Atlas Narrows Search for New CEO

ST. JOHN’S, Newfoundland and Labrador, June 26, 2023 (GLOBE NEWSWIRE) -- Atlas Salt (the “Company” or “Atlas” - TSXV: SALT; OTCQB: REMRF; FSE: 9D00), owner of North America’s premier undeveloped salt project on the west coast of Newfoundland, is pleased to provide updates on its CEO search, Feasibility Study progress, and investment in Triple Point Resources Ltd. which has become a leading company in Newfoundland’s emerging Clean Energy Hub.

CEO Search

Atlas Salt is currently reviewing a highly credible candidate for Chief Executive Officer of the Company separate from the original short list of candidates referred to in Atlas’ May 18, 2023, news release.

Atlas President Rowland Howe commented: “Our determination is to secure a truly dynamic CEO with a proven track record who will take North America’s premier undeveloped salt project, unique within the sector, and leverage this asset in an investor-friendly way. We are on the right track, after having narrowed this process down from dozens of candidates, and we look forward to updating investors again very soon.”

SLR Feasibility Study - Great Atlantic

Mr. Howe stated: “After being mine manager at the world’s largest underground salt mine for many years, I can’t emphasize enough how significant this Great Atlantic Feasibility Study will be in the context of a broader Eastern North America road salt sector that’s grappling with a domestic production shortfall. Great Atlantic would be the first new North American salt mine in more than 20 years and the only one that’s electric-based and accessed through ramps as opposed to vertical shafts. Conservative assumptions in the PEA outlined a compelling low-cost producer. More data and continued evaluation since the PEA will give us a Feasibility Study that will be a threshold event for Atlas Salt with the establishment of economic reserves from the billion plus tonnes of mineral resource.”

Triple Point Resources Ltd.

Atlas Salt reminds investors that it’s the largest shareholder of Triple Point Resources Ltd. (TPR), a company formed from the Atlas spinout of the Fischell’s Salt Dome in 2022. Atlas owns 27.5 million shares of TPR or approximately 27% of the company. The Triple Point board continues to evaluate the timing and method of creating liquidity for current TPR shareholders.

Fischell’s is a massive Gulf Coast-style Salt Dome that could be ideally suited for safe and efficient underground storage of hydrogen and other clean energy products in a series of salt caverns, making this asset a potential key component of Newfoundland’s proposed Clean Energy Hub.