On Cusp of Lithium Production, Co. Remains Top Pick
Research Report

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Atlas Lithium Corp. (ATLX:NASDAQ) is on track to commence production this year at its Neves project in Brazil's Lithium Valley, reported H.C. Wainwright & Co. Analyst Heiko Ihle in a July 14 research note.

"With Atlas' low-cost operations nearing first production, we believe that the company is well-positioned to generate strong long-term returns and provide valuable geopolitical diversification compared to other major lithium players, justifying its continued position as one of our Top Picks for 2025," Ihle wrote.

349% Implied Return

H.C. Wainwright's price target on the near-term lithium producer is US$18 per share, noted the analyst.

In comparison, Atlas Lithium's share price was US$4.01 at the time of Ihle's report. From that price, the return to target is 349%.

The energy company remains a Buy.

Details of Production

Ihle reviewed some key points about Neves. Atlas successfully moved its modular Dense Media Separation (DMS) lithium processing plant to the project site in Brazil earlier this year.

Neves is fully permitted and nearly ready to begin producing battery-grade spodumene concentrate. Production in phase one will start at 150,000 tons per annum (150 Ktpa) and likely double in phase two to 300 Ktpa.

Already Atlas secured some agreements tied to production. Chengxin and Yahua, two major lithium companies, committed US$50 million (US$50M) to Atlas, consisting of US$10M in equity and US$40M in a nondilutive payment. This is in exchange for 80% of Atlas' phase one lithium concentrate production.

Also, according to an existing offtake agreement, Mitsui & Co. invested US$30M in Atlas for 15,000 tons (15 Kt) of lithium concentrate from phase one and 60 Kt per year for five years from phase two.

Critical Metals Expansion

Atlas bolstered its position in Brazil's critical minerals sector through the creation of the subsidiary, Atlas Critical Minerals, earlier this year, reported Ihle. The subsidiary owns about 54,000 hectares of property, prospective for total rare earth oxides, titanium, graphite and, potentially, uranium.

"This project complements the firm's Neves project, as we expect the near-term cash flow to support Atlas' long-term strategy of becoming a leading player in global energy transition," wrote Ihle.

Set Up for Success

Atlas Lithium is primed to be the kind of lithium producer the industry now favors. For one, low-cost producers in diversified jurisdictions are preferred. This is due to a global lithium oversupply, resulting from China's aggressive mining and refining, having pushed down prices and increased competition among producers.

"In turn, we believe low-cost providers in geopolitically diverse jurisdictions warrant a premium on lithium, given strong margins and supply security in the face of spot volatility and shifting global trade dynamics," Ihle wrote.

Also, the industry is prioritizing efficiency and scale, which Atlas will be able to achieve. The design of its DMS processing plant, its advanced water recycling and drystacked tailings, for example, allow for lower costs and reduced environmental impacts. In other words, noted Ihle, Atlas, as a lithium producer, will able to do well in a market conscientious about costs.

More Stock Specifics

Ihle reported that at the time of his report, Atlas Lithium had 17.8 million shares outstanding. Its market cap was US$72M. Its 52-week range was US$3.54–13.70 per share.