# EDGAR Filing Document

**Accession Number:** 0001540684
**File Stem:** 0001641172-25-021996
**Filing Date:** 2025-8
**Character Count:** 1015326
**Document Hash:** 44ac426bac7b2677d11cb9bae290c741
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-021996.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001641172-25-021996

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 311

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas Lithium Corp
- **CENTRAL INDEX KEY:** 0001540684
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 392078861
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41552
- **FILM NUMBER:** 251178208

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 N FEDERAL HWY
- **STREET 2:** SUITE 200
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432
- **BUSINESS PHONE:** (833) 661-7900

**MAIL ADDRESS:**
- **STREET 1:** 1200 N FEDERAL HWY
- **STREET 2:** SUITE 200
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brazil Minerals, Inc.
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flux Technologies, Corp.
- **DATE OF NAME CHANGE:** 20120127

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒ QUARTERLY
 REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended **June 30, 2025**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from ____________ to ____________

Commission File Number **001-41552**

**ATLAS LITHIUM CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **39-2078861** |
| (State or other jurisdiction of | (IRS Employer |
| incorporation or organization) | Identification No.) |

---

**Rua Antonio de Albuquerque, 156 – 17th Floor**

**Belo Horizonte, Minas Gerais, Brazil, 30.112-010**

(Address of principal executive offices, including zip code)

**(833) 661-7900**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value | ATLX | The Nasdaq Capital Market |

---

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company," in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)*.* Yes ☐ No ☒

As of July 31, 2025, there were outstanding 19,582,473 shares of the registrant's common stock.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [Cautionary Note Regarding Forward-Looking Statements](#a_001) | [Cautionary Note Regarding Forward-Looking Statements](#a_001) | 3 |
| [PART I - FINANCIAL INFORMATION](#a_002) | [PART I - FINANCIAL INFORMATION](#a_002) | 4 |
| Item 1. | *[Financial Statements](#a_003)* | 4 |
|  | [Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#a_004) | 4 |
|  | [Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)](#a_005) | 5 |
|  | [Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)](#a_006) | 6 |
|  | [Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)](#a_007) | 7 |
|  | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](#a_008) | 8 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#s_001) | 21 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#s_002) | 24 |
| Item 4. | [Controls and Procedures.](#s_003) | 24 |
| [PART II - OTHER INFORMATION](#s_004) | [PART II - OTHER INFORMATION](#s_004) | 25 |
| Item 1. | [LEGAL PROCEEDINGS](#s_005) | 25 |
| Item 1A. | [RISK FACTORS](#s_006) | 25 |
| Item 2. | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#s_007) | 25 |
| Item 3. | [DEFAULTS UPON SENIOR SECURITIES](#s_008) | 25 |
| Item 4. | [MINE SAFETY DISCLOSURES](#s_009) | 25 |
| Item 5. | [OTHER INFORMATION](#s_010) | 25 |
| Item 6. | [Exhibits](#s_011) | 26 |
| [Signatures](#s_012) | [Signatures](#s_012) | 27 |

---

[**Table of Contents**](#t_001)

**CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this Quarterly Report are forward-looking statements, including without limitation, statements regarding current expectations, as of the date of this Quarterly Report, about our future results of operations and financial position, our ability to effectively process our minerals and achieve commercial grade at scale; risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions); uncertainty about our ability to obtain required capital to execute our business plan; our ability to hire and retain required personnel; labor relations; changes in the market prices of lithium and lithium products and demand for such products; geopolitical uncertainties, including tariffs, trade restrictions and other components of U.S. and global trade policy; the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects; uncertainties inherent in the estimation of lithium resources. These statements involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to differ materially from any future results, performance or achievement expressed or implied by these forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other similar expressions Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include, but are not limited to: unprofitable efforts resulting from the failure to discover mineral deposits or the discovery of mineral deposits that are insufficient in quantity and quality to return a profit from production; market fluctuations; government regulations, including regulations relating to permitting, royalties, allowable production, importing and exporting of minerals, and environmental protection; competition; the loss of services of key personnel; unusual or infrequent weather phenomena, litigation, sabotage, government or other interference in the maintenance or provision of infrastructure as well as general economic conditions, geopolitical tensions and trade policies.

The forward-looking statements in this Quarterly Report are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described under the sections in this Quarterly Report titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other of our filings made with the Securities and Exchange Commission (the "SEC"). Additional information regarding risk factors that may affect us is included in our Annual Report on Form 10-K for fiscal year ended December 31, 2024 (the "2024 Annual Report") filed with the SEC on March 14, 2025. The risk factors contained in our 2024 Annual Report are updated by us from time to time in Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings that we make with the SEC.

You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

[**Table of Contents**](#t_001)

**<u>PART I - FINANCIAL INFORMATION</u>**

**Item 1 FINANCIAL STATEMENTS**

**ATLAS LITHIUM CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*June 30, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $13864963 | $15537476 |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | 47682 |
| &nbsp;&nbsp;&nbsp;Inventories | 445250 | 492812 |
| &nbsp;&nbsp;&nbsp;Taxes recoverable | 31901 | 29431 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 427222 |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 87833 | 134983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 14857169 | 16242384 |
| &nbsp;&nbsp;&nbsp;Taxes recoverable | 2160833 | 1704994 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 45319972 | 38855071 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 354516 | 399773 |
| &nbsp;&nbsp;&nbsp;Right of use assets - operating leases, net | 444008 | 499605 |
| &nbsp;&nbsp;&nbsp;Other assets | 179996 | 152781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $63316494 | $57854608 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $6603653 | $5001664 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | 18420 | 462638 |
| &nbsp;&nbsp;&nbsp;Convertible Debt | 81918 | 81918 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 168667 | 134300 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 9238 | 8084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 6881896 | 5688604 |
| &nbsp;&nbsp;&nbsp;Convertible Debt | 9859405 | 9807883 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 300452 | 312918 |
| &nbsp;&nbsp;&nbsp;Deferred consideration from royalties sold | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 31425 | 33962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 37073178 | 35843367 |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Series A preferred stock, $0.001 par value. 1 shares authorized; 1 share issued and outstanding as of June 30, 2025 and December 31, 2024 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value. 200,000,000 and 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively and 18,842,286 and 16,014,742 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 18842 | 16015 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 183186939 | 166110916 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (148976) | (179990) |
| &nbsp;&nbsp;&nbsp;Cumulative Adjustment of the Valuation of Fin. Instruments | 427428 | (278820) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (158474836) | (144410340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Atlas Lithium Co. stockholders' equity | 25009398 | 21257782 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 1233918 | 753459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 26243316 | 22011241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $63316494 | $57854608 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

*For the Three and Six Months Ended June 30, 2025 and 2024*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ending June 30** | **Three months ending June 30** | **Six months ending June 30** | **Six months ending June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Gross revenues | 42991 | 202275 | 79416 | 415032 |
| &nbsp;&nbsp;&nbsp;Sales deductions | (11186) | (19487) | (22436) | (40924) |
| Net revenue | 31805 | 182788 | 56980 | 374108 |
| Cost of revenue | (50028) | (91786) | (137878) | (193852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | (18223) | 91002 | (80898) | 180256 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 4522404 | 4565336 | 9438662 | 7817090 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1577716 | 4972562 | 6407886 | 11812684 |
| &nbsp;&nbsp;&nbsp;Exploration |  |  |  | 3170983 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 4113 | 99268 | 18567 | 102869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 6104233 | 9637166 | 15865115 | 22903626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (6122456) | (9546164) | (15946013) | (22723370) |
| Other expense (income) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expense (income) | (495) | 10007 | 468 | 12989 |
| &nbsp;&nbsp;&nbsp;Fair value adjustments, net | (17607) | (124228) | (59240) | (311717) |
| &nbsp;&nbsp;&nbsp;Finance costs | 175326 | 515145 | 606026 | 702029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 157224 | 400924 | 547254 | 403301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before provision for income taxes | (6279680) | (9947088) | (16493267) | (23126671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | - | 6220 | - | 10833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (6279680) | (9953308) | (16493267) | (23137504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss attributable to non-controlling interest | (720447) | (781948) | (1917077) | (1002677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Atlas Lithium Corporation stockholders | $(5559233) | $(9171360) | $(14576190) | $(22134827) |
| Basic and diluted loss per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss per share attributable to Atlas Lithium Corporation common stockholders | $(0.31) | $(0.67) | $(0.84) | $(1.61) |
| Weighted-average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 18004362 | 13721860 | 17257239 | 13721662 |
| Comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(6279680) | $(9953308) | $(16493267) | $(23137504) |
| &nbsp;&nbsp;&nbsp;Other comprehensive results | 392850 | 574752 | 877798 | 644778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss | (5886830) | (9378556) | (15615469) | (22492726) |
| &nbsp;&nbsp;&nbsp;Comprehensive loss attributable to noncontrolling interests | (677779) | (613879) | (1776541) | (641798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to Atlas Lithium Corporation stockholders | $(5209051) | $(8764677) | $(13838928) | $(21850928) |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

*For the Three Months Ended June 30, 2025 and 2024*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Preferred Stock** | **Series A Preferred Stock** | **Common Stock** | **Common Stock** | | | | | | |
|  | **Shares** | **Value** | **Shares** | **Value** | **Additional Paid-in**<br>**<br> Capital** | **Accumulated Other Comprehensive**<br>**<br> Loss** | **Cumulative Adjustment of the Valuation of Fin.**<br>**Instruments** | **Accumulated**<br>**<br> Deficit** | **Non controlling**<br>**<br> Interests** | **Total<br> Stockholders' Equity**<br>**(Deficit)** |
| **Balance,<br> March 31, 2024** | **1** | $**1** | **12769581** | $**12770** | $**116403497** | $**(68803)** | $**-** | $**(115785590)** | $**399384** | $**961259** |
| Issuance of common stock in connection with sales |  |  | 1871250 | 1871 | 29998127 |  |  |  | 449450 | 30449449 |
| made under privante offerings |  |  |  |  |  |  |  |  |  |  |
| Stock based compensation |  |  | 183861 | 184 | 5563094 |  |  |  | 235069 | 5798347 |
| Change in foreign currency translation |  |  |  |  |  | 213872 |  |  | 292574 | 506446 |
| Net loss |  |  |  |  |  |  |  | (9171360) | (781948) | (9953308) |
| **Balance, June 30, 2024** | **1** | $**1** | **14824692** | $**14825** | $**151964718** | $**145069** | $**-** | $**(124956950)** | $**594528** | $**27762191** |
| **Balance, March 31, 2025** | **1** | $**1** | **17498904** | $**17499** | $**176665848** | $**(171661)** | $**76395** | $**(152953340)** | $**654960** | $**24289702** |
| Issuance of common stock in connection with sales made |  |  | 1298751 | 1298 | 5261848 |  |  |  | 947899 | 6211045 |
| under private offerings |  |  |  |  |  |  |  |  |  |  |
| Exercise of warrants |  |  |  |  |  |  |  |  |  |  |
| Stock based compensation |  |  | 44631 | 45 | 1259243 |  |  |  | 347431 | 1606719 |
| Adjustment of the Valuation of Fin. Instruments |  |  |  |  |  |  | 351033 |  |  | 351033 |
| Other changes in Noncontrolling interest |  |  |  |  |  |  |  | 37737 | (37737) |  |
| Change in foreign currency translation |  |  |  |  |  | 22685 |  |  | 41812 | 64497 |
| Net loss |  |  |  |  |  |  |  | (5559233) | (720447) | (6279680) |
| **Balance, June 30, 2025** | **1** | $**1** | **18842286** | $**18842** | $**183186939** | $**(148976)** | $**427428** | $**(158474836)** | $**1233918** | $**26243316** |

---

*For the Six Months Ended June 30, 2025 and 2024*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Preferred Stock** | **Series A Preferred Stock** | **Common Stock** | **Common Stock** | | | | | | |
|  | **Shares** | **Value** | **Shares** | **Value** | **Additional Paid-in**<br>**<br> Capital** | **Accumulated Other Comprehensive**<br>**<br> Loss** | **Cumulative Adjustment of the Valuation of Fin.**<br>**Instruments** | **Accumulated**<br>**<br> Deficit** | **Non controlling**<br>**<br> Interests** | **Total<br> Stockholders' Equity**<br>**(Deficit)** |
| **Balance,<br> December 31, 2023** | **1** | $**1** | **12763581** | $**12764** | $**110195978** | $**(138829)** | $**-** | $**(102822123)** | $**427302** | $**7675093** |
| Issuance of common stock in connection with sales |  |  | 1871250 | 1871 | 29998127 |  |  |  | 449450 | 30449449 |
| made under privante offerings |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock in exchange for consulting, |  |  | 6000 | 6 | 105091 |  |  |  |  | 105097 |
| professional and other services |  |  |  |  |  |  |  |  |  |  |
| Stock based compensation |  |  | 183861 | 184 | 11665522 |  |  |  | 359574 | 12025280 |
| Change in foreign currency translation |  |  |  |  |  | 283898 |  |  | 360879 | 644778 |
| Net loss |  |  |  |  |  |  |  | (22134827) | (1002677) | (23137504) |
| **Balance, June 30, 2024** | **1** | $**1** | **14824692** | $**14825** | $**151964718** | $**145069** | $**-** | $**(124956950)** | $**594528** | $**27762191** |
| **Balance, December 31, 2024** | **1** | $**1** | **16014742** | $**16015** | $**166110916** | $**(179990)** | $**(278820)** | $**(144410340)** | $**753459** | $**22011241** |
| Issuance of common stock in connection with sales made |  |  | 2468502 | 2468 | 11915128 |  |  |  | 1411899 | 13329495 |
| under private offerings |  |  |  |  |  |  |  |  |  |  |
| Exercise of warrants |  |  |  |  |  |  |  |  |  |  |
| Stock based compensation |  |  | 359042 | 359 | 5160895 |  |  |  | 1356795 | 6518049 |
| Adjustment of the Valuation of Fin. Instruments |  |  |  |  |  |  | 706248 |  |  | 706248 |
| Other changes in Noncontrolling interest |  |  |  |  |  |  |  | 511694 | (511694) |  |
| Change in foreign currency translation |  |  |  |  |  | 31014 |  |  | 140536 | 171550 |
| Net loss |  |  |  |  |  |  |  | (14576190) | (1917077) | (16493267) |
| **Balance, June 30, 2025** | **1** | $**1** | **18842286** | $**18842** | $**183186939** | $**(148976)** | $**427428** | $**(158474836)** | $**1233918** | $**26243316** |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*For the Six Months Ended June 30, 2025 and 2024*

---

| | | |
|:---|:---|:---|
|  | **Six months ending June 30** | **Six months ending June 30** |
|  | **2025** | **2024** |
| Cash flows from operating activities of continuing operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(16493267) | (23137504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation and services | 6407886 | 11812684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 146520 | 65024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 322330 | 443956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unwinding of non-current liabilities | 66658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments | (59035) | (311717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non cash expenses | (11318) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/loss on FOREX transactions | 350481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and accounts receivable | 115468 | (150663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes recoverable | (214572) | 39824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 50832 | (35241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1024768 | 66114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | (13744) | (84698) |
| &nbsp;&nbsp;&nbsp;Net cash provided (used) by operating activities | (8306993) | (11292221) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of capital assets | (4727445) | (13970339) |
| &nbsp;&nbsp;&nbsp;Capitalized Exploration costs | (1562917) | (2443616) |
| &nbsp;&nbsp;&nbsp;Increase in intangible assets | - | (363156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (6290362) | (16777111) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sale of common stock | 11917596 | 30000000 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of subsidiary common stock to noncontrolling interests | 1411899 | 449450 |
| &nbsp;&nbsp;&nbsp;Cash used in payment of debt | (322330) | (309152) |
| &nbsp;&nbsp;&nbsp;Leases payments | (84033) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 12923132 | 30140298 |
| Effect of exchange rates on cash and cash equivalents | 1710 | 646837 |
| Net increase (decrease) in cash and cash equivalents | (1672513) | 2717803 |
| Cash and cash equivalents at beginning of period | 15537476 | 29549927 |
| Cash and cash equivalents at end of period | $13864963 | 32267730 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 – ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*<u>Organization and Description of Business</u>*

Atlas Lithium Corporation (together with its subsidiaries "Atlas Lithium," the "Company," the "Registrant," "we," "us," or "our") was incorporated under the laws of the State of Nevada, on December 15, 2011. The Company changed its management and business on December 18, 2012, to focus on mineral exploration in Brazil.

*<u>Basis of Presentation and Principles of Consolidation</u>*

The unaudited interim financial information presented in the financial statements has been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), consistent in all material respects with those applied in our 2024 Form 10-K, and are expressed in United States dollars. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2024 Form 10-K. For the period ended June 30, 2025 the condensed consolidated financial statements include the accounts of the Company; (i) its 100% owned subsidiary Atlas Lithium Limited and its subsidiary Atlas Litio Brasil Ltda ("Atlas Brazil"); (ii) its 100% owned subsidiary Athena Mineral Resources Corporation and its subsidiary Athena Litio Ltda; (iii) its 100% owned subsidiary Brazil Mineral Resources Corporation and its subsidiary Atlas Recursos Minerais; (iv) its 30.11% equity interest in Atlas Critical Minerals Corporation ("Atlas Critical Minerals") and its subsidiaries Mineração Apollo Ltda., Mineração Duas Barras Ltda. ("MDB"), RST Recursos Minerais Ltda. ("RST") and Mineração Jupiter Ltda. We have concluded that Atlas Critical Minerals and its subsidiaries are variable interest entities ("VIE") in accordance with applicable accounting standards and guidance. As such, the accounts and results of Atlas Critical Minerals and their subsidiaries have been included in our condensed consolidated financial statements.

All material intercompany accounts and transactions have been eliminated in consolidation.

*<u>Business Segment</u>*

 

The Company has one reportable segment: mining. The mining segment is composed of several mining projects, being all of them located in Brazil. Currently the Company has projects in development phase, with special focus to the Neves Lithium Project, and generates revenue solely from its operating Quartzite project. The other mining projects are in exploration phase.

The accounting policies of the mining segment are the same as those described in the summary of significant accounting policies.

The chief operating decision maker (CODM) of the mining segment is the Company's chief executive officer. The CODM regularly reviews the revenue, significant expenses categories – including exploration and evaluation costs and capitalized expenses – and general and administrative expenses. The significant expenses (including capitalized expenses) on which the CODM relies are those that are reported on the condensed consolidated balance sheet and statements of operations and comprehensive loss. Total segment assets as of June 30, 2025, were $63,316,494, primarily consisting of mineral rights, capitalized exploration and evaluation costs and equipment acquisitions for the Neves Project.

All of the long-lived assets are located in Brazil and revenues were exclusively generated by the Company's Quartzite operations. For the six-month period ended June 30, 2025, the Company had 4 customers accounting for more than 10% of the Company's revenue each (the combination of them represented 95%).

*<u>Use of Estimates</u>*

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.

*<u>Recent Accounting Pronouncements</u>*

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements other than those described in our 2024 Form 10-K that have been issued that might have a material impact on its financial position or results of operations.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS**

*<u>Inventories</u>*

Inventories as of June 30, 2025, and December 31, 2024, are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Materials and supplies | 395445 | 321085 |
| Quartzite blocks and slabs | 49805 | 171727 |
| **Total** | 445250 | 492812 |

---

Materials and supplies consists primarily of feedstock intended for use in the Company's production processes related to lithium operations.

Quartzite inventories June 30, 2025 only contain slabs produced through the cutting and polishing of natural quartzite. Slabs are actively sold in the market and classified as finished goods.

*<u>Property and Equipment</u>*

The following table sets forth the components of the Company's property and equipment as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |<br>Cost | Accumulated<br>Depreciation | Net Book<br>Value |<br>Cost | Accumulated<br>Depreciation | Net Book<br>Value |
| Capital assets subject to depreciation: |  |  |  |  |  |  |
| Computers and office equipment | 29368 | (2803) | 26565 | $10616 | $(165) | $10451 |
| Machinery and equipment | 202501 | (14542) | 187959 | 184824 | (4024) | 180800 |
| Facilities | 16462 | (1040) | 15422 | 14508 | (191) | 14317 |
| Land | 4341445 |  | 4341445 | 4144470 |  | 4144470 |
| Prepaid Assets (CIP) | 27962399 |  | 27962399 | 23449896 |  | 23449896 |
| Mining rights | 6726289 |  | 6726289 | 6558161 |  | 6558161 |
| Exploration costs | 6059893 |  | 6059893 | 4496976 |  | 4496976 |
| **Total fixed assets** | $**45338357** | $**(18385)** | $**45319972** | $**38859451** | $**(4381)** | $**38855071** |

---

Exploration costs such as drilling, development and related costs are either classified as exploration and charged to operations as incurred, or capitalized, such as to assist with mine planning within a reserve area. Whether to capitalize an exploration cost or incur an expense also depends on whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable and whether the expenditure relates to a probable future benefit to be generated singly or in combination with other assets. The basis of the mineral interest is amortized on a units-of-production basis.

*<u>Intangible Assets</u>*

Intangible assets consist of the cost of software (implementation of SAP enterprise resource planning software, as well as other software). The carrying value of these intangible assets as of June 30, 2025 and December 31, 2024 were $354,516 and $399,773, respectively.

*<u>Accounts Payable and Accrued Expenses</u>*

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| Trade payables | $6317257 | 4779903 |
| Payroll and social charges | 260818 | 157191 |
| Taxes payable | 25578 | 64571 |
| Total | $6603653 | $5001664 |

---

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (CONTINUED)**

*<u>Leases</u>*

*Finance Leases*

For the reporting period ended June 30, 2025, no financial leases meeting the criteria outlined in ASC 842 have been identified.

*Operating Leases*

Right of use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The ROU and lease liabilities are primarily related to the Company's offices in Belo Horizonte and Araçuaí and Geology sheds leased from third parties.

The lease agreements have terms between two to five years and the liability was measured at the present value of the lease payments discounted using interest rates with a rate of 6.5%, which was determined to be the Company's incremental borrowing rate. The continuity of the lease liabilities is presented in the table below:

---

| | |
|:---|:---|
| **Lease liabilities at December 31, 2024** | $**447218** |
| Increase/Decrease | $32150 |
| Unwinding of lease liabilities | $15136 |
| Lease payments | $(84034) |
| Foreign exchange | 58648 |
| **Lease liabilities at June 30, 2025** | $**469119** |
| Current portion | $168667 |
| Non-current portion | $300452 |

---

The maturity of the lease liabilities (contractual undiscounted cash flows) is presented in the table below:

---

| | |
|:---|:---|
| Less than one year | $193566 |
| Year 2 | $145952 |
| Year 3 | $90158 |
| Year 4 | $90158 |
| **Total contractual undiscounted cash flows** | $**519834** |

---

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (CONTINUED)**

*<u>Convertible Debt</u>*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Due to Nanyang Investment Management Pte Ltd | 5964780 | 5933866 |
| Due to Jaeger Investments Pty Ltd | 1988283 | 1977979 |
| Due to Modha Reena Bhasker | 994130 | 988978 |
| Due to Clipper Group Limited | 994130 | 988978 |
| Total convertible debt | $9941323 | $9889801 |
| Current portion | $81918 | $81918 |
| Non-current portion | $9859405 | $9807883 |

---

On November 7, 2023, the Company entered into a convertible note purchase agreement (the "Convertible Note Purchase Agreement") with Jaeger Investments Pty Ltd, an entity controlled by Mr. Martin Rowley, and other investors to raise up to $20,000,000 in proceeds through the issuance of convertible promissory notes with the following key terms:

---

| |
|:---|
| Maturity date: 36 months as from the date of issuance; |
| Principal repayment terms: due on maturity; |
| Interest rate: 6.5% per annum; |
| Interest payment terms: due semiannually in arrears until maturity, unless converted or redeemed earlier and payable at the election of the holder in cash, in shares of common stock, or in any combination thereof; |
| Conversion right: the holder retains a right to convert all or any portion of the note into shares of the Company's common stock at the Conversion Price up until the maturity date; and |
| Conversion price: US$28.225/share |
| Redemption right: the Company shall vest a right to redeem the convertible notes if and when (i) twelve months have passed since the loan origination and (ii) the volume weighted average price exceeded 125% of the conversion price for 5 trading days within a 20-day trading period. However, if the Company notifies the holder of its election to redeem the convertible note, the holder may then convert immediately at the conversion price. |

---

On November 7, 2023, we issued $10,000,000 in convertible promissory notes under the terms of Convertible Note Purchase Agreement, and there were no other purchases and sales of the convertible promissory notes pursuant to the Convertible Note Purchase Agreement. On the date of issuance, we received $10,000,000 in cash proceeds and recorded (i) a $9,688,305 convertible debt liability and (ii) a $311,695 conversion feature derivative liability in our consolidated statement of financial position, as further disclosed below.

In the three and six months ended June 30, 2025, the Company recorded $162,055 and $322,330 in interest expense and $25,903 and $51,522 in accretion expense in the condensed consolidated statement of operations and comprehensive loss ($162,055 and $324,110, in interest expenses and $25,903 and $51,806 in accretion expense in the three and six months ended June 30, 2024).

