Atlas Salt raises funds to maintain momentum in Canada

Toronto-listed Atlas Salt has topped up its treasury as it advances early site preparation works and detailed engineering and mine development planning at its proposed US$430 million Great Atlantic salt project in Newfoundland and Labrador, Canada.

The company upsized a bought-deal share issue on strong investor demand for an offering underwritten by Ventum Financial and Raymond James.

Atlas CEO Nolan Peterson said recently execution of a Newfoundland and Labrador Benefits Agreement and the company’s satisfaction of early works conditions under its approved environmental assessment enabled initial construction work to start.

“Beginning construction is a major milestone achievement for any mining project,” Peterson said.

“For Atlas and the Great Atlantic salt project it reflects disciplined progress and growing momentum as we continue advancing the project toward full development and production.”

Atlas Salt’s share price has nearly doubled since it took out the Resourcing Tomorrow 2025 Mines & Money Pitch Battle in London in early December 2025. Atlas has a current market capitalisation of about C$130 million.

The company continues to advance permitting and environmental workstreams, procurement planning and equipment studies and project financing talks.

In February this year it signed a circa-US$100 million memorandum of understanding with Swedish company Sandvik on supply of advanced equipment and support for the four million tonnes per annum underground operation planned in its updated feasibility study for Great Atlantic.