Atlas Lithium Corp
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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, 2026 · Filed Nov 6, 2026
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 2026-06-30; filed 2026-08-14.
0001493152-26-038358
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050462
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 40 previous paragraphs and 39 current paragraphs.
20 unchanged; 12 reworded; 7 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 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
During the third quarter of 2026, we continued to advance our flagship Neves Project toward production while achieving several important milestones. Key milestones included securing contracts and firm agreements with major execution partners, receiving written product interest from multiple companies exceeding our planned production capacity, and commencing pre-assembly activities for our processing plant.
Current report
On July 13, 2026, we announced that the Neves Project remains on track toward first commercial production of lithium oxide concentrate, which would mark our transition from developer to producer. The Neves Project, which is 100%-owned by us and fully permitted through commercial production, will feature a vertically integrated mining and processing industrial complex designed to produce approximately 146,000 tonnes of lithium concentrate per year, as detailed in our definitive feasibility study (the “DFS”).
Current report
On September 9, 2026, we announced the execution of contracts and firm agreements covering key aspects of project implementation, including engineering, earthworks and civil construction, electromechanical assembly, electrical infrastructure, construction management, and logistics. The selected contractors include Promon Engenharia, TSX Engineering, Cerne Construções, and Alfa Engenharia, among others. Each award followed a competitive procurement process assessing technical experience, performance, quality, and cost efficiency, with contracts executed at or below DFS budget levels. We believe that securing such contracts at or below DFS estimates reduces project execution and cost risks.
Current report
Toward the end of the third quarter of 2026, we commenced critical pre-assembly activities for our modular dense media separation (“DMS”) processing plant (the “Plant”), which is fully paid for, 100%-owned by us, already located in Brazil, and permitted for installation and operation. These activities are underway. Working alongside our engineering staff are Alfa Engenharia, our electromechanical assembly contractor, which was engaged in advance of the assembly, and the South African engineering company that designed the Plant. Together, these teams are inspecting and readying each of the Plant’s components, grouping its modular components into delivery packages, and determining the optimal assembly sequence. The Plant’s DMS modules successfully completed trial assembly in South Africa before being disassembled and shipped to Brazil. While DMS technology has long been used in the hard-rock lithium industry, the Plant is a modularized and optimized version of this technology, which we believe supports a shorter timeline to commissioning and operations than typical greenfield processing plants. The Plant is initially expected to produce approximately 146,000 tonnes of lithium concentrate per year, and its modular design is intended to accommodate potential future increases in production capacity. The Plant is also designed to recycle approximately 95% of its process water through advanced recirculation systems and to use 100% dry-stacked tailings, eliminating the need for a tailings dam.
Current report
We anticipate that the fully integrated Neves Project facility will generate a large and positive economic impact in the Jequitinhonha Valley, a developing region of Minas Gerais state in Brazil. Our current full-time employees at Neves Project already earn, on average, twice the prevailing local wage and receive healthcare coverage and other benefits that exceed regional standards. We believe this approach has strengthened our social license to operate and fostered long-term partnerships with our local communities.
Current report
Although lithium prices have remained volatile during the third quarter of 2026, they stayed well above the lows observed in mid-2025. Global lithium demand continued to grow, supported by increased demand for electric vehicles and energy storage systems. On the supply side, limited spodumene availability, disruptions to African shipments, and a slower-than-expected ramp-up of Chinese lepidolite mines contributed to a tighter supply environment.
Current report
The Nine Months Ended September 30, 2026, Compared to the Nine Months Ended September 30, 2025
Removed paragraphs (8)
Previous report
During the second quarter of 2026, we continued to advance our flagship Neves Project toward production while achieving several important strategic, operational, and corporate milestones. As described in further detail below, we obtained additional global recognition for the Neves Project, further strengthened our Board of Directors, contracted key execution partners, participated in leading industry conferences, and received an expansion permit for the project, as described below.
Previous report
On April 2, 2026, we announced that the Neves Project had been named in the Joint Fact Sheet for Japan-U.S. Critical Minerals Project Cooperation (the “Joint Fact Sheet”), released on March 20, 2026 by Japan’s Ministry of Economy, Trade, and Industry together with the Ministry of Foreign Affairs of Japan. The Neves Project is the only Brazil-based lithium project named in the Joint Fact Sheet, which followed the U.S.-Japan Critical Minerals Investment Ministerial held on March 14, 2026 in Tokyo, as well as the summit held between Japan’s Prime Minister, Sanae Takaichi, and U.S. President, Donald Trump, on March 19, 2026.
