Strategic Executive Hires Propel Lithium Company Forward

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Atlas Lithium Corp. (ATLX:NASDAQ), situated in Brazil's Lithium Valley, has made two strategic executive hires to strengthen its production capabilities and global market presence. Eduardo Queiroz has been appointed Vice President of Engineering and Project Management Officer, bringing over 20 years of experience in managing large-scale mining projects. His previous role at BAMIN involved overseeing US$3 billion in projects, including integrated mining operations and infrastructure. Queiroz will initially work at Atlas Lithium's headquarters in Belo Horizonte before transitioning to the Neves Project site.

The company also appointed Lili Wu as Head of Business Development for Asia, based in Beijing, China. Wu's extensive expertise in lithium industry transactions includes roles at InsightWoo and IHS Markit (now S&P Global), where she developed lithium market forecasts and negotiated procurement agreements with major industry players. Wu's leadership aims to deepen Atlas Lithium's commercial ties in Asia, where demand for lithium is driven by a 51% year-over-year increase in electric vehicle (EV) sales in China.

CEO Marc Fogassa highlighted the significance of these hires, noting in the news release, "Both Eduardo and Lili bring exceptional expertise that aligns perfectly with our current phase of growth and our vision for the future."

Atlas Lithium's Neves Project, located in Minas Gerais, Brazil, received operational permits in late 2024, allowing the company to assemble and operate its lithium processing plant and to mine and process lithium ore from one of its ore bodies. The modular design of the plant is a first for Brazil's lithium industry, offering environmental efficiency and scalability. Atlas Lithium's partnerships with leading industry players, such as Mitsui & Co., Yahua and Chengxin, further underscore its commitment to becoming a key player in the global lithium supply chain. 

Shifting Dynamics in the Lithium Sector

On November 27, Fastmarkets reported that the lithium-ion battery recycling market faces economic challenges, with prices for battery-grade lithium carbonate averaging US$10.56–11.33 per kilogram in November 2024, a sharp drop from US$19.91–21.32 per kilogram a year earlier. Despite these difficulties, major industry players continued to expand their operations. Fastmarkets forecasted significant growth in battery scrap volumes in Europe, from 96,000 tonnes in 2024 to 252,000 tonnes by 2029. "The market is in a dip, and my question is when it will rebound," noted Nils Steinbrecher, managing director of SK tes EMEA, emphasizing the long-term potential of the recycling market.

Technical Analyst Clive Maund rated Atlas Lithium a "Strong Buy" at current levels, reinforcing his confidence in the company's future prospects.

Also, on November 27, Allied Market Research projected that the global lithium-ion battery recycling market could reach US$38.21 billion by 2030. This number reflects a compound annual growth rate (CAGR) of 36%. The report highlighted that recycling offers a "profitable way to recover metals," reducing reliance on mining while addressing environmental risks. Asia-Pacific was identified as a growth leader, with an anticipated CAGR of 40.8% during the forecast period, driven by the rising adoption of electric vehicles and energy storage solutions.

In a report dated November 30 for Energy and Capital, Alex Koyfman discussed the resurgence of the lithium market after the 2023 bubble collapse. He characterized the sector as entering a phase of "rational, organic growth," supported by increasing demand for electric vehicles and energy storage. The report also emphasized the United States' potential to reduce global dependence on Chinese lithium production, further strengthening the sector's outlook.

In the December 12 edition of Battery Metals Flash from Goldman Sachs, Megan Kerwin reported that lithium market activity had slowed toward the end of the year, overshadowed by movements in the precious and base metals markets. Lithium hydroxide spot prices were on track to close 2024 approximately 40% lower year-to-date, though prices had rebounded from multi-year lows of US$8.50 per kilogram. Excess supply and lower-than-expected demand in Western markets continued to weigh on prices, with limited production cuts further exacerbating market pressures.

