Atlas Lithium (NASDAQ: ATLX) shares rose on Monday after the company announced the discovery of spodumene-rich pegmatites at its Salinas project in Minas Gerais, Brazil.
Salinas is located approximately 60 miles north of the company’s flagship Neves project, where it plans to begin first lithium concentrate production soon.
The Salinas property spans 388 hectares (approximately 959 acres), and is situated just 5 miles east of Latin Resources’ Colina project, a significant lithium deposit.
Atlas Lithium’s technical team has also completed soil geochemistry and LIDAR geological mapping with favorable results. It is now pursuing further geological and geophysical studies before launching a drilling campaign.
At its flagship Neves project, the company expects to begin production in Q4 2024. Annual lithium production is projected to reach 300,000 tonnes following an expansion in late 2025, which is enough to power about 1 million electric vehicles.
In March, Japan’s Mitsui & Co. announced a $30 million investment to acquire a 12% stake in Atlas Lithium, seeking to venture into Brazilian lithium mines and meet the growing demand for EV battery materials.
Shares of Atlas Lithium rose 5% on the NASDAQ by 12:30 p.m. EDT. The Florida-based company has a market capitalization of $106 million.
