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Fri Oct 23 · markets open6 signals today103 insider buys this week · $208.8MCIRO short report next: Oct 31The week ahead

ATLX

Atlas Lithium Corp
NASDAQ · MATERIALS · MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS)
1.90
−0.10 −5.00%
USD · close Oct 22
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Work order
51
WATCH · shorts 51
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $57.2MP/E —DIV YIELD —FCF YIELD -61.64%REV TTM $110K −68.6%NET INCOME −$37.3MNET CASH $36.1M52W 1.90 – 6.46SEC XBRL · TTM TO Invalid Date

How ATLX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
28%
of sentences unchanged
Added
83
new sentences
Dropped
211
sentences removed
Length
−3,987
words, now 7,174

New in FY2025

  • Business Risks ● Risks Related to the Assembly, Commissioning, and Operation of Our DMS Plant ● Our future performance is difficult to evaluate because we have a limited operating history. ● We have a history of losses and expect to continue to incur losses in the future. ● We are an exploration stage company, and there is no guarantee that our properties will result in the commercial extraction of mineral deposits. ● Because the probability of an individual prospect ever having reserves is not known, our properties may not contain any reserves, and any funds spent on exploration and evaluation may be lost. ● We face risks related to mining, exploration, plant assembly, and mine construction, if warranted, on our properties. ● Labor disruptions and a rise in labor costs could impact on our business, financial condition and results of operations. ● We are subject to the effects of changing prices. ● Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities. ● We depend on our ability to successfully access the capital and financial markets.
  • Any inability to access the capital or financial markets may limit our ability to fund our ongoing operations, execute our business plan or pursue investments that we may rely on for future growth. ● Our quarterly and annual operating and financial results and our revenue are likely to fluctuate significantly in future periods. ● Our ability to manage growth will have an impact on our business, financial condition and results of operations. ● Our operations and projects are subject to a range of transitional and physical risks related to climate change. ● Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. ● We are vulnerable to concentration risks because our operations are currently exclusive to Brazil. ● We depend upon Mr.
  • Marc Fogassa, our Chief Executive Officer and Chairman. ● Our growth will require new personnel, which we will be required to recruit, hire, train and retain. ● A portion of our workforce is represented by labor unions and therefore subject to collective bargaining agreements. ● Certain of our officers may be in a position of conflict of interest. ● We have historically relied on third-party consultants and their inability to perform timely and in compliance with their contractual obligations can adversely impact our business operations. ● Our Reliance on Third Party Consultants and Contractors Has and Could Continue to Adversely Affect Our Operations, Cost Structure, and Competitive Position ● Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, financial condition or results of operations. ● We may be unable to hire and retain the third-party contractors upon which we rely, including for drilling and construction of the lithium processing plant. ● We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration.
  • Regulatory and Industry Risks ● The mining industry subjects us to several risks. ● Our operations are, and our mineral projects will be subject to, significant government regulations, including environmental laws and regulations. ● We are required to obtain government permits in order to conduct development and mining operations, a process which is often costly and time-consuming. ● Compliance with environmental regulations and litigation based on environmental regulations could require significant expenditures. ● Mining operations face substantial health and safety regulations. ● Mineral prices are subject to unpredictable fluctuations. ● The development of non-lithium battery technologies could adversely affect us. ● The growth potential of lithium markets is uncertain. ● Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and our future revenues and profitability generally. ● We are dependent upon the continued recognition of and validity of the title to our mineral rights, and preserving title may be costly. ● Changes in public policies and legislative initiatives could materially affect our business and prospects Country and Currency Risks ● Substantially all of our assets are located in Brazil and substantially all of our revenue will be derived from our operations in Brazil. ● Our ability to execute our business plan depends primarily on the continuation of a favorable mining environment in Brazil and our ability to freely sell our minerals. ● The perception of Brazil by the international community may affect us. ● Exposure to foreign exchange fluctuations and capital controls may adversely affect our costs, earnings and the value of some of our assets.
  • World Events Risks ● Tariffs and other changes in international trade policy could adversely affect our business, financial condition and the results of operations. ● Natural disasters or the emergence of a new pandemic may adversely affect our business. ● An escalation of the current war in Ukraine and the ongoing conflict in the Middle East, coupled with the international policy of the new U.S. presidential administration or the emergence of conflict elsewhere may adversely affect our business.
  • Business Risks Risks Related to the Assembly, Commissioning, and Operation of Our DMS Plant Our DMS Plant was manufactured in South Africa to our specifications by a third-party contractor which delegated certain work to subcontractors.
  • The disassembled plant was shipped to Brazil mostly in containers with some bulk items as well and is currently in storage at a secure facility in Minas Gerais state.
  • While we believe the assembly of the DMS Plant will be successful and that it will operate as expected, there are material risks associated with the assembly, commissioning, and ongoing operation of the DMS Plant.