Looking ahead to 2025, the sector is expected to focus on upstream responses to lower prices, the impact of potential U.S. tariffs on Chinese goods, and shifts in electric vehicle (EV) demand across China, the European Union, and the United States. Notably, November 2024 data showed a 51% year-over-year increase in Chinese EV sales, underscoring the region's continued dominance, though growth rates are projected to slow in the coming year. In contrast, U.S. EV sales grew 12% year-over-year, while the EU faced a decline of 23%, highlighting divergent trends across key markets. These factors underscore the complex dynamics shaping the lithium sector as it enters the new year.

Key Catalysts Driving Atlas Lithium's Next Phase

Atlas Lithium's updated leadership team supports its expedited timeline toward production, with significant developments expected in 2025, as noted in the company's investor presentation. 

The Neves Project benefits from its location in Brazil's Lithium Valley, known for high-grade spodumene deposits and supportive regulatory framework. The project's modular lithium processing plant is in final pre-shipment preparations to Brazil from South Africa where it was fabricated. 

Strategic partnerships bolster Atlas Lithium's competitive edge. In agreements with Mitsui & Co. and Chengxin/Yahua, the company has secured US$80 million in committed investments and lithium product pre-payments. These partnerships with Tier 1 global off-takers validate Atlas Lithium's assets and operational model, creating a robust foundation for future growth. 

Additionally, Atlas Lithium's exploration portfolio in Minas Gerais spans 539 square kilometers, making it the largest hard-rock lithium exploration footprint in Brazil among publicly-listed companies. Drilling campaign results at the Neves project revealed high-grade lithium ore bodies, supported by positive metallurgical testwork. One of the ore bodies has already received environmental and mining approvals, demonstrating the project's advancement toward production. 

The company's emphasis on environmental sustainability, including the use of renewable energy and water recycling, aligns with global ESG standards, strengthening its appeal to environmentally conscious investors. With clear milestones ahead, including plant commissioning and expanded production phases, Atlas Lithium is positioned to capitalize on the rising global demand for lithium. 

Expert Insights Highlight Atlas Lithium's Position

*Technical Analyst Clive Maund provided a detailed positive assessment of Atlas Lithium Corporation in his December 18 article. Maund emphasized that Atlas Lithium is "centrally positioned for great success," citing its substantial portfolio of 100% owned lithium projects in favorable jurisdictions and its fully permitted Minas Gerais Lithium Project, which is nearing production. According to Maund, the company's strategic partnerships and offtake agreements with key customers have set the stage for strong operational performance once production begins. 

Maund noted that Atlas Lithium's flagship Minas Gerais project benefits from low-cost production advantages and promising metallurgical results. He highlighted the Neves Project's potential for low-cost, open-pit mining due to significant mineralization at shallow depths.

Additionally, he observed that the company has made substantial progress this year, supported by its modular processing plant design, which has been fabricated and is undergoing final pre-shipment preparations to Brazil. 

Maund also discussed the broader market context, stating that lithium prices appear to have stabilized after a severe bear market and could be poised for a new bull market. He attributed Atlas Lithium's current stock price to investor hesitation amid weak lithium prices but suggested that the company's advancements position it well to capitalize on an upward trend in the market. "The stock is very attractive in this area," Maund stated, adding that the low number of shares in circulation enhances the potential for significant price movements with even modest increases in demand. Maund rated Atlas Lithium a "Strong Buy" at current levels, reinforcing his confidence in the company's future prospects.

Ownership and Share Structure

About 33% of Atlas Lithium is owned by management and insiders. About 11% of the shareholders are institutional. Strategic partners hold another 12%. The rest, about 44%, is retail.

Top shareholders include Waratah Capital Advisors Ltd. with 4.34%, Mitsui & Co. Ltd. with 12.27%, and Candace Shira Associates LLC with 2.39%, according to recent SEC filings.

Its market cap is about US$110 million. It trades in a 52-week range of US$6.12–$33.85