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Here are 1-3 brief analogies for Atlas Lithium (ATLX):

• A future Barrick Gold, but for lithium instead of gold.
• A resource company for the EV revolution, aiming to be for lithium what ExxonMobil is for oil.
• An aspiring Albemarle, focused on becoming a major lithium supplier.

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• Spodumene Concentrate: A lithium-rich mineral concentrate produced from hard-rock mining, which serves as a crucial raw material for lithium-ion batteries and various industrial applications.

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Atlas Lithium (ATLX) is a mineral exploration and development company focused on producing lithium concentrate, a key raw material for lithium-ion batteries. As such, the company sells primarily to other companies rather than individuals.

These customers are typically industrial buyers, such as lithium chemical processors or battery manufacturers, who convert the raw lithium concentrate into battery-grade materials.

Major Customer:

• Yahua Industrial Group Co., Ltd. (Shenzhen Stock Exchange: 002497.SZ)

Atlas Lithium has an off-take agreement with Yahua Industrial Group Co., Ltd. for 100% of the spodumene concentrate production from Phase 1 of its Neves Lithium Project in Brazil. Yahua Industrial Group is a prominent Chinese lithium chemical producer known for supplying battery-grade lithium products to leading electric vehicle manufacturers, including Tesla.

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• Metso (METSO.HE)
• Promon Engenharia
• SGS S.A. (SGSN.SW)

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Marc Fogassa, Chairman and Chief Executive Officer

Marc Fogassa has been a director and Chairman and Chief Executive Officer of Atlas Lithium since 2012. He possesses extensive experience in venture capital and public company chief executive management. Mr. Fogassa has served on boards of directors of multiple private companies across various industries. He double majored at the Massachusetts Institute of Technology (M.I.T.), graduating with two Bachelor of Science degrees in 1990, and later earned a Doctor of Medicine degree from Harvard Medical School in 1995 and a Master of Business Administration from Harvard Business School in 1999. At Harvard Business School, he was Co-President of the Venture Capital and Private Equity Club. He is also the Chairman and Chief Executive Officer of Atlas Critical Minerals, in which Atlas Lithium holds an equity position. Early in his career, he was a summer intern at Goldman Sachs.

Tiago Moreira de Miranda, Chief Financial Officer, Principal Accounting Officer, and Treasurer

Tiago Moreira de Miranda was appointed Chief Financial Officer, Principal Accounting Officer, and Treasurer of Atlas Lithium in July 2024. Prior to this, from February 2024 to July 2024, he served as the Chief Financial Officer of Apollo Resources Corporation, a private subsidiary of Atlas Lithium. From May 2020 to December 2023, Mr. Miranda was the Controller of Ferrous Resources Ltd., an iron producer partially owned by Icahn Enterprises. He played a significant role in Ferrous Resources' US$550 million sale to Vale S/A, the largest Brazilian mining company. He has an undergraduate degree in Business Administration and Accounting, and a Master of Business Administration, both from IBMEC in Brazil.

Igor Tkachenko, Vice President of Corporate Strategy

Igor Tkachenko has served as Vice President of Corporate Strategy at Atlas Lithium since 2023. A Ukrainian-American and US-trained physician, he has been a strategic advisor to the company since 2021, contributing his leadership and private sector experience to advance Atlas Lithium's goal of becoming a leading hard-rock lithium provider for the green energy transition.

Raimundo Almeida Jr., Vice President of Lithium Processing

Raimundo Almeida Jr. has served as Vice President of Lithium Processing at Atlas Lithium since December 2022. He brings 23 years of operations management experience in the mining industry, specializing in processing plants for specialty minerals such as spodumene, tantalite/cassiterite, manganese, and gold. Mr. Almeida has 14 years of hands-on experience with lithium ores, having previously helped manage the first flotation pilot plant for AMG Mining and overseen the commissioning and operations of the dense media separation (DMS) pilot plant for Sigma Lithium.

Joel de Paiva Monteiro, Esq., Vice-President, Administration and Operations, and Chief of Environmental, Social, and Corporate Governance (ESG) matters

Joel de Paiva Monteiro, Esq. has been Atlas Lithium's Vice-President, Administration and Operations, since 2020, Chief of Environmental, Social, and Corporate Governance (ESG) matters since 2021, and Secretary since 2022. Prior to joining Atlas Lithium, he was a partner at the Brazilian law firm PRA Advogados, where he gained extensive experience in all aspects of Brazilian business law, from strategic business planning to litigation.