*<u>Derivative Liabilities</u>*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Derivative assets** |  |  |
| Derivative assets - Non-Deliverable Forward | 427222 | **-** |
| Total derivative assets | 427222 | **-** |
| **Derivative liabilities** |  |  |
| Derivative liability – conversion feature on the convertible debt | 7070 | 66310 |
| Derivative liability – restricted stock awards | 11350 | 121512 |
| Derivative liability - Non-Deliverable Forward | - | 274816 |
| Total derivative liabilities | $18420 | $462638 |

---

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (CONTINUED)**

a) Derivative liability – embedded conversion feature on convertible debt

On November 7, 2023, the Company issued convertible promissory notes to Jaeger Investments Pty Ltd and other investors. In accordance with FASB ASC 815, the conversion feature of the convertible debt was determined to be an embedded derivative. As such, it was bifurcated from the host debt liability and was recognized as a derivative liability in the consolidated balance sheets. The derivative liability is measured at fair value through profit or loss.

At December 31, 2024, the fair value of the embedded conversion feature was determined to be $66,310 using a Black-Scholes collar option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
| | **Value cap** | **Value floor** |
| <br>Measurement date | **December 31, 2024** | **December 31, 2024** |
| Shares to be issued in case of conversion | 354297 | 354297 |
| Stock price at fair value measurement date | $6.3300 | $6.3300 |
| Conversion price | $28.2250 | $35.2813 |
| Expected volatility | 115.64% | 115.64% |
| Risk-free interest rate | 4.25% | 4.25% |
| Dividend yield | 0.00% | 0.00% |
| Expected term (years) | 1.85 | 1.85 |

---

At June 30, 2025, the fair value of the embedded conversion feature was determined to be $7,070 using a Black-Scholes collar option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
| | **Value cap** | **Value floor** |
| <br>Measurement date | **June 30, 2025** | **June 30, 2025** |
| Shares to be issued in case of conversion | 354297 | 354297 |
| Stock price at fair value measurement date | $3.7800 | $3.7800 |
| Conversion price | $28.2250 | $35.2813 |
| Expected volatility | 89.83% | 89.83% |
| Risk-free interest rate | 3.96% | 3.96% |
| Dividend yield | 0.00% | 0.00% |
| Expected term (years) | 1.36 | 1.36 |

---

In the Black-Scholes collar option pricing models, the expected volatilities were based on historical volatilities of the securities of the Company and its trading peers, and the risk-free interest rates were determined based on the prevailing rates at the grant date for U.S. Treasury Bonds with a term equal to the expected term of the instrument being valued.

In the three and six months ended June 30, 2025, the Company recognized a $17,067 and a $59,240 gain on changes in fair value of financial instruments in the condensed consolidated statement of operations and comprehensive loss ($124,228 and $311,717 in the three and six months ended June 30, 2024).

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (CONTINUED)**

b) Derivative liability – other stock incentives

The employment agreement of Igor Tkachenko, a Vice President of the Company, dated September 30, 2023, provides for the issuance of shares of the Company's common stock based on us achieving certain market capitalization milestones. As of June 30, 2025, the Company's obligations under this employment agreement contemplates the issuance of additional shares of the Company's common stock in five tranches, each representing 0.2% of the Company's common stock outstanding at the time of vesting, with an expiry date of December 31, 2026 and market vesting conditions as follows:

---

| |
|:---|
| Tranche 3: when the Company achieves a $400 million market capitalization |
| Tranche 4: when the Company achieves a $500 million market capitalization |
| Tranche 5: when the Company achieves a $600 million market capitalization |
| Tranche 6: when the Company achieves a $800 million market capitalization |
| Tranche 7: when the Company achieves a $1.0 billion market capitalization |

---

In accordance with FASB ASC 815, these RSU awards were classified as a liability, measured at fair value through profit or loss, and compensation expense is recognized over the expected term.

As at December 31, 2024, Tranche 3, Tranche 4, Tranche 5, Tranche 6 and Tranche 7 remain outstanding and unvested, and the total fair value of these outstanding rights to receive restricted stock was $315,189, as measured using a Monte Carlo Simulation with the following ranges of assumptions: the Company's stock price on the December 31, 2024 measurement date, expected dividend yield of 0%, expected volatility between 71.2% and 82.3%, risk-free interest rate between a range of 5.09% to 5.48%, and an expected term of 2.5 years. The expected volatilities were based on historical volatilities of the securities of the Company and its trading peers, and the risk-free interest rates were determined based on the prevailing rates at the grant date for U.S. Treasury Bonds with a term equal to the expected term of the award being valued.

As at June 30, 2025, Tranche 3, Tranche 4, Tranche 5, Tranche 6 and Tranche 7 remain outstanding and unvested, and the total fair value of these outstanding rights to received restricted stock was $21,101, as measured using a Monte Carlo Simulation with the following ranges of assumptions: the Company's stock price on the June 30, 2025 measurement date, expected dividend yield of 0%, expected volatility between 68.9% and 82.1%, risk-free interest rate between a range of 3.72% to 4.41%, and an expected term of 3 months. The expected volatilities were based on historical volatilities of the securities of the Company and its trading peers, and the risk-free interest rates were determined based on the prevailing rates at the grant date for U.S. Treasury Bonds with a term equal to the expected term of the award being valued.

c) Derivative asset - Non-Deliverable Forward

 

Atlas Brazil, a subsidiary of Atlas Lithium, is exposed to foreign-currency exchange-rate fluctuations in the normal course of business because a portion of its expenses are paid in Brazilian reais (BRL). To mitigate this exposure, Atlas Brazil utilizes non-deliverable forward foreign-exchange contracts ("NDFs"), which are designed to offset changes in cash flow attributable to currency exchange movements.

The Company applies hedge accounting in accordance with U.S. GAAP (ASC 815). As a result, these derivative instruments are designated and qualify as cash flow hedges, with the entire gain or loss on the derivative initially recorded in Other Comprehensive Income (OCI). These amounts remain deferred in OCI and are subsequently reclassified into earnings in the same income statement line item as the hedged item when it affects earnings.

Atlas Lithium actively monitors the derivative portfolio of its subsidiary monthly to assess financial results and cash flow implications. These contracts are used strictly for risk management purposes, and neither Atlas Brazil nor Atlas Lithium engage in speculative foreign-exchange transactions. Additionally, these contracts do not contain any credit-risk-related contingent features.

As of June 30, 2025, the fair value of outstanding NDF contracts was recorded as Derivative assets on the balance sheet.

For the period ended June 30, 2025:

● Unrealized gains from NDF contracts recognized in Other Comprehensive Income (OCI): $427,428

● Amount reclassified into Finance Costs (Revenue): $(86,581)

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The following table summarizes the non-deliverable forward foreign exchange contracts that remain open as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Subsidiary** | **Dates**<br>**Entered Into** | **Derivative Financial**<br>**Instrument** | **Total Notional**<br>**Amounts (USD)** | **FX rate**<br>**(BRL/USD)** | **Total Notional**<br>**Amounts (BRL)** | **Settlement**<br>**Dates (Range)** |
| Atlas Litio Brasil Ltda | November, 2024 | Forward foreign exchange contracts (USD/BRL) | $1250000 | 6.02 | 7518850 | 15-Jul-2025 - 15-Sep-2025 |
| Atlas Litio Brasil Ltda | April, 2025 | Forward foreign exchange contracts (USD/BRL) | $3000000 | 6.26 | 18.783.050 | 30-Sep-2025 - 15-Mar-2026 |

---

**NOTE 3 – DEFERRED OTHER INCOME**

On May 2, 2023, the Company and Atlas Brazil entered into a Royalty Purchase Agreement (the "Purchase Agreement") with Lithium Royalty Corp., a Canadian company listed on the Toronto Stock Exchange ("LRC"). The transaction contemplated under the Purchase Agreement closed simultaneously on May 2, 2023, whereby Atlas Brazil sold to LRC in consideration for $20,000,000 in cash, a royalty interest equaling 3% of the gross revenue (the "Royalty") to be received by Atlas Brazil from the sale of products from certain 19 mineral rights and properties that are located in Brazil and held by Atlas Brazil. Deferred income recognized will be charged to profit and loss on a units-of-sale basis in accordance with the sales of the spodumene produced in mineral rights objective of the Purchase Agreement.

**NOTE 4 – OTHER NONCURRENT LIABILITIES**

Other noncurrent liabilities are comprised of tax refinancing programs at our operating subsidiaries located in Brazil and provision for contingencies. The balance of these non-current liabilities as of June 30, 2025, and December 31, 2024, amounted to $31,425 and $33,962, respectively.

**NOTE 5 – STOCKHOLDERS' EQUITY**

*<u>Authorized Stock</u>*

As of December 31, 2024 and June 30, 2025, the Company had 200,000,000 authorized shares of common stock, with a par value of $0.001 per share.

On November 22, 2024, we entered into an At the Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC ("Wainwright") with respect to an at the market offering program, under which we may, from time to time in our sole discretion, issue and sell through Wainwright, acting as agent, up to $25.0 million of shares of our common stock. The issuance and sale of our common stock under the ATM Agreement are made pursuant to a prospectus supplement, dated November 22, 2024, to our registration statement on Form S-3, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 25, 2023, which was declared effective on September 18, 2023.

During the three and six months ended June 30, 2025, we sold 1,298,751 and 2,468,502 shares, respectively, under the ATM Agreement, generating net proceeds of $5.2 million and $11.9 million, after deducting commissions and fees.

*<u>Series A Preferred Stock</u>*

On December 18, 2012, we filed with the SOS a Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock (the "Series A Preferred Stock") to designate one share of a new series of preferred stock. The Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock provides that for so long as Series A Preferred Stock is issued and outstanding, the holders of Series A Preferred Stock shall vote together as a single class with the holders of our common stock, with the holders of Series A Preferred Stock being entitled to 51% of the total votes on all such matters regardless of the actual number of shares of Series A Preferred Stock then outstanding, and the holders of common stock are entitled to their proportional share of the remaining 49% of the total votes based on their respective voting power. The one outstanding share of our Series A Preferred Stock has been held by our Chief Executive Officer and Chairman, Mr. Fogassa since December 18, 2012.

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 5 – STOCKHOLDERS' EQUITY (CONTINUED)**

*<u>Six Months Ended June 30, 2024 Transactions</u>*

During the six months ended June 30, 2024, the Company issued 2,061,111 new shares of Common Stock, including (i) 1,871,250 shares issued to an accredited investor for gross proceeds of $30,000,000 pursuant to a March 28, 2024 subscription agreement with Mitsui & Co., Ltd. ("Mitsui"), and (ii) 189,861 shares issued to consultants, officers and directors upon vesting of restricted stock units.

*<u>Six Months Ended June 30, 2025 Transactions</u>*

During the six months ended June 30, 2025, the Company issued an aggregate of 2,827,544 shares of its Common Stock, as follows:

---

| | | |
|:---|:---|:---|
| **Nature** | **Shares** | **Shares** |
| Shares issued in connection with stock-based compensation | 359042 |  |
| Sales of common stock (ATM process) | 2468502 | (\*) |
| Total | 2827544 |  |

---

---

| | |
|:---|:---|
| (\*) | 2,468,502 shares of Common Stock were sold through the ATM Agreement for proceeds of $11.9 million, net of commissions and fees. |

---

*<u>Common Stock Options</u>*

During the six months ended June 30, 2025 and 2024, the Company granted options to purchase Common Stock to officers and directors. The options were valued using the Black-Scholes option pricing model with the following ranges of assumptions:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Expected volatility** | 84,01% – 84.01 | 90.41% – 136.11 |
| **Risk-free interest rate** | 4.57% - 4.57 | 3.78% – 4.79 |
| **Stock price on date of grant** | $6.97 – $6.97 | $31.28 – $31.28 |
| **Dividend yield** | 0.00% | 0.00% |
| **Expected term** | 1 year | 1 to 5 years |

---

[**Table of Contents**](#t_001)

**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 5 – STOCKHOLDERS' EQUITY (CONTINUED)**

Changes in common stock options for the six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Options Outstanding and Vested** | **Weighted Average Exercise Price** | **Remaining Contractual Life (Years)** | **Aggregated Intrinsic Value** |
| Outstanding and vested, January 1, 2025 | 40667 | $0.2041 | 3.44 | $249122 |
| Issued (1) | 439996 | 0.0077 |  |  |
| Outstanding and vested, June 30, 2025 | 480663 | $0.0243 | 4.88 | 1804206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Options Outstanding and Vested** | **Weighted Average Exercise Price** | **Remaining Contractual Life (Years)** | **Aggregated Intrinsic Value** |
| Outstanding and vested, January 1, 2024 | 50667 | $15.9474 | 2.40 | $776864 |
| Issued (2) | 429996 | 0.0077 |  |  |
| Outstanding and vested, June 30, 2024 | 480664 | $1.6879 | 8.16 | $4562782 |

---

1) In the six months ended June 30, 2025, 439,996 common stock options were issued with a grant date fair value of $3,066,772.

2) In the six months ended June 30, 2024, 429,996 common stock options were issued with a grant date fair value of $13,447,502.

During three and six months ended June 30, 2025, the Company recorded $766,693 and $1,570,740 in stock-based compensation expense from common stock options in the condensed consolidated statements of operations and comprehensive loss ($3,352,664 and $6,668,487, during the three and six months ended June 30, 2024).

*<u>Common Stock Purchase Warrants</u>*

Common stock purchase warrants are accounted for as equity in accordance with ASC 480, *Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock, Distinguishing Liabilities from Equity*.

During the six months ended June 30, 2025, the Company issued common stock purchase warrants to certain investors in connection with the Company's equity financings. The common stock purchase warrants were valued using the Black-Scholes option pricing model with the following ranges of assumptions:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Expected volatility** | 85.43% - 85.43% |
| **Risk-free interest rate** | 4.54% - 4.54% |
| **Stock price on date of grant** | $6.45 - $6.45 |
| **Dividend yield** | 0.00% |
| **Expected term** | 2 years |

---

Changes in common stock purchase warrants for the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Warrants Outstanding and Vested** | **Weighted Average Exercise Price** | **Weighted Average Contractual Life (Years)** | **Aggregated Intrinsic Value** |
| Outstanding and vested, January 1, 2025 | 16668 | $10.4999 | 0.79 | $- |
| Warrants Issued (1) | 75000 | $8.1250 |  |  |
| Outstanding and vested, June 30, 2025 | 91668 | $8.5568 | 1.84 | $- |

---

1) The warrants issued in the Six months ended June 30, 2025 had a total grant date fair value of $200,981.

During the six months ended June 30, 2024, the Company did not issue any common stock purchase warrants.

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**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 5 – STOCKHOLDERS' EQUITY (CONTINUED)**

During the three and six months ended June 30, 2025, the Company recorded the following as a result of the common stock purchase warrant activity: $200,981 and $nil in stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss ($nil and $nil, during the three and six months ended June 30, 2024)

*<u>Restricted Stock Units ("RSUs")</u>*

Restricted stock units ("RSUs") are granted by the Company to its officers, consultants and directors of the Company as a form of stock-based compensation. The RSUs are granted with varying immediate-vesting, time-vesting, performance-vesting, and market-vesting conditions as tailored to each recipient. Each RSU represents the right to receive one share of the Company's common stock immediately upon vesting.

Changes in RSUs for the six months ended June 30, 2025 and June 30, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Number of<br> RSUs Outstanding** |
| Outstanding at January 1, 2025 | 572476 |
| Granted (1) | 351042 |
| Vested (2) | (379042) |
| Forfeited (3) | (8750) |
| Outstanding at June 30, 2025 | 535726 |

---

---

| | |
|:---|:---|
|  | **Number of<br> RSUs Outstanding** |
| Outstanding at January 1, 2024 | 1040017 |
| Granted (4) | 45306 |
| Vested (5) | (188461) |
| Expired or cancelled (6) | (10000) |
| Outstanding at June 30, 2024 | 886862 |

---

1) In the six months ended June 30, 2025, 351,042 RSUs were granted to officers and consultants of the Company, with a total grant date fair value of $1,915,753 as measured at an average $5.46/share trailing to the date the RSU was granted, as follows: (i) 326,042 RSUs which immediately vested upon grant and (ii) 25,000 RSUs with time-based vesting of four years.

2) In the six months ended June 30, 2025, 379,042 RSUs vested and were settled through the issuance of 379,042 shares of common stock.

3) In the six months ended June 30, 2025, 8,750 RSUs were forfeited upon termination of employment and service agreements with former executives and consultants of the Company.

4) 45,306 RSUs were granted to officers and consultants of the Company, with a total grant date fair value of $895,236 as measured at $19.76 per share using the Company's 20-day volume weighted average price trailing to the date the RSU was granted, as follows: (i) 27,980 RSUs which immediately vested upon grant and (ii) 17,326 RSUs with time-based vesting in equal monthly installments over six months.

5) 188,461 RSUs vested and were settled through the issuance of 188,461 shares of common stock.

6) 10,000 RSUs were cancelled without vesting because the performance conditions for vesting were not met.

During the three and six months ended June 30, 2025, the Company recorded $492,565 and $3,389,533 in stock-based compensation expense from the Company's RSU activity in the period ($2,210,613 and $5,102,316 during the three and six months ended June 30, 2024).

Other stock incentives measured at fair value through profit or loss

As of June 30, 2025, the Company had certain other outstanding obligations to issue shares of the Company's common stock in the event certain market conditions are met pursuant to an officer's employment agreement, as further disclosed in the 'Derivative liabilities' section above. These were designated as liability-classified awards and are measured at fair value through profit or loss. As of June 30, 2025, the Company recognized a $11,350 derivative liability and would have been obligated to issue 188,035 shares of common stock pursuant to these other stock incentives had the conditions of such stock incentives been met As of December 31, 2024, we recognized a $121,512 derivative liability and would have been obligated to issue 160,145 shares of common stock pursuant to these other stock incentives had the conditions of such stock incentives been met).

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**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 6 – COMMITMENTS AND CONTINGENCIES**

*<u>Commitments</u>*

The following table summarizes certain of Atlas's contractual obligations at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Total** | **Less than**<br>**1 Year** |<br>**1-3 Years** |<br>**3-5 Years** | **More than**<br>**5 Years** |
| Lithium processing plant construction (1) | $1335700 | $1335700 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total | 1335700 | 1335700 | - | - | - |

---

(1) Lithium processing plant
 construction obligations are related to agreements with suppliers contracted for the construction of the processing plant, with the
 majority of payments due upon delivery.

Please see commitments related to Leases in Note 2.

**NOTE 7 – RELATED PARTY TRANSACTIONS**

Related party transactions are recorded at the exchange amount transacted as agreed between the Company and the related party. All the related party transactions have been reviewed and approved by the Board.

The Company's related parties include:

---

| | |
|:---|:---|
| Martin Rowley | Martin Rowley was a senior advisor to us; his service terminated on August 16, 2024. In 2023, we entered into a Convertible Note Purchase Agreement with Martin Rowley relating to the issuance to Martin Rowley along with other experienced lithium investors. Martin Rowley is the father of Nicholas Rowley, a former officer. |
| Jaeger Investments Pty Ltd ("Jaeger") | Jaeger is a corporation in which senior advisor, Mr. Rowley, is a controlling shareholder. |
| RTEK International DMCC ("RTEK") | RTEK is a corporation in which Nicholas Rowley and Brian Talbot, a former officer and director, are controlling shareholders. |
| Mitsui & Co., Ltd. | Mitsui & Co., Ltd. is a non-controlling shareholder of the Company. |

---

Technical Services Agreement

In July 2023, we entered into a technical service agreement ("Technical Services Agreement") with RTEK pursuant to which RTEK agreed to provide us certain mining engineering, planning and business development services. Messrs. Nicholas Rowley and Brian Talbot are the founders and principals of RTEK. On March 31, 2024, the Technical Services Agreement was amended and restated (the "Amended and Restated RTEK Agreement") to reflect that part of the compensation originally scheduled to be paid to RTEK was allocated as compensation for Mr. Talbot in connection with his appointment as director and officer. Under the terms of the Amended and Restated RTEK Agreement, we issued RTEK RSUs for (i) 75,000 (seventy-five thousand) fully paid shares of our common stock vesting on the successful completion of certain performance criteria outlined in the Amended and Restated R-TEK Agreement; RSUs for 100,000 (one hundred thousand) fully paid shares of our common stock vesting upon completion of other identified performance criteria; and RSUs for 100,000 (one hundred thousand) fully paid shares of our common stock vesting upon on the delivery of a working plant as defined in the Amended and Restated RTEK Agreement. Any unvested RSUs shall immediately vest in the event of a Change in Control (as defined in our 2023 Equity Incentive Plan).

On August 16, 2024, the parties further amended and restated the Technical Services Agreement (the "Second A&R RTEK Agreement") in order to, among other things: (i) revise and amend the Stage Two Budget and revise the terms of service with respect to the Phase Two Services (each, as described in the Second A&R RTEK Agreement); (ii) form an operations committee tasked with ensuring progress toward our goals under such agreement; and (iii) issue to RTEK additional RSUs with aggregate value of up to $5.0 million, subject to RTEK's achievement of certain milestones and performance criteria.

On March 12, 2025, RTEK delivered a letter to the Company (the "RTEK Notice") purporting to terminate the Second A&R RTEK Agreement due to the Company's alleged repudiation of its obligations under the agreement. The Company firmly disagrees with such allegation and at that time regarded the agreement as in effect.

On March 20, 2025, the Company notified RTEK that it was terminating the agreement due to RTEK's failure and inability to perform several of the services required under the agreement, including the timely delivery of a certain updated study, RTEK's material breach of the exclusivity provisions of the Agreement, as well as several breaches to the other terms of the Second A&R RTEK Agreement.

The Company does not believe that it will incur any early termination penalties as a result of its termination of the Second A&R RTEK Agreement.

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**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 7 – RELATED PARTY TRANSACTIONS (CONTINUED)**

Convertible Note Purchase Agreement

In November 2023, the Company entered into a Convertible Note Purchase Agreement with Jaeger, relating to the issuance to Jaeger along with other experienced lithium investors, of convertible promissory notes with an aggregate total principal amount of $10.0 million, accruing interest at a rate of 6.5% per annum. Pursuant to the Convertible Note Purchase Agreement, Jaeger purchased an aggregate of $1,967,503.0 of the Notes. The Notes will mature in November 2026.

The related parties outstanding amounts and expenses as of June 30, 2025 and December 31, 2024 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | Accounts Payable / Debt | Expenses / Payments | Accounts Payable / Debt | Expenses / Payments |
| RTEK International DMCC | $- | $29294 | $- | $2844549 |
| Jaeger Investments Pty Ltd. | $1988283 | $64467 | $1977979 | $130358 |
| **Total** | $**1988283** | $**93761** | $**1977979** | $**2974907** |

---

In the course of preparing condensed consolidated financial statements, we eliminate the effects of various transactions conducted between Atlas and its subsidiaries and among the subsidiaries.

Atlas Critical Minerals Corporation

During the six months ended June 30, 2025, Atlas Critical Minerals was party to the following stock-based compensation transactions with related parties of the Company:

Pursuant to the amended and restated employment agreement between Atlas Critical Minerals and Mr. Fogassa, dated June 26, 2024, Atlas Critical Minerals issued 1,365,387 shares of its common stock to Mr. Fogassa during the six months ended June 30, 2025, representing 4% of Atlas Critical Mineral's total outstanding common stock as of January 1, 2025.

Atlas Critical Minerals issued 438,168 shares of common stock of Atlas Critical Minerals to officers and directors of the Company at a weighted average price of $0.81 per share in settlement of $356,451 in salaries and fees owed to such officers and directors due to their services provided to Atlas Critical Minerals.

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**ATLAS LITHIUM CORPORATION**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 8 – RISKS AND UNCERTAINTIES**

***<u>Currency Risk</u>***

The Company operates primarily in Brazil which exposes it to currency risks. The Company's business activities may generate intercompany receivables or payables that are in a currency other than the functional currency of the Company. Changes in exchange rates from the time the activity occurs to the time payments are made may result in the Company receiving either more or less in local currency than the local currency equivalent at the time of the original activity.

The Company's condensed consolidated financial statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar affect the translation of each foreign subsidiary's financial results into U.S. dollars for purposes of reporting in the condensed consolidated financial statements. The Company's foreign subsidiaries translate their financial results from the local currency into U.S. dollars in the following manner: (a) income statement accounts are translated at average exchange rates for the period; (b) balance sheet asset and liability accounts are translated at end of period exchange rates; and (c) equity accounts are translated at historical exchange rates. Translation in this manner affects the shareholders' equity account referred to as the foreign currency translation adjustment account. This account exists only in the foreign subsidiaries' U.S. dollar balance sheets and is necessary to keep the foreign subsidiaries' balance sheets in agreement.

**NOTE 9 – SUBSEQUENT EVENTS**

In accordance with FASB ASC 855-10 Subsequent Events, we have analyzed our operations subsequent to June 30, 2025 to the date these condensed consolidated financial statements were issued, and we have determined that there are no material subsequent events to disclose in these condensed consolidated financial statements.

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**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes to those financial statements included in Item 1 of this Quarterly Report and our consolidated financial statements and notes thereto and related Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K").

