Atlas Lithium Shares Gain 15% With $30 Million Investment From Mitsui

Dow Jones03-29

By Emon Reiser

Shares of Atlas Lithium climbed Thursday after the Brazilian miner secured a $30 million strategic investment from Japanese trading company Mitsui & Co.

The stock was recently up almost 15% to $17.08. Despite the intraday gain, shares remain down 45% year to date.

The investment comes as Atlas, based in Boca Raton, Fla., is developing its lithium mine project in Brazil. Production is scheduled to begin in the fourth quarter.

Mitsui is purchasing $30 million worth of common shares in Atlas at a 10% premium to the company's volume-weighted average price. The companies are also entering an agreement for the future purchase of 15,000 tons of lithium concentrate from its Phase 1 production, expected to launch in the fourth quarter.

The agreement also includes 60,000 tons a year for five years from the company's Phase 2 production in Brazil's Lithium Valley.

Mitsui's investment provides Atlas with immediately available funds to continue with its mine development.

Atlas aims to become a key lithium supplier to the global electric vehicles battery materials supply chain, said Atlas CEO Marc Fogassa.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

March 28, 2024 16:06 ET (20:06 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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