Atlas Lithium's Neves Project Completes Definitive Feasibility Study Estimating 145% IRR and 11-Month Payback

Boca Raton, Florida--(Newsfile Corp. - August 4, 2025) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or "Company"), a leading lithium development company, is pleased to announce that SGS Canada Inc. ("SGS") has completed the Definitive Feasibility Study ("DFS") for the Company's 100%-owned Neves Lithium Project ("Project"), a technical report prepared under the U.S. guidelines of Item 1300 of Regulation S-K ("Regulation S-K 1300"). This hard-rock Project is well-suited to being a low-cost open-pit mining operation, as its spodumene deposits are located relatively close to the surface. Located in the state of Minas Gerais, Brazil, the Project encompasses 4 of the 98 mineral rights for lithium owned by Atlas Lithium. As detailed in the DFS, the Neves Project is expected to deliver strong financial metrics with an internal rate of return ("IRR") of 145%, payback in 11 months from the start of operations, and an after-tax net present value ("NPV") of $539 million. Importantly, the DFS estimates the Neves Project to have operational production costs of only $489 per tonne of lithium concentrate, positioning Atlas Lithium among the world's lowest-cost producers. Complete details of these metrics can be found in the DFS, filed with the Securities and Exchange Commission as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Marc-Antoine Laporte from SGS serves as the Qualified Person for the DFS under Regulation S-K 1300. SGS is well-known as a global leader in testing, inspection, and certification services for mineral properties and projects.

Industry-Leading Capital Efficiency and Low Operating Costs

The DFS supports that expected direct capital expenditures of $57.6 million will be needed for the implementation of the Project, by far the lowest such capital costs among other announced projects in Brazil. Notably, Atlas Lithium has already invested approximately $30 million in acquiring and transporting the Project's newly fabricated dense media separation ("DMS") plant to Brazil, as previously reported. The Company has secured two non-dilutive pre-payment agreements for its lithium concentrate totaling $40 million and has received additional funding interest from other parties, including 10-year debt financing options, any of which could support the Project's capital requirements.

The Company believes that the DFS validates the Project's strong economics, positioning it among the most capital-efficient and lowest-cost hard-rock lithium developments globally. The Project will employ proven DMS technology, with comprehensive metallurgical testing demonstrating an expected robust lithium recovery rate of 61.7% to produce high-quality, low-impurity lithium concentrate. This relatively straightforward, low-risk DMS processing methodology minimizes technical complexity and operational risk while enabling a low environmental footprint.

Atlas Lithium's mineral right to be mined, as detailed in the DFS, received its "Portaria de Lavra" (mining concession) status from Brazil's Ministry of Mines and Energy on May 27, 2025 — the highest level of titleship in Brazil and one that allows continuous mining operations. Multiple deposit areas within the Project remain open for resource expansion along strike and at depth and are thus expected to extend the life of mine. Additionally, numerous high-potential geological targets remain within the Project's mineral rights, providing compelling opportunities for future exploration.

Located in the established Araçuaí Pegmatite District in the Vale do Jequitinhonha, often called Lithium Valley, the Project benefits from favorable infrastructure, including proximity to transportation networks, water resources, and skilled labor. The Project qualifies for tax incentives from the Superintendency for the Development of the Northeast (SUDENE), as promulgated by Brazil's Ministry of Integration and Regional Development, reducing the corporate tax rate from 34% to 15.25% and further enhancing profitability.

"The DFS indicates potentially outstanding returns for our initial vision of developing a focused, near-term, profitable lithium production asset with minimal capital requirements," said Marc Fogassa, Chairman and CEO of Atlas Lithium. "The combination of our low capital intensity and rapid payback period is expected to create exceptional value for our shareholders while positioning Atlas Lithium to benefit from future organic expansion opportunities at Neves and other high-potential lithium areas that we own. Importantly, we are creating many quality employment opportunities in the Vale do Jequitinhonha region, representing a significant societal contribution of our Project."

Experienced Leadership Driving Project Implementation

Following his leadership role in collaborating with SGS on the DFS, project implementation activities are being supervised by Eduardo Queiroz, Atlas Lithium's Project Management Officer (PMO) and Vice President of Engineering. Mr. Queiroz has more than two decades of hands-on experience managing complex, large-scale mining projects.

"The DFS demonstrates the technical robustness of the Project, with proven DMS technology and comprehensive metallurgical test work validated by SGS, a premier firm in the lithium space," said Mr. Queiroz. "With our processing plant fully fabricated and paid for, and now with the DFS in hand, we have systematically de-risked the Project. I am excited to lead the implementation phase of Atlas Lithium's journey to becoming a lithium producer."

Salinas and Clear: The Next Expansion Frontier

Atlas Lithium is strategically positioned to capitalize on its extensive regional lithium exploration portfolio in Brazil, particularly through advancement of its Salinas Project and Clear Project, both 100% owned by the Company. Atlas Lithium's Salinas Project is just 5 miles east of the Colina lithium asset previously owned by Latin Resources — a major factor in Pilbara Minerals's acquisition of that company in 2024 for approximately $370 million. At the Salinas Project, Atlas Lithium has already achieved promising initial results, including the discovery of spodumene-rich pegmatites very close to the surface, and highly positive results from soil geochemistry and from LIDAR geological mapping.

Atlas Lithium's Clear Project is located less than 4 miles from Sigma Lithium's operating lithium mine, and represents significant untapped potential with highly positive results from soil geochemistry and from LIDAR geological mapping.

Diversification in Critical Minerals

Atlas Lithium also owns approximately 30% of Atlas Critical Minerals Corporation (OTCQB: JUPGF), a separate company with exploration programs in uranium, rare earths, titanium, and graphite.

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, $539 million NPV, 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 539 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 30% ownership stake in Atlas Critical Minerals Corporation (OTCQB: JUPGF).

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"); 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 Securities and Exchange Commission (the "SEC") on March 28, 2025, and in the Company's Form 10-Q filed with the SEC on August 4, 2025. 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.

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