This Quarterly Report includes forward-looking statements that are subject to risks, uncertainties and other factors described in the section entitled "Risk Factors" in Item 1.A. of Part II of this Report that could cause actual results could differ materially from those anticipated in these forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.

**Overview**

Atlas 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 pegmatitic district in Brazil, 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.

We own 53,942 hectares (539 km<sup>2</sup>) for lithium in 95 mineral rights (2 in pre-mining concession stage, 85 in exploration stage, and 8 in pre-exploration stage). We believe that we hold the largest portfolio of exploration properties for lithium in Brazil among publicly listed companies.

In addition to our lithium exploration activities, as of June 30, 2025, we also own approximately 30.11% of the shares of common stock of Atlas Critical Minerals Corporation (formerly known as Jupiter Gold Corporation), which trades on the OTC QB operated by OTC Markets Group, Inc. under the symbol JUPGF. 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. The results of operations of Atlas Critical Minerals are consolidated in our financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). 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 refer to our 2024 Form 10-K.

**Operational Update**

During the second quarter, SGS Canada Inc. ("SGS") completed most of the work related to our Definitive Feasibility Study ("DFS") which was eventually issued on July 30, 2025, and is included in this quarterly report as Exhibit 96.1. The DFS demonstrates robust project economics that positions our Neves Project as a potentially highly profitable lithium project with an after-tax internal rate of return of 145%, with a payback period of 11 months. The Neves Project also benefits from an attractive low capital expenditure cost of core implementation items of $57 million. The DFS supports our expectation of being able to produce an average of 146,000 tons per annum of lithium concentrate over an approximate 7-year initial life of mine. Expansion of life of mine is expected as additional mining pits are granted environmental permits in the future. Critically, our projected cash costs of $489 per ton of produced product will position us in the lowest quartile of global lithium producers. Overall, these strong economics underscore our strategic advantage in Brazil's Lithium Valley and validate our path to production.

During the second quarter, the official gazette of the government of Brazil, Diário Oficial da União, published the granting by Brazil's Ministry of Mines and Energy to us of mining concession status ("Portaria de Lavra") with respect to our lithium mineral right number 833.356/2007 with a size of 1,536.45 hectares. This particular mineral right contains most of the currently discovered mineralized lithium ore bodies within our Neves Project. This development represents a significant milestone as a mining concession constitutes the highest-level title of ownership for a mineral right in Brazil. In broad terms, it provides ownership of the mineral right in perpetuity and grants the right to mine the substance for which it was issued (in this case, lithium) without volume limitations, provided that customary periodic reporting requirements under the Brazilian mining code and any other applicable regulations are satisfied.

During the second quarter, we successfully transported the 141 containers and 10 bulk items which form our modular dense media separation lithium processing plant to a secure location within the state of Minas Gerais where it awaits transport to the Neves Project site and assembly.

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**Results of Operations**

***<u>The Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024</u>***

Net loss for the six months ended June 30, 2025 totaled $16.4 million, compared to net loss of $23.1 million during the six months ended June 30, 2024. The decrease is mainly due to:

● The absence of exploration cost expenses in the six months ended June 30, 2025, compared to $3.2 million in the six months ended June 30, 2024, as a result of the commencement of capitalizing exploration expenses due to the conclusion of a preliminary economic assessment of the Neves Project in the second quarter of 2024.

● A decrease of approximately $5.4 million in stock-based compensation expense compared to the six months ended June 30, 2024, corresponding to a reduced fair value of the instruments issued due to the decreased trading price of the Company's common stock compared to the six months ended June 30, 2024, partially offset by an increase in the number of instruments issued in the six months ended June 30, 2025 compared to the comparable period in 2024;;

● The above-mentioned decreases were partially offset by an increase in General and Administrative expenses of approximately $1.6 million compared to the six months ended June 30, 2024, primarily due to: (i) a $1.7 million increase in payroll expenses ($2.9 million in 2025 compared to $1.2 million in 2024) driven by team expansion as our Neves project progresses; and (ii) higher service costs related to marketing and investor relations activities of $0.9 million ($1.2 million in 2025 compared to $0.3 million in 2024). These increases were partially offset by a reduction of approximately $1.0 million in third-party service expenses in 2025, as a higher volume of such services had been contracted in 2024 to support project planning activities;

**Liquidity and Capital Resources**

As of June 30, 2025, we had cash and cash equivalents of $13.9 million and working capital of $7.9 million.

Net cash used in operating activities totaled $8.3 million for the six months ended June 30, 2025, compared to $11.3 million for the six months ended June 30, 2024, representing a decrease of $3.0 million or 26%. This decrease was primarily driven by the commencement of capitalizing exploration expenses, which resulted in a $3.2 million positive impact to net cash used in operating activities, added by an increase in accounts payable of $1.0 million compared to the six months ended June 30, 2024. The decrease was partially offset by an increase of $1.6 million in general and administrative expenses, mainly due to team expansion and higher service costs related to marketing activities.

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Net cash used in investing activities totaled $6.3 million for the six months ended June 30, 2025, compared to net cash used of $16.8 million during the six months ended June 30, 2024, representing a decrease in cash used of $10.4 million or 63%. The decrease primarily reflects:

● A decrease of $9.2 million in the payments made in connection with the acquisition of our lithium processing plant ($4.7 million in 2025, compared to $13.9 million in 2024) due to the finalization of the fabrication process in 2025;

● The capitalization of exploration costs incurred during the six months ended June 30, 2025 of $1.5 million. ($2.4 for the six months ended June 30, 2024); and

● Reduction of $0.3 million relating to the acquisition of intangible assets: $nil in the three months ended June 30, 2025, compared to $0.3 million for the same period of 2024 due to the implementation of SAP enterprise resource planning software.

Net cash provided by financing activities totaled $12.9 million for the six months ended June 30, 2025, compared to $nil during the six months ended June 30, 2024, representing an increase in cash provided of $12.9 million or 100%. The increase is due to the following financing activities that occurred during the six months ended June 30, 2025:

● The sale of an aggregate of 2,468,502 shares of our common stock pursuant to the ATM Agreement for proceeds of $11.9 million, net of commissions and fees;

● Net proceeds of $1.411,900 arising from the sale of shares of Atlas Critical Minerals, a consolidated subsidiary of the Company and;

● Debt repayments of $322,330 and $84,034 in connection with lease obligations during the period.

We have historically incurred net operating losses and have not yet generated material revenues from the sale of products or services. As a result, our primary sources of liquidity have been derived through proceeds from the sales of our equity and the equity of one of our subsidiaries. As of June 30, 2025, we had cash and cash equivalents of $13.9 million and working capital of $7.9 million, compared to cash and cash equivalents $15.5 million and working capital of $10.6 million as of December 31, 2024. We believe our cash and equivalents will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. However, our future short- and long-term capital requirements will depend on several factors, including but not limited to, the rate of our growth, our ability to identify areas for mineral exploration and the economic potential of such areas, the exploration and other drilling campaigns needed to verify and expand our mineral resources, the successful installation of our lithium processing facilities, and our ability to attract talent. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity or debt financing. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to scale back our existing operations and growth plans, which could have an adverse impact on our business and financial prospects and could raise substantial doubt about our ability to continue as a going concern.

**Currency Risk**

We operate primarily in Brazil, which exposes us to currency risks. Our business activities may generate intercompany receivables or payables that are in a currency other than the functional currency of the entity. Changes in exchange rates from the time the activity occurs to the time payments are made may result in it receiving either more or less in local currency than the local currency equivalent at the time of the original activity.

Our condensed consolidated financial statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar affect the translation of each foreign subsidiary's financial results into U.S. dollars for purposes of reporting in the condensed consolidated financial statements. Our foreign subsidiaries translate their financial results from the local currency into U.S. dollars in the following manner: (a) income statement accounts are translated at average exchange rates for the period; (b) balance sheet asset and liability accounts are translated at end of period exchange rates; and (c) equity accounts are translated at historical exchange rates. Translation in this manner affects the shareholders' equity account referred to as the foreign currency translation adjustment account. This account exists only in the foreign subsidiaries' U.S. dollar balance sheets and is necessary to keep the foreign subsidiaries' balance sheets in agreement.

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**Critical Accounting Policies and Estimates**

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of American ("U.S. GAAP"). There have been no significant changes to the critical accounting estimates disclosed in our 2024 Form 10-K.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The information to be reported under this Item is not required of smaller reporting companies.

**Item 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the design, operation, and effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that as of June 30, 2025, our disclosure controls and procedures were effective at a reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting that occurred in the quarter ended June 30, 2025 that materially affected, or would be reasonably likely to materially affect, our internal control over financial reporting.

**Limitations of the Effectiveness of Controls and Procedures**

In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance that the information required to be disclosed in reports filed or submitted pursuant to the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management, including its Principal Executive Officer and Principal Financial Officer as appropriate, to allow timely decisions regarding required disclosure. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgement in evaluating the benefits of possible controls and procedures relative to their costs.

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**PART II OTHER INFORMATION**

**Item 1. LEGAL PROCEEDINGS**

In the ordinary course of business, we may periodically become subject to legal proceedings and claims arising in connection with ongoing business activities from time to time. The results of litigation and claims cannot be predicted with certainty, and unfavorable resolutions are possible and could materially affect our results of operations, cash flows or financial position. In addition, regardless of the outcome, litigation could have an adverse impact on us because of defense costs, diversion of management attention and resources and other factors.

Based on information readily available, as of the end of the period covered by this Quarterly Report on Form 10-Q, there are no pending legal proceedings that, in the opinion of management, are likely to result in a material adverse effect on our financial position, results of operations or cash flows.

**Item 1A. RISK FACTORS**

*Investing in our common stock involves a high degree of risk. You should carefully consider the information in this Quarterly Report, including our financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as any additional risk factors that may be described in our other filings with the SEC from time to time, including our Annual Report on Form 10-K for fiscal year ended December 31, 2024, before deciding whether to invest in our securities. The occurrence of any of the risks, the events or developments described below could harm our business, financial condition, operating results, and growth prospects. In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. You should consider carefully the risks and uncertainties included in this Quarterly Report and elsewhere in our Annual Report and other SEC filings before you decide to invest in our common stock.*

***Tariffs, trade restrictions and other changes in international trade policy could adversely affect our business, financial condition and results of operations.***

Beginning in the second quarter of 2025, sweeping new U.S. tariffs were announced, and in response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. Various modifications and delays to the U.S. tariffs have been announced, further changes are expected to be made in the future, and the details and effects remain uncertain.

In early July 2025, President Trump threatened to impose a 50% tariff on any and all Brazilian products imported to the U.S., separate from any sectoral tariffs, effective August 1, and ordered the Office of the U.S. Trade Representative to initiate an analysis into Brazil's trade practices under Section 301 of the Trade Act of 1974. In response, Brazilian President Lula issued a presidential decree implementing the Economic Reciprocity Act, which would allow Brazil to take countermeasures against the U.S. On July 30, 2025, President Trump signed an Executive Order increasing the existing 10% tariff on U.S. imports from Brazil to 50%, effective August 6, 2025, although several categories of products were excluded. It is uncertain at this time what retaliatory measures may be taken by Brazil or how an escalating trade war between the U.S. and Brazil may affect the Company's business and growth prospects.

Additionally, in April 2025, President Trump issued an executive order instructing the U.S. Department of Commerce to initiate an analysis under Section 232 of the Trade Expansion Act of 1962 to evaluate the national security risks from imports of processed critical minerals and their derivative products, which was initiated later that month. Following the Section 232 analysis, it is possible that sectoral tariffs on certain critical mineral imports to the U.S., including lithium, other import restrictions or other non-trade actions may be implemented by the Trump Administration.

The current trade environment continues to be dynamic, and the ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. tariffs or other measures are announced, ultimately imposed or changed, to what extent other countries implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. If disputes and conflicts further escalate, actions by governments in response could be significantly more severe and restrictive. Any of the foregoing could materially adversely harm our business and growth prospects. Trade barriers and other governmental action related to tariffs or international trade agreements around the world have the potential to decrease demand for our minerals and adversely impact the markets in which we are contractually obligated to sell our products and plan to operate. In addition, uncertainty and rapid changes in global trade policy may continue to result in general macroeconomic volatility. Our ability to mitigate the impacts of such trade policies on our business will be limited, and there can be no assurances that such mitigation efforts would be successful. As such, any changes in legislation and government policy by the U.S., China or other critical producers or consumers of critical minerals may have a material a direct or indirect adverse effect on our business.

***The economic viability of our Neves Project has several risks and uncertainties, notwithstanding the Definitive Feasibility Study supports a commercially viable project.***

 ****

Feasibility studies, including the Definitive Feasibility Study related to the Neves Project, are used to determine the economic viability of a mineral deposit, including estimated capital and operating costs. While these studies are based on the best information available to us for the level of study, we cannot be certain that actual costs will not significantly exceed the estimated cost. It is not uncommon for commercial mining operations to experience unexpected costs, problems, and delays during construction, commissioning and start-up. Any of these factors or those listed below could result in changes to our estimated capital and operating expenditures, and the expected economic returns of the Neves Project.

-a significant, prolonged decrease in the market price of lithium;

-significant delays, reductions, or stoppages in operating activities;

-construction delays, procurement issues and workforce sourcing;

-significant shortages of adequate and skilled labor or a significant increase in labor costs;

-more stringent regulatory or environmental, health or safety laws and more stringent regulatory or environmental, health or safety laws and regulations; and

-general economic and political conditions, such as recessions, interest rates, inflation and acts of war or terrorism.

Our future lithium production activities may change as a result of any one or more of these risks and uncertainties. We cannot assure you that any of our activities will result in achieving and maintaining the estimated net present value or internal rate of return as set forth in the Definitive Feasibility Study.

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

We consummated the following sales of unregistered securities during the three months ended June 30, 2025, which sales were exempt from registration under the Securities Act upon reliance on Section 4(a)(2) thereof:

● On
 May 5, 2025, we issued 5,750 shares of our common stock to a consultant in exchange for consulting and professional services.

**Item 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**Item 4. MINE SAFETY DISCLOSURES**

None.

**Item 5. OTHER INFORMATION**

On June 13, 2025, Mr. Fogassa, our Chief Executive Officer and Chairman, entered into a written plan for the potential future sale of up to 300,000 shares of our common stock that is intended to satisfy the conditions of Rule 10b5-1(c) under the Exchange Act, with such plan starting in September 2025 and expiring in March 2026.

On June 13, 2025, Mr. Roger Noriega, our Board Member, entered into a written plan for the potential future sale of up to 50,000 shares of our common stock that is intended to satisfy the conditions of Rule 10b5-1(c) under the Exchange Act, with such plan starting in September 2025 and expiring in March, 2026.

[**Table of Contents**](#t_001)

**Item 6. EXHIBITS**

(a) Exhibits

---

| | |
|:---|:---|
| Exhibit<br> Number | Description |
| 10.1 | [2023 Stock Incentive Plan, as amended on May 28, 2025 (incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed with the Commission on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1540684/000164117225004852/formdef14a.htm) |
| 23.1\* | [Consent of SGS Canada Inc.](ex23-1.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 96.1\* | [S-K 1300 Technical Report Summary regarding the Neves Lithium Project, Minas Gerais State, Brazil, dated as of July 30, 2025](ex96-1.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

\*\* Furnished herewith.

[**Table of Contents**](#t_001)

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Atlas Lithium Corporation**

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Marc Fogassa* | Chief Executive Officer (Principal Executive Officer) | August 04, 2025 |
| Marc Fogassa | and Chairman of the Board |  |
| */s/ Tiago Miranda* | Chief Financial Officer (Principal Financial and | August 04, 2025 |
| Tiago Miranda | Accounting Officer) |  |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF QUALIFIED PERSON**

August 01, 2025

**Re**: Form 10-Q to be filed by Atlas Lithium Corporation (the "Company")

I, Marc-Antoine Laporte, P.Geo, M.Sc. on behalf of SGS Canada Inc., consent to:

● The use of and reference to our company name, including our status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities Exchange Commission (the "SEC")), in connection with the Quarterly Report on Form 10-Q being filed by the Company with the SEC, and any amendments thereto (the "Form 10-Q"), the Definitive Feasibility Study titled "S-K 1300 Technical Report Summary on the Neves Lithium Project, Minas Gerais State, Brazil" dated June 20, 2025 (the "DFS");

● The use of any extracts from, or summary of, the DFS in the Form 10-Q and the use of any information derived, summarized, quoted or referenced from the DFS, or portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 10-Q, the Company's Registration Statement on Form S-3, File No. 333-274223 declared effective by the SEC on September 18, 2023 (the "Form S-3), the Company's Registration Statement on Form S-8, File No. 333-273083, as amended, and the Company's Registration Statement on Form S-8, File No. 333-288023 (collectively with the Form S-3, the "Registration Statements"); and

● The incorporation by reference of this consent, the use of our name and any extracts from, or summary of, the DFS in the Form 10-Q and the use of any information derived, summarized, quoted or referenced from the DFS, or portions thereof, that was prepared by SGS Canada Inc. – Mining Proficiency Group, into the Company's Registration Statements, and any amendments thereto, filed with the SEC.

We are responsible for authoring, and this consent pertains to the entire DFS. We certify that we have read the Form 10-Q and that it fairly and accurately represents the information in the DFS for which we are responsible.

---

| | |
|:---|:---|
| **SGS Canada Inc.** | **SGS Canada Inc.** |
| **By**: | */s/ Marc-Antoine Laporte, P.Geo, M.Sc.* |
| **Name**: | Marc-Antoine Laporte, P.Geo, M.Sc. |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**I, Marc Fogassa, certify that:**

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 of Atlas Lithium Corporation;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

(4) The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

(5) The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 04, 2025 | */s/ Marc Fogassa* |
|  | Marc Fogassa |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**I, Tiago Miranda, certify that:**

(1) I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 of Atlas Lithium Corporation;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

(4) The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

(5) The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 04, 2025 | */s/ Tiago Miranda* |
|  | Tiago Miranda |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer and Principal Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned principal executive officer and principal financial officer of Atlas Lithium Corporation (the "Company"), certify that the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 04, 2025 | By: | */s/ Marc Fogassa* |
|  |  | Marc Fogassa |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: August 04, 2025 | By: | */s/ Tiago Miranda* |
|  |  | Tiago Miranda |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 96.1

**Exhibit 96.1**

---

| | |
|:---|:---|
| ![](pg1-40_001.jpg) | ![](pg1-40_002.jpg) |

---

**SK-1300 TECHNICAL REPORT SUMMARY**

**ON THE**

**NEVES LITHIUM PROJECT, MINAS GERAIS STATE, BRAZIL**

**Prepared for:**

Atlas Lithium Corporation (NASDAQ: ATLX)

1200 N Federal Hwy, Suite 200

Boca Raton, FL 33432

Report Date: July 30, 2025

Effective Date: May 15, 2025

**Prepared by:**

SGS Canada Inc.

Mining Proficiency Group – Engenharia e Serviços

Vinq – Geotecnia

*SGS Project #19546-02*

---

| | |
|:---|:---|
| SGS Canada Inc. | &nbsp;&nbsp;**Geological Services** |
|  | &nbsp;&nbsp;&nbsp;10 boul. de la Seigneurie Est, Suite 203, Blainville, Québec Canada J7C 3V5 t (450) 433-1050 f (450) 433-1048 www.geostat.com |
|  | Member of SGS Group (SGS SA) |

---

---

| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

---

S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page i <br>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | i |
| LIST OF FIGURES | LIST OF FIGURES | vii |
| LIST OF TABLES | LIST OF TABLES | xi |
| 1 SUMMARY | 1 SUMMARY | 1 |
| &nbsp;&nbsp;&nbsp;1.1 | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;1.2 | Property Description, Location, Access, and Physiography | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves Project | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaia Project | 2 |
| &nbsp;&nbsp;&nbsp;1.3 | History | 4 |
| &nbsp;&nbsp;&nbsp;1.4 | Geology and Mineralization | 4 |
| &nbsp;&nbsp;&nbsp;1.5 | Exploration and Drilling | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves Project | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaia Project | 5 |
| &nbsp;&nbsp;&nbsp;1.6 | Mineral Processing and Metallurgical Testing | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves Project | 5 |
| &nbsp;&nbsp;&nbsp;1.7 | Mineral Resource Estimates | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves Project | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaia Project | 10 |
| &nbsp;&nbsp;&nbsp;1.8 | Mineral Reserves Estimates | 10 |
| &nbsp;&nbsp;&nbsp;1.9 | Mining Methods | 12 |
| &nbsp;&nbsp;&nbsp;1.10 | Project Infrastructure | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On-Site Infrastructure | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Off-Site Infrastructure | 15 |
| &nbsp;&nbsp;&nbsp;1.11 | Market Studies | 15 |
| &nbsp;&nbsp;&nbsp;1.12 | Environmental Studies, Permitting, and Social or Community Impact | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Licensing | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation and Mine Closure | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Engagement and Government Relations | 18 |
| &nbsp;&nbsp;&nbsp;1.13 | Capital and Operating Costs Estimates | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 | Capital Costs | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 | Operating Costs | 20 |
| &nbsp;&nbsp;&nbsp;1.14 | Project Economics | 21 |
| &nbsp;&nbsp;&nbsp;1.15 | Conclusions and Recommendations | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geology | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Processing | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Methods and Mineral Reserves | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Waste Storage Facilities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Dumps (PDER-1 and PDE-2 Waste Project) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Management | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrogeology | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Studies and Permitting | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Supply | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissioning | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Analysis | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 26 |
| 2 INTRODUCTION | 2 INTRODUCTION | 27 |
| &nbsp;&nbsp;&nbsp;2.1 | Registrant Information | 28 |
| &nbsp;&nbsp;&nbsp;2.2 | Terms of Reference and Purpose | 28 |
| &nbsp;&nbsp;&nbsp;2.3 | Sources of Information | 29 |
| &nbsp;&nbsp;&nbsp;2.4 | Personal Inspection Summary | 31 |
| &nbsp;&nbsp;&nbsp;2.5 | Previously Filed Technical Report Summary Report | 33 |
| &nbsp;&nbsp;&nbsp;2.6 | Units and Abbreviations | 33 |

---

---

| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

---

S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page ii <br>

---

| | | |
|:---|:---|:---|
| 3 PROPERTY DESCRIPTION | 3 PROPERTY DESCRIPTION | 35 |
| &nbsp;&nbsp;&nbsp;3.1 | Property Description and Location | 35 |
| &nbsp;&nbsp;&nbsp;3.2 | Mineral Tenure | 37 |
| &nbsp;&nbsp;&nbsp;3.3 | Surface Rights | 38 |
| &nbsp;&nbsp;&nbsp;3.4 | Property Rights | 38 |
| &nbsp;&nbsp;&nbsp;3.5 | Royalties and Encumbrances | 41 |
| &nbsp;&nbsp;&nbsp;3.6 | Reliance on Other Experts | 41 |
| 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 42 |
| &nbsp;&nbsp;&nbsp;4.1 | Accessibility | 42 |
| &nbsp;&nbsp;&nbsp;4.2 | Climate | 42 |
| &nbsp;&nbsp;&nbsp;4.3 | Local Resources | 42 |
| &nbsp;&nbsp;&nbsp;4.4 | Infrastructure | 42 |
| &nbsp;&nbsp;&nbsp;4.5 | Physiography | 42 |
| 5 HISTORY | 5 HISTORY | 44 |
| &nbsp;&nbsp;&nbsp;5.1 | Historical Resource Estimates | 44 |
| &nbsp;&nbsp;&nbsp;5.2 | Past Production | 44 |
| 6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 45 |
| &nbsp;&nbsp;&nbsp;6.1 | Regional Geology | 45 |
| &nbsp;&nbsp;&nbsp;6.2 | Local and Property Geology | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaia | 51 |
| &nbsp;&nbsp;&nbsp;6.3 | Deposit Type | 52 |
| 7 EXPLORATION | 7 EXPLORATION | 53 |
| &nbsp;&nbsp;&nbsp;7.1 | Neves Project | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerophotogrammetric Survey | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planimetric Survey | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geoclouds Sentinel II Satellite Imagery | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiDAR Surveys | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geophysics | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological Mapping and Sampling | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trenching | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soil Sampling | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetic Susceptibility | 61 |
| &nbsp;&nbsp;&nbsp;7.2 | Gaia Project | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological Mapping and Sampling | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soil Sampling | 62 |
| &nbsp;&nbsp;&nbsp;7.3 | Drilling | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neves Project | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaia Project | 68 |
| &nbsp;&nbsp;&nbsp;7.4 | Geotechnical Drilling | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of the Probing and Sampling Holes | 70 |
| 8 SAMPLE PREPARATION, ANALYSES, AND SECURITY | 8 SAMPLE PREPARATION, ANALYSES, AND SECURITY | 72 |
| &nbsp;&nbsp;&nbsp;8.1 | Core Sampling | 72 |
| &nbsp;&nbsp;&nbsp;8.2 | Analytical and Test Laboratories | 72 |
| &nbsp;&nbsp;&nbsp;8.3 | Sample Preparation and Analysis | 72 |
| &nbsp;&nbsp;&nbsp;8.4 | Density Determinations | 72 |
| &nbsp;&nbsp;&nbsp;8.5 | Quality Assurance and Quality Control | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analytical Standards | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analytical Blanks | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coarse Duplicates | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulp Duplicates | 76 |
| &nbsp;&nbsp;&nbsp;8.6 | Sample Security and Storage | 78 |
| &nbsp;&nbsp;&nbsp;8.7 | QP Comments | 78 |
| 9 DATA VERIFICATION | 9 DATA VERIFICATION | 79 |
| &nbsp;&nbsp;&nbsp;9.1 | Drilling Database | 79 |
| &nbsp;&nbsp;&nbsp;9.2 | Site Visits | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGS | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VinQ Geotecnia | 80 |

