Co. Reaches Major Milestone in the Transition From Developer to a Producer
Research Report

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Disclosures for Alliance Global Partners, Atlas Lithium Corp., March 10, 2025

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On March 10, 2025, Alliance Global Partners analyst Jake Sekelsky reiterated a Buy rating on Atlas Lithium Corp. (ATLX:NASDAQ) and gave a price target of US$30.00, citing modestly lower lithium price forecasts due to the prolonged market downturn and a revised timeline for initial production at the company's Neves Project.

Atlas Lithium announced the arrival of its Dense Media Separation (DMS) processing facility in Brazil, marking a significant milestone in the company's transition from a lithium developer to a producer. The newly manufactured modular facility was shipped from South Africa following extensive pre-shipment planning and inspection. The plant is designed with environmental considerations, incorporating internal recycling systems to reduce water consumption, and will have an initial production capacity of 150,000 tonnes per annum (tpa) of battery-grade spodumene concentrate, with the potential to expand to 300,000 tonnes with limited additional capital expenditure.

This milestone follows Atlas Lithium's receipt of full permits for the Neves Project during the fourth quarter of 2024. With the processing plant now in Brazil and the project fully permitted, management is expected to make a formal development decision around mid-year once the Definitive Feasibility Study (DFS) is released. The analyst has adjusted his timeline for the first production at Neves to the first half of 2026, pushed back from his previous estimate of the second half of 2025.

The next steps for Atlas Lithium include completing the DFS and finalizing the US$40 million prepayment financing with offtake partners Chengxin and Yahua, two of China's largest lithium hydroxide producers. This financing is expected to cover the remaining capital expenditures related to plant assembly and pre-stripping activities required to access mineralized material. Plant commissioning is anticipated to occur by the end of 2025, leading to commercial production in the first half of 2026.

Key risks highlighted in the report include commodity price fluctuations, political considerations related to operations in Brazil, financial challenges as a pre-revenue company, operational uncertainties regarding metallurgy and recoveries, and potential COVID-19 disruptions.

Sekelsky's valuation is based on a Net Asset Value (NAV) analysis using a 10% discount rate and a 0.3x NAV multiple. The share price at the time of the report of US$5.25 with the US$30.00 target represents a potential return of approximately 471%.