Atlas Lithium Corporation

Overview

Atlas Lithium Corporation is a Nevada-incorporated mineral exploration and development company focused on advancing hard-rock lithium projects in Brazil. The company aims to mine ore and process it into spodumene concentrate for the battery supply chain. It also holds exploration properties for nickel, copper, rare earths, graphite and titanium, and maintains a stake in Atlas Critical Minerals Corporation (ATCX).

Key asset — Minas Gerais Lithium Project (MGLP)

• Most material property: 85 mineral rights totaling about 468 km² in northeastern Minas Gerais, within the Eastern Brazilian Pegmatite Province (Lithium Valley).
• Neves Project is the primary focus within MGLP, with four confirmed lithium-bearing pegmatites (Anitta 1–4) and six additional targets identified by the geology team.
• Geological setting: hard-rock pegmatites containing lithium minerals such as spodumene and petalite; pegmatites occur as dike swarms within metamorphic schists.

Processing and capacity

• The company completed installation of a modular dense media separation (DMS) processing plant in 2025, designed for approximately 150,000 tons per annum (tpa) of lithium concentrate.
• During 2025, procurement and construction activities for Neves continued, including assembly of the DMS plant and earthworks. The plant is a cornerstone for advancing Neves toward production.

Other minerals and properties

• Through its wholly owned subsidiary Brazil Minerals Resources Corporation (BMR), Atlas holds mineral rights for nickel, copper, rare earths, graphite and titanium across several states (Goiás, Piauí, Bahia, Tocantins and Minas Gerais), covering several hundred square kilometers in aggregate.
• Option agreement dated December 19, 2024: Atlas Critical Minerals (ATCX) has an option to acquire 100% of BMR’s equity within 12 months of ATCX filing its Form F-1. As consideration to Atlas Lithium, ATCX issued 797,957 shares (approximately $500,000 at $0.6266 per share). If the option is exercised, ATCX would pay Atlas Lithium $8,000,000 (cash, stock, or combination) plus a perpetual 1.5% royalty on revenues from BMR’s mineral rights.

Offtake

• Of take and Sales Agreement with Mitsui & Co., Ltd. (March 2024):
  • Spot quantity: 15,000 dry metric tons of product.
  • Optional annual quantity: up to 60,000 dry metric tons per year, for up to 300,000 dry metric tons total, subject to conditions precedent.

Corporate and governance

• Public listing: Atlas Lithium trades on the Nasdaq Capital Market (ticker historically ATLX).
• Atlas Critical Minerals (ATCX) commenced trading on Nasdaq on January 9, 2026.
• Ownership: Atlas Lithium owned approximately 28.06% of Atlas Critical Minerals as of December 31, 2025.

People and operations

• Employees: 64 as of the filing date.
• Union representation: roughly 75% of the workforce is unionized, represented by the Employee Federation and a labor union, with collective bargaining agreements in effect since March 2024 and December 2025.

Financial snapshot

• Operating results: the company has generated limited revenues to date and reports a history of losses with negative cash flow from operating activities.
• Accumulated deficit: about $171.6 million as of December 31, 2025.
• Capital raising in 2025: issued 10,127,566 shares of common stock:
  • 7,627,566 shares sold under an at-the-market offering.
  • 2,500,000 shares sold to institutional investors in a registered direct offering.
• Prior financing: March 28, 2024 securities purchase agreement with Mitsui to sell 1,871,250 shares for aggregate net proceeds of $29.6 million.
• Revenue model to date: plans to fund development via equity and debt financings, royalties, and potential future off-take agreements until production commences.
• Market exposure: lithium demand and price volatility are key factors that could affect potential profitability.

Regulatory status and permits

• Mining is regulated in Brazil by the National Mining Agency (ANM); environmental regulation is governed at the state level.
• Licenses and approvals:
  • October 26, 2024: operating license received for the Neves Project.
  • August 14, 2025: Minas Gerais state agency issued an extensive technical report recommending approval of the expansion permit.
• Ongoing matters: the company is engaged in litigation and community consultation issues related to expansion activities and has pursued criminal actions against NGO representatives for statements tied to the Expansion Application and community consultation.

Key scale metrics and land area

• MGLP: 468 km² of mineral rights (85 rights) in Minas Gerais.
• Neves Project: four confirmed spodumene pegmatites (Anitta 1–4) plus six additional targets identified.
• DMS plant capacity: approximately 150,000 tpa of lithium concentrate.

Raw materials and supply chain

• The company reports no material dependence on a single raw material or supplier; required materials can be sourced from multiple suppliers at market-driven prices.

Summary

Atlas Lithium is advancing the Neves hard-rock lithium project within the MGLP in Minas Gerais, Brazil, and has installed a 150,000 tpa DMS plant to produce spodumene concentrate for the battery market. The company holds additional mineral rights through BMR, maintains a significant minority stake in ATCX, and has an option arrangement to sell BMR to ATCX. Atlas is in a development phase with limited current revenues, ongoing financing activity, a substantial accumulated deficit, and a workforce largely based in Minas Gerais with collective bargaining arrangements in place.