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|:---|:---|:---|
| 10 MINERAL PROCESSING AND METALLURGICAL TESTING | 10 MINERAL PROCESSING AND METALLURGICAL TESTING | 82 |
| &nbsp;&nbsp;&nbsp;10.1 | Test Work completed at SGS Lakefield | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sample Selection, Preparation and Head Assay | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralogy | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comminution | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heavy Liquid Separation | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dense Media Separation Test | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetic Separation on Dense Media Separation Concentrate | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Heavy Liquid Separation Tests on DMS Middling and Tailing | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flotation Tests | 93 |
| &nbsp;&nbsp;&nbsp;10.2 | Additional Tests Conducted at SGS Geosol Brazil between 2023 and 2025 | 93 |
| &nbsp;&nbsp;&nbsp;10.3 | Metals Recovery Predictions and Technical Discussions | 107 |
| &nbsp;&nbsp;&nbsp;10.4 | Conclusions and Recommendations | 112 |
| 11 MINERAL RESOURCE ESTIMATES | 11 MINERAL RESOURCE ESTIMATES | 113 |
| &nbsp;&nbsp;&nbsp;11.1 | Exploratory Data Analysis | 113 |
| &nbsp;&nbsp;&nbsp;11.2 | Analytical Data | 114 |
| &nbsp;&nbsp;&nbsp;11.3 | Composite Data | 115 |
| &nbsp;&nbsp;&nbsp;11.4 | Density | 115 |
| &nbsp;&nbsp;&nbsp;11.5 | Geological Interpretation | 116 |
| &nbsp;&nbsp;&nbsp;11.6 | Resource Block Modelling | 116 |
| &nbsp;&nbsp;&nbsp;11.7 | Block Model Interpretation | 118 |
| &nbsp;&nbsp;&nbsp;11.8 | Mineral Resource Classification | 123 |
| &nbsp;&nbsp;&nbsp;11.9 | Reasonable Prospects for Eventual Economic Extraction | 129 |
| &nbsp;&nbsp;&nbsp;11.10 | Mineral Resource Estimation | 130 |
| 12 MINERAL RESERVE ESTIMATES | 12 MINERAL RESERVE ESTIMATES | 134 |
| &nbsp;&nbsp;&nbsp;12.1 | Introduction | 134 |
| &nbsp;&nbsp;&nbsp;12.2 | Key Assumptions, Parameters and Methods | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological Block Model | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Parameters | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cut-Off Grade and Ore Definition | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate Calculation | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dilution and Mining Recovery | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Density | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topographic Surface | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Restrictions | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weathering Surface | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Parameters | 137 |
| &nbsp;&nbsp;&nbsp;12.3 | Pit Optimization Study | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pit Optimization Results | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Design | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Reserves | 159 |
| 13 MINING METHODS | 13 MINING METHODS | 167 |
| &nbsp;&nbsp;&nbsp;13.1 | Parameters for the Pit Design | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Considerations for the Pit Design | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Study | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Parameter for Anitta 2.5 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrogeological Considerations for the Pit Design | 183 |
| &nbsp;&nbsp;&nbsp;13.2 | Mine Plan | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pushbacks | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Sequencing | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Operation | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dewatering Plan | 227 |
| 14 PROCESSING AND RECOVERY METHODS | 14 PROCESSING AND RECOVERY METHODS | 233 |
| &nbsp;&nbsp;&nbsp;14.1 | General Description | 233 |
| &nbsp;&nbsp;&nbsp;14.2 | Comminution Circuit | 237 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page iv <br>

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;14.3 | Wet Plant Feed Preparation | 238 |
| &nbsp;&nbsp;&nbsp;14.4 | Dense Media Separation Circuits | 238 |
| &nbsp;&nbsp;&nbsp;14.5 | Concentrate and Tailings Handling Areas | 241 |
| &nbsp;&nbsp;&nbsp;14.6 | Reagents | 241 |
| &nbsp;&nbsp;&nbsp;14.7 | Water and Power | 241 |
| 15 INFRASTRUCTURE | 15 INFRASTRUCTURE | 243 |
| &nbsp;&nbsp;&nbsp;15.1 | General Site Plan | 243 |
| &nbsp;&nbsp;&nbsp;15.2 | Site Access | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Site Access | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Plant Site Access | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transhipment Area Access | 248 |
| &nbsp;&nbsp;&nbsp;15.3 | Power Supply | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Power Source – Areas 171 and 172 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Distribution | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Substation (future) | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Substations | 252 |
| &nbsp;&nbsp;&nbsp;15.4 | Water Systems | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw Water Supply System | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall Site Water Balance | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potable Water Supply | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fire Suppression System | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sewage Collection and Treatment | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrogeological Model | 258 |
| &nbsp;&nbsp;&nbsp;15.5 | Mine Waste, Low-Grade Ore and Tailings Storage Facilities | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Drainage | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Studies | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Stability Analysis | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrological and Hydraulic Studies | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pile Geometric Design | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volumes of Waste and Tailings Produced | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of Waste Rock and Tailings | 285 |
| &nbsp;&nbsp;&nbsp;15.6 | IT and Communication Infrastructure | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WAN (Wide Area Network) | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAN (Local Area Network) and WLAN (Wireless Local Area Network) | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data and Voice Communication Systems | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Systems | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Security | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Compliance and Auditing | 289 |
| &nbsp;&nbsp;&nbsp;15.7 | Processing Area | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM PAD/ Crushing Area/ Crushed Ore Storage Reclaim – Area 310 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feed Preparation – Area 410 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary DMS – Area 420 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Floats Stockpile – Area 510 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstage Screening – Are 430 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary DMS – Area 440 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Floats Stockpile – Are 520 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Product Stockpile – Area 530 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tails Handling – Area 450 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grit Stockpile – Area 540 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Tanks – Areas 620 and 630 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compressed air – Area 610 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Ponds – Area 630 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Support Area / Truck Shop / Truck Wash | 309 |
| &nbsp;&nbsp;&nbsp;15.8 | Support Buildings – Processing Plant | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Administration – Building | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canteen – Area 712 | 313 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outpatient Clinic – Area 713 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Gatehouse – Area 714 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM PAD Gatehouse – Area 714 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispatch Gatehouse – Area 714 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Locker Room – Area 715 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Deposit – Area 717 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control Room Support Building – Area 722 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workshop – Area 723 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warehouse – Area 724 | 330 |
| &nbsp;&nbsp;&nbsp;15.9 | Support Buildings – Mining Facilities | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Operation Support Area | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential infrastructure to be implemented | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueling Station and Storage | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Explosives Magazine | 335 |
| 15.10 | Support Buildings – Transshipment Area | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transshipment Area Gatehouse – Area 821 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory – Area 822 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck Scale Support Room – Area 817 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driver's Waiting Room – Area 817 | 348 |
| 15.11 | Site Geotechnical | 349 |
| 15.12 | Concentrate Shipping | 349 |
| 15.13 | Gravel/Sand Sources | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gravel Support | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sand Support | 352 |
| 16 MARKET STUDIES | 16 MARKET STUDIES | 353 |
| &nbsp;&nbsp;&nbsp;16.1 | Recent Historical Pricing | 353 |
| &nbsp;&nbsp;&nbsp;16.2 | Lithium Demand 2025 and Beyond | 353 |
| &nbsp;&nbsp;&nbsp;16.3 | Lithium-Ion Battery Cathode Active Material | 354 |
| &nbsp;&nbsp;&nbsp;16.4 | Lithium Chemical Demand | 355 |
| &nbsp;&nbsp;&nbsp;16.5 | Lithium Raw Material Supply | 356 |
| &nbsp;&nbsp;&nbsp;16.6 | Lithium Price Forecast | 357 |
| &nbsp;&nbsp;&nbsp;16.7 | Contracts | 359 |
| 17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 360 |
| &nbsp;&nbsp;&nbsp;17.1 | Environmental Studies | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anitta Project – Delimitation and Permissions | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Intervention Authorization – AIA | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Use Authorization | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Considerations about the Permit | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion of the Anitta Project – Delimitation and Progress | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Use Authorization | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Considerations about the Permit | 368 |
| &nbsp;&nbsp;&nbsp;17.2 | Requirements, Plans for Waste, Tailings Disposal, Site Monitoring, Water Management | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Environment Programs | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotic Environment Programs | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socioeconomic Environment Programs | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific Plans/Programs | 371 |
| &nbsp;&nbsp;&nbsp;17.3 | Contextualization of the Anitta Project and Expansion | 371 |
| &nbsp;&nbsp;&nbsp;17.4 | Community Engagement | 374 |
| &nbsp;&nbsp;&nbsp;17.5 | Mine Closure | 376 |
| &nbsp;&nbsp;&nbsp;17.6 | Commitments to Local Procurement or Hiring | 379 |
| &nbsp;&nbsp;&nbsp;17.7 | Planning and Design | 382 |
| 18 CAPITAL AND OPERATING COSTS | 18 CAPITAL AND OPERATING COSTS | 383 |
| &nbsp;&nbsp;&nbsp;18.1 | Basis of Estimates | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Plant and Infrastructure | 385 |

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| &nbsp;&nbsp;&nbsp;18.2 | Capital Cost Estimates | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Substation & Automation | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spares | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Supply | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighbridge | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civil Works | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissioning | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crushing Area | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract Mining (Pre-Operational Phase) | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earthworks | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generators | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installation | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipping | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingency | 394 |
| &nbsp;&nbsp;&nbsp;18.3 | Corporate Cost Breakdown | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners Team & Management Services | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land Acquisition | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environment & Social - Permits and Programs | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Facilities | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingency | 396 |
| &nbsp;&nbsp;&nbsp;18.4 | CAPEX and Corporate Cost | 396 |
| &nbsp;&nbsp;&nbsp;18.5 | Sunk Cost | 398 |
| &nbsp;&nbsp;&nbsp;18.6 | Sustaining Capital | 402 |
| &nbsp;&nbsp;&nbsp;18.7 | Operating Cost Estimate | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs Summary | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crushing Processing Cost Summary | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DMS Plant Operating Cost Summary | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A Cost Summary | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freight and Port Operating Cost Summary | 407 |
| 19 ECONOMIC ANALYSIS | 19 ECONOMIC ANALYSIS | 408 |
| &nbsp;&nbsp;&nbsp;19.1 | Project Economic Headline Results | 408 |
| &nbsp;&nbsp;&nbsp;19.2 | General Criteria | 408 |
| &nbsp;&nbsp;&nbsp;19.3 | Economic Model Inputs | 410 |
| &nbsp;&nbsp;&nbsp;19.4 | Economic Model Results | 410 |
| &nbsp;&nbsp;&nbsp;19.5 | Production and Cashflow Summary | 411 |
| &nbsp;&nbsp;&nbsp;19.6 | Cash Flow Statement | 411 |
| &nbsp;&nbsp;&nbsp;19.7 | Sensitivity Analysis | 416 |
| &nbsp;&nbsp;&nbsp;19.8 | Breakeven Analysis | 417 |
| &nbsp;&nbsp;&nbsp;19.9 | Conclusion | 418 |
| 20 ADJACENT PROPERTIES | 20 ADJACENT PROPERTIES | 419 |
| 21 OTHER RELEVANT DATA AND INFORMATION | 21 OTHER RELEVANT DATA AND INFORMATION | 420 |
| 22 INTERPRETATION AND CONCLUSIONS | 22 INTERPRETATION AND CONCLUSIONS | 421 |
| 23 RECOMMENDATIONS | 23 RECOMMENDATIONS | 422 |
| &nbsp;&nbsp;&nbsp;23.1 | Geology | 422 |
| 23.1.1 | Neves Project | 422 |
| 23.1.2 | Gaia Project | 422 |
| 23.1.3 | Geological Model Maintenance and Quality Control | 422 |
| &nbsp;&nbsp;&nbsp;23.2 | Mineral Processing | 422 |
| &nbsp;&nbsp;&nbsp;23.3 | Mining Methods and Mineral Reserves | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Planning Scenario Validation | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational Monitoring of Mining Activities | 423 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page vii <br>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock Blasting Activity, Fragmentation, Explosives and Storage | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topography and Slope Shaping | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Infrastructure and Operational Cycles | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Investigation and Instrumentation Monitoring | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visual Monitoring and Regulatory Compliance | 425 |
| &nbsp;&nbsp;&nbsp;23.4 | Infrastructure | 425 |
| &nbsp;&nbsp;&nbsp;23.5 | Mine Waste Storage Facilities | 425 |
| &nbsp;&nbsp;&nbsp;23.6 | Waste Dumps (PDER-1 and PDE-2 Waste Project) | 425 |
| &nbsp;&nbsp;&nbsp;23.7 | Water Management | 425 |
| &nbsp;&nbsp;&nbsp;23.8 | Hydrogeology | 426 |
| &nbsp;&nbsp;&nbsp;23.9 | Environmental Studies and Permitting | 426 |
| &nbsp;&nbsp;&nbsp;23.10 | Power Supply | 426 |
| &nbsp;&nbsp;&nbsp;23.11 | Commissioning | 426 |
| &nbsp;&nbsp;&nbsp;23.12 | Economic Analysis | 426 |
| &nbsp;&nbsp;&nbsp;23.13 | Overall | 426 |
| 24 REFERENCES | 24 REFERENCES | 427 |
| 25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 430 |
| APPENDIX A | APPENDIX A | 431 |

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**LIST OF FIGURES**

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| | | |
|:---|:---|:---|
| Figure 1-1 | Location Map | 3 |
| Figure 1-2 | Financial Sensitivity Analysis | 23 |
| Figure 3-1 | Atlas Property Map | 36 |
| Figure 3-2 | Neves Project Property Acquisitions | 40 |
| Figure 6-1 | Regional Geology Map and Stratigraphic Column | 46 |
| Figure 6-2 | Simplified Map of Araçuaí Orogen and Eastern Brazilian Pegmatite Province | 47 |
| Figure 6-3 | Neves Geological Map | 49 |
| Figure 6-4 | Pegmatite and Schist of the Salinas Formation (A) and Teixerinha Granite Outcrop (B) | 50 |
| Figure 6-5 | Crystalline and Altered Argillic Petalite | 50 |
| Figure 6-6 | Gaia Geological Map | 51 |
| Figure 6-7 | Deposit Model for Neves Pegmatites | 52 |
| Figure 7-1 | Final DTM with Respect to Tenement Boundaries | 54 |
| Figure 7-2 | Anomalous Magnetic Lows and their Correlation with Known Pegmatites | 55 |
| Figure 7-3 | Neves Aeromagnetic Survey with Structural Interpretation | 56 |
| Figure 7-4 | Geological Map of the Neves Property with Known Pegmatites | 57 |
| Figure 7-5 | Trench Excavated at the Anitta 3 Pegmatite | 58 |
| Figure 7-6 | Atlas 2021 - 2024 Trench Program and Locations | 59 |
| Figure 7-7 | Soil Sampling over the Neves Project | 60 |
| Figure 7-8 | Map of the Gaia Property with Known Pegmatites | 61 |
| Figure 7-9 | Soil Sampling over the Gaia Project | 62 |
| Figure 7-10 | Plan View of Neves Drilling | 66 |
| Figure 7-11 | Longitudinal View of Neves Drilling | 67 |
| Figure 7-12 | Plan View of Gaia Drilling | 69 |
| Figure 7-13 | Location of Drill Holes & Samples Collected | 70 |
| Figure 8-1 | Original versus Re-Assay Values | 74 |
| Figure 8-2 | Shewhart Performance Chart of OREAS Standard Results | 75 |
| Figure 8-3 | Atlas Blank Sample Analyses | 76 |
| Figure 8-4 | Correlation Between Original Samples and Coarse Duplicates | 77 |
| Figure 8-5 | Correlation Between Original Samples and Pulp Duplicates | 77 |
| Figure 10-1 | -9.5 mm Heavy Liquid Separation Curves | 89 |
| Figure 10-2 | Settling Rate and Terminal Density of Sample 010428 | 105 |
| Figure 10-3 | Settling Rate and Terminal Density of Sample 010427-01-05-03-02 | 106 |
| Figure 11-1 | Neves Project Drill Hole Collar Locations | 114 |
| Figure 11-2 | Neves Pegmatite Solids | 116 |
| Figure 11-3 | Isometric View of Anitta 1 Search Ellipses | 119 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page viii <br>

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| | | |
|:---|:---|:---|
| Figure 11-4 | Isometric View of Anitta 1 Interpolated Block Model | 120 |
| Figure 11-5 | Isometric View of Anitta 2 Interpolated Block Model | 120 |
| Figure 11-6 | Isometric View of Anitta 2.5 Interpolated Block Model | 121 |
| Figure 11-7 | Isometric View of Anitta 3 Interpolated Block Model | 121 |
| Figure 11-8 | Isometric View of Anitta 3N Interpolated Block Model | 122 |
| Figure 11-9 | Isometric View of Anitta 4 Interpolated Block Model | 122 |
| Figure 11-10 | Isometric View of Neves Project Interpolated Block Models | 123 |
| Figure 11-11 | Anitta 1 Block Model Classification | 126 |
| Figure 11-12 | Anitta 2 Block Model Classification | 126 |
| Figure 11-13 | Anitta 2.5 Block Model Classification | 127 |
| Figure 11-14 | Anitta 3 Block Model Classification | 127 |
| Figure 11-15 | Anitta 3N Block Model Classification | 128 |
| Figure 11-16 | Anitta 4 Block Model Classification | 128 |
| Figure 11-17 | Neves Deposit Mineral Resource Block Models and Optimised Pits | 130 |
| Figure 12-1 | Topographic Surface | 136 |
| Figure 12-2 | License Limits of the Project | 137 |
| Figure 12-3 | Anitta 2 – Pit Sensitivity Analysis: Stripping Ratio | 140 |
| Figure 12-4 | Anitta 2 – Pit Sensitivity Analysis: Li2O | 141 |
| Figure 12-5 | Anitta 2 – Pit Sensitivity Analysis: Value | 141 |
| Figure 12-6 | Anitta 2 – Pit Sensitivity Analysis | 142 |
| Figure 12-7 | Anitta 2 – Pit Sensitivity Analysis – Section EW01 | 143 |
| Figure 12-8 | Anitta 2 – Pit Sensitivity Analysis – Section EW02 | 143 |
| Figure 12-9 | Anitta 2 – Pit Sensitivity Analysis – Section EW03 | 144 |
| Figure 12-10 | Anitta 2.5 - Pit Sensitivity Analysis: Stripping Ratio | 146 |
| Figure 12-11 | Anitta 2.5 - Pit Sensitivity Analysis: Li2O | 146 |
| Figure 12-12 | Anitta 2.5 – Pit Sensitivity Analysis: Value | 147 |
| Figure 12-13 | Anitta 2.5 – Pit Sensitivity Analysis | 147 |
| Figure 12-14 | Anitta 2.5 – Pit Sensitivity Analysis – Section A | 148 |
| Figure 12-15 | Anitta 2.5 – Pit Sensitivity Analysis – Section B | 148 |
| Figure 12-16 | Anitta 3 – Pit Sensitivity Analysis: Stripping Ratio | 152 |
| Figure 12-17 | Anitta 3 – Pit Sensitivity Analysis: Li2O | 152 |
| Figure 12-18 | Anitta 3 – Pit Sensitivity Analysis: Value | 153 |
| Figure 12-19 | Anitta 3 – Pit Sensitivity Analysis | 153 |
| Figure 12-20 | Anitta 3 – Pit Sensitivity Analysis – Section EW01 | 154 |
| Figure 12-21 | Anitta 3 – Pit Sensitivity Analysis – Section EW02 | 155 |
| Figure 12-22 | Anitta 3 – Pit Sensitivity Analysis – Section EW03 | 156 |
| Figure 12-23 | Anitta 2 – Final Pit | 157 |
| Figure 12-24 | Anitta 2.5 – Final Pit | 158 |
| Figure 12-25 | Anitta 3 – Final Pit | 159 |
| Figure 13-1 | Anitta Open Pits | 167 |
| Figure 13-2 | Geotechnical Sectors Proposed for Final Anitta 2 Pit | 170 |
| Figure 13-3 | Geotechnical Sectors Proposed for Anitta 3 Pit | 171 |
| Figure 13-4 | General Stereogram of the project, 325/43 | 174 |
| Figure 13-5 | Anitta 2 Stereogram, 323/52, 317/81 and 326/14 | 175 |
| Figure 13-6 | Anitta 3 Stereogram, 330/41 | 175 |
| Figure 13-7 | Lithostructural Domains Projected in the Final Pit Anitta 2 | 176 |
| Figure 13-8 | Lithostructural Domains Projected in the Final Pit Anitta 3 | 177 |
| Figure 13-9 | Geotechnical Sectors of the Anitta 2 Final Pit and Sections | 179 |
| Figure 13-10 | Geotechnical Sectors of the Anitta 3 Final Pit | 180 |
| Figure 13-11 | Location of Geotechnical Boreholes for Anitta 3, 2, 2.5, 3 and 4 Ore Bodies | 181 |
| Figure 13-12 | Final pit geotechnical sectors and cross-sections – Anitta 2.5 | 183 |
| Figure 13-13 | Pushbacks Anitta 2 – Pits Selected from Sensitivity Analysis | 185 |
| Figure 13-14 | Anitta 2 – Design of Pushbacks | 186 |
| Figure 13-15 | Anitta 2 – Design of Pushbacks: Phase 1 | 186 |
| Figure 13-16 | Anitta 2 – Design of Pushbacks: Phase 2 | 187 |
| Figure 13-17 | Anitta 2 – Design of Pushbacks: Phase 3 | 187 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page ix <br>

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| | | |
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| Figure 13-18 | Anitta 2 – Design of Pushbacks: Final Pit | 188 |
| Figure 13-19 | Pushbacks Anitta 3 – Pits Selected from Sensitivity Analysis | 190 |
| Figure 13-20 | Anitta 3 – Design of Pushbacks | 190 |
| Figure 13-21 | Anitta 3 – Design of Pushbacks: Phase 01 | 191 |
| Figure 13-22 | Anitta 3 – Design of Pushbacks: Phase 02 | 191 |
| Figure 13-23 | Anitta 3 – Design of Pushbacks: Phase 03 | 192 |
| Figure 13-24 | Anitta 3 – Design of Pushbacks: Phase 04 – Pit Final | 192 |
| Figure 13-25 | Pushbacks Anitta 2.5 – Pits Selected from Sensitivity Analysis | 194 |
| Figure 13-26 | Anitta 2.5 – Design of Pushbacks | 194 |
| Figure 13-27 | Anitta 2.5 – Design of Pushbacks: Phase 01 | 195 |
| Figure 13-28 | Anitta 2.5 – Design of Pushbacks: Phase 02 | 195 |
| Figure 13-29 | Anitta 2.5 – Design of Pushbacks: Phase 03 | 196 |
| Figure 13-30 | Anitta 2.5 – Design of Pushbacks: Phase 04 – Pit Final | 196 |
| Figure 13-31 | Final Pits: Anitta 2, Anitta 3 and Anitta 2.5 | 198 |
| Figure 13-32 | Year 0 - Pre-stripping | 205 |
| Figure 13-33 | Year 1 | 205 |
| Figure 13-34 | Year 2 | 206 |
| Figure 13-35 | Year 3 | 206 |
| Figure 13-36 | Year 4 | 207 |
| Figure 13-37 | Year 5 | 207 |
| Figure 13-38 | Year 6 | 208 |
| Figure 13-39 | Year 7 | 208 |
| Figure 13-40 | Percentage of Plant Feed Contribution by Pit | 209 |
| Figure 13-41 | Speed Bin Data | 212 |
| Figure 13-42 | Haul Road Cross Section | 219 |
| Figure 13-43 | Powder Factor by Scenario for Ore Blasting | 222 |
| Figure 13-44 | Graph of Powder Factor | 225 |
| Figure 13-45 | Evolution of Average Pit Pumping Over Time (Anitta 2 and 3) | 228 |
| Figure 13-46 | Location of the Dewatering Wells | 232 |
| Figure 14-1 | Atlas Lithium Neves Project Process Flow Diagram – Comminution | 234 |
| Figure 14-2 | Atlas Lithium Neves Project Process Flow Diagram – Primary Dense Media Separation | 235 |
| Figure 14-3 | Atlas Lithium Neves Project Process Flow Diagram – Secondary Dense Media Separation | 236 |
| Figure 15-1 | Overall Site Plan | 244 |
| Figure 15-2 | General Arrangement – Processing Plant Area | 245 |
| Figure 15-3 | General Arrangement – Transshipment Area | 246 |
| Figure 15-4 | Site Access | 247 |
| Figure 15-5 | Typical B-Train Truck | 249 |
| Figure 15-6 | TSP Access | 249 |
| Figure 15-7 | Areas for HV substation and Diesel Generators Installation | 250 |
| Figure 15-8 | Diesel Generator Substation | 251 |
| Figure 15-9 | Borehole Water Intake – Typical Plan View | 254 |
| Figure 15-10 | Borehole Water Intake – Typical Side View | 254 |
| Figure 15-11 | Processing Plant Area Ponds | 255 |
| Figure 15-12 | Site Wide Water Balance | 257 |
| Figure 15-13 | Advancement of the Drawdown Cone in the Pit, in Cross-Section | 259 |
| Figure 15-14 | Location of the Dewatering Wells | 260 |
| Figure 15-15 | General Layout of the Internal Drainage System for PDER-1 and PDE-2 | 264 |
| Figure 15-16 | Typical Section – Internal Drain of PDER-1 and PDE-2 | 265 |
| Figure 15-17 | Internal Drain Outlet Sections | 266 |
| Figure 15-18 | Location of Instruments Provided for PDER-1 | 267 |
| Figure 15-19 | Location of Instruments Provided for PDE-2 | 268 |
| Figure 15-20 | Surface Drainage Diagram of PDER-1 | 273 |
| Figure 15-21 | Surface Drainage Diagram of PDE-2 | 274 |
| Figure 15-22 | General Layout of Phase I of PDER-1 | 276 |
| Figure 15-23 | General Layout of Phase II of PDER-1 | 277 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page x <br>

