What changed in this filing

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Item 1. Business

2026-03-04 compared with 2025-03-14 · 107 added, 119 removed, 82 unchanged (73% of the section changed)

Lithium Corporation (“Atlas Lithium”, the “Company”, “we”, “us”, or “our”

refer to Atlas Lithium Corporation and its consolidated subsidiaries) is a mineral exploration and development company with lithium projects

and multiple lithium exploration properties.

In addition, we own exploration properties in other battery minerals, including nickel,

copper, rare earths, graphite, and titanium.

Our current focus is the development from exploration to active mining of our hard-rock

lithium project located in the state of Minas Gerais in Brazil at a well-known lithium-bearing pegmatitic district, which has been denominated

by the government of Minas Gerais as “Lithium Valley.” We intend to mine and then process our lithium-containing ore to produce

lithium concentrate (also known as spodumene concentrate), a key ingredient for the battery supply chain.

addition to our lithium exploration activities, we also own approximately 32.7% of the shares of common stock of Atlas Critical

Minerals Corporation (formerly known as Jupiter Gold Corporation) (OTCBQ:

JUPGF), as of December 31, 2024.

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.

results of operations of Atlas Critical Minerals are consolidated in our financial statements under generally accepted accounting

principles in the U.S.

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 see “ Note 7 – Related

Party Transactions—Merger of Atlas Critical Minerals Corporation and Apollo Resources Corporation .” On December 18,

we entered into an Option Agreement (as defined below) with Atlas Critical Minerals pursuant to which we sold an Option (as

defined below) to Atlas Critical Minerals to acquire 100% of the equity interests of our subsidiary, Brazil Minerals Resources

For more information about the Option Agreement, please see “Item 2.

Properties—Other Critical

Lithium Corporation (“Atlas Lithium”, the “Company”, “we”, “us”, or

“our” refer to Atlas Lithium Corporation and its consolidated subsidiaries) is a mineral exploration and development

company with lithium projects and multiple lithium exploration properties.

In addition, we own exploration properties in other

battery minerals, including nickel, copper, rare earths, graphite, and titanium.

Our current focus is the continued advancement of

our hard-rock lithium project in Minas Gerais, Brazil toward active mining.

The project is located within a well-known

lithium-bearing pegmatitic district designated by the state government as “Lithium Valley.” We intend to

mine and then process our lithium-containing ore to produce lithium concentrate (also known as spodumene concentrate), a key

ingredient for the battery supply chain.

addition to our lithium exploration activities, we also own approximately 28.06% of the shares of common stock of Atlas Critical Minerals

Corporation (Nasdaq:

ATCX) (formerly known as Jupiter Gold Corporation, “Atlas Critical Minerals”), as of December 31, 2025.

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.

On January 9, 2026, Atlas Critical Minerals

commenced trading on the Nasdaq Capital Market under the ticker symbol “ATCX”.

The results of operations of Atlas Critical

Minerals are consolidated in our financial statements under generally accepted accounting principles in the U.S.

Gerais Lithium Project

most material property at this time is the Minas Gerais Lithium Project (“MGLP”), which comprises 85 mineral rights

totaling approximately 468 km 2 .

In particular, we are focused on the Neves Project (as defined below), which is a part of MGLP.

Minas Gerais Lithium Project (“MGLP”) comprises 85 mineral rights totaling approximately 468 km 2 ,

representing our most material property.

In particular, we are focused on the Neves Project (as defined below), which is a part of

The Neves Project is depicted in Figure 1.

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are primarily focused on advancing and developing our hard-rock lithium project located in the state of Minas Gerais, Brazil.

Our Minas Gerais Lithium Project is currently our largest undertaking and primary focus.

This project is located in northeastern Minas

Gerais, Brazil along the Eastern Brazilian Pegmatite Province (“EBP”) that extends more than 850 kilometers across eastern

Minas Gerais.

The EBP has been surveyed by the Brazilian Geological Survey and is known for the presence of hard rock formations known

as pegmatites which contain lithium-bearing minerals such as spodumene and petalite.

