Lithium Co. Receives Significant Operational Permit
Research Report

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Disclosures for Alliance Global Partners, Atlas Lithium Corp., October 28, 2024

Disclosures "Firm" used in the this section of the report entitled "Disclosures" refers to A.G.P. / Alliance Global Partners or Euro Pacific Capital, a division of A.G.P. / Alliance Global Partners. The Firm expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months. The Firm or its officers, employees or affiliates, other than the research analyst authoring this report and his/her supervisor, may execute transactions in securities mentioned in this report that may not be consistent with the report’s conclusions. Sources referenced in this report: The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accurance or completeness.

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Ratings Buy: Expected to materially outperform sector average over 12 months and indicates total return of at least 10% over the next 12 months. Neutral: Returns expected to be in line with sector average over 12 months and indicates total return between negative 10% and 10% over the next 12 months. Sell: Returns expected to be materially below sector average over 12 months and indicates total price decline of at least 10% over the next 12 months. Not Rated: We have not established a rating on the stock. Under Review: The rating will be updated soon pending information disclosed from a near-term news event. Volatility Index 1 (Low): Little to no sharp movement in stock price in a 12 month period 2 (Low to medium): Modest changes in stock price in a 12 month period 3 (Medium): Average fluctuation in stock price in a 12 month period 4 (Medium to High): Higher than average changes in stock price in a 12 month period 5 (High): Extremely sharp movements in stock price in a 12 month period All financial information is taken from company disclosures and presentations (including Form 10Q, 10K and 8K filings and other public announcements), unless otherwise noted. Any prices or quotations contained herein are indicative only and are not a commitment by A.G.P. / Alliance Global Partners to trade at any price. If A.G.P. / Alliance Global Partners acts in a principal capacity with respect to the instruments mentioned herein it will be disclosed in the previous section of this report entitled “Disclosures.” In the event that A.G.P. / Alliance Global Partners does act in a principal capacity, the commentary is therefore not independent from the proprietary interests of A.G.P. / Alliance Global Partners, which interests may conflict with your interests. Opinions expressed herein may differ from the opinions expressed by other divisions and/or business units of A.G.P. / Alliance Global Partners. The Firm does not undertake any obligation to update this material. This material is current as of the indicated date and as of the time it was sent to you. This material was prepared from information believed to be reliable, but A.G.P. / Alliance Global Partners makes no representations or warranties as to its accuracy or completeness. This communication and the information contained herein is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced without the express written permission of A.G.P. / Alliance Global Partners, member FINRA/SIPC. Copyright 2024.

Alliance Global Partners analyst Jake Sekelsky, in a research report published on October 28, 2024, maintained a Buy rating on Atlas Lithium Corp. (ATLX:NASDAQ) with a target price of US$45.00. The report follows Atlas's announcement that it has received the operational permit for its Neves lithium project from the Minas Gerais government in Brazil.

Sekelsky highlighted the significance of the permit, stating, "The operational permit serves as the final step in the permitting process as ATLX now has the authorization to construct the processing facility and begin development work for the open pit lithium project." He added that "the permitting process for the Neves Project was swift as the permit was issued just over a year from initial application in September 2023."

The analyst noted upcoming milestones, including the completion and shipment of the processing facility from South Africa this quarter. However, he cautioned that management may take a measured approach to development given recent lithium market conditions.

Regarding the broader lithium market, Sekelsky stated, "In our opinion, the presence of multiple takeovers the lithium space during 2H24 substantiates our continued view that lithium prices are in the early innings of a recovery." He specifically highlighted Rio Tinto's US$6.7 billion proposed acquisition of Arcadium Lithium and Pilbara Minerals' AUS$560 million acquisition of Latin Resources.

Alliance Global Partners' valuation methodology is based on a NAV analysis using a 10% discount rate. Sekelsky noted, "While we remain constructive on the medium-term outlook for lithium, we expect price volatility to continue through year-end followed by a recovery in 2025, which we believe should coincide with the development of Neves."

The share price at the time of the report of US$8.22 represents a potential return of approximately 447% to the analyst's US$45.00 target price.