Atlas Salt Inc. has pushed aggregate financing expressions of interest past C$300 million for the Great Atlantic Salt Project in Newfoundland and Labrador after securing a non-binding equipment financing proposal from Sandvik and a separate export credit agency letter.

The company has advanced its earlier memorandum of understanding with Sandvik into a non-binding letter of interest for up to approximately C$79 million in equipment financing. That package earmarks about C$45 million for capital equipment within the underground mobile mining fleet, with the remaining balance designated to support equipment leasing arrangements during initial operations.

Atlas Salt also received a separate non-binding letter of interest from a leading national export credit agency for up to C$75 million in project financing, backed by qualifying export interest tied to the anticipated supply of Sandvik mining equipment. Both letters remain conditional on satisfactory due diligence, credit approvals, and the negotiation of definitive legal agreements.

These latest proposals join a previously announced letter of interest from Export Development Canada for up to C$150 million. Atlas Salt is utilizing the vendor and export credit support as the foundation for a broader financing package targeting C$350 million to C$400 million in senior secured debt alongside a commercial bank syndicate.

“Advancing our Memorandum of Understanding with Sandvik into a financing Letter of Interest and adding the support of an additional leading export credit agency, brings the financing Letters of Interest for the Great Atlantic Salt Project to more than C$300 million. These are the pillars on which we are building a broader financing package, including a commercial bank syndicate, as we work toward a complete financing package. Vendor and export credit support of this scale reflects the strength and strategic significance of our long-life, industrial-salt asset, and the international export interest it supports. This is one part of a structured process that is progressing across multiple counterparties and jurisdictions, and we look forward to advancing it in a disciplined manner alongside our advisor, Endeavour Financial.”

— Nolan Peterson, President & CEO

The ongoing debt process is anchored by an updated feasibility study outlining an after-tax net present value of C$920 million and a post-tax internal rate of return of 21.3% over a 25-year mine life. Atlas Salt holds 100% ownership of the asset, which is designed as a low-emission operation intended to become North America’s first new salt mine in nearly three decades.

Read the full announcement: Atlas Salt's Financing Letters of Interest Exceed $300 Million Following Further Export Credit Agency and Sandvik Support