Government of Newfoundland and Labrador Approves Early Works Development Plan for the Great Atlantic Salt Project
Rhea-AI Summary
Atlas Salt (OTCQB:REMRF) has received a significant regulatory milestone with the approval of its Early Works Development Plan for the Great Atlantic Salt Project by Newfoundland and Labrador's Minister of Industry, Energy and Technology. The approval transitions the project to shovel-ready status and authorizes site preparation and surface infrastructure activities.
The Early Works scope includes site preparation across 47 ha, construction of access infrastructure, surface support areas, and water management systems. The 16-month program is expected to create 150 full-time-equivalent positions, prioritizing local residents. The company plans to complete its Updated Feasibility Study in Q3 2025, which will support project financing and enable procurement activities.
Positive
- Regulatory approval received for Early Works Development Plan, marking transition to shovel-ready status
- Project expected to create 150 full-time-equivalent positions over 16 months
- Comprehensive infrastructure development plan covering 47 hectares of project site
- Clear timeline with Updated Feasibility Study expected in Q3 2025
Negative
- Project still requires completion of Updated Feasibility Study before proceeding to full construction
- Additional project financing needs to be secured before major procurement can begin
News Market Reaction – REMRF
On the day this news was published, REMRF gained 4.46%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ST. JOHN'S NEWFOUNDLAND AND LABRADOR / ACCESS Newswire / July 10, 2025 / Atlas Salt Inc. ("Atlas Salt" or the "Company") (TSXV:SALT)(OTCQB:REMRF) announces that the Minister of the Department of Industry, Energy and Technology ("IET") for Newfoundland and Labrador has formally approved the Early Works Mine Development, Rehabilitation and Closure Plan (the "Early Works Development Plan") for the Great Atlantic Salt Project (the "Project").
Nolan Peterson, CEO of Atlas Salt, stated: "The approval of the Early Works Development Plan marks a pivotal step for the Great Atlantic Salt Project, officially transitioning it to shovel ready. This milestone is a further reflection of our ability to effectively collaborate with local stakeholders to move our objectives forward. With a clearly permitted route, we are positioned for expedited procurement and mobilization. Our structured approach minimizes execution risk, accelerates economic benefits for Newfoundland and Labrador, and strategically prepares Atlas Salt for the construction phase."
Approval of the Early Works Development Plan authorizes Atlas Salt to proceed with site preparation and surface infrastructure activities. This will enable the Project to advance toward full mine construction, further reduce associated risks, and keep the Project on schedule.
Early Works Scope
The approved Early Works Development Plan includes:
Site preparation and earthworks - clearing, grubbing and grading across the 47 ha Project site.
Access infrastructure - construction of a 1.3 km primary access road from Steel Mountain Road and a 300 m secondary road along the planned conveyor corridor.
Surface support areas - two lay-down yards, temporary offices, lunchroom and wash trailers to service construction.
Water management and environmental controls - catchment ditches, a temporary settling basin, diversion berms, erosion-sediment measures and a comprehensive Environmental Protection Plan.
Foundations and terraces for life-of-mine stockpile pads and equipment staging.
Workforce and economic benefits - an estimated 150 full-time-equivalent positions over the 16-month early-works program, prioritizing Newfoundland and Labrador residents, once the program begins.
Next Pre-Construction Steps
Complete the Updated Feasibility Study ("UFS") and release its results in Q3 2025, updating the technical basis for project financing.
Finalize project financing subsequent to UFS completion, unlocking procurement of subcontractors, long-lead materials and mobile equipment.
Begin procurement upon project financing close, with contractor mobilization to commence within three months for clearing, grubbing and initial earthworks.
Expand the Development, Rehabilitation and Closure Plan to cover post-early-works construction of the boxcut, declines, and supporting underground infrastructure.
For further information and ongoing updates, please visit https://atlassalt.com.
The scientific and technical information contained in this news release has been approved by Andrew Smith, P.Eng., ICD.D, Project Director and General Manager, who is a "Qualified Person" for the purposes of NI 43-101.
About Atlas Salt Inc.
Atlas Salt is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
For information, please contact:
Jeff Kilborn, CFO & VP Corporate Development
investors@atlassalt.com
(709) 275-2099
We seek safe harbor.
Cautionary Statement
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: obtaining financing, completion, delivery and timing of project components and requirements, and analysis 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 required permits, supply arrangements and financing. 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.
SOURCE: Atlas Salt Inc.
View the original press release on ACCESS Newswire
FAQ
What regulatory approval did Atlas Salt (REMRF) receive for the Great Atlantic Salt Project?
How many jobs will Atlas Salt's Great Atlantic Salt Project create during early works?
What is the timeline for Atlas Salt's Updated Feasibility Study completion?
What infrastructure work is included in Atlas Salt's Early Works Development Plan?
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