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| Figure 15-24 | Schematic Section of Phase II of PDER-1, Indicating the Geometry of Phase I to be Stacked | 278 |
| Figure 15-25 | General Layout of Phase III of PDER-1 | 279 |
| Figure 15-26 | Schematic Section of Phase III of PDER-1 | 280 |
| Figure 15-27 | General Layout of Phase I of PDE-2 | 281 |
| Figure 15-28 | Schematic Section of Phase I of PDE-2 | 282 |
| Figure 15-29 | General Layout of Phase II of PDE-2 | 283 |
| Figure 15-30 | Schematic Section of Phase II of PDE-2 | 284 |
| Figure 15-31 | Illustrative Diagram of IT Infrastructure | 286 |
| Figure 15-32 | Illustrative Design of IT and TA Backbone | 288 |
| Figure 15-33 | ROM PAD/ Crushing Area/ Crushed Ore Storage Reclaim – Area 310 | 291 |
| Figure 15-34 | Crushing Flowchart | 292 |
| Figure 15-35 | Conceptual Water Management Plan | 292 |
| Figure 15-36 | Feed Preparation – Area 410 | 294 |
| Figure 15-37 | Feed Preparation Flowchart | 295 |
| Figure 15-38 | Primary DMS – Area 420 - View 1 | 297 |
| Figure 15-39 | Primary DMS – Area 420 - View 2 | 298 |
| Figure 15-40 | Primary Floats Stockpile – Area 510 | 299 |
| Figure 15-41 | Interstage Screening – Area 430 | 299 |
| Figure 15-42 | Interstage Screening Flowchart | 300 |
| Figure 15-43 | Secondary DMS – Area 430 - View 1 | 301 |
| Figure 15-44 | Secondary DMS – Area 430 – View 2 | 302 |
| Figure 15-45 | Secondary Floats Stockpile – Area 520 | 303 |
| Figure 15-46 | Final Product Stockpile – Area 530 | 304 |
| Figure 15-47 | Tails Handling – Area 450 | 305 |
| Figure 15-48 | Tails Handling Flowchart | 306 |
| Figure 15-49 | Grit Stockpile - Area 540 | 307 |
| Figure 15-50 | Water Tanks – Areas 620 and 630 | 308 |
| Figure 15-51 | Emergency Ponds | 309 |
| Figure 15-52 | Administrative Building – Perspective View | 310 |
| Figure 15-53 | Administrative Building – Inside View | 311 |
| Figure 15-54 | Administrative Building – Plan View | 312 |
| Figure 15-55 | Canteen – Perspective View | 313 |
| Figure 15-56 | Canteen – Inside View | 314 |
| Figure 15-57 | Canteen – Plan View | 315 |
| Figure 15-58 | Outpatient Clinic – Perspective View | 316 |
| Figure 15-59 | Outpatient Clinic – Inside View | 317 |
| Figure 15-60 | Outpatient Clinic – Plan View | 318 |
| Figure 15-61 | Main Gatehouse – Perspective View | 319 |
| Figure 15-62 | Main Gatehouse – Inside View | 320 |
| Figure 15-63 | Main Gatehouse – Plan View | 320 |
| Figure 15-64 | ROM PAD Gatehouse – Perspective View | 321 |
| Figure 15-65 | ROM PAD Gatehouse – Inside View | 321 |
| Figure 15-66 | ROM PAD Gatehouse – Plan View | 322 |
| Figure 15-67 | Dispatch Gatehouse – Perspective View | 322 |
| Figure 15-68 | Dispatch Gatehouse – Inside View | 323 |
| Figure 15-69 | Dispatch Gatehouse – Plan View | 323 |
| Figure 15-70 | Locker Room – Perspective View | 324 |
| Figure 15-71 | Locker Room – Inside View | 324 |
| Figure 15-72 | Locker Room – Plan View | 325 |
| Figure 15-73 | Waste Deposit – Perspective View | 326 |
| Figure 15-74 | Control Room Support Building – Perspective View | 327 |
| Figure 15-75 | Control Room Support Building – Inside View | 328 |
| Figure 15-76 | Control Room Support Building – Plan View | 328 |
| Figure 15-77 | Workshop – Perspective View | 329 |
| Figure 15-78 | Warehouse – Perspective View | 330 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page xi <br>

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| Figure 15-79 | General Layout of the Suggested Mine Operation Support Area | 332 |
| Figure 15-80 | Typical Mining Facilities to be Implemented – View 1 | 332 |
| Figure 15-81 | Typical Mining Facilities to be Implemented – View 2 | 333 |
| Figure 15-82 | Typical Mining Facilities to be Implemented – View 3 | 333 |
| Figure 15-83 | Typical Mining Facilities to be Implemented – View 4 | 334 |
| Figure 15-84 | Typical Fueling System and Storage Tank Arrangement | 335 |
| Figure 15-85 | Site Explosives Magazine Facility | 336 |
| Figure 15-86 | Emulsion Receiving Area | 338 |
| Figure 15-87 | Typical Storage Explosive Magazine | 339 |
| Figure 15-88 | Layout of the Explosives Magazine Structures with Regulated Distances | 340 |
| Figure 15-89 | Transshipment Area Gatehouse – Perspective View | 343 |
| Figure 15-90 | Transshipment Area Gatehouse – Inside View | 343 |
| Figure 15-91 | Transshipment Area Gatehouse – Plan View | 343 |
| Figure 15-92 | Laboratory – Perspective View | 344 |
| Figure 15-93 | Laboratory – Inside View | 345 |
| Figure 15-94 | Laboratory – Plan View | 346 |
| Figure 15-95 | Truck Scale Support Room – Perspective View | 347 |
| Figure 15-96 | Truck Scale Support Room – Inside View | 347 |
| Figure 15-97 | Truck Scale Support Room – Plan View | 347 |
| Figure 15-98 | Driver's Waiting Room – Perspective View | 348 |
| Figure 15-99 | Driver's Waiting Room – Plan View | 348 |
| Figure 15-100 | Port of Ilhéus | 350 |
| Figure 15-101 | Vitória – Brazil, Harbor, Business, City, Cargo Container, Bulk Shipment | 351 |
| Figure 15-102 | Port of Vitória | 351 |
| Figure 16-1 | Forecast Power Battery Capacity Growth | 354 |
| Figure 16-2 | Global Demand for Refined Lithium to 2040 | 355 |
| Figure 16-3 | Lithium Concentrate SC6 Pricing | 358 |
| Figure 17-1 | Collage of Avifauna, Herpetofauna, Terrestrial and Flying Mammalian Fauna | 367 |
| Figure 17-2 | Map of Anitta Project Licensing Status | 372 |
| Figure 17-3 | Anitta Project Master Plan | 373 |
| Figure 18-1 | Capital Expenditure Breakdown | 397 |
| Figure 18-2 | Corporate Costs Breakdown | 398 |
| Figure 19-1 | Post-Taxes Annualized Cash Flow Generation (in US$'000) | 414 |
| Figure 19-2 | Cash Flow Generation Transitioning from Construction into Operations (in US$'000) | 415 |
| Figure 19-3 | Sensitivity to NPV (in US$'000) for Changes in Various Key Inputs | 417 |

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**LIST OF TABLES**

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| Table 1-1 | Combined Neves Deposit In-Pit Mineral Resource Estimate 0.3% Li2O Cut-Off 15th May 2025 | 8 |
| Table 1-2 | Anitta 1 In-Pit Mineral Resource Estimate 14th May 2025 | 8 |
| Table 1-3 | Anitta 2 In-Pit Mineral Resource Estimate 15th May 2025 | 8 |
| Table 1-4 | Anitta 2.5 In-Pit Mineral Resource Estimate 15th May 2025 | 9 |
| Table 1-5 | Anitta 3 In-Pit Mineral Resource Estimate 15th May 2025 | 9 |
| Table 1-6 | Anitta 3N In-Pit Mineral Resource Estimate 15th May 2025 | 9 |
| Table 1-7 | Anitta 4 In-Pit Mineral Resource Estimate 15th May 2025 | 10 |
| Table 1-8 | Economic Parameters | 10 |
| Table 1-9 | Total Atlas Open Pit Mineral Reserve | 11 |
| Table 1-10 | Environmental, Authorizations, and Operations Process List | 17 |
| Table 1-11 | Capital Cost Summary (1) | 20 |
| Table 1-12 | Operating Cost Summary | 21 |
| Table 1-13 | Financial Analysis Assumptions | 21 |
| Table 1-14 | Financial Analysis Results | 22 |
| Table 2-1 | List of Qualified Persons, Professional Designations and Site Visit Dates | 29 |
| Table 2-2 | Qualified Persons Areas of Responsibility | 29 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page xii <br>

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| Table 2-3 | Previously Filed TRS | 33 |
| Table 2-4 | List of Abbreviations | 34 |
| Table 3-1 | Neves Mineral Rights Description | 37 |
| Table 3-2 | Neves Mining Permit per Annex | 37 |
| Table 3-3 | Neves Project Property Acquisitions and Access Authorizations | 39 |
| Table 7-1 | Neves Diamond Drilling | 63 |
| Table 7-2 | Neves Representative Drill Hole Intercepts | 64 |
| Table 7-3 | Gaia Representative Drill Hole Intercepts | 68 |
| Table 7-4 | Anitta 2 Pit Probe Coordinates | 71 |
| Table 7-5 | Anitta 3 Pit Probe Coordinates | 71 |
| Table 8-1 | Neves Average Densities | 73 |
| Table 8-2 | Standard Average Li Values with Analytical Error for Peroxide Fusion | 74 |
| Table 10-1 | Sample Identification and Weight | 83 |
| Table 10-2 | Main Composite Whole Ore Analysis Results | 85 |
| Table 10-3 | Main Composite Assays for F, Be, As, Ta, Rb and Cs | 85 |
| Table 10-4 | Semi Quantitative XRD Mineralogical Composition on Master Composite Sample | 85 |
| Table 10-5 | -9.5 mm Heavy Liquid Separation Cumulative Sink Product Chemical Assays | 87 |
| Table 10-6 | -9.5 mm Heavy Liquid Separation Cumulative Sink Product Major Component Distribution | 87 |
| Table 10-7 | -12.5 mm Heavy Liquid Separation Cumulative Sink Product Chemical Assays | 88 |
| Table 10-8 | -12.5 mm Heavy Liquid Separation Cumulative Sink Product Major Component Distribution | 88 |
| Table 10-9 | -9.5 mm Heavy Liquid Separation Incremental Product Lithium Assays and Distribution | 89 |
| Table 10-10 | Dense Media Separation Final Products Results | 90 |
| Table 10-11 | DMS Concentrate Magnetic Separation Results | 91 |
| Table 10-12 | Tantalum and Iron Recovery and Assays in Magnetic Separation Products | 91 |
| Table 10-13 | HLS Test Results on Re-crushed DMS Middlings | 92 |
| Table 10-14 | Cumulative Sink Products from HLS Test on Re-crushed DMS Middlings | 92 |
| Table 10-15 | HLS Test Results on the DMS Tailings | 92 |
| Table 10-16 | Test Sample Description – Anitta 1 | 93 |
| Table 10-17 | Test Sample Description – Anitta 2 | 94 |
| Table 10-18 | Test Sample Description – Anitta 3 | 94 |
| Table 10-19 | Test Sample Description – Anitta 2.5 | 94 |
| Table 10-20 | Test Sample Description – Anitta 4 | 95 |
| Table 10-21 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 1 | 96 |
| Table 10-22 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 2 | 97 |
| Table 10-23 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 3 | 98 |
| Table 10-24 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 3 (Continued) | 99 |
| Table 10-25 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 2.5 | 100 |
| Table 10-26 | HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 4 | 101 |
| Table 10-27 | -0.85 mm Material Summary of HLS Test Samples from Anitta 1 | 102 |
| Table 10-28 | -0.85 mm Material Summary of HLS Test Samples from Anitta 2 | 102 |
| Table 10-29 | -0.85 mm Material Summary of HLS Test Samples from Anitta 3 | 102 |
| Table 10-30 | -0.85 mm Material Summary of HLS Test Samples from Anitta 2.5 | 103 |
| Table 10-31 | -0.85 mm Material Summary of HLS Test Samples from Anitta 4 | 103 |
| Table 10-32 | Particle Size Distributions of Sedimentation Test Feed | 103 |
| Table 10-33 | Flocculant Screening Test on Sample 010428 | 104 |
| Table 10-34 | Flocculant Screening Test on Sample 010427-01-05-03-02 | 104 |
| Table 10-35 | Flocculant Dosage Optimization for Sample 010428 | 104 |
| Table 10-36 | Flocculant Dosage Optimization for Sample 010427-01-05-03-02 | 104 |
| Table 10-37 | Filtration Test Data of Sample 010428 with 50% Solids Concentration | 106 |
| Table 10-38 | Filtration Test Data of Sample 010428 with 10% Solids Concentration | 106 |
| Table 10-39 | Filtration Test Data of Sample 010427-01-05-03-02 with 50% Solids Concentration | 107 |
| Table 10-40 | Filtration Test Data of Sample 010427-01-05-03-02 with 10% Solids Concentration | 107 |
| Table 10-41 | Averaged HLS Data for Anitta 2 Samples (VSA-13 to VSA-19) | 108 |
| Table 10-42 | Averaged HLS DATA For Anitta 3 Samples (MET-AN-001 to MET-AN-015) | 108 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page xiii <br>

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| Table 10-43 | Averaged HLS DATA For Anitta 2.5 Samples (HLS-001 to HLS-005) | 109 |
| Table 10-44 | Averaged HLS DATA For Anitta 4 Samples (HLS-001 to HLS-005) | 109 |
| Table 10-45 | Predicted DMS Lithium Recovery and Concentrate Mass Pull based on SGS DMS Model | 109 |
| Table 10-46 | Weight Percentage and Lithium Content of -0.85 mm Material in the Samples from Each Pit | 110 |
| Table 10-47 | Predicted Mass Balance and Lithium Recovery for Each Pit | 111 |
| Table 11-1 | Neves Assay Statistics Inside Mineralized Solid | 115 |
| Table 11-2 | Neves 1 m Composite Statistics | 115 |
| Table 11-3 | Anitta 1 Resource Block Model Parameters | 117 |
| Table 11-4 | Anitta 2 Resource Block Model Parameters | 117 |
| Table 11-5 | Anitta 2.5 Resource Block Model Parameters | 117 |
| Table 11-6 | Anitta 3 Resource Block Model Parameters | 117 |
| Table 11-7 | Anitta 3N Resource Block Model Parameters | 118 |
| Table 11-8 | Anitta 4 Resource Block Model Parameters | 118 |
| Table 11-9 | Neves Volume, Tonnage and Number of Blocks per Mineralized Zone | 118 |
| Table 11-10 | Neves Parameters for Reasonable Prospect for Eventual Economic Extraction | 129 |
| Table 11-11 | Combined Neves Deposit In-Pit Mineral Resource Estimate 0.3% Li2O Cut-Off 15th May 2025 | 130 |
| Table 11-12 | Anitta 1 In-Pit Mineral Resource Estimate 15th May 2025 | 131 |
| Table 11-13 | Anitta 2 In-Pit Mineral Resource Estimate 15th May 2025 | 131 |
| Table 11-14 | Anitta 2.5 In-Pit Mineral Resource Estimate 15th May 2025 | 131 |
| Table 11-15 | Anitta 3 In-Pit Mineral Resource Estimate 15th May 2025 | 132 |
| Table 11-16 | Anitta 3N In-Pit Mineral Resource Estimate 15th May 2025 | 132 |
| Table 11-17 | Anitta 4 In-Pit Mineral Resource Estimate 15th May 2025 | 132 |
| Table 12-1 | Economic Parameters | 134 |
| Table 12-2 | Geotechnical Parameters | 137 |
| Table 12-3 | Anitta 2 – Pit Sensitivity Analysis Results | 138 |
| Table 12-4 | Anitta 2.5 – Pit Sensitivity Analysis Results | 144 |
| Table 12-5 | Anitta 3 – Pit Sensitivity Analysis Results | 150 |
| Table 12-6 | Anitta 2 – Mineral Reserves | 160 |
| Table 12-7 | Anitta 2 – Mineral Reserves (detailed) | 161 |
| Table 12-8 | Anitta 2.5 – Mineral Reserves | 162 |
| Table 12-9 | Anitta 2.5 – Mineral Reserves (detailed) | 163 |
| Table 12-10 | Anitta 3 – Mineral Reserves | 164 |
| Table 12-11 | Anitta 3 – Mineral Reserves (detailed) | 165 |
| Table 12-12 | Total Atlas Open Pit Mineral Reserve | 166 |
| Table 13-1 | Geotechnical Parameters | 168 |
| Table 13-2 | Anitta 2 & 3 Pits Geotechnical Sectors | 169 |
| Table 13-3 | Anitta 2 Lithotypes Compact and Quantitative Tests | 172 |
| Table 13-4 | Compact Lithotypes Tested and Numbers for the Body Anitta 3 | 172 |
| Table 13-5 | Resistance and Deformation Parameters Obtained by Destructive Tests for All Typologies | 173 |
| Table 13-6 | Probable Rupture Mechanisms by Sector for the Two Pits | 178 |
| Table 13-7 | Geometric Parameters of the Geotechnical Sectors of the Anitta 2 and 3 Pits | 181 |
| Table 13-8 | Anitta 2.5 Pit – Geotechnical Sector Geometry Parameters | 183 |
| Table 13-9 | Anitta 2 – Reserves | 189 |
| Table 13-10 | Anitta 3 – Reserves | 193 |
| Table 13-11 | Anitta 2.5 – Reserves | 197 |
| Table 13-12 | Total Reserves: Anitta 2, Anitta 3 and Anitta 2.5 | 199 |
| Table 13-13 | Mining Scheduling - Summary Result | 202 |
| Table 13-14 | Mining Scheduling - Detailed Result | 203 |
| Table 13-15 | List of Main Equipment to be Used in the Operation | 214 |
| Table 13-16 | Staffing Requirement Summary – Operation | 216 |
| Table 13-17 | Staffing Requirement Summary - Management | 217 |
| Table 13-18 | Simulated Scenarios – Ore Blasting Parameters | 221 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page xiv <br>

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| Table 13-19 | Simulated Scenarios – Waste Rock Parameters | 224 |
| Table 13-20 | Drilling & Blasting Parameters | 226 |
| Table 13-21 | Evolution of the Contribution of the Total Average Inflow Over Time | 228 |
| Table 13-22 | Total Water Inflow and Drainage Flow Associated with the Pits | 229 |
| Table 13-23 | Total Water Inflow and Drain Flow Associated with Each Period | 230 |
| Table 13-24 | Total Water Inflow and Drainage Flow Associated with the Pits | 231 |
| Table 14-1 | Atlas Lithium Comminution Circuit Process Design Criteria | 237 |
| Table 14-2 | Atlas Lithium Primary and Secondary DMS Circuits Process Design Criteria | 239 |
| Table 15-1 | Electrical Load List | 251 |
| Table 15-2 | E-rooms | 252 |
| Table 15-3 | Calculated Flow Rates from Pits and Wells for Year 5 | 258 |
| Table 15-4 | Location, Pump Elevation, and Flow Rate Data of the Wells | 259 |
| Table 15-5 | Total Water Inflow and Dewatering Flow Rate Associated with the 14-Day Period | 262 |
| Table 15-6 | Minimum Safety Factors for Tailings Piles (NBR 13.029:2024) | 269 |
| Table 15-7 | Adopted Admissible Safety Factors | 269 |
| Table 15-8 | SF Results - Stability Analysis | 270 |
| Table 15-9 | Expected Generation of Tailings and Waste Rock in the Anitta Project | 285 |
| Table 15-10 | Waste Rock and Tailings Disposal Capacity in PDER-1 | 285 |
| Table 15-11 | Waste Rock Disposal Capacity in PDE-2 | 285 |
| Table 15-12 | Deposition of Waste and Waste in Piles | 286 |
| Table 15-13 | Administrative Office Building | 310 |
| Table 15-14 | Canteen | 313 |
| Table 15-15 | Outpatient Clinic | 316 |
| Table 15-16 | Main Gatehouse | 319 |
| Table 15-17 | ROM PAD Gatehouse | 321 |
| Table 15-18 | Dispatch Gatehouse | 322 |
| Table 15-19 | Locker Room | 324 |
| Table 15-20 | Waste Deposit | 326 |
| Table 15-21 | Control Room Support Building | 327 |
| Table 15-22 | Workshop | 329 |
| Table 15-23 | Warehouse | 330 |
| Table 15-24 | Transshipment Gatehouse | 342 |
| Table 15-25 | Laboratory | 344 |
| Table 15-26 | Truck Scale Support Room | 346 |
| Table 15-27 | Driver's Waiting Room | 348 |
| Table 16-1 | Recorded Resources and Supply Potential | 356 |
| Table 16-2 | Historical and Long-Term Forecast Pricing | 358 |
| Table 17-1 | September 2023 Submitted Environmental License for Approval | 362 |
| Table 17-2 | September 2024 Submitted Environmental License for Approval | 362 |
| Table 17-3 | Completed Baseline Studies | 362 |
| Table 17-4 | AIA List | 363 |
| Table 17-5 | Environmental, Authorizations and Operations Licenses | 365 |
| Table 17-6 | List of Environmental Impact Studies Completed | 366 |
| Table 17-7 | Environmental, Authorizations and Operations Process List | 369 |
| Table 17-8 | Community Support Program for Implementation | 375 |
| Table 17-9 | Planned Measures to Minimize Environmental Impact | 377 |
| Table 18-1 | CAPEX CBS – Cost Breakdown Structure | 383 |
| Table 18-2 | Capital Breakdown Structure CapEx (USD Million) | 386 |
| Table 18-3 | Corporate Cost Breakdown Structure (USD Million) | 386 |
| Table 18-4 | Building CapEx Expenditures (USD Million) | 388 |
| Table 18-5 | Electrical and Communications Capital Expenditures (USD Million) | 388 |
| Table 18-6 | Spares (USD Million) | 388 |
| Table 18-7 | Water Supply (USD Million) | 388 |
| Table 18-8 | Weighbridge (USD Million) | 389 |
| Table 18-9 | Civil Works Capital Expenditures (USD Million) | 389 |
| Table 18-10 | Commissioning Capital Expenditures (USD Million) | 390 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page xv <br>

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| Table 18-11 | Crushing Area (USD Million) | 390 |
| Table 18-12 | Contract Mining- Pre-Operational Phase (USD Million) | 391 |
| Table 18-13 | Earthworks (USD Million) | 391 |
| Table 18-14 | Engineering Capital Expenditures (USD Million) | 392 |
| Table 18-15 | Generators Capital Expenditures (USD Million) | 392 |
| Table 18-16 | Installation Capital Expenditures (USD Million) | 393 |
| Table 18-17 | Shipping Capital Expenditures (USD Million) | 394 |
| Table 18-18 | Contingency Capital Expenditures (USD Million) | 394 |
| Table 18-19 | Taxes Capital Expenditures (USD Million) | 394 |
| Table 18-20 | Owners Team & Management Services Capital Expenditures (USD Million) | 395 |
| Table 18-21 | Land Acquisition (USD Million) | 395 |
| Table 18-22 | Capital Expenditures Breakdown | 396 |
| Table 18-23 | Corporate Costs Breakdown | 397 |
| Table 18-24 | Cost Breakdown Structure | 398 |
| Table 18-25 | Sustaining Capital Year 1 | 403 |
| Table 18-26 | Operating Costs Summary | 403 |
| Table 18-27 | Annual Production | 403 |
| Table 18-28 | Total Operating Costs Summary (USD million) | 404 |
| Table 18-29 | Total Mining Operating Cost (USD Million) | 405 |
| Table 18-30 | Total DMS Plant Operating Cost (USD Million) | 407 |
| Table 18-31 | Unitary Cost to Freight and Port Expenses (USD) | 407 |
| Table 19-1 | Project Economic Model Headline Results Before Taxation | 408 |
| Table 19-2 | Project Economic Model Headline Results After Taxation | 408 |
| Table 19-3 | Model Inputs | 410 |
| Table 19-4 | Project Economic Performance (Post Taxation) | 410 |
| Table 19-5 | Production Physicals per Year | 411 |
| Table 19-6 | Project Financials Per Year – After Taxation | 411 |
| Table 19-7 | Annualized Cash Flow Statement (in US$'000) | 412 |
| Table 19-8 | Sensitivity Table for NPV (in US$'000), After Taxation | 416 |
| Table 19-9 | Breakeven Analysis After Taxation | 417 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 1 <br>

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| 1 | SUMMARY |

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SGS was engaged by Atlas Lithium Corporation (NASDAQ:ATLX, "Atlas") for the preparation of the independent Technical Report Summary ("TRS") on the Neves Lithium deposit, located near the rural community of Nossa Senhora das Neves, municipality of Araçuaí, Minas Gerais and to prepare an initial exploration summary of the Gaia project, located near the town of Salinas, both within Minas Gerais state, Brazil. The purpose of this Technical Report is to support the disclosure of the Neves Mineral Resource and Mineral Reserve estimates as of May 15<sup>th</sup>, 2025.

