Atlas Lithium Corp
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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, 2025 · Filed Nov 13, 2025
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 2025-06-30; filed 2025-08-04.
0001641172-25-021996
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022389
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 25 previous paragraphs and 32 current paragraphs.
14 unchanged; 7 reworded; 11 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 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 (11)
Current report
Neves Lithium Project
Current report
The Neves Project main mineral right received “Portaria de Lavra” (mining concession) status from Brazil’s Ministry of Mines and Energy on May 27, 2025, representing the highest level of mineral titleship in Brazil and authorizing continuous mining operations.
Current report
On August 4, 2025, the Company announced the completion of a Definitive Feasibility Study (“DFS”) for the Company’s 100%-owned Neves Project by SGS Canada Inc. (“SGS”), prepared under the supervision of Marc-Antoine Laporte, a qualified person as defined in Item 1300 of Regulation S-K.
Current report
Following publication of its DFS, the Company is focusing on a careful process of soliciting and analyzing competitive proposals from potential third party vendors for all items anticipated to be required to develop the Neves Project through commissioning and production, including but not limited to, plant assembly, construction of facilities and internal roads, pre-stripping and open pit mining. The Company’s team is evaluating candidate suppliers based on both cost and quality parameters, with the aim of potentially reducing capital expenditures for the Neves Project from the $57.6 million estimated in the Company’s DFS. The Company’s dense media separation plant is fully paid and is in Brazil awaiting assembly. The Company has invested approximately $30 million in acquiring and transporting the newly fabricated dense media separation plant to Brazil. The DFS supports the technical robustness of utilizing proven DMS processing technology, with comprehensive metallurgical testing demonstrating an expected lithium recovery rate of 61.7%.
Current report
On August 14, 2025, the Minas Gerais state agency responsible for permitting applications issued an extensive technical report recommending approval of the Company’s expansion permit application (“Expansion Application”) filed in November 2024. On August 28, 2025, a civil action related to the Company’s Expansion Application was filed by N’Golo (“NGO”), a non-governmental organization known for filing claims against mining projects, having filed 29 such claims in the last six years. The action was filed in the federal court located in Teofilo Otoni, Brazil (the “Court”), alleging that the Company did not conduct a consultation with Girau, a traditional community (the “Community”). The Company believes the NGO’s action is without any merit. In an affidavit dated September 3, 2025, the Community repudiated the NGO claim with the President of the Community association and a large number of its members stating that: i) the NGO had never visited the Community and does not represent the wishes of the Community; and ii) the Company had fully consulted with the Community. Prior to the Expansion Application, the Company had retained a team of six experts including an anthropologist and a social scientist to consult with the Community. On May 9, 2024, the State of Minas Gerais, through one of its departments, issued a report stating that the Company had satisfied the consultation with the Community. On October 1, 2025, in a Court filing, the Brazilian federal government, through one of its agencies, reaffirmed that the State of Minas Gerais has the appropriate authority and autonomy on matters related to the Company’s consultation. Based on currently available information, the Company does not expect this proceeding to prevent the issuance of the expansion permit or to cause material delay to the development of the Neves Project. The critical path for the development of the Neves Project consists of planning and procurement activities, including the solicitation of third-party proposals as described above, which are continuing uninterrupted.
Current report
During the third quarter of 2025, the Company increased its cash reserves to $21.0 million which provides great flexibility during the current period of softer lithium prices.
Current report
Salinas Project Exploration Progress
Current report
On August 18, 2025, the Company reported exploration results from its 100%-owned Salinas Project located in Brazil’s Lithium Valley. Initial exploratory drilling confirmed spodumene-rich lithium mineralization near the surface at approximately 23 meters depth. The Salinas Project encompasses 388 hectares located approximately 5 miles east of the Colina Project, owned by Pilbara Minerals after it acquired Latin Resources for approximately $370 million in August 2024. The Company’s Salinas Project is located approximately 100 kilometers north of the Neves Project.