Previous report
On April 7, 2026, we announced the appointment of Admiral Flávio Augusto Viana Rocha, a former Cabinet member of the Brazilian Government, to our Board of Directors as an independent director. Admiral Rocha is a distinguished Brazilian leader with over 43 years of experience in strategy, governance, logistics, and international relations, including official government missions to more than 50 countries. From 2020 to 2022, he held the Minister-level position of Chief of the Secretariat for Strategic Affairs of the Presidency of Brazil, where he led the development of Brazil’s National Long-Term Policy and National Strategic Agenda, including the National Energy Policy.
Previous report
On April 27, 2026, we announced the engagement of key operational partners for the implementation of the Neves Project, selected through a competitive process led by our technical team. Each awarded contract was finalized at or below the budget projections outlined in our Definitive Feasibility Study (the “DFS”). The selected partners included Promon Engenharia, responsible for completing multiple detailed engineering components; TSX Engineering, appointed to oversee and manage project implementation; Cerne Construções, engaged under an Engineering, Procurement, and Construction (EPC) contract for the design and construction of the project’s administrative and operational facilities; and RETC Infraestrutura, responsible for earthworks and civil construction activities. Each of these firms brings a strong track record of performance and deep experience in Brazil’s mining sector.
Previous report
On May 18, 2026, we announced the engagement of Alfa Engenharia (“Alfa”) as the specialized electromechanical assembly contractor for the Neves Project. The scope of work awarded to Alfa encompasses the complete assembly of the project’s processing plant, from the crushing systems through to final product processing and dispatch, including the installation of all mechanical, electrical, instrumentation, and automation systems required for plant operations. As with our previously announced execution partners, the contract with Alfa was finalized at or below the budget projections outlined in the DFS. Our processing plant, fully-paid and 100%-owned by us, and which had previously been transported to Brazil, is ready for assembly, and Alfa’s selection provides the expertise necessary for this endeavor.
Previous report
During the second quarter of 2026, members of our senior management participated in several leading industry conferences to raise the profile of the Atlas Lithium and Brazil’s emerging critical minerals sector. On June 9-10, 2026, our Chairman and Chief Executive Officer, Marc Fogassa, delivered a conference-wide address titled “The Growing Role of Brazilian Critical Minerals in Securing Global Supply” at Benchmark Giga USA 2026, held at the Ronald Reagan Building and International Trade Center in Washington, D.C. On June 17-18, 2026, Mr. Fogassa delivered the Strategic Keynote Presentation, “Lithium in Brazil: Building a Competitive Industry,” opening the 3rd Brazil Lithium & Critical Minerals Summit 2026 in Belo Horizonte, Minas Gerais, Brazil. These engagements reflect our continued efforts to strengthen relationships with industry stakeholders and to position us within global critical minerals supply chains.
Previous report
On June 29, 2026, we announced that we had received the expansion permit for our Neves Project, a significant milestone in our disciplined journey toward production. Permitting is widely regarded as one of the greatest challenges in mining, and the additional permit followed comprehensive technical studies that confirmed the Neves Project’s minimal environmental impact, as well as the strong relationships we have built with our local communities in the Jequitinhonha Valley. With the expansion permit in hand, we are positioned to advance implementation of the Neves Project towards production.
Previous report
The Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025
Reworded paragraphs (12)
Previous wording
The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed 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, 2025 as amended (the “2025 Form 10-K”).
Current wording
The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed 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, 2025, filed with the SEC on March 4, 2026, as amended by Amendment No, 1 thereto filed on Form 10-K/A filed with the SEC on August 14, 2026 (the “2025 Annual Report”).
Previous wording
This Quarterly Report includes forward-looking statements that are subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” in Item 1.A. of Part II of this Report that could cause actual results could differ materially from those anticipated in these forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Current wording
This Quarterly Report includes forward-looking statements that are subject to risks, uncertainties and other factors, including those described in the section entitled “Risk Factors” in Item 1.A. of Part I of the 2025 Annual Report, that could cause actual results to differ materially from those anticipated in these forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Previous wording
We have disclosed mineral resources and mineral reserves for the Neves Project based on our technical report summary, effective May 15, 2025, as updated on June 16, 2026 (see Exhibit 96.1 to our 2025 Form 10-K/A).
Current wording
We have disclosed mineral resources and mineral reserves for the Neves Project based on our technical report summary, effective May 15, 2025, as updated on June 16, 2026 (see Exhibit 96.1 to our 2025 Annual Report).
