Atlas Salt Inc (SALT) AI Stock Analysis

• Market Cap: C$86.89M
• Dividend Yield: N/A
• Average Volume (3M): 143.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: N/A
• EPS Growth: 33.25%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): <0.01
• Shares Outstanding: 108,614,010
• 10 Day Avg. Volume: 84,412
• 30 Day Avg. Volume: 143,484
• PEG Ratio: 0.63
• Price to Book (P/B): 2.93
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$0.94 ▲(36.23% Upside)

The score is held back primarily by weak financial performance (pre-revenue, recurring losses, and ongoing cash burn), despite a conservatively levered balance sheet. Technicals are a partial positive with an uptrend and positive MACD, but overbought signals limit upside near-term. Valuation is also a headwind due to negative earnings and no dividend yield support.

Positive Factors

Conservative Leverage

Extremely low leverage materially reduces near-term solvency and interest burden, giving management more runway to advance the salt project without immediate refinancing. This structural balance-sheet strength lowers bankruptcy risk and supports staged project funding options.

Tangible Asset Base

A stable asset base provides tangible backing for exploration and development. Assets can support structured financing, collateralized loans, or JV farm-outs, improving the company’s ability to fund capex and de-risk the project over the medium term as development milestones are reached.

Clear Project & End-Market Focus

Concentrated focus on a rock-salt deposit aimed at industrial salt markets gives strategic clarity. If development succeeds, the asset addresses stable, non-cyclical industrial demand, creating a durable revenue pathway and clear commercialization plan versus unfocused explorers.

Negative Factors

Pre-Revenue Operations

Zero reported revenue means the business model has not yet validated commercial sales, leaving project economics unproven. Lack of operating revenue increases execution and timeline risk, requiring continued capital infusions before self-sustaining cash generation is possible.

Persistent Cash Burn

Ongoing negative operating and free cash flow creates structural funding dependence. Continued burn can force dilutive equity raises or costly debt, limiting strategic flexibility and slowing project milestones until commercial production and positive cash generation begin.

Equity Erosion & Negative ROE

Declining equity and negative returns indicate the capital base is not generating profits, signaling shareholder value erosion. Sustained negative ROE can raise cost of capital and impair investor confidence, complicating future fundraising and long-term growth execution.

Atlas Salt Inc Business Overview & Revenue Model

Company Description

Atlas Salt Inc., a junior mineral exploration company, engages in the acquisition, evaluation, and exploration of mineral properties in Newfoundland and Labrador, Canada. The company explores for potash, salt, gypsum, and other mineral deposits. It holds 100% interest in the Great Atlantic salt project in the Bay St. George Basin of Western Newfoundland. The company also holds interests in the Ace Gypsum project located in the dormant Flat Bay gypsum mines to the southwest of the Great Atlantic salt deposit; and the Black Bay Nepheline property located in southern Labrador. As of December 31, 2021, the company had 30 mineral licenses approximately 21,725 hectares in the Bay St. George region of Western Newfoundland and in Black Bay, Labrador. The company was formerly known as Red Moon Resources Inc. and changed its name to Atlas Salt Inc. in August 2021. Atlas Salt Inc. was incorporated in 2011 and is headquartered in St. John's, Canada.

How the Company Makes Money

Atlas Salt Inc primarily generates revenue through the sale of salt extracted from its mining operations. The company's key revenue streams include bulk sales to industrial clients who use salt for de-icing roads and highways, as well as sales to the water conditioning industry. Additionally, Atlas Salt may have strategic partnerships with distribution companies to enhance its market reach. These partnerships, along with the company's efficient production processes, contribute significantly to its earnings. As a resource-focused company, Atlas Salt's financial performance is also influenced by market demand, commodity prices, and operational efficiencies.

Atlas Salt Inc Financial Statement Overview

Summary

Overall financials are constrained by the lack of revenue, recurring net losses, and persistent cash burn (negative operating cash flow and free cash flow). The balance sheet is a key offset with very low leverage (debt-to-equity near 0.01), which helps reduce near-term solvency risk, but profitability and self-funding capacity remain weak.

Income Statement

The company is still pre-revenue (revenue is 0 across all periods), and profitability remains weak. TTM (Trailing-Twelve-Months) net income is a loss of about -$2.6M, and losses have been recurring in most years (with a brief profit in 2022). Gross profit is negative in every period provided, suggesting ongoing operating spend without commercial production. A positive datapoint is the swing in EBIT from a large loss in 2023 to a positive figure in 2024, but net income stayed meaningfully negative, highlighting earnings volatility and limited underlying profitability.