The scope of the TRS includes the study of the mineral resources, and the economic and technical viability of mineral extraction for the deposits.

Atlas Lítio Brasil Ltda. (ALBL) is the Brazilian subsidiary of Atlas and is the owner of the mining rights. On May 27<sup>th</sup> ,2025, the granting by Brazil's Ministry of Mines and Energy of mining concession status. The grant provides ownership of the mineral right in perpetuity and the right to mine the substance for which it was issued (in this case, lithium) without volume limitations.

The Neves Lithium Project is located 36 km south of the municipality of Araçuaí, Brazil. Araçuaí is a Brazilian municipality located in the northeast of the state of Minas Gerais in the Jequitinhonha River valley. The Gaia project is located 100 km north of the Neves Project, within the municipality of Salinas, also within the Jequitinhonha River valley.

The Neves Lithium project is located approximately 4.14 km northwest of Nossa Senhora das Neves. Nossa Senhora das Neves is located 46 km from Araçuaí and is connected to Araçuaí by road. The Gaia project is located 26 km east of the city of Salinas.

1.1 Introduction

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The definitions for Mineral Resources and Mineral Reserves in this FS follow S-K 1300 and are consistent with the definitions in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions).

The Project is located in the state of Minas Gerais, Brazil, and Atlas is proposing to develop a conventional open-pit lithium mine and concentrator operation. The concentrated ore (spodumene) will be trucked to a transfer site near the City of Araçuaí. The spodumene will then be loaded onto B-Train trucks and transported to a port facility.

The following updates have been completed, as detailed in this TRS:

● Mineral Resources increased due to new drilling, a new geological interpretation, and a larger constraining pit shell.

● Mineral Reserves and the mining schedule were re-run on the updated block model.

● A new market study has been completed.

● Capital and operating cost estimates have been updated to reflect intervening work on basic engineering and new cost inputs.

● The Project cash flow has been updated to reflect the changes above.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 2 <br>

1.2 Property
 Description, Location, Access, and Physiography

ALBL holds 50 mineral rights in the northeast region of the Minas Gerais state, Brazil, near the cities of Salinas, Rubelita, Coronel Murta, Virgem da Lapa, Araçuaí, and Itinga.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 Neves Project

The Neves Project is located approximately 36 km southeast of Araçuaí and 653 km northeast of Belo Horizonte. The Project is located at approximately 16°58' S Latitude and 41°54' W Longitude (Universal Transverse Mercator (UTM) coordinates of 191,555 m E, 8,113,675 m N).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 Gaia Project

The Gaia Project is located approximately 26 km east of the city of Salinas and 650 km northeast of Belo Horizonte. The Gaia project is located at approximately 16°7' S Latitude and 42°2' W Longitude (Universal Transverse Mercator (UTM) coordinates of 816,617 m E, 8,215,499 m N).

Both Projects are located in the prospective Jequitinhonha Valley region, also called the "Lithium Valley" due to the presence of large lithium deposits associated with pegmatites that are currently being developed by other companies. The location of the Projects is shown in Figure 1-1.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 3 <br>

**Figure 1-1 Location Map**

![](pg1-40_003.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 4 <br>

1.3 History

The Projects are located in the "Lithium Valley" which is known to have several other lithium exploration projects and mines. The Projects are predominantly located within the Eastern Brazilian Pegmatite Province, which was surveyed by the Geological Survey of Brazil (SGB) in 2010. There is no record of any further historical exploration within the Project areas, however, the Neves area has historical artisanal mine workings. The Neves exploration area was developed for the extraction of tourmaline and other gems, including spodumene, petalite, beryl, and columbite-tantalite. The historical artisanal mines at Neves are currently inactive.

1.4 Geology
 and Mineralization

The Projects' regional geology is dominated by the Araçuaí orogen, comprised of a suite of late Neoproterozoic to Cambrian deformed metasedimentary rocks and granitic batholiths overlain by Mesozoic volcanics of the Serra Do Tombo Formation and Cenozoic detrital sediments.

Approximately one third of the exposed terrain of the Araçuaí orogen is composed of granitic rocks that reflect a succession of tectonic events spanning 50 million years (630 Ma to 480 Ma) (Pedrosa-Soares et al., 2011) and forms the immense and prolific Eastern Brazilian Pegmatite Province (EBPP), which is almost entirely situated in eastern Minas Gerais. Thousands of granitic pegmatites have been discovered in the EBPP which host a variety of gem, tin (Sn), lithium (Li), tantalum (Ta), niobium (Nb), and uranium (U) deposits (Pedrosa-Soares et al., 2011). The pegmatites were differentiated from G4 magmas of the Araçuaí orogen and are highly evolved products of granitic plutonism (Morteani et al., 2000, Pedrosa-Soares et al., 2011, Paes et al., 2016).

In eastern Minas Gerais, lithium rich pegmatite mineralization is hosted in metamorphosed Salinas Formation shales (quartz-biotite schist) and is either concordant or discordant with schist foliation. The pegmatites occur as tabular bodies with thicknesses from several meters to more than 50 meters. Laterally, mineralized bodies vary from tens of meters up to one kilometer in length and are primarily made of quartz, alkali (K-) feldspar (perthitic microcline), albite, muscovite, spodumene, and petalite. Spodumene makes up approximately 20% of the mineralization, with K-feldspar and albite constituting approximately 35%, quartz approximately 35%, and muscovite less than 10%.

The exploration areas are covered by a thick (up to five meter) horizon of sandy to silty soil, brownish ochre in color, with blocks (<30 cm) of pegmatites from adjacent mines or displaced by heavy rainfall and steep relief.

The Neves area is heavily vegetated which makes it difficult to identify outcrop, however, historical artisanal mining activity has exposed the deposits. For decades, the Neves exploration area has been developed for tourmaline resources and gems (spodumene, triphane, petalite, columbite-tantalite) at some farms within the mineral right. The artisanal mines are inactive today. Tailings from these mines were disposed of in piles or "dumps" scattered throughout the area, and in some places complicating access to outcrop.

Cordierite-quartz-mica-feldspar schists of the Salinas Formation outcropping in the Neves exploration area are light gray to black in color, banded, foliated and occasionally with quartzitic composition. Occasionally, the schists also contain small quantities of graphite. The banding reflects variations in the proportions of biotite to muscovite (dark bands) and the sum of quartz and feldspar (light bands). These metamorphic rocks are in the green schist facies with foliations perpendicular to the strike which varies between N30°E and N50°E. High angle dips (45°-80°) have been observed in contact with intrusive igneous rocks. Syn-tectonic quartz veins are concordant with the schist foliation, exhibit local boudinage structure, and are one centimeter to 30 cm thick. The Salinas Formation schists host significant pegmatite bodies, ranging from one to two meters thick to 10 m to 30 m thick and up to 40 m to 350 m long.

Mineralized pegmatite outcrops have been mapped in the northwest portion of the Neves exploration property that are 2 to 29 meters thick and up to 350 m long where exposed at surface. The strike of the pegmatites is predominantly sub-parallel to oblique to schist foliation, locally homogeneous, and composed of quartz, feldspar, muscovite, black tourmaline, and locally spodumene and petalite. The spodumene and petalite occurs as altered white clay at surface and as phenocrysts disseminated throughout the host rock.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 5 <br>

In the eastern portion of the property, several pegmatite bodies outcrop along the main drainages in schists of the Salinas Formation. At least 10 pegmatite bodies were delineated with dimensions varying from 2 m to 36 m thick and from 40 m to 450 m long. The pegmatites follow a strike trend of N5°E to N30°E and are concordant with schist foliation.

The lithium bearing pegmatites of Araçuaí-Itinga were formed from residual melts associated with post-collisional granitic plutonism and G4 magmas.

1.5 Exploration
 and Drilling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 Neves Project

Exploration on the Neves property consists of a photogrammetric survey, planimetric survey, Geocloud Sentinel II satellite imagery, two drone LiDAR surveys with orthophoto and Geocloud interpretation, a drone magnetic survey, a drone radiometric survey, detailed geological mapping based on the aforementioned surveys, rock sampling, including handheld XRF and K/Rb studies on micas and feldspars and drill core, soil sampling across the property, magnetic susceptibility readings on drill core and outcrops and trenching programs.

Atlas has conducted several drilling campaigns on the project since 2021. This drilling has concentrated primarily on the known pegmatites located within the Neves tenements, specifically mining rights 832925/2008, 833331/2006, and 833356/2007. To the 10<sup>th</sup> June 2025, a total of 536 exploration holes (RC and DD holes) for 100,403 m of drilling were completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 Gaia Project

Exploration on the Gaia property consists of surface mapping, soil geochemistry and initial diamond drilling. To the 10<sup>th</sup> June 2025, Atlas had drilled six surface holes on the Gaia property for 501 meters of core.

1.6 Mineral
 Processing and Metallurgical Testing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 Neves Project

In 2023, Atlas Lithium sent to SGS Lakefield laboratory a composite sample collected from Anitta 1 pit to explore the feasibility of recovering lithium into a concentrate through dense media separation (DMS) and flotation. The testwork included a mineralogy study with semi-quantitative XRD analysis, a comminution test, heavy liquid separation (HLS) tests with two crush sizes, a DMS pilot test employing two stage DMS cyclone separation, magnetic separation on DMS concentrate, and flotation tests performed on the DMS middling and the minus 0.85 mm material. Based on the mineralogical analysis on the test sample, the lithium mainly occurs in the form of spodumene and petalite, with the majority of lithium present in spodumene.

Both the HLS and DMS tests indicated that this material is amenable to dense media separation to recover the spodumene, and a spodumene concentrate with a 5.5% or higher lithium oxide grade typically being obtained. The DMS tests were conducted at crush sizes of 12.5 mm and 9.5 mm. Due to better liberation, the lithium recovery of the 9.5 mm crush size material was higher than that of the 12.5 mm crush size material in the tests. Since the majority of material tested will report to DMS float (reject) product, to enhance the DMS efficiency, two stages of DMS were employed. The concentrate of the first stage DMS will be further treated in the secondary DMS stage. Based on the DMS tests and a METSIM simulation, approximately 61.7% of the lithium can be recovered to DMS concentrates assaying 5.5% lithium oxide after two stages of DMS treatment. In addition, the tests also indicated that magnetic separation can further improve the concentrate lithium grade by eliminating iron bearing and mica material.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 6 <br>

The flotation tests conducted on the minus 0.85 mm material and ground DMS middling indicated that at least 50% of lithium in these two streams can be recovered to the flotation concentrate. Alternatively, the DMS middling can also be further re-crushed and then subjected to the DMS process again. Based on HLS tests conducted on the re-crushed DMS middlings (crush size of 3.3 mm, SG between 2.7 and 2.8), approximately 60% of lithium in the middling can be recovered to the final concentrate.

Based on the 2023 SGS Lakefield testwork and industry standard practices, the following key process parameters and design information were utilized in the process design of Atlas Lithium Neves Project, as summarized below.

● Crush size of DMS feed will be controlled at 9.5 mm and minus 0.85 mm material will be discarded before the DMS circuit.

● Two stages of DMS in a rougher and cleaner configuration will be utilized in the process design, with the concentrate from the first stage DMS being treated at the secondary DMS circuit.

● The dense media used will be 100% ferrosilicon, having a SG around 6.8 and a P80 of minus 45 microns.

Between July 2023 and early 2025, to investigate the ore variability in the deposit, a series of additional samples from the project site were collected and sent to SGS Geosol laboratory in Brazil for chemical composition analysis and HLS tests. The samples as collected cover the region of Anitta 1, Anitta 2, Anitta 3, Anitta 2.5 and Anitta 4 pits. All samples were crushed to 9.5 mm with minus 0.85 mm material removed before being subjected to HLS tests. A relatively large variation between individual samples was observed from the HLS tests; however, on average all samples are considered amenable to the heavy media separation process.

To estimate the lithium recovery from different pits, a proprietary SGS DMS model was run on the averaged HLS data from each of the pits. The samples from Anitta 1, Anitta 2 and Anitta 3 pits have very similar lithium recovery, in the range of 60.5% to 62%, while the samples from Anitta 2.5 and Anitta 4 have significantly higher lithium recoveries close to 70%. This can be explained by the large spodumene crystals as observed from the SGS's QP site visit to the project site.

The minus 0.85 mm material collected from SGS Geosol tests was sent to PESCO laboratory for sedimentation and filtration tests, Due to the coarse particle size, the material is very easy to settle and filter; however, these characteristics also create a very high yield stress in the thickened slurry, which may pose operational challenges in the thickener in the future. Alternatively, the minus 0.85 mm material can be dewatered directly by a vacuum belt filter.

From the test work and site visit, some opportunities to further improve the lithium recovery have been identified below.

● At both the mine site and Atlas Lithium core shack facility, quite large spodumene crystals were observed. According to Atlas Lithium geologists, most of spodumene in this project occurs in this level of large crystals. In this case, a larger crush size and DMS middlings re-crush are expected to further improve the lithium recovery, due to the minimization of lithium loss to the minus 0.85 mm material.

● The flotation tests conducted on the DMS middlings and the minus 0.85 mm material indicated at least 50% of the lithium can be recovered to a concentrate meeting the 5.5% lithium oxide grade specification.

● Some micaceous materials were observed during the site visit, which can impact the final concentrate grade as DMS is not efficient in removing this type of material. If problems arise in a future operation, a reflux classifier or magnetic separator is recommended to further remove the impurities contained in the heavy media concentrate.

● Opportunity for a recrushing route.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 7 <br>

1.7 Mineral
 Resource Estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 Neves Project

Mineral resources have been estimated for six discrete pegmatite occurrences of the Neves Project in the northwestern portion of the tenements, namely the Anitta 1, Anitta 2, Anitta 2.5, Anitta 3, Anitta 3 North and Anitta 4 deposits.

Mineral Resources for the Neves Project were estimated using a computerized resource block model. Three-dimensional wireframe solids of the mineralization were defined using drill hole Li<sub>2</sub>O analytical data.

Data were composited to 1 m composite lengths, based on the width of the block size defined for the resource block model. Compositing starts at the identified mineralized contact. No capping was applied on the analytical composite data.

The Mineral Resource Estimates (MREs) were calculated using an inverse distance weighting to the second power (ID<sup>2</sup>) methodology. The interpolation process was conducted using three successive passes with more inclusive search conditions from the first pass to the next until most blocks were interpolated.

The estimates and models were validated by statistically comparing block model grades to the assay and composite grades, and by comparing block values to the composite values located inside the interpolated blocks. The estimates were considered reasonable.

Mineral Resources are classified into Measured, Indicated and Inferred categories. The Mineral Resource classification is based on the density of analytical information, the grade variability and spatial continuity of mineralization.

Conceptual economic parameters were used to assess the reasonable prospects of eventual economic extraction. A series of economic parameters were estimated to represent the production cost and economic prospectivity of an open pit mining operation in Brazil and came either from SGS Canada or Atlas. These parameters are believed to be sufficient to include all block models in future open pit mine planning, due mostly to the relatively low mining costs in Brazil.

The combined Mineral Resource Estimate for the Neves Project is reported in Table 1-1, while the individual MREs for the different pegmatites are reported in Table 1-2 to 7 using a 0.3% Li<sub>2</sub>O cut-off. The Mineral Resource Estimates are constrained by the topography and are based on the conceptual economic parameters.

The estimate has an effective date of the 15<sup>th</sup> May 2025.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 8 <br>

**Table 1-1 Combined Neves Deposit In-Pit Mineral Resource Estimate<br> 0.3% Li<sub>2</sub>O Cut-Off 15<sup>th</sup> May 2025**

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| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 8457000 | 1.20 | 250.6 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | **8457000** | **1.20** | **250.6** |
| 0.3 | Inferred | 149000 | 0.81 | 3.0 |

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**Table 1-2 Anitta 1 In-Pit Mineral Resource Estimate 14<sup>th</sup> May 2025**

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| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 740000 | 0.90 | 16.5 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | **740000** | **0.90** | **16.5** |
| 0.3 | Inferred | - | - | - |

---

**Table 1-3 Anitta 2 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 2067000 | 1.20 | 61.4 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | 2067000 | 1.20 | **61.4** |
| 0.3 | Inferred | - | - | - |

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 9 <br>

**Table 1-4 Anitta 2.5 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 820000 | 1.48 | 30.0 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | **820000** | **1.48** | **30.0** |
| 0.3 | Inferred | - | - | - |

---

**Table 1-5 Anitta 3 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 4533000 | 1.19 | 133.6 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | 4533000 | 1.19 | **133.6** |
| 0.3 | Inferred | -- | - | - |

---

**Table 1-6 Anitta 3N In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | - | - | - |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | - | - | **-** |
| 0.3 | Inferred | 104000 | 0.73 | 1.9 |

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 10 <br>

**Table 1-7 Anitta 4 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| 0.3 | Measured | 298000 | 1.23 | 9.1 |
| 0.3 | Indicated | - | - | - |
| **0.3** | **Measured + Indicated** | **298000** | **1.23** | **9.1** |
| 0.3 | Inferred | 45000 | 1.01 | 1.1 |

---

Notes to accompany Mineral Resource tables:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources have an effective date
 of the 15<sup>th</sup> May, 2025 and have been classified using the S-K 1300 Definitions

&nbsp;&nbsp;&nbsp;&nbsp;2. All Resources are presented undiluted
 and *in situ*, constrained by continuous 3D wireframe models, and are considered to
 have reasonable prospects for eventual economic extraction.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported assuming
 open pit mining methods, and the following assumptions: lithium concentrate (5.5% Li<sub>2</sub>O)
 price of US$1,700/t, mining costs of US$2.60/t for mineralization and waste, crushing and
 processing costs of US$27.71/t, general and administrative (G&A) costs of US$1.93/t,
 concentrate recovery of 61.7%, pit slope angles of 60º, and an overall cut-off grade
 of 0.3% Li<sub>2</sub>O.

&nbsp;&nbsp;&nbsp;&nbsp;4. Tonnages and grades have been rounded
 in accordance with reporting guidelines. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral resources which are not mineral
 reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a
 lower level of confidence than that applying to a Measured and Indicated Mineral Resource
 and must not be converted to a Mineral Reserve. It is reasonably expected that the majority
 of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
 exploration.

&nbsp;&nbsp;&nbsp;&nbsp;6. The results from the pit optimization
 are used solely for the purpose of testing the "reasonable prospects for economic extraction"
 by an open pit and do not represent an attempt to estimate mineral reserves. The results
 are used as a guide to assist in the preparation of a Mineral Resource statement and to select
 an appropriate resource reporting cut-off grade.

&nbsp;&nbsp;&nbsp;&nbsp;7. The estimate of Mineral Resources may
 be materially affected by environmental, permitting, legal, title, taxation, socio-political,
 marketing, or other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2 Gaia Project

There are no current resources on the Gaia project.

1.8 Mineral
 Reserves Estimates

The Mineral Reserve estimate in this report adheres to S-K 1300 definitions, which are consistent with CIM (2014) definitions, and includes only Measured and Indicated Mineral Resources, excluding Inferred Mineral Resources. These Reserves are representative of the economically extractable tonnage and grade of ore, factoring in considerations such as ore dilution and potential losses during mining or extraction.

**Table 1-8 Economic Parameters**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Price Concentrate@5.5% ($/t) | &nbsp;&nbsp;1700 |
| &nbsp;&nbsp;**Operating Costs** | &nbsp;&nbsp;**Operating Costs** |
| &nbsp;&nbsp;Process $/t ROM | &nbsp;&nbsp;27.71 |
| &nbsp;&nbsp;G&A $/t ROM | &nbsp;&nbsp;1.93 |
| &nbsp;&nbsp;Mine $/t | &nbsp;&nbsp;2.60 |
| &nbsp;&nbsp;**Rates** | &nbsp;&nbsp;**Rates** |
| &nbsp;&nbsp;Discount rate | &nbsp;&nbsp;10% |

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 11 <br>

**Table 1-9 Total Atlas Open Pit Mineral Reserve**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pit** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnes**<br> **(t)** | &nbsp;&nbsp;**Volume**<br> **(m<sup>3</sup>)** | &nbsp;&nbsp;**Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil**<br> **(%)** | &nbsp;&nbsp;**Concentrate**<br> **(t)** |
| &nbsp;&nbsp;Anitta 2.0 | &nbsp;&nbsp;Proven | &nbsp;&nbsp;2052786 | &nbsp;&nbsp;844768 | &nbsp;&nbsp;1.202 | &nbsp;&nbsp;1.142 | &nbsp;&nbsp;263048.36 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;Proven | &nbsp;&nbsp;800935 | &nbsp;&nbsp;329603 | &nbsp;&nbsp;1.465 | &nbsp;&nbsp;1.392 | &nbsp;&nbsp;125079.57 |
| &nbsp;&nbsp;Anitta 3.0 | &nbsp;&nbsp;Proven | &nbsp;&nbsp;4399081 | &nbsp;&nbsp;1629289 | &nbsp;&nbsp;1.201 | &nbsp;&nbsp;1.141 | &nbsp;&nbsp;562863.39 |
| &nbsp;&nbsp;All Pits | &nbsp;&nbsp;Proven | &nbsp;&nbsp;7252802 | &nbsp;&nbsp;2803660 | &nbsp;&nbsp;1.230 | &nbsp;&nbsp;1.169 | &nbsp;&nbsp;950991.32 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. S-K
 1300 definitions were followed, which are consistent with CIM (2014) definitions.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 effective date of the estimate is May 15<sup>th</sup>, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral
 Reserves are estimated using the following long-term metal prices (Li<sub>2</sub>O Conc =
 USD 1,700/t Li<sub>2</sub>O at 5.5% Li<sub>2</sub>O) and an exchange rate of 6.00 Reais (BRL)
 to US$.

&nbsp;&nbsp;&nbsp;&nbsp;4. A
 minimum mining width of 5 m was used.

&nbsp;&nbsp;&nbsp;&nbsp;5. A
 cut-off grade of 0.3% Li<sub>2</sub>O as defined by SGS was used.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 bulk density of ore is variable, outlined in the geological block model, and averages 2.77
 t/m³.

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 average strip ratio is 16.72.

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 average mining dilution factor is 5%

&nbsp;&nbsp;&nbsp;&nbsp;9. Overall
 Metallurgical recovery is 61.7%

&nbsp;&nbsp;&nbsp;&nbsp;10. Mineral
 Reserves are 100% attributable to Atlas

&nbsp;&nbsp;&nbsp;&nbsp;11. Numbers
 may not add due to rounding.

The SGS QP is not aware of any known mining, metallurgical, infrastructure, permitting, and / or other relevant factors that could materially affect the stated Mineral Reserve estimates.

The Mineral Reserve considers modifying factors - a variety of considerations, including but not limited to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and governmental factors - used to convert Mineral Resources to Mineral Reserves. This demonstrates that extraction could reasonably be justified, as of the reporting time.

SGS developed a regularized block model in Genesis. The block dimensions of 5 m x 5 m x 5 m were chosen to accurately represent the selective mining unit size, considering the loading units. The weighted mass average method was used for density and Li<sub>2</sub>O grade computations, and domain and class assessments were based on the largest volume value.

The open pit's optimal economic shape was determined by applying the PseudoFlow algorithm on the MinePlan Economic Planner (MPEP) tool. The design of the open pit, including the pit slopes, was guided by the ITAACU Final Geotechnical Assessment Report for the Final Pit Neves Project (Anitta 2, 2.5, and 3 Pits) (ITAACU, March 2025).

