The Salinas property spans 388 hectares (roughly 959 acres), and is located simply 5 miles east of Latin Sources’ Colina venture, a major lithium deposit.
Atlas Lithium’s technical crew has additionally accomplished soil geochemistry and LIDAR geological mapping with favorable outcomes. It’s now pursuing additional geological and geophysical research earlier than launching a drilling marketing campaign.
At its flagship Neves venture, the corporate expects to start manufacturing in This autumn 2024. Annual lithium manufacturing is projected to achieve 300,000 tonnes following an enlargement in late 2025, which is sufficient to energy about 1 million electrical automobiles.
In March, Japan’s Mitsui & Co. introduced a $30 million funding to accumulate a 12% stake in Atlas Lithium, looking for to enterprise into Brazilian lithium mines and meet the rising demand for EV battery supplies.
Shares of Atlas Lithium rose 5% on the NASDAQ by 12:30 p.m. EDT. The Florida-based firm has a market capitalization of $106 million.