Balance Sheet

The balance sheet looks conservatively levered: TTM (Trailing-Twelve-Months) debt is roughly $0.2M against ~$18.2M of equity, keeping debt-to-equity near 0.01. Total assets are relatively stable (~$19.6M TTM), but equity has stepped down from 2023 to TTM, reflecting cumulative losses. Returns on equity are negative in recent periods (TTM roughly -14%), signaling that the capital base is not yet producing profits, but the low leverage reduces near-term balance-sheet stress.

Cash Flow

Cash generation remains a key weakness. TTM (Trailing-Twelve-Months) operating cash flow is about -$2.1M and free cash flow is about -$5.8M, indicating continued cash burn likely tied to development and investment needs. Free cash flow deteriorated versus the prior period (TTM free cash flow growth around -27%), and operating cash flow remains negative across all years shown. While free cash flow losses can be expected in a build-out phase, the current trajectory implies ongoing funding dependence until revenues begin.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-46.18K	-42.45K	-12.91K	-3.39K	-1.40K	-525.00
EBITDA	-2.56M	-3.13M	-4.51M	-3.37M	-2.17M	-184.88K
Net Income	-2.60M	-3.68M	-4.84M	511.22K	-2.15M	-185.41K
Balance Sheet
Total Assets	19.63M	21.97M	22.37M	16.05M	11.25M	2.07M
Cash, Cash Equivalents and Short-Term Investments	1.65M	8.03M	12.19M	9.27M	8.80M	280.39K
Total Debt	197.48K	120.14K	0.00	0.00	0.00	0.00
Total Liabilities	1.42M	1.70M	597.90K	1.24M	423.96K	258.82K
Stockholders Equity	18.21M	20.27M	21.78M	14.81M	10.83M	1.81M
Cash Flow
Free Cash Flow	-5.76M	-4.29M	-7.20M	-4.35M	-2.00M	-173.90K
Operating Cash Flow	-2.13M	-1.02M	-3.47M	-1.07M	-1.10M	-110.16K
Investing Cash Flow	-5.32M	-3.28M	-3.34M	-3.47M	-543.83K	123.71K
Financing Cash Flow	160.00K	143.07K	9.72M	5.00M	10.17M	0.00

Atlas Salt Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.69
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SALT, the sentiment is Positive. The current price of 0.69 is below the 20-day moving average (MA) of 0.77, above the 50-day MA of 0.69, and above the 200-day MA of 0.55, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 54.80 is Neutral, neither overbought nor oversold. The STOCH value of 72.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SALT.

Atlas Salt Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AZM	52 Neutral	C$91.66M	-47.15	-4.67%	―	―	-5360.00%
SALT	50 Neutral	C$86.89M	-29.96	-13.22%	―	―	33.25%
SRL	50 Neutral	C$62.37M	-21.62	-11.93%	―	―	73.94%
RTG	48 Neutral	C$66.91M	-8.33	-42.68%	―	―	33.33%
FT	46 Neutral	C$64.34M	-10.78	―	―	―	-82.14%
GMA	42 Neutral	C$51.32M	-118.97	-102.86%	―	-100.00%	-33.58%

Atlas Salt Inc Corporate Events

Atlas Salt Inc. Begins Trading on OTCQX Market

Atlas Salt Inc. has announced that its shares will begin trading on the OTCQX Market under the symbol ‘SALQF’, transitioning from the OTCQB Venture Market. This move is expected to enhance the company’s visibility and liquidity, making its shares more accessible to a broader market of investors, as it continues to advance its Great Atlantic Salt Project.

Atlas Salt Partners with Hatch for Great Atlantic Salt Project

Atlas Salt Inc. has signed a non-binding Memorandum of Understanding with Hatch Ltd., appointing them as the Lead Engineering and Integrated Project Delivery Partner for the Great Atlantic Salt Project. This partnership leverages Hatch’s extensive experience in underground soft-rock mining and their strong local presence in Newfoundland and Labrador. The collaboration aims to enhance safety, design efficiency, and execution certainty, ensuring the project aligns with Atlas Salt’s development strategy. The partnership is expected to positively impact Atlas Salt’s operations by integrating advanced digital engineering tools and fostering community engagement, positioning the company for success in the salt mining industry.

Atlas Salt Files Updated Feasibility Study for Great Atlantic Project

Atlas Salt Inc. has announced the filing of an independent technical report for the updated feasibility study of its Great Atlantic Salt Project, confirming no material differences from previous disclosures. This development is pivotal for Atlas Salt as it reinforces the company’s strategic positioning in the North American salt market, potentially impacting stakeholders through enhanced project economics and operational efficiencies.