-Stage Salt Project

Ageing salt mines in eastern North America have contributed to a domestic production shortfall of high-grade rock salt for the large road salt market that serves Ontario, Quebec, Atlantic Canada and the eastern United States. 
Atlas Salt’s Great Atlantic deposit, strategically located next to a deep water port, is slated to become North America’s first new salt mine in nearly three decades. It will be a unique and long-life electric-based operation accessed through inclined ramps vs. vertical shafts based on an independent Feasibility Study carried out by SLR Consulting (Canada) Ltd. August 28, 2023. Atlas’ top-tier “Great Atlantic Build Team” has a proven track record of optimizing mine plans and delivering projects on time and on budget.  
FS Highlights (pre-tax, all figures in CDN dollars):
  • Robust economics based on a conservative 2.5 Mtpa production rate over a 34-year mine life
  • Total direct capital cost of $302 million (other costs and contingency totalling $178 million)
  • Internal Rate of Return (IRR) of 23%
  • Net Present Value (NPV) at 8% of $1.017 billion 
  • NPV @ 5% of $1.9 billion 
  • Total life-of-mine operating cost of $2.97 billion
  • Total capital cost (34 years) of $1.11 billion
  • Designed to accommodate mine and processing expansion of up to 4.0 Mtpa and to extend the mine life beyond 34 years

The Ability To Execute: A World Class Build Team For A World Class Project

The Build Team.

“This elite core team will have tremendous synergy and possesses all the combined skill sets to bring North America’s premier undeveloped salt project to the production stage on time and on budget. The build team allows Atlas Salt to set the goal for a new standard for economic, environmental and social mining development.”

Rick LaBelle
President/CEO Atlas Salt Inc.

Robert Booth, P.Eng, PMP, VP-Engineering & Construction: Most recently with Newmont, Robert has consistently demonstrated operational excellence and the highest standards of cost and quality control throughout a highly successful 36-year career in the mining sector

Alasdair Federico, VP-Corporate Affairs: Experienced executive and lawyer who held key senior positions with Kirkland Lake Gold (2016-2021) and Lake Shore Gold (2008-2016). 

Michael Psihogios, Chief Financial Officer: an experienced financial executive working with public, private and investment companies in the natural resource industry over the past 20 years.  Michael was the CFO of DUMAS Mining, an underground mine builder from 2016 to 2021. 

Expansion Case Scenario

In addition to the FS, SLR has provided a Great Atlantic expansion case to 4 million tonnes per year of road de-icing salt over a 47.5 mine life presented at a Preliminary Economic Assessment (PEA) level analysis.

Highlights (pre-tax, all figures in CDN dollars):
  • IRR of 28%
  • NPV(8) of $2.015 billion
  • Total net revenue of $24.75 billion
  • Total cash flow of $17.8 billion 
  • Expansion capital cost of $101 million (after initial direct cost of $302 million and other costs and contingency totalling $178 million) 
Atlas Salt CEO Rick LaBelle: “The expansion scenario underscores how there is substantial additional room to optimize an already strong Feasibility Study. We have de-risked this project and we will maximize the value of this unique, transformative asset for shareholders in an investor-friendly way. 

The projected rate of return for this project and its relatively low-risk nature makes it a top-tier asset, as compelling as anything I’ve ever seen in the mining industry. We have the right team to pull this together and make the Great Atlantic Salt Project a state-of-the-art salt factory for the 21st century, with the potential to deliver cash flow for generations.”

Feasibility Study


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