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Atlas Lithium (NASDAQ: ATLX) has more than doubled its lithium exploration portfolio in Brazil, the company said on Monday.
The miner stated that with the addition of multiple promising mineral rights in the Doce River and Mucuri Valleys, its portfolio has reached approximately 539 km², an area greater than 9 times that of New York’s Manhattan Island.
Both new districts are located near Governador Valadares, population 280,000 in the state of Minas Gerais, which has favorable infrastructure and access roads, and is about 350 km from the Port of Vitoria.
Atlas Lithium said it believes it has the largest claim ownership position of any listed company in this new lithium area.
“Our new mineral rights near Governador Valadares provide access to an exciting new lithium frontier in Brazil that has been relatively untapped beyond gemstone mining,” James Abson, Atlas Lithium’s chief geology officer said in a news release.
“This region of Minas Gerais state hosts dozens of documented lithium-rich pegmatites, presenting an opportunity for us,” Abson said.
According to the Brazilian Geological Survey, four lithium-mineralized pegmatite occurrences have been identified within the company’s permits, two of which have been confirmed to contain spodumene. Other reported lithium minerals include lepidolite and amblygonite, along with accessory minerals such as colombo-tantalite.
During initial reconnaissance mapping and sampling, the company’s exploration team discovered an additional six spodumene-bearing pegmatites.
The company also announced that it is moving towards commencing production at its flagship Neves project in Q4 2024. Annual production is expected to reach 300,000 tonnes after an expansion in late 2025, which is enough to be used in about 1 million electric vehicles.
In March, Japan’s Mitsui & Co announced a $30 million investment to take a 12% stake in Atlas Lithium to venture into Brazilian lithium mines and tap into the demand for the EV battery metal.
Shares of Atlas Lithium fell 1.7% on the NASDAQ by 12:30 p.m. EDT. The Florida-based company has a market capitalization of $148 million.