Using MPEP, Prominas Mining generated both constrained and unconstrained pit shells for Measured and Indicated Mineral Resource categories at various lithium prices. Constraints were based on the open pit footprint defined by the optimized pit shell. There were no project permitting constraints; the optimized constrained pit shell was selected for the Reserve estimate.

For the dilution and mining recovery, a 5% ore dilution and a 95% mining recovery were assumed. The dilution accounts for waste material unintentionally incorporated into the ore during mining, while the recovery reflects ore losses during extraction and transport. These values were considered constant throughout the mine's life to support simplified financial modeling and were based on historical data from comparable operations and industry best practices. The 5% dilution is considered technically feasible, given the geometry of the ore bodies and the operational routines to be implemented.

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 12 <br>

1.9 Mining
 Methods

The project consists of 3 proposed pits that will be mined with a conventional truck and shovel open pit operation. Mineralized rock and waste would be drilled, blasted, loaded by hydraulic shovels and hydraulic excavators into off-highway dump trucks, and hauled to the processing plant and waste dump.

The basis for the pit design work was the Mineral Resource block model that was developed by SGS pursuant to §§ 229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K), for the MRE (refer to Section 11).

There is one primary deposit currently under consideration. Due to the nature of the deposit, the resultant pits are shallow with Anitta 2 and 2.5 being the deepest at 228 m below surface. Currently in pit waste dumping/ backfilling is not contemplated due to the pit scheduling with the pits being mined simultaneously and the nature of the deposit where grade and dilution control was considered.

The proposed mining method is the development of a slot in front of the mineralized zone at each level. The centralized slot will enable waste mining on one side while mining mineralized material on the other side. This methodology will also facilitate separating mineralized material from the waste material.

The target ROM feed to the processing plant is 1,200,000 MTPY. The annual plant production is assumed at 150,000 tonnes of spodumene concentrate. Mineralized low-grade material can be sent to a stockpile so it could be processed at a later stage if economics allow.

The combined Life of Mine of the three pits is approximately 8 years, including pre-production.

Three-dimensional (3D) geologically controlled wireframe models representing the selected mineralized zones were constructed using SGS proprietary modelling software Genesis™. Mineralized intercepts were created from the drill hole data using minimum cut-off grades but mostly focussing on pegmatite occurrences (from lithology records), with each zone of mineralization having its own unique identifier or tag. The Genesis™ software was then used to create a planar envelope (wireframe) for each zone by interpolating the mineralized intercepts. The overall dimensions of the planar envelopes were constrained based on the properties set, including smoothing, resolution, margins, and overall thickness front and back.

In order to determine the quantities of material offering "reasonable prospects for eventual economic extraction" by an open pit, optimization from MinePlan (Hexagon) software and reasonable mining and processing assumptions to evaluate the proportions of the block model that could be "reasonably expected" to be mined from an open pit are used. The pit optimization for the Neves Project was completed by Prominas for the current MRE and the pit optimization parameters used are summarized in Table 12-1. Pit shells at a revenue factor of 1.0 (i.e. 100 % of base case metal prices) were selected as the ultimate pit shells for the purposes of reporting the Neves Project MRE. A selected base case cut-off grade of 0.3 % Li<sub>2</sub>O is used to determine the in-pit MRE for the Neves Project deposit.

The pit shells selected as the templates for the pit designs are described in Section 12.3 for the scheduling with the resultant tonnages. As per standard practice in mine design, the pit shells are used as templates to guide the pit design process.

The initial step was to design a pit shell without ramps to determine how closely the design could be matched to the optimized pit shell while applying batter angles and berm widths. MinePlan adds blocks to the pit until the maximum value is reached without consideration for the practicality of mining the resultant pit. This results in drop-cuts of single blocks or small groups of blocks into the pit floor. Consequently, in a narrow deposit such as Neves, it is practical to design a pit as deep as the pit shell as the pit bottom becomes narrower to deploy equipment using the minimum mining width where both excavator and the truck can maneuver safely. Removing these drop-cuts results in a more practical layout.

These initial designs were then reviewed to determine the number and location of ramps to ensure access for all operating benches. With the inclusion of the ramp system, the overall highwall slopes is approximately 57° at the Anitta 3 southwest wall, 53.8° at the Anitta 2.5 northeast wall, and 47.4° in the upper weathered portion of the west wall of Anitta 2.5.

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 13 <br>

Dominated by equatorial and tropical climates, northern and central Brazil receives frequent rainfall and experiences higher temperatures. Meanwhile, southern Brazil is characterized by a humid subtropical climate. Notably, northeast Brazil exhibits a semi-arid climate, receiving less than 700 mm per year of rain. Therefore, no serious dewatering issues are expected. However, minimal pumping capacity has been allowed for water ingress due to rainfall, and will be managed with berms and cut-off drains.

Separate sets of mining equipment are envisaged for waste mining and ROM production. The production schedule was developed using MinePlan Schedule Optimizer (MPSO), Hexagon scheduling tool.

A 5m x 5m grid was created for each area such that the block orientation is approximately aligned with the general strike of the deposit. This grid was then used to reserve the mining model within the design pit to create input files for the pit scheduler.

Haulage reference points were defined at the entrance to the ramp on each level, and where the ramp reaches surface. In-pit haul distances, both on bench and on ramp were manually calculated with string creation for the haulage profiles and registered to the haul surfaces and measurement for the lines done in Hexagon. The on-bench distances were calculated for each block as the sum of the Northing and Easting distance to the applicable reference point. The on-ramp distance is the vertical height from the reference point to the ramp exit multiplied by the ramp gradient of 1:10.

Resultant schedules were then exported as .CSV files and used as input to the economic model.

1.10 Project
 Infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1 On-Site Infrastructure

The Project operations will include the following facilities:

● Open pit mine

● Crushed ore stockpile

● Process plant (crushing & reclaim, dense medium separation (DMS) building)

● Dry stack system (thickener and filtration)

● Spodumene concentrate storage facility

● Fine and coarse tailing stockpiles

● Waste rock and tailings storage facilities (WRTSF)

● Overburden and peat storage facility (OPSF)

● Water management ponds (WMP) and a plant water management pond

● Run-of-Mine (ROM) pad

● Contact water ditches and non-contact diversion water ditches

The tailings stockpile and spodumene concentrate will be located adjacent to the process plant.

All storage areas were selected to minimize their environmental impacts. A surface drainage network will be built to divert non-contact water from the ROM pad and stockpile, WRTSF, OPSF, stockpiles, and process plant. A similar drainage network will be used to manage the surface water run-off (contact water) for all disturbed land.

The basic design for the waste dump piles PDER-1 and PDE-2 was completed by DF+ Engenharia ("DF+") as part of the Neves Project adhering to the current national standards and engineering best practices with all the data provided by Atlas. A document NEV-B-MD-215-DFM-F-0002-A was completed and was reviewed by SGS Mining Engineers. The document with a summary report provided the organization and the data, which will serve as the foundation for pile design development. The report addresses the project results of geological, geotechnical, and hydrological/hydraulic studies, with the objective of presenting the piles to be implemented in the Neves Project. For the design of the future PDER-1 and PDE-2, a "wedding cake" type geometry is planned, with PDER-1 being implemented in three phases and PDE-2 in two. The designs of both structures were designed by DF+ in 2025 as part of the Basic Project for these stacks.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 14 <br>

For the phase I of PDER-1 will be developed to ensure a satisfactory Factor of Safety (FS) considering the new test results, benches with a height of 20 meters, berm widths of 10 meters, and slope face angles of 37.6° (1V:1.3H) were designed for this stage, resulting in an expected waste disposal volume of 13.9 million cubic meters.

For Phase II, DF+ maintained the same configurations for bench heights, berm widths, and slope face angles as in Phase I, expanding towards the southern boundaries of the area. In this scenario, the stacking of Phase II over Phase I will result in an additional volume of 9.8 million cubic meters, leading to a total waste disposal volume (Phase I + Phase II) of 23.7 million cubic meters.

For PDE-2, the geometric design of Phases I and II was developed by DF+ throughout 2025. For Phase I, benches were designed with a height of 20 meters, berm widths of 10 meters, and slope face angles of 34° (1V:1.5H), not exceeding four benches at the highest section (approximately 80 meters total). For this phase, the pile will have a capacity to accommodate 4.4 million cubic meters of waste.

In addition, the following infrastructure facilities are planned for the Project:

● Generator Set substation

● Laboratory building

● Workshop and reagent buildings within DMS Building

● Diesel storage and distribution facility

● Mine Service Center including a Truck-shop and wash-bay

● Dome warehouse for the storage of critical parts

● Mine Dry

● Explosives Storage

● Water treatment plant (effluent)

● Potable water treatment plant

● Sewage treatment plant

● Communications

Operational personnel will be housed off-site.

All essential power loads will be supported with power supply available from the diesel generators at the mine support services area. Suitable diesel storage, unloading, and distribution facilities will be installed to provide an uninterrupted diesel fuel supply to the operations and maintenance fleet and equipment.

The main source of raw water for the Neves Project will be supplied from eight (8) boreholes currently licensed by Atlas. The water system is explained in detail in Section 15.4. The 8 wells can deliver a total of 50 m<sup>3</sup>/hour, which is enough to continuously supply the processing requirement of 23 m<sup>3</sup>/hour and the site water requirements.

Additionally, communication facilities will need to be developed as the site is not currently serviced by cellular data or fiber optics.

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 15 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2 Off-Site Infrastructure

1.10.2.1 Transshipment

The spodumene concentrate will be transported to Ilhéus Port, BA via a Transshipment (transfer facility) planned to be located 34 km from the process plant. The concentrate will be transported by mining trucks to a stockpile at the transfer facility and will be loaded into B-trains.

1.10.2.2 Concentrate Shipment to Port

Access to the port is available through well-paved (federal or state highways) from the Transhipment facility to Ilhéus Port, BA. A second alternative is available via Vitória Port, ES.

The following are the proposed Access Routes to Ilhéus Port, BA:

● The first preferred route is on BR-367 to the junction with BR-116 (74 km), BR-116 to the junction with BA-634/BR-415 (181 km), and 296 km BA-634 and BR-415 to the Port of Ilhéus. Total distance of 551 km.

● Truck route first traverse LMG-678 to BR-242/BR-367 (8.8 km) in Aeroporto, Araçuaí followed by BR-367 to Av.Olindo de Miranda in Almenara (186 km) then LMG-634 and R. Hipolito Sousa to BA-638 (67.3 km). The haul route continues via BA-638, BA-130, and BR-415 to R. Rotary in Ilhéus (254 km). Route continues to R. Rotary-R. Tobias Barreto in Cidade Nova (650 m). Total route distance is 516 km.

● For the next option, the total haul route distance from the Transshipment area to the port is 556 km. The first leg is LMG-678 to BR-342/BR-367 in Aeroporto, Araçuaí (8.8 km). Next leg follows BR-367 and BR-116 to Veredinha (253 km). Finally, the final leg BA-639, BA-634 and BR-415 to R. Tobias Baretto in Cidade Nova, Ilhéus (294 km).

1.11 Market
 Studies

Lithium market information used in this report is gathered from a variety of sources, including industry studies, public commodity forecasts and trailing average prices of spodumene SC5.5 concentrate. The information presented here is current as of the 1<sup>st</sup> quarter of 2025. All pricing in this section is in US dollars.

Pricing forecasts show long term spodumene prices climbing slightly for the next several years, then stabilizing. The conservative pricing used for this study is set at USD$1,700 per tonne of SC5.5% concentrate.

1.12 Environmental
 Studies, Permitting, and Social or Community Impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 Environmental Licensing

The environmental licensing process in Minas Gerais is carried out in accordance with the normative deliberation of the State Council for Environmental Policy (COPAM) No. 217, signed on December 6, 2017, and published on December 8, 2017. This resolution establishes the criteria for classification, according to size and polluting potential, as well as the locational criteria to be used to define the modalities of environmental licensing of enterprises and activities that use environmental resources in Minas Gerais, and other measures.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 16 <br>

Environmental licensing in the form of Concurrent Environmental Licensing - LAC1, comprising the simultaneous obtaining of the Preliminary License (LP), Installation License (LI) and Operating License (LO) from the Regional Management Directorate (DRG) of the State Environmental Foundation of the State of Minas Gerais (FEAM-MG) through Administrative Process SLA No. 2102/2023 / SEI Process No. 1370.01.0037951/2023-04 / Opinion No. 56/FEAM/GST/2024, being concluded with the granting of the Environmental License upon unanimous approval of the Chamber of Mining Activities (CMI) of the State Council for Environmental Policy (Copam) of Minas Gerais at the 117th Ordinary Meeting held on October 25, 2024, published in the Official Gazette of the State of Minas Gerais on October 26, 2024, valid for 10 (ten) years.

Atlas Líthium Brazil continued to develop mineral research and diamond rotary drilling work with the aim of discovering new mineralized pegmatite bodies, as well as to obtain a better understanding of the dimensions and volume of the Anitta Project deposit, so that it gathered the technical conditions to consolidate the understanding of the area of Pit 1 and a new deposit in the area ANM Process 833.356/2007 sufficient for a Pit 2 area, implying the need to license an expansion of the Anitta Project 1.12.2 Authorizations.

The water supply for the project comes from water collection permits from wells in accordance with the authorizations already obtained.

The environmental authorizations and operating licenses presented in Table 17-5 refer to the project area in which Atlas Lítio Brasil already has all the licenses and permissions to carry out the necessary interventions and installations of the pit, the pile and the mineral treatment unit, as well as to start the mining and processing of pegmatites.

Expansion of Anitta Project are subject to environmental licensing under the Concomitant Environmental Licensing modality - LAC1, comprising the simultaneous obtaining of the Preliminary License (LP), Installation License (LI) and Operating License (LO) from the Regional Management Directorate (DRG) of the State Environmental Foundation of the State of Minas Gerais (FEAM-MG) through Administrative Process SLA PA No. 4709/2024 / formalized on 12/21/2024 through publication in the Official Gazette of the State of Minas Gerais and SEI process no. 2090.01.0001026/2025-05.

Table 1-10 provides the environmental, authorizations, and operations process related to the area of the expansion project.

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 17 <br>

**Table 1-10 Environmental, Authorizations, and Operations Process List**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Expansion Anitta Project** | &nbsp;&nbsp;**Expansion Anitta Project** | &nbsp;&nbsp;**Expansion Anitta Project** |
| <br>&nbsp;&nbsp;**Annex** | <br>&nbsp;&nbsp;**Environmental License** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;Annex 8 | &nbsp;&nbsp;Concomitant Environmental License (LAC1) | &nbsp;&nbsp;4709/2024 | &nbsp;&nbsp;Preliminary License (LP) + Installation License (LI) + Operating License (LO)<br> 1) Waste Pile - 17,61 ha<br> 2)Road for transporting ore/waste outside the limits of mining projects – 3,64 km<br> 3) Open Pit Mining - 1,500,000 t/year | &nbsp;&nbsp;Process in Analysis in the Environmental Agency |
| &nbsp;&nbsp;Annex 9 | &nbsp;&nbsp;Authorization for Environmental Intervention (AIA) | &nbsp;&nbsp;2090.01.0031471/2024-68 | &nbsp;&nbsp;Authorization for Environmental Intervention - 64,48 ha<br> 1) Removal of Native Vegetation<br> 2) Intervention in Permanent Preservation Area (APP) | &nbsp;&nbsp;Process in Analysis in the Environmental Agency |
| &nbsp;&nbsp;Annex 10 | &nbsp;&nbsp;Grant 1 - Exempt Use Crossing (Córrego São José) | &nbsp;&nbsp;12.05.0000865.2024 | &nbsp;&nbsp;Authorization to cross a stream | &nbsp;&nbsp;Granted |
| &nbsp;&nbsp;Annex 11 | &nbsp;&nbsp;Grant 2 - Exempt Use Crossing (Córrego São José) | &nbsp;&nbsp;12.05.0000866.2024 | &nbsp;&nbsp;Authorization to cross a stream | &nbsp;&nbsp;Granted |
| &nbsp;&nbsp;Annex 12 | &nbsp;&nbsp;Grant 3 - Exempt Use Crossing (Córrego São José) | &nbsp;&nbsp;12.05.0000919.2024 | &nbsp;&nbsp;Authorization to cross a stream | &nbsp;&nbsp;Granted |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 18 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 Reclamation and Mine Closure

The Conceptual Mine Closure Plan outlines activities aimed at minimizing impacts during the Project's closure phase. Its primary goal is to establish guidelines and corporate criteria for closure activities approved by the ANM and the Minas Gerais Department of Environment and Sustainable Development (SEMAD). These activities ensure technical and financial conditions for mine closure, transitioning to post-closure status, and determining future land use.

The Atlas Mine Closure Plan for the Neves Project will incorporate final pile configurations with properly sloped sides to ensure the effective execution of the closure strategy. The plan includes a meticulously designed drainage network to control surface water and promote vegetation growth on slope faces. These measures mitigate the visual impact of mining activities and significantly reduce erosive effects.

The rehabilitation and closure plan consists of three main stages:

&nbsp;&nbsp;&nbsp;&nbsp;1. Decommissioning planning

&nbsp;&nbsp;&nbsp;&nbsp;2. Execution of decommissioning

&nbsp;&nbsp;&nbsp;&nbsp;3. Implementation of the socio-environmental
 and geotechnical follow-up and monitoring actions of the post-closing. Waste piles will be
 graded as needed, capped with a vegetation suppression layer and revegetated with herbaceous-shrub
 species. A final protective cover can be placed over the pile to facilitate revegetation
 and minimize erosion, at which point the sedimentation pond may be decommissioned. A cap
 layer of soil will be placed and seeded on the open pit berm areas. A fence will be built
 around the open pits, and all mine haul roads will be blocked off.

The Planned Measure Minimize Environmental Impact (Table 17-9) can be reviewed in Section 17.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.3 Community Engagement and Government Relations

The Atlas's Lithium Project was designated as a state priority by the Economic Development Group (GDE) of Minas Gerais State on June 6, 2023. The Neves Project priority status in internal state agency assessments aimed at expediting the licensing process for its implementation.

During the development of the EIA studies for the Expansion of the Neves Project, prepared by WSP, the Area of Direct Influence (AID) for the Socioeconomic Environment is composed of the locations surrounding the Area Directly Affected by the project, namely:

● Nossa Senhora das Neves;

● São José das Neves; and

● Ribeirão Calhauzinho das Neves

The locations most directly subject to the impacts of vehicle traffic along the access route to the project, given the concentration of residences close to the road, are:

● Aguada Nova; and

● Ribeirão Calhauzinho das Neves (already considered in the previous criterion).

It is worth noting that the Baixa Quente community, although not classified as an AID, will be the target of labor prioritization actions and monitoring of socioeconomic indicators – the latter with the aim of verifying the potential impact of the arrival of the project on changes in living conditions in the area, considering the network of socioeconomic relations with neighboring communities.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 19 <br>

It is important to clarify that access for maintaining economic and social ties between Aguada Nova and Baixa Quente is completely different from the route that will be used by the project, that is, the route and traffic between the communities are not affected in any way by the Expansion of the Neves Project.

The areas surrounding the project are sparsely populated, with little vehicular traffic. The villages are mainly concentrated along BR 367 and in the municipal district of Araçuaí, which has approximately 40,000 inhabitants. The main economic activities of the region are subsistence agriculture and small livestock farming.

Atlas maintains an open dialogue channel and close relationship with the communities surrounding the project and in the Municipality of Araçuaí as a whole, having held regular consultation meetings with the communities directly affected by the project.

The development of mining activities by Atlas in the Jequitinhonha Valley is viewed positively by the communities of Nossa Senhora das Neves, São José das Neves, Calhauzinho and Aguada Nova as well as by the Municipal Government, being recognized as an important economic driver in the region and an opportunity for employment and professional development.

In support of relationships with the local community, Atlas signed a Memorandum of Understanding with the Municipality of Araçuaí with the objective of establishing a partnership for improvements in infrastructure, health, education, access to water, among others.

In this sense, actions are being developed in partnership with the Municipality of Araçuaí and other companies, with emphasis on improving existing access roads, especially when compared to the conditions of the roads before the company's activities, as well as various actions to support the communities, based on knowledge of local needs.

In general terms, the following actions are planned for the communities of Calhauzinho, São José das Neves, Neves and Aguada Nova, among others, within the scope of the Neves Project as a whole. These actions are related to the implementation of small water storage dams, improvements and graveling of roads, donation of machinery and equipment, construction of infrastructure, in addition to support, donations and sponsorships. The community support program for implementation is presented in Table 17-8 in Section 17.

1.13 Capital
 and Operating Costs Estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 Capital Costs

The total capital costs to completion of the Project are estimated to be $71.7M (Net of credits 67.2M). Sustaining capital beyond project commissioning is estimated at $26.6M (Net of tax credits $24.1M). Sunk costs of $30.0M were funded out of existing equity and are included in the cash flow analysis. Total capital costs for the project are estimated at $98.3M ($91.3M Net of tax credits). No salvage value is applied to the capital estimate.

The overall capital cost estimate developed in this FS generally meets the American Association of Cost Engineers ("AACE") Class 3 requirements. The capital cost estimate was compiled using a mix of quotations and budgetary quotations, database costs, and database factors.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 20 <br>

**Table 1-11 Capital Cost Summary <sup>(1)</sup>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CBS - Cost Breakdown Structure** | &nbsp;&nbsp;**Sunk Cost**<br> **($M)** | &nbsp;&nbsp;**Estimate to Complete**<br> **($M)** | &nbsp;&nbsp;**Actual Budget**<br> **($M)** |
| &nbsp;&nbsp;Bins & Conveyors | &nbsp;&nbsp;2.99 |  | &nbsp;&nbsp;2.99 |
| &nbsp;&nbsp;Buildings | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;3.52 | &nbsp;&nbsp;3.97 |
| &nbsp;&nbsp;DMS | &nbsp;&nbsp;5.86 |  | &nbsp;&nbsp;5.86 |
| &nbsp;&nbsp;Effluent | &nbsp;&nbsp;2.93 |  | &nbsp;&nbsp;2.93 |
| &nbsp;&nbsp;MV Subs & Automation | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;4.98 |
| &nbsp;&nbsp;Piping | &nbsp;&nbsp;0.76 |  | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Screens - Prep & sizing | &nbsp;&nbsp;1.64 |  | &nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;Spares | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;1.40 |
| &nbsp;&nbsp;Steelwork & Platework | &nbsp;&nbsp;1.56 |  | &nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;Tanks | &nbsp;&nbsp;0.64 |  | &nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Taxes |  | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;Water Supply | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;Weighbridge |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Civils | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;6.25 | &nbsp;&nbsp;6.26 |
| &nbsp;&nbsp;Commissioning | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Crushing Area |  | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;6.89 |
| &nbsp;&nbsp;Contract Mining |  | &nbsp;&nbsp;6.90 | &nbsp;&nbsp;6.90 |
| &nbsp;&nbsp;Earth works | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;9.45 | &nbsp;&nbsp;9.66 |
| &nbsp;&nbsp;Engineering | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;3.66 |
| &nbsp;&nbsp;Generators |  | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.34 |
| &nbsp;&nbsp;Installation |  | &nbsp;&nbsp;12.15 | &nbsp;&nbsp;12.15 |
| &nbsp;&nbsp;Owners team OPS |  | &nbsp;&nbsp;11.86 | &nbsp;&nbsp;11.86 |
| &nbsp;&nbsp;Project Developed | &nbsp;&nbsp;3.66 |  | &nbsp;&nbsp;3.66 |
| &nbsp;&nbsp;Shipping | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Contingency |  | &nbsp;&nbsp;4.84 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;Insurance |  | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30.04** | &nbsp;&nbsp;71.73 | &nbsp;&nbsp;101.78 |

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(1) Numbers may not add up due to rounding.

All capital costs for the Project have been distributed against the development schedule to support the economic cash flow model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 Operating Costs

The operating cost estimate was based on budget quotations, first principle calculations with vendor support, and Atlas Lithium's current cost structure. The operating cost estimate is appropriate for a feasibility study. The target accuracy of the operating costs is ±15%. No cost escalation or contingency has been included within the operating cost estimate.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 21 <br>

The average operating cost over the LOM is estimated to be $64.06 per tonne mined. Total LOM and unit operating cost estimates are summarized Table 1-12.

**Table 1-12 Operating Cost Summary**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost**<br> **(USDM)** | &nbsp;&nbsp;**Unit Cost**<br> **USD/t of SC5.5** | &nbsp;&nbsp;**Unit Cost**<br> **USD/t Ore** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;274 | &nbsp;&nbsp;288.0 | &nbsp;&nbsp;37.8 |
| &nbsp;&nbsp;Crushing | &nbsp;&nbsp;14 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;DMS Plant Cost | &nbsp;&nbsp;88 | &nbsp;&nbsp;92.4 | &nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;49 | &nbsp;&nbsp;51.6 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;Freight & Port Cost | &nbsp;&nbsp;40 | &nbsp;&nbsp;41.9 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**464.6** | &nbsp;&nbsp;**488.5** | &nbsp;&nbsp;**64.1** |

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1.14 Project
 Economics

The economic assessment of the Project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on a combination of trailing average prices and long term projections for spodumene concentrate in United States dollars and cost estimates in the currency in which they are incurred. An exchange rate of BRL 6.00 per USD 1.00 was used for the economic projections. No provision was made for the effects of inflation. Current Brazilian tax regulations were applied to assess the corporate tax liabilities, as well as future legislated tax regulations that will take effect during the life of the project.