Current report
Recent Developments
Current report
On December 19, 2024, the Company entered into an Option Agreement with Atlas Critical Minerals pursuant to which the Company granted Atlas Critical Minerals an exclusive option to acquire 100% of the equity interests of Brazil Mineral Resources Corporation, a wholly owned subsidiary of the Company, for total consideration of (i) $8.0 million payable, at the Company’s discretion, in the form in cash, shares of Atlas Critical Minerals common stock at a valuation of $0.6266 per share, or a combination thereof; and (ii) a perpetual 1.5% royalty on gross revenues from specified mineral tenements to be documented at the time exercise of such option (the “Option”). The Option is exercisable no earlier than the filing by Atlas Critical Minerals of a Form F-1 registration statement with the SEC in connection with the uplisting of Atlas Critical Minerals’ common stock to the Nasdaq Capital Market and for a period of 12 months thereafter. Atlas Critical Minerals filed a registration statement on Form F-1 with the SEC on September 15, 2025, and, accordingly, the Option is currently exercisable for the duration of the option term, subject to the execution of a definitive purchase agreement and satisfaction or waiver of certain conditions.
Current report
The Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
Removed paragraphs (4)
Previous report
During the second quarter, SGS Canada Inc. (“SGS”) completed most of the work related to our Definitive Feasibility Study (“DFS”) which was eventually issued on July 30, 2025, and is included in this quarterly report as Exhibit 96.1. The DFS demonstrates robust project economics that positions our Neves Project as a potentially highly profitable lithium project with an after-tax internal rate of return of 145%, with a payback period of 11 months. The Neves Project also benefits from an attractive low capital expenditure cost of core implementation items of $57 million. The DFS supports our expectation of being able to produce an average of 146,000 tons per annum of lithium concentrate over an approximate 7-year initial life of mine. Expansion of life of mine is expected as additional mining pits are granted environmental permits in the future. Critically, our projected cash costs of $489 per ton of produced product will position us in the lowest quartile of global lithium producers. Overall, these strong economics underscore our strategic advantage in Brazil’s Lithium Valley and validate our path to production.
Previous report
During the second quarter, the official gazette of the government of Brazil, Diário Oficial da União, published the granting by Brazil’s Ministry of Mines and Energy to us of mining concession status (“Portaria de Lavra”) with respect to our lithium mineral right number 833.356/2007 with a size of 1,536.45 hectares. This particular mineral right contains most of the currently discovered mineralized lithium ore bodies within our Neves Project. This development represents a significant milestone as a mining concession constitutes the highest-level title of ownership for a mineral right in Brazil. In broad terms, it provides ownership of the mineral right in perpetuity and grants the right to mine the substance for which it was issued (in this case, lithium) without volume limitations, provided that customary periodic reporting requirements under the Brazilian mining code and any other applicable regulations are satisfied.
Previous report
During the second quarter, we successfully transported the 141 containers and 10 bulk items which form our modular dense media separation lithium processing plant to a secure location within the state of Minas Gerais where it awaits transport to the Neves Project site and assembly.
Previous report
The Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024
Reworded paragraphs (7)
Previous wording
In addition to our lithium exploration activities, as of June 30, 2025, we also own approximately 30.11% of the shares of common stock of Atlas Critical Minerals Corporation (formerly known as Jupiter Gold Corporation), which trades on the OTC QB operated by OTC Markets Group, Inc. under the symbol JUPGF. Atlas Critical Minerals Corporation (“Atlas Critical Minerals”) is an exploration stage company focused on the exploration and development of mineral rights relating to certain critical minerals such as rare earths, copper, graphite, nickel, iron, gold and quartzite. The results of operations of Atlas Critical Minerals are consolidated in our financial statements under generally accepted accounting principles in the U.S. (“U.S. GAAP”). On November 19, 2024, Atlas Critical Minerals consummated a merger with our majority-owned subsidiary, Apollo Resources Corporation, with Atlas Critical Minerals continuing its corporate existence as the surviving corporation (the “Merger”). For more information about the Merger, please refer to our 2024 Form 10-K.
