Atlas Salt (TSXV:SALT) - Low Cost Producer Builds Model to Test North American Salt Shortage

Interview with Nolan Peterson, CEO of Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-c300m-in-lender-interest-secured-as-road-salt-prices-nearly-double-12094

Recording date: 2nd November 2026

Atlas Salt is developing the Great Atlantic Salt Project in Newfoundland, designed for 4 million tonnes (Mt) per year over a 24.3-year mine life. Chief Executive Officer Nolan Peterson gave a public run-through of Meridian, the company’s internally built model of the North American salt market, and laid out why he thinks reserve capacity claimed by producers is not there.

Peterson’s evidence is bidding behavior. Last year some cities drew bids from two or three mines, and this year many of those mines are not bidding on the same contracts. He said inventory built during mild winters has been exhausted, and diesel costs are adding pressure at domestic mines and for importers. The flooding of Morton Salt’s Fairport Harbor mine in Ohio removed a mine that was not among the 4 Atlas Salt had been watching for shutdown risk. Atlas Salt’s company presentation cites a low bid of US$160 per ton against US$88 a year earlier at one purchasing council, and 18 Ohio counties with no offers in a first round.

Meridian was built by Andrew Smith, Director of Project Strategy & Execution, to test the 4 Mt rate set in the 2025 Updated Feasibility Study. It combines demand at every selling node with road, rail and barge networks, estimated mine costs and seaborne imports, then uses Monte Carlo statistics to show who can win each market. The run shown displaces primarily foreign imports. An uncapped run places up to 7 million tons at a profit, although the last ton earns less than the first. The model uses last year’s pricing and excludes this year’s fuel price increases.

Peterson said Great Atlantic would be the lowest-cost producer in North America, with transportation providing the advantage over imports from Chile, Egypt and North Africa. The presentation shows 3 days to ship to Boston, against more than 14 days from Egypt or Chile. The study shows operating cost of C$28.2 per tonne shipped, an after-tax NPV8% of C$920M, a 21.3% after-tax IRR and a 4.2-year payback. Enterprise value was C$144.1M on October 23, 2026. Peterson’s position is that the case holds even if the market normalizes, because the numbers already use last year’s pricing.

Demand looks steady in his account. Most salt sells under contract in spring and summer, cities fill the