Previous wording
Lithium market conditions remained constructive during the second quarter of 2026. Lithium prices remained well above the lows seen in mid-2025. We believe demand continues to be supported by durable, long-term trends, including accelerating growth in the energy storage systems (“ESS”) segment — particularly for grid-scale applications and for data centers supporting the expansion of artificial intelligence — alongside continued adoption of electric vehicles worldwide. While the lithium market remains subject to price volatility and evolving supply and demand dynamics, we believe that our anticipated position among the lowest-cost lithium producers globally should provide meaningful margin protection across a range of pricing environments. Consistent with these conditions and our continued progress toward production, we have received written indications of interest from several parties seeking to secure long-term supply arrangements for our future lithium concentrate production. The level of interest may be subject to then current industry supply and demand scenario.
Current wording
We believe demand continues to be supported by durable, long-term trends, including accelerating growth in the energy storage systems (“ESS”) segment — particularly for grid-scale applications and for data centers supporting the expansion of artificial intelligence — alongside continued adoption of electric vehicles worldwide. While the lithium market remains subject to price volatility and evolving supply and demand dynamics, we believe that our anticipated position among the lowest-cost lithium producers should provide meaningful margin protection across a range of pricing environments. Consistent with these conditions and our continued progress toward production, we have continued to receive written product interest from large, well-established companies that, in aggregate, exceeds our planned production capacity. The level of interest may be subject to then current industry supply and demand conditions, and there can be no assurance that such interest will result in definitive supply or offtake agreements.
Previous wording
Net loss for the three months ended June 30, 2026 totaled $11.5 million, compared to net loss of $6.3 million during the three months ended June 30, 2025. The increase is mainly due to:
Current wording
Net loss for the three months ended September 30, 2026 totaled $10.3 million, compared to net loss of $8.0 million during the three months ended September 30, 2025. The increase was mainly due to:
Previous wording
Net loss for the six months ended June 30, 2026 totaled $28.0 million, compared to net loss of $16.5 million during the six months ended June 30, 2025. The increase is mainly due to:
Current wording
Net loss for the nine months ended September 30, 2026 totaled $38.3 million, compared to net loss of $24.5 million during the nine months ended September 30, 2025. The increase was mainly due to:
Previous wording
As of June 30, 2026, we had cash and cash equivalents of $36.1 million and working capital of $22.1 million.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $27.7 million and working capital of $10.0 million.
Previous wording
Net cash used by operating activities totaled $18.2 million for the six months ended June 30, 2026, compared to net cash used of $8.3 million during the six months ended June 30, 2025, representing an increase of $9.9 million. The increase in net cash used by operating activities was mainly due to higher general and administrative expenses offset by better financial results. Please refer to section “Results of Operations” above.
Current wording
Net cash used by operating activities totaled $24.9 million for the nine months ended September 30, 2026, compared to net cash used of $15.4 million during the nine months ended September 30, 2025, representing an increase of $9.6 million. The increase in net cash used by operating activities was mainly due to higher general and administrative expenses and exploration costs, partially offset by improved financial results and changes in working capital, particularly accounts payable and accrued expenses, reflecting the timing of payments for expenses recognized in the period. Please refer to section “Results of Operations” above.
Previous wording
Net cash used in investing activities totaled $2.0 million for the six months ended June 30, 2026, compared to net cash used of $6.3 million during the six months ended June 30, 2025, representing a decrease in cash used of $4.3 million or 68%. The decrease primarily reflects:
Current wording
Net cash used in investing activities totaled $3.6 million for the nine months ended September 30, 2026, compared to net cash used of $7.9 million during the nine months ended September 30, 2025, representing a decrease in cash used of $4.3 million or 54%. The decrease primarily reflects:
Previous wording
Net cash provided by financing activities totaled $20.4 million for the six months ended June 30, 2026, compared to $12.9 million during the six months ended June 30, 2025, representing an increase in cash provided of $7.5 million or 58%. The increase is due to the following financing activities that occurred during the six months ended June 30, 2026:
Current wording
Net cash provided by financing activities totaled $20.3 million for the nine months ended September 30, 2026, compared to $28.7 million during the nine months ended September 30, 2025, representing a decrease in cash provided of $8.4 million or 29%. The decrease was due to the following financing activities that occurred during the nine months ended September 30, 2026:
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. 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 and reserves, the successful installation of our lithium processing facilities and availability of reserves at the estimated volume and grade, 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. 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. If additional funds are needed to meet our working capital or capital expenditure requirements, we may access the ATM Agreement described in Note 5 to the Financial Statements, which allows us to raise capital over time as needed, subject to market conditions and the terms of the agreement. 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 and reserves, the successful installation of our lithium processing facilities and availability of reserves at the estimated volume and grade, 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.
Previous wording
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of American (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.
Current wording
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.