Atlas Lithium Materially De-Risks Neves Project with 71% of Direct Capital Budget Already Contracted

Below-budget contracts for most Neves CAPEX reduce execution risk as lithium demand rises and supply remains tight.

Rhea-AI Summary

Atlas Lithium (ATLX) has contracted about 71% of direct CAPEX for its 100%-owned Neves lithium project as of September 9, 2026.

These contracted costs are approximately 16% below the Definitive Feasibility Study budget, with all awards finalized at or below DFS levels after competitive bidding. The scope includes earthworks, civil construction, DMS plant assembly, crushing system and spares, electrical infrastructure, detailed engineering, construction management, buildings, and in-country logistics for the Brazilian processing plant.

The company said the Neves Project is fully permitted, the processing plant is already in Brazil ready for assembly, and key execution partners are in place amid a tightening global lithium market.

Positive

• 71% of direct CAPEX for Neves Project already under executed contracts
• Contracted CAPEX approximately 16% below Definitive Feasibility Study budget
• All awarded contracts finalized at or below DFS budget levels
• Neves Project described as fully permitted
• Neves processing plant already in Brazil and ready for assembly
• Key execution partners contracted across major construction and logistics scopes

Negative

• None.

Market Context

71% of Neves direct CAPEX was covered by executed contracts, extending the project execution record ...

Analysis

71% of Neves direct CAPEX was covered by executed contracts, extending the project execution record documented on Jul 13, when Atlas reported major contracts at or below DFS budget.

Key Figures

Direct CAPEX contracted: Approximately 71% Contracted cost versus DFS: Approximately 16% below

Direct CAPEX contracted

Approximately 71%

Neves Project direct capital expenditures

Contracted cost versus DFS

Approximately 16% below

Corresponding Definitive Feasibility Study budget

Historical Context

2 past events · Latest: Jul 13

2 events

1. Jul 13

   Project contract update

   24h Move

   -3.4%

   Reported major engineering and construction contracts signed at or below DFS budget.

2. Jun 29

   Expansion permit

   24h Move

   +1.6%

   Received Neves expansion permit authorizing plant assembly, ore processing, and concentrate sales.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

capex, definitive feasibility study, dense media separation, spodumene

4 terms

capex financial

"direct capital expenditures ("CAPEX") for its 100%-owned Neves Project"

Capex, short for capital expenditures, refers to the money a company spends to buy, upgrade, or maintain physical assets such as buildings, equipment, or technology. It matters to investors because these investments can help a company grow and improve its long-term performance, but they also represent significant costs that can impact profitability and cash flow.

definitive feasibility study technical

"as outlined in the Company's Definitive Feasibility Study ("DFS")"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

dense media separation technical

"electromechanical assembly of the Dense Media Separation ("DMS") plant"

Dense media separation is a mineral-processing method that mixes mined rock with a heavy liquid so less-dense material floats and denser material sinks, allowing a physical sorting of ore from waste much like dropping stones into syrup where heavier ones sink. For investors, it matters because the technique affects how much saleable product a mine produces, the costs and energy use of processing, and environmental controls — all of which influence profitability and capital needs.

spodumene technical

"limited spodumene availability, disruptions to African shipments"

Spodumene is a hard mineral that contains much of the world’s recoverable lithium, the key metal used in rechargeable batteries for electric cars and grid storage. For investors it matters because spodumene deposits and the mines that produce them influence lithium supply, costs and company valuations—think of it as a pantry of battery ingredients whose size, quality and accessibility affect prices and the profitability of battery- and EV-related businesses.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Contracted Suppliers at 16% Below DFS Cost Estimate

Boca Raton, Florida--(Newsfile Corp. - September 9, 2026) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or the "Company") today announced that approximately 71% of the direct capital expenditures ("CAPEX") for its 100%-owned Neves Project ("Project"), as outlined in the Company's Definitive Feasibility Study ("DFS"), are now supported by executed contracts and firm agreements with selected execution partners. In aggregate, these contracted costs are approximately 16% below the corresponding DFS budget, materially de-risking the Project and reinforcing Atlas Lithium's disciplined approach to cost and schedule.

Disciplined Execution Moving the Neves Project Toward Construction

The contracted scope covers the major elements of Neves Project implementation, including earthworks and civil construction; electromechanical assembly of the Dense Media Separation ("DMS") plant; the crushing system and spare-parts supply; electrical infrastructure; detailed engineering; construction management and supervision; construction of administrative and operational buildings; and in-country logistics for the processing plant in Brazil. Each award followed a competitive procurement process evaluating technical experience, proven performance, quality, and cost efficiency, and was finalized at or below DFS budget levels.

A Tightening Lithium Market Underscores the Value of Near-term, Low-cost Supply

Atlas Lithium's progress comes amid strengthening lithium fundamentals. On its second-quarter earnings call held August 6, 2026, Albemarle Corporation, the leading U.S. lithium producer, reported that global lithium consumption grew 45% year-over-year through May 2026, while new supply additions lagged due to limited spodumene availability, disruptions to African shipments, and a slower-than-expected ramp-up of Chinese lepidolite mines. On the same call, Albemarle also reported that lithium carbonate inventories across the converter and cathode supply chain stood at under three weeks; stationary storage battery production nearly doubled year-over-year and is expected to represent approximately 30% of 2026 global lithium demand; and electric vehicle ("EV") sales growth reaccelerated to 16% in the second quarter, led by the rest-of-world region, which overtook North America as the world's third-largest EV market.

Executive Commentary

"Locking in more than 70% of our direct capital budget-and doing so below our feasibility study estimates-reflects disciplined project implementation," commented Marc Fogassa, Chairman and CEO of Atlas Lithium. "Against a backdrop of accelerating demand and inventories near record lows, our 100%-owned Neves Project is fully permitted, our processing plant is already in Brazil ready for assembly, and our key execution partners are contracted at or below budget. Each of these milestones moves us steadily along our path to becoming a producer."

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 is fully permitted, and its Definitive Feasibility Study demonstrates robust economics with a 145% IRR and an 11-month payback. 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.

Investor Relations

Gary Guyton

Vice President, Investor Relations

+1 (833) 661-7900

gary.guyton@atlas-lithium.com

https://www.atlas-lithium.com/

@Atlas_Lithium

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313524

FAQ

What parts of the Neves Project are covered by the contracted CAPEX so far?

The contracted scope covers earthworks and civil construction; electromechanical assembly of the DMS plant; the crushing system and spare-parts supply; electrical infrastructure; detailed engineering; construction management and supervision; administrative and operational buildings; and in-country logistics for the processing plant in Brazil.

What lithium market conditions form the backdrop for Atlas Lithium’s Neves Project update?

Atlas Lithium references Albemarle’s second-quarter 2026 comments that global lithium consumption grew 45% year-over-year through May 2026, while new supply additions lagged, inventories of lithium carbonate were under three weeks across converters and cathode producers, stationary storage battery production nearly doubled year-over-year and is expected to represent about 30% of 2026 lithium demand, and EV sales growth reaccelerated to 16% in the second quarter.