Boca Raton, Florida--(Newsfile Corp. - June 3, 2024) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or "Company"), a leading lithium exploration and development company, is pleased to announce that it will co-host the inaugural Brazil Lithium Summit (the "Summit"). This event is set to showcase Brazil's lithium potential and will be taking place from June 11 to 13, 2024, in Belo Horizonte, the capital of the state of Minas Gerais in Brazil. Officially endorsed by Invest Minas, the state government investment agency, the Summit will serve as the exclusive platform for key industry players and international companies to engage directly with the region's decision-makers and global investors. Marc Fogassa, the CEO and Chairman of Atlas Lithium, will introduce the event and later moderate a panel discussion. The panel will include Ernie Ortiz, a seasoned lithium investor and the CEO of Lithium Royalty Corporation ("LRC"). In May 2023, LRC made a non-dilutive, royalty-based investment of US$ 20 million in Atlas Lithium.
Underscoring the strength of the recently formed partnership between Mitsui & Co., Ltd. ("Mitsui") and Atlas Lithium, several members of the senior management from Mitsui will attend the Summit. As announced on March 28, 2024, Mitsui purchased US$ 30 million of Atlas Lithium's common shares. At the same time, Mitsui and the Company executed an offtake agreement for the future purchase by Mitsui of lithium concentrate produced at Atlas Lithium's Neves Project. The Company believes that this significant transaction, which came about after eighteen months of due diligence, is a testament to its attractiveness as a soon-to-become lithium supplier.
In December 2023, as previously announced, Atlas Lithium secured investments and offtake agreements with Chengxin and Yahua, two global powerhouses in lithium chemical processing. Chengxin is a major supplier to BYD, a leading EV maker, while Yahua is a significant supplier to Tesla, another top EV manufacturer. These strategic partnerships have positioned the Company to become a key player in the lithium supply chain for the rapidly growing electric vehicle industry.
Nicholas Rowley, Vice President of Business Development at Atlas Lithium, commented, "Chengxin, Mitsui, and Yahua invested in Atlas Lithium primarily due to the long-standing relationships that our team has cultivated with these partners. Downstream lithium producers and traders are well-acquainted with the Atlas Lithium core technical team's proven track record of consistently delivering product from multiple projects in the past. An open-pit mine, such as the Neves Project, allows our development to proceed with a much lower capital expenditure and on a faster timeline, which is generating significant interest from customers."
As previously announced, Atlas Lithium's processing plant is in the final stages of fabrication and trial assembly. The Company remains on track to become a producer during the fourth quarter of 2024.
"We are thrilled to co-host and show our strong progress at the Summit, the most important lithium event in Brazil," said Marc Fogassa, CEO and Chairman of Atlas Lithium. "This groundbreaking conference unites key stakeholders from the lithium industry, government, and international investors to explore the exciting opportunities within Brazil's lithium sector. Through strategic investments and partnerships that we have secured, Atlas Lithium is well-positioned to assume a leadership role in the local market and to integrate itself into the global lithium supply chain."
For more information about the Brazil Lithium Summit, please visit:
Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium and its subsidiaries and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events, and regulatory changes; availability of capital; Atlas Lithium's ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 27, 2024. Please also refer to the Company's other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
