Lithium Co. Has Opportunity To Create Significant Long-Term Profits
Research Report

1. Atlas Lithium Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Atlas Lithium Corp.
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Disclosures for H.C. Wainwright & Co., Atlas Lithium Corp., January 28, 2025

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H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Atlas Lithium Corporation (including, without limitation, any option, right, warrant, future, long or short position). As of December 31, 2024 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Atlas Lithium Corporation. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did receive compensation from Atlas Lithium Corporation for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Atlas Lithium Corporation during the past 12 months. The Firm does not make a market in Atlas Lithium Corporation as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

In a January 28, 2025 research note, H.C. Wainwright & Co. analyst Heiko F. Ihle maintained a Buy rating on Atlas Lithium Corp. (ATLX:NASDAQ) with a US$19.00 target price, highlighting the company for its "low-cost operations in Brazil to create significant longer-term profits while offering geopolitical diversity to major lithium companies."

The company's modular Dense Media Separation lithium processing plant has been fully paid for, with the analyst highlighting "the plant's compact design, water-efficient recycling systems, and streamlined logistics, which we expect to reduce operating and installation expenses significantly." Phase 1 aims for up to 150,000 tonnes of battery-grade spodumene concentrate annually, with Phase 2 expected to double capacity.

Strategic investments include a commitment from Chengxin and Yahua for "US$50.0M to Atlas, including US$10.0M in equity and US$40.0M as a non-dilutive prepayment for 80% of Phase 1 lithium concentrate production." Additionally, "Mitsui & Co has invested US$30.0M in Atlas Lithium in exchange for an offtake agreement totaling 15,000t of lithium concentrate from Phase 1 and 60,000t annually for five years from Phase 2."

The analyst notes that recent M&A activity "highlighted market players' current focus on ensuring long-term supply in geopolitically safe jurisdictions." He adds that "the low availability of low-cost lithium producers (such as ATLX) should ultimately warrant a strong buyout multiple, even as we currently see a short-term oversupply of lithium pressuring the commodity price."

Key risks include "Commodity price risk . . .  technical risk associated with resource definition . . .  risk of costs for construction at Das Neves."

The share price at the time of the report of US$6.55 represents a potential return of 190% to H.C. Wainwright's US$19.00 target price.