Pegmatites are igneous bodies derived during the

final stages of crystallization of a larger parent igneous intrusion, most commonly a granitic rock.

They are distinctive for their very

coarse-grained crystalline texture, and in some instances, complex composition with unusual minerals and rare elements.

productive lithium mineralization along the EBP is centered around the Araçuaí mining district, which is host to the majority

of Brazil’s commercial lithium production and reported mineral reserves.

Gerais Lithium Project is currently our largest undertaking and primary focus.

This project is located in northeastern Minas Gerais,

Brazil along the Eastern Brazilian Pegmatite Province (“EBP”) that extends more than 850 kilometers across eastern Minas

The EBP has been surveyed by the Brazilian Geological Survey and is known for the presence of hard rock formations known as pegmatites

which contain lithium-bearing minerals such as spodumene and petalite.

Pegmatites are igneous bodies derived during the final stages

of crystallization of a larger parent igneous intrusion, most commonly a granitic rock.

They are distinctive for their very coarse-grained

crystalline texture, and in some instances, complex composition with unusual minerals and rare elements.

Commercially productive lithium

mineralization along the EBP is centered around the Araçuaí mining district, which is host to the majority of Brazil’s

commercial lithium production and reported mineral reserves.

of the region’s long mining history, basic local infrastructure near our mineral properties ranges from adequate to robust, with

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by expanding our exploration campaign to new, high-potential areas within our portfolio of mineral rights.

Our initial commercial goal

Our commercial goal

is to enter production of lithium concentrate, a product which is highly sought after in the battery supply chain.

are in the process of assembling our modular dense media separation (DMS) lithium processing plant in furtherance of our goals to

begin lithium production at our Neves Project.

Our DMS processing plant was manufactured in South Africa.

It was designed to produce

150,000 tons of lithium concentrate per annum (“tpa”).

The manufacturing process of the DMS plant was concluded in the

end of 2024 and the plant was successfully shipped to Brazil.

The shipment, consisting of 141 containers and 10 bulk items, departed

the Port of Durban, South Africa, on February 2, 2025, and arrived in Brazil, Port of Santos, on March 7, 2025.

DMS plant represents a cornerstone of our Neves Project, and was designed to deliver high-quality lithium concentrate to the global

market for electric vehicles (EVs) and renewable energy storage systems (ESS).

With worldwide lithium demand growing, we are positioned

to emerge as a key contributor to the sustainable energy transition.

This milestone marks a significant step in our progression

toward becoming the next lithium producer in Brazil’s resource-rich Lithium Valley.

2025, we received our modular dense media separation lithium processing plant (“DMS Plant”), which was manufactured in

South Africa.

It was designed to produce approximately 150,000 tons of lithium concentrate per annum (“tpa”).

DMS Plant represents a cornerstone of our Neves Project, and was designed to deliver high-quality lithium concentrate to the global market

for electric vehicles (EVs) and renewable energy storage systems (ESS).

With worldwide lithium demand growing, we are positioned to emerge

as a key contributor to the sustainable energy transition.

This milestone marks a significant step in our progression toward becoming

the next lithium producer in Brazil’s resource-rich Lithium Valley.

During the fourth quarter of 2025, we made strong

progress in the procurement process for the project tasks and other contracted work (collectively referred to herein as “work items”)

needed for the implementation of the Neves Project.

Examples of such work items include assembly of our dense media separation plant and

We have generally received multiple competing bids for each of the relevant work items, including 19 bids for one work item.

Our supplier selection criteria are based on technical qualification and experience, and with these conditions met, then best price and

EBP is considered to be one of the world’s largest geologic belts of granite and related pegmatite intrusive bodies, encompassing

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Most pegmatites have a simple mineral composition

common to granitic rocks, however some may also contain lithium minerals of commercial interest such as spodumene which can contain up to 3.73% Li (8.03% Li 2 O 2 ), and petalite

with up to 2.09% Li (4.50% Li 2 O 2 ).

common to granitic rocks, however some may also contain lithium minerals of commercial interest such as spodumene which can contain up

to 3.73% Li (8.03% Li 2 O 2 ), and petalite with up to 2.09% Li (4.50% Li 2 O 2 ).

