Atlas Lithium Corp
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
ATLX$1.64-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0001493152-24-030957
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0001493152-24-044315
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 29 previous paragraphs and 34 current paragraphs.
17 unchanged; 10 reworded; 7 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
On October 31, 2024, Jupiter Gold and Apollo Resources entered into an agreement and plan of merger pursuant to which Apollo will merge with and into Jupiter, with Jupiter continuing its corporate existence as the surviving corporation. This transaction is expected to be completed by December 31, 2024.
Current report
During the third quarter of 2024, we achieved several important operational developments:
Current report
In August 2024, our modular dense media separation (DMS) lithium processing plant entered its final phase of fabrication. The DMS modules of the plant successfully underwent trial assembly in South Africa. Some parts remaining in near-final stages of fabrication at that time included effluent components, recently modified to improve water efficiency, as well as conveyors. The plant’s modular design, which has never before been used for lithium processing in Brazil, represents an optimized approach featuring reduced height, weight, and physical footprint compared to traditional designs. The plant is engineered to achieve the lowest processing circuit water usage in the industry.
Current report
Also in August 2024, our spodumene concentrate plant design was selected as a finalist for a November 14, 2024 contest, organized by a non-profit civil society organization in the state of Minas Gerais, recognizing environmentally-sustainable approaches in the industry.
Current report
In early October 2024, we announced the discovery of spodumene-rich pegmatites in our Salinas Project area, located approximately 60 miles north of our flagship Neves Project. The Salinas Project spans 388 hectares (approximately 959 acres) and is situated just 5 miles east of Latin Resources’ Colina Project, a significant lithium deposit. Our technical team has completed soil geochemistry and LIDAR geological mapping with favorable results and is now pursuing further geological and geophysical studies prior to initiation of a drilling campaign.
Current report
On October 25, 2024, a voting board comprised of twelve representatives from the local civil society and government unanimously approved Atlas Lithium’s license application for its Neves Project, resulting in the formal issuance of the permit. The permit authorizes Atlas Lithium to assemble and operate its lithium processing plant, to process mined ore from one of its deposits at the facility, and to sell the lithium concentrate that it produces.
Current report
The Nine Months Ended September 30, 2024, Compared to the Nine Months Ended September 30, 2023
Removed paragraphs (2)
Previous report
During the second quarter of 2024, Atlas Lithium achieved important milestones across several key operational areas including:
Previous report
The Six Months Ended June 30, 2024, Compared to the Six Months ended June 30, 2023
Reworded paragraphs (10)
Previous wording
The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the notes to those financial statements included in Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”) and our consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023
Current wording
The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the notes to those financial statements included in Item 1 of this Quarterly Report and our consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023
Previous wording
We are building a modular plant targeted at producing up to 150,000 tons of lithium concentrate per annum (“tpa”) in what we describe as Phase I. We plan on adding additional modules to the plant with the intent of doubling its production capacity to up to 300,000 tpa in Phase II. However, there can be no assurance that we will have the necessary capital resources to develop such facility or, if developed, that we will reach the production capacity necessary to commercialize our products and with the quality needed to meet market demand.
Current wording
Our modular plant targeted at producing up to 150,000 tons of lithium concentrate per annum (“tpa”) in what we describe as Phase I is in final phase of fabrication. We plan on adding additional modules to the plant with the intent of doubling its production capacity to up to 300,000 tpa in Phase II. However, there can be no assurance that we will have the necessary capital resources to develop such facility or, if developed, that we will reach the production capacity necessary to commercialize our products and with the quality needed to meet market demand.
Previous wording
We own approximately 47.58% of the shares of common stock of Apollo Resources, a private company primarily focused on the development of its initial iron mine.
Current wording
We own approximately 44.74% of the shares of common stock of Apollo Resources, a private company primarily focused on the development of its initial iron mine.
Previous wording
We also own approximately 22.30% of the shares of common stock of Jupiter Gold, a company with an operating quartzite quarry and gold projects in exploration phase, the common stock of which is quoted on the OTCQB marketplace under the symbol “JUPGF.”
Current wording
We also own approximately 21.01% of the shares of common stock of Jupiter Gold, a company with an operating quartzite quarry and gold projects in exploration phase, the common stock of which is quoted on the OTCQB marketplace under the symbol “JUPGF.”