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Key Risks to Atlas Lithium (ATLX)

1. Need for Additional Capital and Shareholder Dilution: Atlas Lithium has a history of incurring losses and negative cash flow, necessitating the raising of additional capital through equity or debt to fund its business operations and development plans. There is no assurance that the company will be able to secure the necessary capital on favorable terms, or at all. This ongoing need for capital has historically led to significant shareholder dilution through fundraising activities and stock-based compensation.
2. Operational and Project Execution Risks: As Atlas Lithium progresses from exploration to production, there are substantial risks associated with the successful assembly and operation of its modular plant, achieving estimated production targets, and managing development and operating costs for its projects, particularly the Neves Lithium Project. Discrepancies between actual and estimated mineral reserves and resources, unexpected development and operating costs, or delays in permitting and production activities could severely impact the company's financial performance and timelines.
3. Lithium Commodity Price Volatility: The financial performance and valuation of Atlas Lithium are highly dependent on the prevailing market prices for lithium. A significant decrease in commodity prices could severely impact the company's revenues and lead to lower or negative margins, despite a generally positive long-term outlook for lithium demand.

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Atlas Lithium (ATLX) is poised for significant revenue growth over the next 2-3 years, primarily driven by its transition from mineral exploration to active lithium production and strategic market positioning.

Here are the key expected drivers of future revenue growth:

1. Commencement and Ramp-up of Lithium Concentrate Production: The primary driver of future revenue will be the initiation and subsequent increase in the production of lithium concentrate from the company's Minas Gerais Lithium Project in Brazil. Atlas Lithium has been focused on developing this project, including the shipment and assembly of a dense media separation (DMS) lithium processing plant, with production at its Neves project targeted to commence in Q4 2024. This marks a crucial shift from its previous revenues generated from quartzite sales to a focus on high-value lithium products.
2. Secured Offtake Agreements for Lithium Concentrate: Atlas Lithium has established significant long-term offtake and sales agreements, notably with Mitsui & Co., Ltd. Under this agreement, Mitsui is committed to purchasing 15,000 tons per annum (Ktpa) of lithium concentrate in the initial phase of production and expanding to 60 Ktpa in a subsequent phase from the Neves project for five years. These agreements provide a stable and guaranteed demand for a substantial portion of the company's future output, ensuring a foundational revenue stream as production scales.
3. Expansion of Production Capacity: Beyond the initial phase, the planned increase in lithium concentrate output from 15 Ktpa to 60 Ktpa with partners like Mitsui signifies a substantial growth in sales volume over the coming years. This phased expansion is central to realizing the full revenue potential of the Minas Gerais project.
4. Diversification into Other Critical Minerals: Atlas Lithium's subsidiary has reported outstanding rare earth mineralization across two project types, and its Iron Quadrangle Project is anticipated to generate revenues by Q4 2025. This diversification into other critical minerals could create additional revenue streams and reduce reliance solely on lithium, offering broader exposure to the growing demand for battery and high-tech materials.
5. Favorable Global Lithium Market Demand: The underlying robust demand for lithium, driven by the accelerating adoption of electric vehicles (EVs) and growth in energy storage solutions, provides a strong macroeconomic tailwind for Atlas Lithium. This sustained market demand is expected to support strong pricing and consistent sales for the company's lithium concentrate.

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Share Issuance

• In October 2023, Atlas Lithium completed a registered direct offering of 1,220,000 shares of common stock at a purchase price of $13.50 per share, generating gross proceeds of approximately $16.5 million.
• In March 2023, the company entered into an At-The-Market (ATM) offering sales agreement, under which it could offer and sell up to $50 million of its common stock. As of December 31, 2023, Atlas Lithium had issued 1,732,900 shares under this ATM program for net proceeds of approximately $30.8 million.
• In the year ended December 31, 2022, Atlas Lithium issued 1,846,929 shares of common stock for net proceeds of $10,147,798 through an At-The-Market offering.

Inbound Investments

• In October 2023, Atlas Lithium executed an investment agreement with Orion Mine Finance, resulting in a $30 million direct equity investment in Atlas Lithium at $15.00 per share.

Capital Expenditures

• For the year ended December 31, 2023, capital expenditures were approximately $35.4 million, primarily focused on property, plant, and equipment, including exploration and evaluation assets for mineral properties.
• In the year ended December 31, 2022, capital expenditures amounted to approximately $10.3 million, mainly allocated to exploration and evaluation assets and property, plant, and equipment.
• For the year ended December 31, 2021, capital expenditures were approximately $2.6 million, primarily for exploration and evaluation assets.