Atlas Lithium Corp. (ATLX:NASDAQ) has reported robust financial results and operational momentum in its latest quarterly filing, demonstrating continued progress toward the development of its Neves Lithium Project in Brazil. As of September 30, 2025, the company held US$20.98 million in cash and cash equivalents, accounting for 89% of its current assets. Atlas Lithium's current liabilities stood at US$6.38 million, resulting in a current ratio of 3.69 and working capital of US$17.17 million.
"Our robust cash position and minimal debt provide us with the financial foundation to execute our development strategy while maintaining operational flexibility," said Marc Fogassa, Chairman and CEO of Atlas Lithium, in a company news release.
Procurement for the Neves Project continues to move forward, with broad supplier participation and interest. The company hosted four technical site visits in September 2025, covering key areas such as earthworks, buildings, civil works, and mechanical assembly, each drawing participation from more than 10 qualified contractors. In total, the company fielded 2,813 clarification questions across its procurement packages, and major components representing about 70% of the project's estimated direct capital expenditures are currently advancing.
"The exceptional level of contractor interest that we have witnessed appears to validate the attractiveness of our Neves Project," said Eduardo Queiroz, Vice President of Engineering and PMO.
These developments come on the heels of the August 2025 completion of the Neves Project's Definitive Feasibility Study (DFS) by SGS Canada Inc., a premier mineral evaluation firm. The DFS outlined key metrics, including an after-tax Internal Rate of Return (IRR) of 145%, Net Present Value (NPV) of US$539 million, and a payback period of 11 months. The study projected operating costs of US$489 per tonne of lithium concentrate and direct capital expenditures of US$57.6 million, placing the Neves Project among the most capital-efficient lithium projects in Brazil, according to the company. These figures are supported by near-surface spodumene mineralization and open-pit mining plans.
Atlas Lithium has also secured key permits, and its modular Dense Media Separation (DMS) plant, valued at US$30 million, is already in Brazil and ready for assembly.
Lithium Sector Developments Highlight Innovation, Resource Growth, and Evolving Battery Needs
Stockhead reported on November 7 that cautious optimism had returned to the lithium sector following a period of severe price correction. Pilbara Minerals CEO Dale Henderson acknowledged recent upward momentum in spodumene prices, which had rebounded from lows below US$600 per tonne earlier in the year to US$919 per tonne, supported by Chinese mine closures and demand from large-scale energy storage systems. JPMorgan revised its lithium price forecasts upward, now expecting US$1100 per tonne in 2026 and US$1200 per tonne in 2027, citing a projected structural deficit beginning in 2025.
The firm anticipated a shortfall of 72,000 tonnes of lithium carbonate equivalent next year, expanding to 114,000 tonnes by 2028. Henderson noted that battery energy storage system (BESS) demand had grown significantly, increasing from 3% to 17% of the lithium market in just two years, while electric vehicle sales also continued to rise. He also pointed to high operating costs in Australia relative to Brazil and emphasized the need for shared infrastructure and energy solutions to preserve the country's competitiveness in global lithium supply.
According to a November 17 research report by H.C. Wainwright & Co., analyst Heiko F. Ihle reiterated a Buy rating on Atlas Lithium Corporation.
PV Magazine wrote on November 14 that advancements in solid-state battery research continued to underline lithium's importance, even as scientists explored complementary sodium-based chemistries. Y. Shirley Meng of the University of Chicago stated that "it's not a matter of sodium versus lithium. We need both," emphasizing that the future of large‑scale energy storage would likely involve manufacturing lines capable of producing batteries using both materials. The research focused on stabilizing a metastable sodium hydridoborate structure but referenced lithium-ion technology as the established benchmark that alternative chemistries would need to work alongside rather than replace.
According to Stocktwits on November 17, lithium prices surged following bullish remarks from Ganfeng Lithium's chairman, who projected up to 40% demand growth in 2026. The most-active lithium carbonate contract on the Guangzhou Futures Exchange closed limit-up, gaining 9% to reach 95,200 yuan, or approximately US$13,400 per tonne. The statement triggered a rally in lithium equities, with Sigma Lithium rising over 17%, Albemarle gaining 4.6%, and Lithium Americas up 3.4% in early trading. The chairman warned that if demand growth exceeds expectations, prices could rise to 150,000 or even 200,000 yuan per tonne, outpacing short-term supply. Citing McKinsey research, the report added that battery demand is expected to nearly double from 1,970 gigawatt-hours in 2025 to 3,910 GWh by 2030, driven in part by battery storage adoption at AI data centers. Despite a surplus of approximately 200,000 tonnes this year, optimism around structural demand growth appeared to influence both commodity pricing and market sentiment.