MGLP area encompasses multiple areas of mineralized pegmatites, in general occurring as series of sub-parallel elongate tabular bodies,

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Individual feldspar and spodumene

crystals can reach up to two meters in length but typically are more homogeneously distributed and range in size from one to a few

centimeters in length.

crystals can reach up to two meters in length but typically are more homogeneously distributed and range in size from one to a few centimeters

our Neves Project, the focus is on the delineation of the four confirmed pegmatite bodies with spodumene mineralization, designated as

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Neves Project location within Lithium Valley.

geological mapping and soil geochemistry work, six promising exploration targets have been identified within the Neves Project, as

shown in the map below.

geological mapping and soil geochemistry work, six promising exploration targets have been identified within the Neves Project, as shown

in the map below.

do not have any material dependence on any raw materials or raw material supplier.

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from numerous suppliers and at market-driven prices.

We do not own or license any intellectual property which we consider to

Regulation and Compliance

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in accordance with the approved plan and prove the existence of the mineral and quantify a deposit.

Once exploration is completed, ANM requires a final exploration report which, if approved, allows for the application of an extraction license.

Extractions requests

require detailed economic viability studies.

Once exploration is completed, ANM

requires a final exploration report which, if approved, allows for the application of an extraction license.

Extractions requests require

detailed economic viability studies.

We have been issued exploration licenses for our key areas for lithium.

We believe that

we maintain a good relationship with ANM.

We believe that we maintain

a good relationship with ANM.

Environmental

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regulation in Brazil is carried out by state-level agencies, which may have multiple offices, including one for each region of the state.

For instance, in the state of Minas Gerais, the State Council of Environmental Policy, or COPAM, and the Regional Superintendencies of

the Environment, or SUPRAM, carry out environmental permitting and licensing processes.

For each mineral right that we own, after sufficient

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with the offices of the environmental agency and believe that our methods of monitoring are adequate for our current needs.

June 21, 2023, the government of the state of Minas Gerais in Brazil provided us with written notice granting us priority status for

review of environmental permitting and licensing.

This development followed the vote of the Economic Development Group

(“EDG”) of the Secretariat for Economic Development of the state of Minas Gerais during a meeting held on June 6, 2023,

approving the request that our Neves Project be analyzed by the Superintendence of Priority Projects, recently renamed as

“Diretoria Regional Geral” (Regional General Directorship).

EDG determined that the environmental licensing process, the

analysis of which is necessary to determine the proper progress of our Neves Project, shall be considered a priority for the

development of the state of Minas Gerais because it obtained a high score according to a matrix of specific criteria.

development meaningfully expedited the permitting and licensing of the Neves Project, resulting in the grant of

the operating license on October 26, 2024.

On October 26, 2024, we received

the operating license for our Neves Project in the state of Minas Gerais, Brazil, following the completion of the environmental permitting

and licensing process.

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 .

current environmental regulations state that for the duration of mining operations and for a period of five years after all mining operations

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of our water truck for the works to improve access to local communities;

○ Improvements

in the Neves community pavement;

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of asphalt emulsion to improve main roads in Araçuaí;

of new water pipes to replace old pipes in communities surrounding the access route to the development;

of culverts for drainage work in access roads used by the community and the development.

improvements and gravel:

○ Improving road access to a municipal school and the São José

das Neves community;

road access to a municipal school and the São José das Neves community;

road access to Comunidade Cardoso´s hill;

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Infrastructure

○ Construction

of accommodation for teachers at the Calhauzinho Community State School;

○ Construction

of the sidewalk, accessibility ramp, recreation yard and improvement of the canteen at the municipal school of the São

José das Neves community;

