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Atlas Salt Inc V.SALT

Alternate Symbol(s):  REMRF

Atlas Salt Inc. is a Canada-based mineral exploration company. The Company is engaged in the evaluation, exploration, development and production of industrial mineral properties in Newfoundland and Labrador. The Company’s principal asset is the Great Atlantic salt deposit project (Great Atlantic Salt Project), located in the St. George Basin of western Newfoundland. Its Gypsum Project is three kilometers (km) southwest of Great Atlantic salt deposit, which is an early-stage and open-pit production from the Ace deposit. Its Nepheline Syenite Property consists of a surface occurrence of nepheline syenite along the southern Labrador highway. The project is located approximately six km from tide water.


TSXV:SALT - Post by User

Comment by Zephyron Jun 07, 2023 11:34am
132 Views
Post# 35484469

RE:Getting Closer

RE:Getting CloserHey Deputy Dawg

You are right on all accounts. While I don't think the new CEO announcement will have the immediate impact some expect, it's the start of the process of systematically getting this across the finish line.

Yep, the Board has outlived its usefulness in its current state. Some of these positions were early-stage positions to develop government contacts, etc. However, the Board's current shortfalls should have been remedied last Summer/Fall when things started to slip behind. It's a good thing that someone stepped in to promote a CEO change in February :)

Based on the February 21, 2023 Corporate Update announcing the new CEO search, I expected a follow-on update announcing some new Board members, or similar, as they announced "...Atlas will be taking other immediate and near-term steps to further strengthen its overall team...". However, I'm wondering if they are waiting for direction from a new CEO before going down this path.

I will note, however, that part of the reason why no one may have advanced on this opportunity yet may have to do with the turmoil some of the would-be suitors are going through. For example, Compass, who may or may not be interested, just underwent a restructuring by laying off 16% of its workforce, cut executive salaries and cut contractor costs, etc. Similarly, Stone Canyon has one of its mines on strike since February. These parties, who may be potential suitors, may have not been able to advance up to now even if they were interested. However, Management may have done them a favour by falling behind and not pushing their hand.

In the end, we need a full court press to progress this play and, as you are correct in saying, the new CEO will hopefully be the start of that process.

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