Current wording
In addition to our lithium exploration activities, as of September 30, 2025, we also own approximately 28.15% of the shares of common stock of Atlas Critical Minerals Corporation (formerly known as Jupiter Gold Corporation), which trades on the OTC QB operated by OTC Markets Group, Inc. under the symbol JUPGF. Atlas Critical Minerals Corporation (“Atlas Critical Minerals”) is an exploration stage company focused on the exploration and development of mineral rights relating to certain critical minerals such as rare earths, copper, graphite, nickel, iron, gold and quartzite. The results of operations of Atlas Critical Minerals are consolidated in our financial statements under generally accepted accounting principles in the U.S. (“U.S. GAAP”).
Previous wording
Net loss for the six months ended June 30, 2025 totaled $16.4 million, compared to net loss of $23.1 million during the six months ended June 30, 2024. The decrease is mainly due to:
Current wording
Net loss for the nine months ended September 30, 2025 totaled $24.5 million, compared to net loss of $32.8 million during the nine months ended September 30, 2024. The decrease is mainly due to:
Previous wording
As of June 30, 2025, we had cash and cash equivalents of $13.9 million and working capital of $7.9 million.
Current wording
As of September 30, 2025, we had cash and cash equivalents of $21.0 million and working capital of $17.1 million.
Previous wording
Net cash used in operating activities totaled $8.3 million for the six months ended June 30, 2025, compared to $11.3 million for the six months ended June 30, 2024, representing a decrease of $3.0 million or 26%. This decrease was primarily driven by the commencement of capitalizing exploration expenses, which resulted in a $3.2 million positive impact to net cash used in operating activities, added by an increase in accounts payable of $1.0 million compared to the six months ended June 30, 2024. The decrease was partially offset by an increase of $1.6 million in general and administrative expenses, mainly due to team expansion and higher service costs related to marketing activities.
Current wording
Net cash used in operating activities totaled $ 15.4 million in the nine months ended September 30, 2025, compared to $14.2 million in the nine months ended September 30, 2024, representing a decrease of $1.2 million or 8%. This decrease was primarily driven by a $4.0 million net increase in general and administrative expenses, especially in: (A) (i) payroll expenses due to the team expansion following the Neves Project progress and (ii) higher expenditures related to marketing and investor relations; partially offset by (B) (i) a reduction in third-party services contracted and (ii) the commencement of the capitalization of $3.2 million in exploration expenses.
Previous wording
Net cash used in investing activities totaled $6.3 million for the six months ended June 30, 2025, compared to net cash used of $16.8 million during the six months ended June 30, 2024, representing a decrease in cash used of $10.4 million or 63%. The decrease primarily reflects:
Current wording
Net cash used in investing activities totaled $7.9 million for the nine months ended September 30, 2025, compared to net cash used of $23.6 million during the nine months ended September 30, 2024, representing a decrease in cash used of $15.7 million or 67%. The decrease primarily reflects:
Previous wording
Net cash provided by financing activities totaled $12.9 million for the six months ended June 30, 2025, compared to $nil during the six months ended June 30, 2024, representing an increase in cash provided of $12.9 million or 100%. The increase is due to the following financing activities that occurred during the six months ended June 30, 2025:
Current wording
Net cash provided by financing activities totaled $28.7 million for the nine months ended September 30, 2025, compared to $30.0 million during the nine months ended September 30, 2024, representing a decrease in cash provided of $1.6 million or 5%. The decrease is due to the following financing activities that occurred during the nine months ended September 30, 2025:
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 sales of our equity and the equity of one of our subsidiaries. As of June 30, 2025, we had cash and cash equivalents of $13.9 million and working capital of $7.9 million, compared to cash and cash equivalents $15.5 million and working capital of $10.6 million as of December 31, 2024. 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 our ability to attract talent. 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 sales of our equity and the equity of one of our subsidiaries. As of September 30, 2025, we had cash and cash equivalents of $21.0 million and working capital of $17.2 million, compared to cash and cash equivalents $15.5 million and working capital of $10.6 million as of December 31, 2024. 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 our ability to attract talent. 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.