Lithium Developer Receives Expansion Permit in Brazil, Advances Closer to Production

1. Atlas Lithium Corp. and Atlas Critical Minerals Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Atlas Lithium Corp. and Atlas Critical Minerals Corp.
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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.

On June 29, 2026, Atlas Lithium Corp. (ATLX:NASDAQ) announced it has received an expansion permit for its Neves project in Minas Gerais, Brazil.

"We are thankful to the regulatory commission that voted to grant us the expansion permit, a highly significant milestone in our disciplined journey toward production," said Marc Fogassa, CEO and Chairman of Atlas Lithium. "Permitting is often regarded as one of the greatest challenges in mining, and we successfully met this test by working with experts that conducted comprehensive technical studies which confirmed the Neves Project's minimal impact. Equally important, the strong and respectful relationship that we have built with our local communities in the Jequitinhonha Valley has been instrumental to our success and continues to distinguish Atlas Lithium."

The company's recent Definitive Feasibility Study (DFS) was completed by SGS Canada Inc., and it positioned "Atlas Lithium among the most capital-efficient lithium developers worldwide." The DFS projected an annual production of 146,000 tonnes of lithium concentrate, allowing the company an estimated 11-month payback period. With a recent market price of US$2,200 per tonne, the company expects to turn a significant profit with operating costs of only US$489 per tonne.

Atlas Lithium has contracted several Brazilian execution partners, such as Promon Engenharia, TSX Engineering, Cerne Construções, and Alfa Engenharia, to bring the Neves project into production. The Dense Media Separation (DMS) lithium processing plant has been delivered to Brazil and is ready for assembly on site, and the company noted that the system ". . . allows for efficient transport, installation, and commissioning. With advanced water recirculation systems and 100% dry-stacked tailings, the facility is designed to achieve among the lowest water usage rates and highest environmental standards in the sector."

Atlas Lithium is a lithium development company with the largest lithium exploration portfolio in Brazil and is focused on advancing its Neves project to production, but the company also maintains exposure to a diversified portfolio of critical and strategic minerals through its approximately 20% ownership of Atlas Critical Minerals Corp. (ATCX; NASDAQ).

Lithium Demand Set to Climb

In an April 1, 2026, editorial feature for AZO Mining, Abdul Ahad Nazakat argued that the lithium market was at a crossroads. Nazakat noted that the metal's mid-2025 price trough had given way to a spike in demand. This spike is largely attributed to Chinese manufacturers tightening overseas exports, as China produces around 50% of the world's lithium.

Market demand is another key factor in pricing. Nazakat wrote: "After 26% demand growth in 2025, the lithium market is expected to see a more moderate pace in 2026. The automotive sector will remain the dominant end-use, accounting for around 60% of total lithium demand, but the share held by energy storage systems (ESS) has climbed from 9% three years ago to an expected 18% in 2026."

Jennifer L of Carbon Credits reported on March 23, 2026, that lithium's 2026 price surge is due to several factors, led by ". . . the growth in stationary energy storage systems has been rapid. In 2025, demand for lithium in storage applications jumped about 71%, and analysts expect another 55% growth in 2026. As more utilities, data centers, and industrial players adopt battery storage, lithium demand continues to expand beyond just electric vehicles (EVs)."

Fastmarkets CEO, Raju Daswani, is optimistic about the market's growth, expecting the lithium demand for battery storage systems to grow 40% per year, outpacing its current demand for electric vehicles. Daswani said, "This is a fundamental change, and it adds a robust foundation if you compare it to a far more volatile consumer-driven electric vehicle demand picture."

The article noted that prices may stay high due to supply constraints, saying, "Forecasts for 2026 suggest a shift from surplus to a potential supply deficit of 22,000 to 80,000 metric tons, depending on how quickly new projects come online."

Analyst Forecasts First Production Soon

After the company's press release, analyst Heiko F. Ihle of H.C. Wainwright & Co. reiterated a "Buy" rating for Atlas Lithium on June 29, 2026.

Ihle maintained the price target of US$12.50, writing: "Atlas Lithium announced that it had received its critical expansion permit for the Neves Project, effectively clearing what we viewed as one of the company's largest remaining hurdles before first production."

Ownership & Share Information¹

Atlas Lithium Corp. has a market cap of US$110 million, with 30.03 million shares outstanding. The company's 52-week range is US$3.32-US$8.25.

Institutions own 18% of shares, while Insiders & Management own 23%. Strategic Investors own 7% of shares, and the remaining 52% of shares are held by Retail.