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

Contracted Suppliers at 16% Below DFS Cost Estimate

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.

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