ST. GEORGE’S, NEWFOUNDLAND AND LABRADOR — February 13, 2026 — Leads & Copy — Atlas Salt Inc. has expanded its strategic relationship with Sandvik Mining in connection with the Updated Feasibility Study for the Great Atlantic Salt Project.
The expanded scope contemplates Sandvik supplying underground mobile mining equipment, technology, and associated services, with vendor-supported financing for Sandvik capital equipment required during Project construction and the planned ramp-up to steady-state production of 4.0 million tonnes per year.
Building on the non-binding Memorandum of Understanding announced in September 2024, Atlas Salt and Sandvik have broadened the MOU to reflect the full construction and ramp-up requirements outlined in the UFS.
Atlas Salt President and CEO Nolan Peterson said the UFS reflects the scale and longevity of the Great Atlantic Salt Project and the relationship with Sandvik has evolved accordingly.
Peterson said the equipment supply arrangement has developed into a long-term strategic partnership aligned with construction, ramp-up, and decades of expected operations.
Sandvik Mining Canada Vice President Peter Corcoran said Sandvik is pleased to continue working with Atlas Salt as the Great Atlantic Salt Project advances.
Corcoran said the UFS confirms a long-term vision that aligns well with their portfolio of electrified equipment, automation, and lifecycle services, and strategic initiatives in the Canadian market.
Based on the mine plan, production profile, and capital assumptions presented in the UFS, the anticipated commercial value of Sandvik-supplied equipment, technology, and services during the construction and ramp-up phases of the Project is estimated at approximately $132 million, representing an increase of $59 million from the $73 million contemplated under the original MOU.
The estimated $132 million scope includes:
Underground mobile mining equipment and associated services required for mine construction and initial operations.
Additional fleet units, electrification, automation, and digital systems deployed during the multi-year ramp-up to full production capacity.
Equipment quantities and deployment schedules consistent with the UFS development plan and ramp-up timelines post-construction.
In connection with the product and service offering, Sandvik has expressed a non-binding financing arrangement to support the acquisition of certain Sandvik capital equipment, advanced mining system and technology contemplated in the UFS. The terms of financing remain subject to customary due diligence, receipt of Sandvik’s required internal approvals, and negotiation and execution of the definitive agreements.
Sandvik continues its role as an Integrated Project Delivery partner in supporting Atlas Salt’s UFS and execution strategy by aligning mine design, equipment selection, automation, and maintenance planning with the Project’s safety, productivity, and sustainability objectives.
The UFS contemplates a predominantly electric and battery-electric underground fleet, supported by automation and digital systems, as a core element of the Project’s operating strategy.
Sandvik’s technology platform, including AutoMine®, digital fleet management tools, and battery solutions, is expected to support these objectives while reducing operating risk and improving long-term cost certainty.
Operating with Sandvik’s battery electric and electric underground fleet, as contemplated in the UFS, is expected to reduce diesel emissions, underground heat load, and ventilation demand, resulting in lower greenhouse gas emissions, improved working conditions, and reduced energy intensity over the life of the Project.
Atlas Salt also announced that, subject to approval of the TSX Venture Exchange, the Board of Directors has approved the issuance of incentive stock options to certain directors, officers, employees and consultants of the Company pursuant to the Company’s existing 10% rolling stock option plan.
A total of 3,150,000 Options have been granted. Each Option entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.98 per Share.
The Options are exercisable for a period of five years from the date of grant for directors and officers and will expire on February 12, 2031, subject to the terms of the Stock Option Plan. The Options granted to all others are exercisable for a period of three years from the date of grant and will expire on February 12, 2029, subject to the terms of the Stock Option Plan.
The Options will be issued as follows:
Directors: 1,200,000 Options
Officers: 1,000,000 Options
Employees: 550,000 Options
Consultants: 400,000 Options
All Options granted are subject to vesting periods of either one or two years.
The Company confirms that the Options are being granted for future services and that the recipients are bona fide directors, officers, employees or consultants of the Company in accordance with applicable Exchange requirements.
After the issuance of the Options, 2,693,611 options will remain available for issuance under the Stock Option Plan.
Atlas Salt further announced that it has retained Integral Wealth Securities Limited to provide Market-Making services in accordance with Exchange policies.
Integral will trade securities of Atlas Salt on the TSX Venture Exchange for the purpose of maintaining an orderly market for the Company’s securities.
The agreement between the Company and Integral, executed on November 19, 2025, is for an initial term of three months.
The Agreement outlines that Integral will receive compensation of CAD$6,000 per month, with the first monthly payment paid on the signing of the Agreement by the Company, and thereafter, the fee will be payable on the first day of each month. After the third month, the Company may terminate the Agreement on 30 days written notice.
Atlas Salt and Integral are unrelated and unaffiliated entities; Integral is a member of the Canadian Investment Regulatory Organization and can access all Canadian Stock Exchanges and Alternative Trading Systems. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral.
Sandvik Mining is the mining-focused business area of the global Sandvik Group, and a leading supplier of equipment, tools, parts, services, digital solutions, and technologies designed to enhance productivity, safety, and sustainability in the mining and infrastructure industries.
Application areas include rock drilling, rock cutting, loading and hauling, tunneling, and quarrying. In 2024, Sandvik Mining and Rock Solutions reported revenues of approximately SEK 63.6 billion and employed roughly 17,300 people worldwide. Sandvik AB, the parent company headquartered in Stockholm, Sweden, operates in more than 150 countries with total Group revenues of about SEK 123 billion and approximately 41,000 employees.
Integral Wealth Securities Limited is an independent CIRO-licensed investment dealer engaged in market making, investment banking and wealth management. Headquartered in Toronto, the firm operates from nine offices across Canada. The firm’s FINRA-licensed US broker dealer affiliate, Integral Wealth Securities LLC, is based in Malvern, PA and provides investment banking as well as private placement services.
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.
Source: Atlas Salt