Expert Analysis Highlights Robust Economics and Project Momentum
According to a November 17 research report by H.C. Wainwright & Co., analyst Heiko F. Ihle reiterated a Buy rating on Atlas Lithium Corporation. Ihle stated that the company's August 2025 Definitive Feasibility Study (DFS) was the main driver of renewed investor interest, citing its strong economics, including a US$539 million after-tax Net Present Value (NPV), a 145% after-tax Internal Rate of Return (IRR), an 11-month payback period, and low projected operating costs of US$489 per tonne. He emphasized that "the combination of world-class low-cost production and minimal upfront capital positions [Atlas] among the most compelling lithium projects globally." The DFS also accounted for a direct capital expenditure estimate of US$57.6 million and noted the advantage of a fully paid-for Dense Media Separation (DMS) plant already on-site.
Ihle highlighted that Atlas Lithium had received its definitive mining concession, or Portaria de Lavra, from Brazil's Ministry of Mines and Energy, authorizing the start of mining operations. The report further noted that procurement activities had advanced substantially, with major packages—such as electromechanical assembly, mine operations, pre-stripping, crushing, and road engineering — accounting for about 70% of the project's capital expenditures. Four technical site visits held in September 2025 attracted between 11 and 17 contractors per session and generated over 2,800 clarification questions, which Ihle viewed as a "significant indicator of industry interest."
The report also accounted for the company's 28.15% stake in Atlas Critical Minerals and its cash and debt balances, leading to a calculated valuation of US$12.05 per share. Ihle explained that this figure was derived from a discounted cash flow model with a 15% discount rate and a 0.45x Net Asset Value (NAV) multiple, consistent with comparable early-stage projects. He wrote, "our valuation for Atlas remains based on a DCF model on the company," and continued to use the Grota do Cirilo project as an analog.
Looking ahead, Ihle identified near-term production, following receipt of the mining concession, as a potential catalyst. He also pointed to the Salinas Project as an underappreciated area of future growth, adding that initial drilling had confirmed promising near-surface spodumene mineralization. He concluded that the company's "low-cost status remains a key theme of anticipated operations."
Catalysts Section: Progress Fueled by Portfolio Scale and Strategic Commitments
Atlas Lithium's procurement progress is one component of a broader development strategy focused on rapid and capital-efficient execution. The Neves Project, located in Brazil's Lithium Valley, is supported by the largest lithium exploration portfolio in the region, totaling 557 square kilometers of mineral rights. This scale, nearly triple that of other prominent operators in the area, provides substantial upside as Atlas continues to explore adjacent targets such as the Salinas and Clear Projects.
The company's development schedule outlines an aggressive build-out, with commissioning and initial production targeted within the next two years. Atlas has also earned a fast-track permitting designation from the State of Minas Gerais and benefits from Brazil's favorable tax structure and regulatory environment.
Streetwise Ownership Overview*In addition to project-level developments, Atlas has attracted strategic investment from tier-one partners. Completed investments include US$30 million in common shares from a global Japanese powerhouse, Mitsui & Co., as well as US$40 million in non-dilutive offtake prepayment commitments from some of the world's largest lithium chemical producers, whose list of customers includes Tesla and BYD. These agreements support long-term concentrate sales and help mitigate financing risks.
As an added measure of diversification within critical minerals. Atlas Lithium holds a 28% stake in Atlas Critical Minerals (JUPGF: OTCQB), which provides exposure to additional critical mineral projects, including rare earths, uranium, titanium, and graphite assets throughout Brazil.
As the company continues to align project execution with financial strength and market demand, the Neves Project remains a focal point of Brazil's growing role in global lithium supply.
Ownership and Share Structure1
Management and insiders own about 27% of the company's shares. Strategic partners, including Mitsui & Co., hold another roughly 10%. Institutional investors own about 10%. The rest is in retail.
The company currently has approximately 23.6 million shares outstanding.. The market capitalization stands at ~US$120 million and the 52‑week trading range is US$3.54 to US$8.32 per share.
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Important Disclosures:
- Atlas Lithium Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Atlas Lithium Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
