Atlas Lithium Granted Expansion Permit for Its Neves Project

Boca Raton, Florida--(Newsfile Corp. - June 29, 2026) - Atlas Lithium Corporation (NASDAQ:ATLX) ("Atlas Lithium" or the "Company"), a leading developer of lithium resources, is pleased to announce that it has received the expansion permit for its 100%-owned Neves Project in Minas Gerais, Brazil. Details can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission today.

With this expansion permit, Atlas Lithium is positioned to advance the implementation of its Neves Project as reflected in the Company's Definitive Feasibility Study ("DFS"). Completed by SGS Canada Inc., a globally recognized leader in mineral evaluation, the DFS positions Atlas Lithium among the most capital-efficient lithium developers worldwide. In particular, the DFS projects annual production of approximately 146,000 tonnes of lithium concentrate, with an after-tax Internal Rate of Return (IRR) of 145% and an estimated 11-month payback period. Importantly, the projected operating cost of $489 per tonne of lithium concentrate compares favorably with recent market prices of around $2,200 per tonne.

"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 workforce in the Jequitinhonha Valley is set to grow several-fold with the anticipated implementation of the Neves Project. Atlas Lithium pays wages that average more than twice the prevailing local rates in the region where it operates, with its team members enjoying multiple additional benefits, such as family health insurance.

Atlas Lithium has assembled a group of top-tier Brazilian execution partners to deliver the Neves Project into production, including Promon Engenharia, TSX Engineering, Cerne Construções, and Alfa Engenharia. Atlas Lithium's modular Dense Media Separation ("DMS") lithium processing plant has already been delivered to Brazil and is ready for assembly. The compact modular design of the DMS plant 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.

Future growth potential for the Company is supported by the largest lithium exploration footprint in Brazil among publicly listed companies. This strategic position was further reinforced by a $30 million equity investment from Mitsui & Co., one of Japan's leading diversified conglomerates.

Atlas Lithium also maintains exposure to a diversified portfolio of critical and strategic minerals - including rare earth elements, graphite, and titanium - all essential to the global energy transition, advanced technology, and defense industries, through its approximately 20% ownership of Atlas Critical Minerals Corporation (NASDAQ:ATCX).

About Atlas Lithium Corporation
Atlas Lithium Corporation (NASDAQ:ATLX) is a lithium development company focused on advancing its Neves Project to production. The Neves Project's Definitive Feasibility Study demonstrates excellent economics with a 145% IRR and an 11-month payback. The Neves Project has received operational permitting, and its dense media separation plant has been acquired and transported to Brazil. With approximately 557 square kilometers of lithium mineral rights, Atlas Lithium owns the largest lithium exploration footprint in Brazil among publicly listed companies. Additionally, Atlas Lithium currently holds an approximate 20% ownership stake in Atlas Critical Minerals Corporation (NASDAQ:ATCX).

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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: Atlas Lithium's ability to successfully assemble and begin operations of its modular plant; reaching estimated production, development plans and cost estimates for the Neves Lithium Project as reported in the Definitive Feasibility Study (the "DFS"), included as Exhibit 96.1 to the Company's Current Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 4, 2025; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, and between estimated and actual production; 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 SEC on March 4, 2026. 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 unless as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303229