  • Assembly of the DMS Plant will require us to retain employees or contractors with the necessary expertise, including project management and construction supervision services.
  • Such personnel may not be readily available when needed or on terms favorable to us.
  • Although we have strengthened our internal capabilities through the appointment of a Project Management Officer and Vice President of Engineering with experience from significant mining projects in Brazil, we continue to depend on certain consultants and contractors for specific technical requirements.
  • Any inability to retain qualified contractors or their failure to perform in accordance with their agreements could result in delays in our ability to execute on our business plan and adversely affect the value of our common stock.
  • We may incur delays or cost overruns in assembling the DMS Plant and achieving the readiness of such processing facility to commence production.
  • Potential causes of delay include, without limitation: the discovery of unusual or unexpected conditions during assembly; industrial accidents or equipment malfunctions; labor shortages, disputes, or work stoppages; permitting or regulatory delays; weather conditions or natural disasters; supply chain disruptions affecting the delivery of necessary equipment or materials; and the unavailability of suitable machinery, equipment, or skilled labor.
  • Additionally, litigation by third parties such as non-governmental organizations could interfere with the permitting process or cause delays in project development.
  • If assembly of the DMS Plant requires longer than expected due to component damage, labor issues, contractor performance issues, or other factors, we could incur additional costs associated with extended storage, increased labor, or procurement of replacement parts.
  • We cannot provide any assurance that the assembly will be completed on schedule or within budget.
  • Once assembled, operation of the DMS Plant will incur ongoing operating costs and our financial position and results of operations may be materially impacted if we are unable to fund such expenses and if our production costs are higher than the revenues from the sale of our lithium products.
  • Equipment malfunctions or breakdowns during the term of operation could require us to incur substantial repair or replacement costs, potentially resulting in production downtimes and business interruption.
  • We may face difficulty timely finding spare machines or parts to fix broken equipment.
  • Additionally, fluctuations in the cost of fuel, power, materials, and supplies could result in increases in operating costs beyond our initial estimates.
  • Our future performance is difficult to evaluate because we have a limited operating history.
  • We have an accumulated deficit of approximately $171.6 million as of December 31, 2025.
  • Approximately 58% of our workforce is unionized.
  • We are subject to the effects of changing prices.
  • Inflation rates have been relatively low and stable over the previous three decades; however, inflation rates rose significantly between 2021 and 2024.
  • Although inflation rates have stabilized at a moderate level, future economic shocks, such as those due to tariffs and trade wars, could increase inflation levels going forward.
  • We bear the costs of operating and maintaining our assets, including labor and material costs as well as drilling and exploration costs.
  • Although we may be able to reduce some of our exposure to price increases through the prices we charge, competitive market pressures may affect our ability to pass along price adjustments, which may result in reductions in our operating margins and cash flows in the future.
  • In order to finance our current operations and future capital needs, we will require additional funds through the issuance of additional equity and/or debt securities or other financing facilities.
  • For example, during the year ended December 31, 2025, we issued an aggregate of 10,127,566 shares of our common stock in capital raising transactions, including (i) 7,627,566 shares sold pursuant to an At the Market Offering Agreement, and (ii) 2,500,000 shares sold to certain institutional investors in a registered direct offering.
  • For example, for the year ended December 31, 2025, costs associated with our stock based compensation were significantly lower than in prior years, which contributed to a substantial decrease to our net loss for the year as compared to the prior year.
  • Our operations and projects are subject to a range of transitional and physical risks related to climate change.
  • We believe that climate change has the potential to impact on the regions and sites in which we operate, as well as the surrounding communities.
  • Long-term potential physical climate risks include, but are not limited to, higher temperature in all regions, higher intensity storm events in all regions, impacts to annual precipitation depending upon the latitude and proximity of the site to oceans.
  • Physical risks related to extreme weather events such as extreme precipitation, flooding, longer wet or dry seasons, flooding and drought conditions, increased temperatures, sea level rise, landslides, mine flooding, landslides, wildfires or brushfires, or more severe storms may have financial implications for the business.
  • In particular, the effects of changes in rainfall and intensities, water shortages and changing storm patterns have from time to time adversely impacted, and may in the future adversely impact, our costs, production levels and financial performance.
  • There is also the potential for disruption to transport routes associated with the distribution of our products.
  • For example, essential roads for entering in our mine sites, may be subject to a risk of flooding due to the potential for an increase in average temperatures, which may be related to climate change.
  • Severe storm events can also result in unpermitted off-site discharges, slope instability, mine pit erosion and structural failures, tailings storage facility overtopping and other impacts, including water storage and treatment facility capacity considerations.