Previous wording
Net loss for the six months ended June 30, 2024, totaled $25,581,120, compared to net loss of $13,862,249 during the six months ended June 30, 2023. The increase is mainly due to:
Current wording
Net loss for the nine months ended September 30, 2024, totaled $32,855,151, compared to net loss of $25,600,602 during the nine months ended September 30, 2023. The increase is mainly due to:
Previous wording
As of June 30, 2024, we had cash and cash equivalents of $32,267,730 and working capital of $27,303,255.
Current wording
As of September 30, 2024, we had cash and cash equivalents of $22,056,560 and working capital of $16,401,099.
Previous wording
Net cash used by operating activities totaled $13,735,837 for the six months ended June 30, 2024, compared to net cash provided of $11,783,491 during the six months ended June 30, 2023, representing a variation in the cash flow from operating activities of $25,519,328. The variation in net cash used /provided by operating activities was mainly due to:
Current wording
Net cash used by operating activities totaled $14,212,264 for the nine months ended September 30, 2024, compared to net cash provided of $2,564,979 during the nine months ended September 30, 2023, representing a variation in the cash flow from operating activities of $16,777,243. The variation in net cash used /provided by operating activities was mainly due to:
Previous wording
Net cash used in investing activities totaled $14,333,495 for the six months ended June 30, 2024, compared to net cash used of $2,679,812 during the six months ended June 30, 2023, representing an increase in cash used of $11,653,683 or 435%. The increase reflects the payments made in connection with the acquisition of the components of our lithium processing plant.
Current wording
Net cash used in investing activities totaled $23,559,858 for the nine months ended September 30, 2024, compared to net cash used of $771,977 during the nine months ended September 30, 2023, representing an increase in cash used of $22,787,881 or 2,952%. The increase reflects essentially: and capitalized exploration costs.
Previous wording
Net cash provided by financing activities totaled $30,140,298 for the six months ended June 30, 2024, compared to $10,675,118 during the six months ended June 30, 2023, representing an increase in cash provided of $19,465,180 or 182%. The increase is mainly due to the following financing activities that occurred during the six months ended June 30, 2023:
Current wording
Net cash provided by financing activities totaled $30,291,547 for the nine months ended September 30, 2024, compared to $20,822,531 during the nine months ended September 30, 2023, representing an increase in cash provided of $9,469,016 or 45%. The increase is mainly due to the following financing activities that occurred during the nine months ended September 30, 2023:
Previous wording
We have historically incurred net operating losses and have not yet generated material revenues from the sale of products or services. As a result, our primary sources of liquidity have been derived through proceeds from the (i) sales of our equity and the equity of one of our subsidiaries, and (ii) issuance of convertible debt. As of June 30, 2024, we had cash and cash equivalents of $32,267,730 and working capital of $27,303,255, compared to cash and cash equivalents $29,549,927 and a working capital of $24,044,931 as of December 31, 2023. We believe our cash and cash and equivalents will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. However, our future short- and long-term capital requirements will depend on several factors, including but not limited to, the rate of our growth, our ability to identify areas for mineral exploration and the economic potential of such areas, the exploration and other drilling campaigns needed to verify and expand our mineral resources, the successful installation of our lithium processing facilities, and the ability to attract talent to manage our different areas of endeavor. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity or debt financing. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to scale back our existing operations and growth plans, which could have an adverse impact on our business and financial prospects and could raise substantial doubt about our ability to continue as a going concern.
Current wording
We have historically incurred net operating losses and have not yet generated material revenues from the sale of products or services. As a result, our primary sources of liquidity have been derived through proceeds from the (i) sales of our equity and the equity of one of our subsidiaries, and (ii) issuance of convertible debt. As of September 30, 2024, we had cash and cash equivalents of $22,056,560 and working capital of $16,401,099, compared to cash and cash equivalents $29,549,927 and a working capital of $23,809,637 as of December 31, 2023. We believe our cash and equivalents will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. However, our future short- and long-term capital requirements will depend on several factors, including but not limited to, the rate of our growth, our ability to identify areas for mineral exploration and the economic potential of such areas, the exploration and other drilling campaigns needed to verify and expand our mineral resources, the successful installation of our lithium processing facilities, and the ability to attract talent to manage our different areas of endeavor. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity or debt financing. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to scale back our existing operations and growth plans, which could have an adverse impact on our business and financial prospects and could raise substantial doubt about our ability to continue as a going concern.