Atlas Lithium Granted Expansion Permit for Its Neves Project

About this update from Atlas Lithium Corporation

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 ("DM...

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