Atlas Lithium Advances Its Salinas Project

Boca Raton, Florida--(Newsfile Corp. - October 7, 2024) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or "Company"), a leading lithium exploration and development company, is pleased to announce that it has discovered spodumene-rich pegmatites in its Salinas Project area located approximately 60 miles north of its flagship Neves Project, where the Company's initial lithium concentrate production is planned to take place. Atlas Lithium's Salinas Project spans 388 hectares (approximately 959 acres) and is situated just 5 miles east of Latin Resources' Colina Project, a significant lithium deposit. It is relevant to note that in August 2024, Pilbara Minerals Ltd., a major lithium producer, announced that it has entered into a binding agreement to acquire lithium exploration company Latin Resources Ltd. for consideration worth approximately US$370 million.

The Company considers its Salinas Project a promising lithium-bearing area where spodumene-rich pegmatites ("SRPs") have now been identified and mapped. Atlas Lithium's technical team has also 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. Given the attractive observed data and current market dynamics, the Salinas Project area has emerged as a prime candidate for Atlas Lithium's future growth plans. The Company's highest priority remains to bring its Neves Project to production. As previously reported, the Neves Project is in the final stage of operational licensing for both its processing plant and one of its lithium deposits.

Atlas Lithium believes that it is strategically positioned to capitalize on its exposure to two significant yet distinct spodumene areas in Brazil's Lithium Valley. In the southern region, the Company's Neves Project offers access to high-quality, large-crystal spodumene suitable for open-pit mining and processing into lithium concentrate, a key ingredient in the global supply chain for electric vehicle (EV) batteries. This site is poised to become the source of Atlas Lithium's initial production and revenue generation. In the northern part of Lithium Valley, as announced today, Atlas Lithium plans to actively participate in the development of the lithium district surrounding the Salinas municipality, a process further catalyzed by the recently announced Pilbara acquisition.

About Atlas Lithium Corporation

Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium and its subsidiaries and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events, and regulatory changes; availability of capital; Atlas Lithium's ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.

Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 27, 2024. Please also refer to the Company's other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.

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