○ Construction

of the support house, kitchen and courtyard of the São José das Neves Community

and painting of the São José das Neves Community Church in partnership with the outsourced company Eco

of the sidewalk, accessibility ramp, recreation yard and improvement of the canteen at the municipal school of the São José

das Neves community;

of the support house, kitchen and courtyard of the São José das Neves Community Church;

and painting of the São José das Neves Community Church in partnership with the outsourced company Eco Sondagens;

Construction/revitalization

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trainee plan for the inclusion of women students in the mining technician course;

with Instituto Técnico Educacional Polivalente de Araçuaí-ITEP to offer

internship positions at Atlas to the institution’s best students;

Partnership with SESI/SENAI/FIEMG to offer technical and professional courses using rooms

on the 1st floor of our building in Araçuaí for face-to-face classes;

Our current efforts are focused on hiring workers from communities

near our project areas.

Many of these communities have high levels of unemployment, and we believe that we are making a positive contribution

by hiring local personnel at wages that are above the regional monthly wages.

with Instituto Técnico Educacional Polivalente de Araçuaí-ITEP to offer internship positions at Atlas to the

institution’s best students;

Partnership with SESI/SENAI/FIEMG to offer technical and professional courses using rooms on the 1st floor of our building in Araçuaí

for face-to-face classes after it becomes operational;

of basic food baskets to the Association of Parents and Friends of Exceptional Children of Araçuaí;

of a Christmas charity event for children from Neves, São José das Neves, Calhauzinho and Aguada Nova with distribution

of gifts and sneakers for the children;

of traditional festivals in the communities of Neves, São José das Neves;

of a local organization focused on developing social programs and including children in sports, offering classes in Araçuaí

and other municipalities in the Jequitinhonha Valley.

current efforts are focused on hiring workers from communities near our project areas.

Many of these communities have high levels of

unemployment, and we believe that we are making a positive contribution by hiring local personnel at wages that are above the regional

monthly wages.

and Year of Organization

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18, 2012, we were focused on the software business, which business was discontinued.

We operated with the name “Brazil

Minerals, Inc.” until September 26, 2022, when we changed our name to “Atlas Lithium Corporation.” In January

2023, we completed a public offering of shares of our common stock and on January 10, 2023 began trading on the Nasdaq Capital

Market under the ticker symbol “ATLX.”

are not a party to any material legal proceedings.

We operated with the name “Brazil Minerals,

Inc.” until September 26, 2022, when we changed our name to “Atlas Lithium Corporation.” In January 2023, we completed

a public offering of shares of our common stock and on January 10, 2023 began trading on the Nasdaq Capital Market under the ticker symbol

maintain a website at www.atlas-lithium.com.

We make available free of charge, through the Public Filings section of the Investors

tab on our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments

to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after

such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”).

information on our website is not, and shall not be deemed to be, a part hereof or incorporated into this or any of our other

filings with the SEC.

We make available free of charge, through the Public Filings section of the Investors tab

on our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those

reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material

is electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”).

The information on our

website is not, and shall not be deemed to be, a part hereof or incorporated into this or any of our other filings with the SEC.

addition, the SEC maintains a website at www.sec.gov which contains reports, proxy and information statements filed electronically by

us with the SEC.

of the date of this Annual Report, we have 70 employees, out of which 60% are represented by a private federation of employees in

the extractive industries of the state of Minas Gerais.

Representation by such an entity is mandatory for non-management workers in

the mining industry in Minas Gerais.

We entered into the collective bargaining agreements adopted by the federation in March 2024,

which set forth standard working requirements and employee benefits.

We maintain a good relationship with our

employees and the federation.

As of the date of this Annual Report, we have 64

employees, out of which 75% are unionized, with certain employees represented by a private federation of employees in the extractive

industries of the state of Minas Gerais (the “Employee Federation”) and the remainder represented by a labor union.

Representation by the Employee Federation is legally mandatory for all extractive enterprises with respect to their non-management

workers under labor laws.

We have collective bargaining agreements adopted by the Employee Federation and labor union since March

2024 and December 2025, respectively, which set forth standard working conditions and employee benefits.

We believe that we maintain a good relationship with our

employees, the federation and the labor union.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business