Atlas Lithium Corporation (NASDAQ: ATLX) secured contracts covering 71% of direct capital expenditures for its Neves Project in Brazil, representing a 16% discount compared with estimates outlined in the company's Definitive Feasibility Study (DFS).
The awarded scope encompasses earthworks, civil construction, electromechanical assembly of the Dense Media Separation plant, crushing systems, electrical infrastructure, detailed engineering, construction management, building construction and in-country logistics for the processing plant.
Marc Fogassa, chairman and CEO of Atlas Lithium, said the contracting milestone reflects "disciplined project implementation." He added that the Neves Project is 100%-owned, fully permitted and its processing plant is already located in Brazil and ready for assembly.
"Our key execution partners are contracted at or below budget," Fogassa said.
Contracts were awarded through competitive procurement processes evaluating technical experience, performance, quality and cost efficiency. The final pricing was finalized at or below DFS budget levels.
Atlas Lithium owns approximately 557 square kilometers of lithium mineral rights in Brazil. It holds roughly a 20% ownership stake in Atlas Critical Minerals Corporation (NASDAQ: ATCX), which is associated with the Neves Project.
The Definitive Feasibility Study was filed as an exhibit to Atlas Lithium's Form 10-Q for the quarter ended June 30, 2025, with the filing made on August 4, 2025. The announcement was published September 9, 2026.
The project remains in the execution phase, with the processing plant already staged in Brazil awaiting assembly under the newly contracted framework.
