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Atlas Lithium (NASDAQ: ATLX) lifts CFO pay and settles Brazil civil action

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Atlas Lithium Corporation approved higher compensation for Chief Financial Officer Tiago Miranda and reported the resolution of a civil action in Brazil. Mr. Miranda’s new package includes a $360,000 annualized base salary (retroactive to May 29, 2026), an annual cash bonus opportunity of up to $120,000, and $480,000 in restricted stock units vesting in four equal annual installments from July 23, 2026 through 2029, plus a $20,000 one-time cash bonus.

The company also disclosed that a Brazilian judge approved an agreement with NGO N’Golo on June 9, 2026, terminating a civil action related to consultation with a traditional community. The agreement acknowledges the company’s consultation and provides for donations, including a bulldozer, upon commencement of lithium concentrate production. Following this, the company’s expansion permit application was placed on the agenda for a vote by the Minas Gerais permitting commission on June 26, 2026.

Positive

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Insights

CFO pay rises and a Brazilian civil case ends as a permit vote approaches.

Atlas Lithium increased CFO Tiago Miranda’s compensation to a $360,000 base salary, up to $120,000 in annual bonus tied to timely SEC filings, and $480,000 in RSUs vesting annually from 2026 to 2029, plus a $20,000 one-time bonus. This aligns incentives with reporting performance and longer-term equity value.

The company also secured judicial approval on June 9, 2026 of an agreement with NGO N’Golo that terminates a Brazilian civil action over community consultation and commits donations, including a bulldozer, once lithium concentrate production starts. After this, the Minas Gerais permitting commission scheduled a vote on the expansion permit for June 26, 2026, which will be an important milestone for the project’s progress.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
CFO base salary $360,000 per year Annualized, retroactive to May 29, 2026
Annual cash bonus opportunity Up to $120,000 per year Tied to timely SEC periodic report filings
RSU grant value $480,000 in RSUs Vests 25% each July 23 from 2026 to 2029
One-time cash bonus $20,000 Awarded to CFO Tiago Miranda
Agreement approval date June 9, 2026 Brazilian judge approved agreement with NGO N’Golo
Permit vote date June 26, 2026 Expansion permit on Minas Gerais commission agenda
restricted stock units financial
"the grant of restricted stock units (“RSUs”) pursuant to the Company’s 2023 Stock Incentive Plan"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
2023 Stock Incentive Plan financial
"RSUs pursuant to the Company’s 2023 Stock Incentive Plan, as amended"
civil action regulatory
"filed a civil action in a Brazilian court alleging that the Company had not conducted a consultation"
expansion permit application regulatory
"in connection with the Company’s expansion permit application"
lithium concentrate production financial
"upon commencement of the Company’s lithium concentrate production, the Company has agreed to donate certain items"

FAQ

What compensation changes did Atlas Lithium (ATLX) make for its CFO?
Atlas Lithium raised CFO Tiago Miranda’s annualized base salary to $360,000, retroactive to May 29, 2026. He also received an annual bonus opportunity up to $120,000, $480,000 in RSUs vesting over four years, and a $20,000 one-time cash bonus.

How are the new Atlas Lithium (ATLX) CFO bonuses structured?
The CFO can earn up to $120,000 in cash bonus each year, based on the company successfully filing certain periodic reports with the SEC on a timely basis. This performance-based structure directly ties bonus eligibility to regulatory filing timeliness.

What equity award did Atlas Lithium (ATLX) grant to its CFO?
Atlas Lithium granted Tiago Miranda restricted stock units valued at $480,000 under its 2023 Stock Incentive Plan. These RSUs vest in four equal 25% installments on July 23 of 2026, 2027, 2028, and 2029, encouraging multi-year retention and alignment.

What was the outcome of the Brazilian civil action involving Atlas Lithium (ATLX)?
A Brazilian judge approved an agreement between Atlas Lithium and NGO N’Golo on June 9, 2026, terminating the civil action. The agreement acknowledges that the company consulted the traditional community and includes a commitment to donate items, including a bulldozer, once production begins.

How does the Brazilian agreement affect Atlas Lithium’s (ATLX) expansion permit?
Following approval of the agreement with N’Golo, Atlas Lithium’s expansion permit application was formally placed on the Minas Gerais permitting commission’s agenda. A vote on the permit is scheduled for June 26, 2026, marking a key decision point for the expansion.

When will Atlas Lithium’s (ATLX) CFO RSUs vest and under what plan?
The CFO’s restricted stock units, valued at $480,000, were granted under Atlas Lithium’s 2023 Stock Incentive Plan. They will vest in 25% increments on July 23 of 2026, 2027, 2028, and 2029, creating a four-year vesting schedule.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 15, 2026

 

ATLAS LITHIUM CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada   001-41552   39-2078861
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification Number)

 

1200 N. Federal Hwy, Suite 200

Boca Raton, Florida 33432

(Address of principal executive offices, including zip code)

 

(833) 661-7900

(Registrant’s telephone number, including area code)

 

Not applicable

(Former address if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Common Stock, $0.001 par value   ATLX   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Compensation of Chief Financial Officer

 

On June 15, 2026, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Atlas Lithium Corporation (the “Company”) recommended, and the Board approved, a compensation increase for Tiago Miranda, the Company’s Chief Financial Officer (Principal Financial and Accounting Officer) and Treasurer. In connection with the compensation increase, the Company and Mr. Miranda entered into an Amended and Restated Employment Agreement, dated June 15, 2026, which amends and restates the employment agreement originally entered into between the parties on July 23, 2024, to reflect the compensation increase (the A&R Employment Agreement”).

 

Mr. Miranda’s new compensation, effective immediately, includes (i) an annualized base salary of $360,000 (retroactive to May 29, 2026); (ii) a cash bonus opportunity of up to $120,000 each year, which may be earned based on the Company successfully filing certain periodic reports with the Securities and Exchange Commission (the “SEC”) on a timely basis; and (iii) the grant of restricted stock units (“RSUs”) pursuant to the Company’s 2023 Stock Incentive Plan, as amended, with a value of $480,000, which will vest in 25% increments on each of July 23, 2026, 2027, 2028 and 2029. Additionally, Mr. Miranda will be awarded a $20,000 one-time cash bonus.

 

The foregoing summary description of the A&R Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the A&R Employment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 8.01. Other Events.

 

As reported in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 4, 2026, on August 28, 2025, N’Golo, a non-governmental organization, filed a civil action in a Brazilian court alleging that the Company had not conducted a consultation with a certain traditional community (the “Community”) in connection with the Company’s expansion permit application.

 

On June 9, 2026, a Brazilian judge approved an agreement between the Company and N’Golo (the “Agreement”), which resolved and terminated the civil action. The Agreement acknowledged that the Company had consulted the Community. Under the terms of the Agreement, upon commencement of the Company’s lithium concentrate production, the Company has agreed to donate certain items to the Community, including a bulldozer.

 

Following this resolution, on June 12, 2026, the Company’s expansion permit application was formally placed on the agenda for a vote by the permitting commission of the state of Minas Gerais, which is scheduled to take place on June 26, 2026.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit No.   Description
     
10.1   Amended and Restated Employment Agreement between the Company and Tiago Miranda, dated June 15, 2026.
     
104   Cover Page Interactive Data File (embedded with the Inline XRBL document)

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ATLAS LITHIUM CORPORATION
     
Dated: June 16, 2026 By: /s/ Marc Fogassa
  Name: Marc Fogassa
  Title: Chief Executive Officer

 

 

Source: View Original Filing on SEC EDGAR

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