and 43 more.

Gone since FY2024

  • Business Risks ● Our future performance is difficult to evaluate because we have a limited operating history. ● We have a history of losses and expect to continue to incur losses in the future. ● We are an exploration stage company, and there is no guarantee that our properties will result in the commercial extraction of mineral deposits. ● Because the probability of an individual prospect ever having reserves is not known, our properties may not contain any reserves, and any funds spent on exploration and evaluation may be lost. ● We face risks related to mining, exploration, plant assembly, and mine construction, if warranted, on our properties. ● Labor disruptions and a rise in labor costs could impact on our business, financial condition and results of operations. ● Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities. ● We depend on our ability to successfully access the capital and financial markets.
  • Any inability to access the capital or financial markets may limit our ability to fund our ongoing operations, execute our business plan or pursue investments that we may rely on for future growth. ● Our quarterly and annual operating and financial results and our revenue are likely to fluctuate significantly in future periods. ● Our ability to manage growth will have an impact on our business, financial condition and results of operations. ● We depend on information technology systems that are subject to cybersecurity threats, disruption, damage or failure. ● We depend upon Mr.
  • Marc Fogassa, our Chief Executive Officer and Chairman. ● Our growth will require new personnel, which we will be required to recruit, hire, train and retain. ● Certain of our officers may be in a position of conflict of interest. ● We have historically relied on third-party consultants and their inability to perform timely and in compliance with their contractual obligations can adversely impact our business operations. ● We have a contractual dispute with RTEK International DMCC, the outcome of which is unknown at this time, and our business and operations could be negatively impacted by the termination of the Technical Services Agreement with RTEK International DMCC. ● Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, financial condition or results of operations. ● We may be unable to hire and retain the third-party contractors upon which we rely, including for drilling and construction of the lithium processing plant.
  • Regulatory and Industry Risks ● The mining industry subjects us to several risks. ● Our operations are, and our mineral projects will be subject to, significant government regulations, including environmental laws and regulations. ● We are required to obtain government permits in order to conduct development and mining operations, a process which is often costly and time-consuming. ● Compliance with environmental regulations and litigation based on environmental regulations could require significant expenditures. ● Mining operations face substantial health and safety regulations. ● Mineral prices are subject to unpredictable fluctuations. ● The development of non-lithium battery technologies could adversely affect us. ● The growth potential of lithium markets is uncertain. ● Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and our future revenues and profitability generally ● Changes in public policies and legislative initiatives could materially affect our business and prospects Country and Currency Risks ● Our ability to execute our business plan depends primarily on the continuation of a favorable mining environment in Brazil and our ability to freely sell our minerals. ● The perception of Brazil by the international community may affect us. ● Exposure to foreign exchange fluctuations and capital controls may adversely affect our costs, earnings and the value of some of our assets.
  • World Events Risks ● Tariffs and other changes in international trade policy could adversely affect our business, financial condition and the results of operations. ● A resurgence of the COVID-19 pandemic, or the emergence of a new pandemic, may adversely affect our business. ● An escalation of the current war in Ukraine and the recent conflict in the Middle East, coupled with the international policy of the new U.S. presidential administration or the emergence of conflict elsewhere may adversely affect our business.
  • Business Risks Our future performance is difficult to evaluate because we have a limited operating history.
  • We have an accumulated deficit of approximately $144.4 million as of December 31, 2024.
  • Approximately 60% of our workforce is unionized.
  • In order to finance our current operations and future capital needs, we will require additional funds through the issuance of additional equity and/or debt securities or other financings.
