Vulcan Minerals Inc. - 2021 Financial Statements

ST. JOHN’S, Newfoundland and Labrador, May 03, 2022 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL), has released it’s Audited Consolidated Financial Statements for the year ended December 31, 2021. The Company notes that its share ownership in Atlas Salt Inc. (TSX-V: SALT) (Atlas) was reduced from 63.03% as of December 31 2020 to 36.80 % as of December 31 2021 primarily as a result of various equity financings by Atlas during 2021. Accordingly, the Company determined as of October 31 2021, during the fourth quarter, that it no longer controlled Atlas in accordance with IFRS. As a result, the Company discontinued consolidating the assets and liabilities of Atlas and has recognized its investment in Atlas at fair value on October 31, 2021. The impact of this has been outlined in note 2 of the Company’s consolidated financial statements available on SEDAR.

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