Atlas Lithium Corp (ATLX)

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The Company’s Minas Gerais Lithium Project (the “Project”) consists of 44 mineral rights spread over 45,456 acres (184 km2). It is predominantly located within the Brazilian Eastern Pegmatitic Province which has been surveyed by the Geological Survey of Brazil and is known for the presence of hard rock formations known as pegmatites which contain lithium-bearing minerals such as spodumene and petalite. Generally, lithium derived from pegmatites is less costly to purify for uses in high technology applications than lithium obtained from brine. Such applications include the battery supply chain for electric vehicles, an area of expected high growth for the next several decades.

The Project is overseen by two geologists who are “qualified persons” for lithium within the meaning of such term set forth in Regulation S-K 1300. Such geology team has identified in the Project at least two defined and distinct mineralized ore bodies, both containing spodumene, a lithium-bearing mineral. Geochemical analysis at an independent laboratory of spodumene samples has now indicated the presence of bands of lithium mineralization at concentrations that hold promise for potential economic exploration. Given these preliminary results, the Company, in parallel with continued exploration of new targets and quantification of its deposits, plans to initiate metallurgical studies which will include a spodumene processing route for a commercial product.

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