  • For example, during the year ended December 31, 2024, we issued an aggregate of 2,062,973 shares of our common stock in capital raising transactions, including (i) 191,723 shares sold pursuant to an At the Market Offering Agreement, and (ii) 1,871,250 shares sold pursuant to a Securities Purchase Agreement with Mitsui & Co., Ltd.
  • For example, for the year ended December 31, 2023, costs associated with our exploration activities were significantly higher than in prior years, which contributed to a substantial increase to our net loss for the year as compared to the prior year.
  • We depend on information technology systems that are subject to cybersecurity threats, disruption, damage or failure.
  • We depend on information technology and operational technology systems in the operation of our business.
  • Our systems, and those of our third-party vendors, may be targeted by increasingly sophisticated threat actors.
  • These threats include continually evolving cybersecurity risks from a variety of sources such as malware, extortion, employee error or malfeasance, security breaches, cyber-attacks, natural disasters and defects in design.
  • Cybersecurity risk is increasingly difficult to measure and cannot be easily mitigated due to the rapidly evolving nature of the threats and threat actors.
  • Additionally, unauthorized parties may attempt to gain access to our systems for company information through fraud or other means of deception.
  • Our systems and procedures for preparing and protecting against such attempts and mitigating such risks may prove to be insufficient.
  • Any material compromise or breach of our IT systems could have an adverse impact on our business and operations, including damage to our reputation and competitiveness, remediation costs, litigation or regulatory actions.
  • In addition, new technology that could result in greater operational efficiency, such as artificial intelligence, may further expose our operations and computer systems to the risk of cybersecurity incidents.
  • We depend upon Marc Fogassa, our Chief Executive Officer and Chairman.
  • Our existing operations and continued future development are largely dependent upon the personal efforts and continued performance of Mr.
  • Marc Fogassa, our Chief Executive Officer and Chairman and principal stockholder.
  • Fogassa would have a material adverse effect on our business and prospects.
  • We maintain key-man life insurance on the life of Mr.
  • Fogassa, we may not be able to find appropriate replacements on a timely basis and our financial condition and results of operations could be materially adversely affected.
  • Fogassa spends the vast majority of his time with us and is highly active on a daily basis in our management, he does not devote his full time and attention to Atlas Lithium.
  • Fogassa also currently serves as Chief Executive Officer and Chairman of Atlas Critical Minerals.
  • Our growth will require new personnel, which we will be required to recruit, hire, train and retain.
  • Our ability to recruit and assimilate new personnel will be critical to our performance.
  • We compete with other mining companies in the recruitment and retention of qualified managerial and technical employees.
  • As we grow, we will be required to recruit additional personnel and to train, motivate and manage employees.
  • If we are unable to successfully compete for qualified employees, our exploration and development programs may be slowed down or suspended.
  • Certain officers and directors may be in a position of conflict of interest.
  • Marc Fogassa, our Chief Executive Officer and Chairman, also serves as chief executive officer and chairman of Atlas Critical Minerals.
  • Rodrigo Menck, one of our directors, serves as the chief financial officer of Atlas Critical Minerals.
  • We have partial equity ownership in Atlas Critical Minerals.
  • There exists the possibility that one or more of these individuals, or others, may in the future be in a position of conflict of interest, where their interests may not be aligned with the interests of our other stockholders, and they may from time to time be incentivized to take certain actions that benefit the interests of Atlas Critical Minerals and that our other stockholders do not view as being in their interest as investors in us.
  • We have historically relied on third-party consultants and their inability to perform timely and in compliance with their contractual obligations can adversely impact our business operations.
  • We have historically relied on third-party technical consultants for various aspects of our Neves Project development.

and 171 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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