The input parameters used, and results of the financial analysis are presented in Table 1-13, and the financial analysis summary is presented in Table 1-14.

The pre-tax base case financial model resulted in an IRR of 162% and a NPV of $629.0M using a 7% discount rate.

On an after-tax basis, the base case financial model resulted in an IRR of 145% and a NPV of $539.2M using a 7% discount rate. The payback period after start of operations is 0.92 years.

The AISC including royalties over the LOM are USD595/tonne.

**Table 1-13 Financial Analysis Assumptions**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Pre-production period | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Life of Project production | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;LOM ore mined and processed | &nbsp;&nbsp;7253 |
| &nbsp;&nbsp;LOM waste mined | &nbsp;&nbsp;121238 |
| &nbsp;&nbsp;LOM average strip ratio | &nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;LOM average Li<sub>2</sub>O grade | &nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;LOM metallurgical recovery | &nbsp;&nbsp;61.70% |
| &nbsp;&nbsp;LOM average product – Li<sub>2</sub>O grade | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;Plant throughput (average) | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;LOM SC5.5 price | &nbsp;&nbsp;1700 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 22 <br>

**Table 1-14 Financial Analysis Results**

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|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Net cash flow | &nbsp;&nbsp;US$M | &nbsp;&nbsp;779639 |
| &nbsp;&nbsp;NPV | &nbsp;&nbsp;US$M | &nbsp;&nbsp;539225 |
| &nbsp;&nbsp;IRR | &nbsp;&nbsp;% | &nbsp;&nbsp;145% |
| &nbsp;&nbsp;Breakeven (NPV) SC5.5 price | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;735 |
| &nbsp;&nbsp;Mining costs | &nbsp;&nbsp;US$/t ore | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;Mining costs | &nbsp;&nbsp;US$/t SC5.5 | &nbsp;&nbsp;288 |
| &nbsp;&nbsp;C1 Cost | &nbsp;&nbsp;US$/t SC5.5 | &nbsp;&nbsp;489 |
| &nbsp;&nbsp;All in Sustaining cost | &nbsp;&nbsp;US$/t SC5.5 | &nbsp;&nbsp;594 |
| &nbsp;&nbsp;Production year payback | &nbsp;&nbsp;Years | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;LOM Li recovered | &nbsp;&nbsp;Kt | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;Average SC5.5 production at 1.2 Mt/a ore | &nbsp;&nbsp;kt/a | &nbsp;&nbsp;146 |
| &nbsp;&nbsp;Total revenue | &nbsp;&nbsp;US$M | &nbsp;&nbsp;1541 |
| &nbsp;&nbsp;Total production costs (C1) | &nbsp;&nbsp;US$M | &nbsp;&nbsp;465 |
| &nbsp;&nbsp;Operating cash flow | &nbsp;&nbsp;US$M | &nbsp;&nbsp;871 |
| &nbsp;&nbsp;Capital intensity – Initial capex/t lithium | &nbsp;&nbsp;$US/t SC5.5 | &nbsp;&nbsp;96 |

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A financial sensitivity analysis was conducted on the Project's after tax NPV using the following variables: capital cost (pre-production and sustaining), mining costs, BRL:USD exchange rate, SC5.5 Spodumene concentrate pricing, metallurgical recovery and discount rates.

The graphical representation of the financial sensitivity analysis on NPV is shown in Figure 1-2. The project is most sensitive to spodumene pricing and metallurgical recovery, somewhat sensitive to BRL:USD exchange rates and relatively insensitive to capital costs, discount rates and mining costs. Overall, the NPV of the Project is positive over the range of values used for the sensitivity analysis.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 23 <br>

**Figure 1-2 Financial Sensitivity Analysis**

1.15 Conclusions
 and Recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.1 Geology

1.15.1.1 Neves Project

The Neves Lithium Project contains Measured, Indicated and Inferred Mineral Resources that are associated with well-defined mineralized trends and models. The deposit is open along strike and at depth.

Given the prospective nature of the Neves Deposit, it is the QP's opinion that the Project merits further exploration and that a proposed plan for further work by Atlas is justified. The QP is recommending Atlas continue further drilling, subject to funding and any other matters which may cause the proposed exploration program to be altered in the normal course of its business activities or alterations which may affect the program as a result of exploration activities themselves.

1.15.1.2 Gaia Project

It is recommended that Atlas continue with their surface mapping, sampling and soil sampling over the Gaia project and develop a diamond drill program to bring the project to a mineral resource status.

1.15.1.3 Geological Model Maintenance and Quality
 Control

As outlined in Section 13 and the planned organizational structure of the project, it is recommended to maintain a qualified team composed of geologists and mining technicians, responsible for:

● Systematic updating of the block model.

● Quality control of mining operations (QA/QC).

● Improving mineral predictability to support short-term mine planning.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 24 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.2 Mineral Processing

Based on the metallurgical tests conducted and the site visit, some risks and opportunities are identified and corresponding recommendations are summarized below.

● During the site visit, relatively large spodumene crystals in numerous ore samples were pointed out by Atlas lithium personnel to the SGS QPs. Based on the information provided by Atlas Lithium geologists, most of the spodumene in this deposit consists of relatively large crystals. This situation usually corresponds to an elevated DMS recovery of spodumene. A larger crush size for DMS feed with DMS middling re-crushing can be further explored in a future test program or future operation to optimize the lithium recovery.

● SGS Lakefield conducted flotation tests on the combined material of minus 0.85 mm material and DMS middlings and indicated that at least 50% of the lithium in the material can be recovered to the final concentrate having a potential product grade of 5.5% lithium oxide. Though flotation is not included in the current process design, it is a future opportunity for consideration.

● Micaceous material was observed at the mine site during SGS QPs visit, this type of material will be difficult to remove by the DMS process. If this material contaminates the final spodumene concentrate, a reflux classifier or magnetic separator can be considered to remove these impurities and further improve the concentrate grade.

● There was a significant portion of lithium present in the minus 0.85 mm material as revealed by the metallurgical tests. To further optimize the lithium recovery, the dense media separation size range could possibly be further lowered to 0.5 mm or so to optimize the overall lithium recovery.

● If there is a market for a lower grade petalite concentrate, recovering the petalite mineral through DMS can be further explored.

● As concentrate dispatch costs are an important contributor to the operating costs, it is recommended to investigate concentrate dispatch cost reduction by drying of the final concentrate prior to transportation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.3 Mining Methods and Mineral Reserves

SGS offers the following recommendations regards mining:

● Conduct a dilution study to determine the optimal block size and confirm the value of diluted content in the model. Analyze operational strategies to support minimizing dilution to the ROM.

● Refine the open pit designs and mining schedule to maximize profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.4 Infrastructure

Promon – Infrastructure

The infrastructure engineering designs have been developed to a detailed level, incorporating the technical specifications and data provided by equipment manufacturers during their respective design phases. It is recommended to carry out a comprehensive review focused on the coordination and integration of the suppliers' final designs with the final designs for civil works and electromechanical installations, in order to ensure full compatibility, avoid interferences, and mitigate potential construction and assembly risks.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 25 <br>

1.15.5 Mine
 Waste Storage Facilities

The SGS QP recommends the following additional validation to refine the detailed design of the WRTSF, OPSF, and WMPs, in addition to the geotechnical investigations:

● Consider staged consolidation and slope stability analysis, given the presence of undrained foundation conditions.

● Develop an instrumentation and monitoring program for construction and operation of the WRTSF with established threshold alert levels and an appropriate response framework.

1.15.6 Waste
 Dumps (PDER-1 and PDE-2 Waste Project)

It is recommended that the following additional work be included in the detailed engineering phase:

● Detailing of the access roads and water drainage areas during all the construction phases of the project.

● Design of dumping phases aimed at reducing initial installation costs and maintenance costs over the useful life of the mine.

1.15.7 Water
 Management

The SGS QP recommends the following studies related to water management to support future detailed design:

1.15.8 Hydrogeology

● It is recommended to maintain the continuous update of hydrogeological numerical models according to the progress of mining activities.

● Carry out routine monitoring of groundwater levels, following the hydrogeological report guidelines, as the systematic collection and analysis of piezometric data to monitor/understand water table dynamics related to dewatering, slope stability, and environmental controls throughout the mine's operational life.

1.15.9 Environmental
 Studies and Permitting

Atlas - Environmental Studies, Permitting, Etc (Important)

It is recommended to ensure full compliance with all environmental conditions and compensation measures established in the project's environmental license, in accordance with applicable legal and regulatory requirements. Additionally, the implementation of all actions defined in the Environmental Control Plan (PCA) is essential to guarantee the proper execution of mitigation, monitoring, and corrective measures. Maintaining transparent, continuous, and constructive communication with stakeholders—including regulatory agencies, local communities, and other interested parties

Atlas will facilitate with the Environmental Agency the granting of the Concomitant Environment License (LAC 1) and Authorization for Environmental Intervention (AIA) of Anitta 3 and PDE-2, still in the process of analysis by the Agency.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 26 <br>

1.15.10 Power
 Supply

Power is the second largest process operating cost, and further use of renewables is recommended, as well as trying to obtain power from sources cheaper than diesel fuel (natural gas pipeline, high voltage overland power lines, etc.) if availability becomes suitable for the project timeline.

1.15.11 Commissioning

In accordance with the operational schedule and as illustrated in the operational histogram, Atlas is responsible for ensuring the timely mobilization of the Operational Readiness and Mine Development Management teams. Furthermore, as detailed in the current Owner's Team budget, Atlas shall proactively conduct all required training programs for its personnel to ensure readiness and alignment with project milestones.

1.15.12 Economic
 Analysis

● Based on the current economics, this project should progress to the detailed engineering and development / Life of Mine budgeting phase.

● Detailed monthly bench plans should be developed with the selected mining contractor to ensure compliance to plan

1.15.13 Overall

Develop Detail Engineering for Bulk Earthworks and Construction Support facilities (i.e. roads and facilities platforms, and service hub, raw water supply, etc.) to allow for an immediate construction start after investment decision, while detail engineering for the rest of the plant and facilities can be performed during the first year of construction.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 27 <br>

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| **2** | **INTRODUCTION** |

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This TRS was prepared at the request of Atlas Lithium Corporation, a company existing under the laws of USA, trading under the symbol "ATLX" on the National Association of Securities dealers (NASDAQ) Exchange with its U.S. corporate office at 1200 N Federal Hwy, Suite 200, Boca Raton, FL 33432.

This document presents the results of the feasibility study evaluation of the Neves Project ("Neves") and focuses primarily on the Neves deposit, together with an initial exploration summary of the Gaia project ("Gaia").

This TRS is an updated Feasibility Study completed for Atlas's Neves Project and is the second TRS for the Project filed with the United States Securities and Exchange Commission (SEC). The first TRS was effective August 10, 2022 and is titled "S-K 1300 Technical Report Summary on the Neves Lithium Project".

SGS was engaged by Atlas Lithium Corporation (NASDAQ:ATLX, "Atlas") for the preparation of the independent Technical Report Summary (TRS) on the Neves Lithium deposit, located near the rural community of Nossa Senhora das Neves, municipality of Araçuaí, Minas Gerais and to prepare an initial exploration summary of the Gaia project, located near the town of Salinas, both within Minas Gerais state, Brazil. The purpose of this Technical Report is to support the disclosure of the Neves Mineral Resource and Mineral Reserve estimates as of May 15<sup>th</sup>, 2025.

The scope of the TRS includes the study of the mineral resources, and the economic and technical viability of mineral extraction for the deposits.

Atlas Lítio Brasil Ltda. (ALBL) is the Brazilian subsidiary of Atlas and is the owner of the mining rights. On May 27<sup>th</sup> ,2025, the granting by Brazil's Ministry of Mines and Energy of mining concession status. The grant provides ownership of the mineral right in perpetuity and the right to mine the substance for which it was issued (in this case, lithium) without volume limitations.

The Neves Lithium Project is located 36 km south of the municipality of Araçuaí, Brazil. Araçuaí is a Brazilian municipality located in the northeast of the state of Minas Gerais in the Jequitinhonha River valley. The Gaia project is located 100 km north of the Neves Project, within the municipality of Salinas, also within the Jequitinhonha River valley.

The Neves Lithium project is located approximately 4.14 km northwest of Nossa Senhora das Neves. Nossa Senhora das Neves is located 46 km from Araçuaí, and is connected to Araçuaí by road. The Gaia project is located 26 km east of the city of Salinas.

The Project is located in the state of Minas Gerais, Brazil, and Atlas is proposing to develop a conventional open-pit lithium mine and concentrator operation. The concentrated ore (spodumene) will be trucked to a transfer site near the City of Araçuaí. The spodumene will then be loaded onto B-Train trucks and transported to a port facility.

The following updates have been completed, as detailed in this TRS:

● Mineral Resources increased due to new drilling, a new geological interpretation, and a larger constraining pit shell.

● Mineral Reserves and the mining schedule were re-run on the updated block model.

● A new market study has been completed.

● Capital and operating cost estimates have been updated to reflect intervening work on basic engineering and new cost inputs.

● The Project cash flow has been updated to reflect the changes above.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 28 <br>

2.1 **Registrant Information** 

Atlas Lithium Corporation (NASDAQ: ATLX) is a U.S.-based mineral exploration company with the largest size and breadth of exploration projects for strategic minerals in Brazil, a premier mineral jurisdiction. Atlas Lithium Corporation is a mineral exploration and development company with lithium projects and multiple lithium exploration properties. In addition, the company owns exploration properties in other battery minerals, including nickel, copper, rare earths, graphite, and titanium. Its current focus is the development from exploration to active mining of a hard-rock lithium project located in the state of Minas Gerais, Brazil, within a well-known pegmatitic district that has been designated by the government of Minas Gerais as the "Lithium Valley.

Atlas Lítio Brasil Ltda. (ALBL) is the Brazilian subsidiary of Atlas holding the mining rights and the mining concession ordinances which are referenced in this TRS.

Neves is Atlas Lithium's flagship project located in the prospective Jequitinhonha Valley region, also called the "Lithium Valley" due to the presence of large lithium deposits associated with pegmatites. The pegmatites contain high concentrations of lithium bearing minerals such as spodumene and petalite. In general, lithium derived from pegmatites is less expensive to process and purify for uses in high technology applications than lithium obtained from brine.

The Gaia project is a new exploration project also within the Jequitinhonha Valley region.

Atlas Lithium owns a total of 50 mineral rights for lithium exploration spread over an area of 56,834 acres (230 km<sup>2</sup>) and predominantly located within the Brazilian Eastern Pegmatitic Province which 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 in northeast Minas Gerais. The Neves Project consists of four mineral rights for lithium exploration covering an area of 2,683.9 Ha.

Atlas Lithium initiated geological reconnaissance and literature reviews of the Neves area in 2021 including detailed geological mapping on pegmatites with historical mine workings located within the exploration areas. As a result, 91 new pegmatite bodies were identified at Neves and a drilling campaign was commenced in 2021 and is currently ongoing. To date, a total of 536 exploration holes (RC and DD holes) for 100,403 m of drilling were completed.

The Gaia project was initiated in 2025 with exploration mapping, sampling and soli geochemistry, with over 70 pegmatite bodies being identified. A short drilling campaign on the most prospective pegmatites was completed, with six holes being drilled for 501 meters of core.

2.2 **Terms of Reference and Purpose** 

SGS Geological Services Inc. ("SGS") was contracted by Atlas Lithium Corporation, ("Atlas" or the "Company") to update its current Mineral Resource Estimate ("MRE") and to complete a Feasibility Study ("FS") for the Neves Lithium Project ("NLP") near the Municipality of Araçuaí, Brazil, and to prepare an initial exploration summary on the Gaia project, within the municipality of Salina, Brazil and to prepare a Public Report in accordance with the §§ 229.601(b)(96) Technical report (subpart 229.1300 of Regulation S-K) written in support of the MRE and FS.

SGS Geological Services (Canada) (SGS), Mining Proficiency Group – Engenharia e Serviços, Vinq – Geotecnia, Promon Engenharia, Prominas Mining, ITAACU- Geology & Engineering, WSP Consultoria e Projetos do Brasil Ltda and DF+ Engenharia were retained by Atlas Lítio Brasil Ltda. (ALBL) (Atlas or the Company) to prepare this TRS for Atlas Lithium (the Project). The purpose of this TRS is to disclose Mineral Resource and Mineral Reserve estimates for the Project.

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The definitions for Mineral Resources and Mineral Reserves in this FS follow S-K 1300 and are consistent with the definitions in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 29 <br>

2.3 **Sources of Information** 

SGS Canada Inc. ("SGS") was commissioned by Atlas to prepare this TRS. In preparing this report, SGS relied upon input from Atlas and information prepared by several qualified independent consulting groups particularly regarding regional geology, geological mapping, exploration, the lithium market and resource estimation. Atlas has contracted Prominas to carry out mine engineering including pit design, pit optimization, scheduling and calculations of the mineral reserve estimation for this Report. SGS reviewed methods used by Prominas for Mine Engineering, Planning and Scheduling and signed off on the work completed by Prominas consultants. Furthermore, SGS has conducted a thorough review of the Process Engineering including Process Flow Diagrams, Mass Balances, Commination circuits, and power requirements and will be signing off as Qualified Engineers on the processing plant segments of the Report. WSP Consultoria e Projetos do Brasil Ltda contributed to work on environmental and DF+ Engenharia for tailings and waste storage facilities.

Section 24 includes the reference documents that are part of the sources of information used in the preparation of this TRS.

SGS, Mining Proficiency Group – Engenharia e Serviços, and Vinq - Geotecnia are independent companies and not associates or affiliates of Atlas or any associated company of Atlas. Table 2-1 lists the Qualified Persons (QP) involved with authoring this report. Table 2-2 lists the sections each QP is responsible for.

**Table 2-1 List of Qualified Persons, Professional Designations and Site Visit Dates**

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| &nbsp;&nbsp;**Company of Qualified Person** | &nbsp;&nbsp;**Professional Designation** | &nbsp;&nbsp;**Company Abbreviation** | &nbsp;&nbsp;**Date of Site Visit** |
| &nbsp;&nbsp;SGS Canada Inc. | &nbsp;&nbsp;P.Geo. | &nbsp;&nbsp;SGS | &nbsp;&nbsp;March 11 to 14, 2025 |
| &nbsp;&nbsp;SGS Canada Inc. | &nbsp;&nbsp;P.E. | &nbsp;&nbsp;SGS | &nbsp;&nbsp;June 2 to 7, 2025 |
| &nbsp;&nbsp;SGS Canada Inc. | &nbsp;&nbsp;P.E. | &nbsp;&nbsp;SGS | &nbsp;&nbsp;June 2 to 7, 2025 |
| &nbsp;&nbsp;SGS Canada Inc. | &nbsp;&nbsp;P.Eng. | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Mining Proficiency Group – Engenharia e Serviços | &nbsp;&nbsp;FAusIMM | &nbsp;&nbsp;Mining Proficiency Group | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Vinq – Geotecnia | &nbsp;&nbsp;MAusIMM CP | &nbsp;&nbsp;Vinq | &nbsp;&nbsp;May 26. 2025 |

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**Table 2-2 Qualified Persons Areas of Responsibility**

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| &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Section Name** | &nbsp;&nbsp;**Responsible Party** | &nbsp;&nbsp;**Description of Responsibly** | &nbsp;&nbsp;**Subsections** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Summary | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Introduction | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Property Description | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Accessibility, Climate, Local Resources, Infrastructure and Physiography | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;History | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 30 <br>

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| &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Section Name** | &nbsp;&nbsp;**Responsible Party** | &nbsp;&nbsp;**Description of Responsibly** | &nbsp;&nbsp;**Subsections** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Geological Setting. Mineralization and Deposit | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;SGS<br>| &nbsp;&nbsp;- |  |
|  |  | &nbsp;&nbsp;Vinq – Geotecnia<br>| &nbsp;&nbsp;Geotechnical Drilling | &nbsp;&nbsp;All of 7.4 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Sample Preparation, Analyses and Security | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Data Verification | &nbsp;&nbsp;SGS | &nbsp;&nbsp;Site visit<br> Processing site visit | &nbsp;&nbsp;All Section 9 except 9.2.2 |
|  |  | &nbsp;&nbsp;Vinq – Geotecnia<br>| &nbsp;&nbsp;Geotechnical site visit | &nbsp;&nbsp;9.2.2 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Mineral Processing and Metallurgical Testing | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Mineral Resource Estimates | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Mineral Reserve Estimates | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Mining Methods | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;All Section13 except 13.1.1, 13.1.2, and 13.1.3 |
|  |  | &nbsp;&nbsp;Vinq – Geotecnia<br>| &nbsp;&nbsp;Geotechnical Drilling | &nbsp;&nbsp;All of 13.1.1, 13.1.2, and 13.1.3 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Processing and Recovery Methods | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Infrastructure | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;All Section 15 except 15.5.2 and 15.5.3 |
|  |  | &nbsp;&nbsp;Mining Proficiency Group – Engenharia e Serviços | &nbsp;&nbsp;Tailings | &nbsp;&nbsp;All of 15.5.2 and 15.5.3 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Market Studies | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Environmental Studies, Permitting and Social or Community Impact | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Capital and Operating Costs | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Economic Analysis | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Adjacent Properties | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 31 <br>

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| &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Section Name** | &nbsp;&nbsp;**Responsible Party** | &nbsp;&nbsp;**Description of Responsibly** | &nbsp;&nbsp;**Subsections** |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Other Relevant Data and Information Other Relevant Data and Information | &nbsp;&nbsp;SGS | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Interpretation and Conclusions | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Recommendations | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;References | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Reliance on Information Provided by the Registrant | &nbsp;&nbsp;All | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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This TRS was prepared by SGS, and communication with Atlas Lithium sources was conducted through the following list of personnel:

● Igor Tkachenko, Vice President, Corporate Strategy

● Eduardo Queiroz, Vice-President of Engineering & PMO

● Raimundo Almeida Jr., Vice President Lithium Processing

● Lucas Roux, GIS and Modelling Geologist

● Fabrício Pinheiro, Mining Manager

● Joel Monteiro, Vice-President Legal & ESG

● Tiago Miranda, Chief Financial Officer, Principal Accounting Officer, and Treasurer

● Mariella Catarino, DataBase Manager

● Mariana Espechit, Geology Coordinator

2.4 **Personal Inspection Summary** 

The following Qualified Persons visited the Project site:

Mr. Marc-Antoine Laporte, P.Geo., M.Sc., from SGS visited the Project site on March 11<sup>th</sup> to 14<sup>th</sup>, 2025 and previously on May 4 to 6, 2023. During the 2025 site visit, Mr. Laporte conducted a general review of the logging and QA/QC procedures in place since the original drill program back in 2023. Drill hole collars were visited, and selected collar positions checked with a hand-held global positioning system (GPS) instrument on the Neves property. An inspection of the drilling equipment/contractors and deviation survey methodology and tools was completed. An extensive review of the mineralized core from the four main pegmatites zone was conducted during the first days of the visit including discussion of the sampling methodology with technical staff. One day was spent on reviewing geological 3D model including technical discussion with Atlas geologist. All information and personal were available during the QP visit to facilitate review process.

Mr. Joseph Keane and Mr. Sam Yu from SGS visited the Project site on June 2<sup>nd</sup> to 7<sup>th</sup>, 2025. The site visit purpose was to view an equipment storage area and inspect specific container contents of a heavy media separation equipment plant that Atlas Lithium had purchased for the project. A visit was also made to the project mine and plant site.

At the Belo Horizonte office the SGS representatives met with Eduardo Queiroz, PMO & VP Engineering. Mr. Queiroz had arranged a visit to an equipment storage facility located close to the nearby town of Betim.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 32 <br>

The equipment storage facility consists of secure areas where photography is not allowed and other areas where process consumables such as grinding media and dense media separation materials (ferrosilicon) are stored in bulk. Much of the facility consists of covered areas which shield the contents from the tropical environment. The storage facility is well managed and the security of the goods in the facility is continuously monitored based on the information provided during the warehouse visit.

The equipment package purchased by Atlas Lithium arrived in Belo Horizonte in numerous shipping containers and certain large or bulky items were shipped on pallets or skids. It was not possible to inspect every container, but the seals were broken and the doors were opened on 12 individual containers for our inspection. The SGS QP's were also shown items that were on pallets that had been equipped with weatherproof coverings. It was noted that each container had an individual identification placard and the container weight was noted externally. The inspection of the containerized equipment items in storage in Belo Horizonte has corroborated the statements of Atlas Lithium that an equipment assemblage suitable for the heavy media beneficiation of spodumene ore has been purchased in South Africa, shipped to Belo Horizonte, and is now in secure storage.

Summarizing, the container inspection was conducted by SGS representatives, and the conclusion is drawn that the pronouncements by Atlas Lithium regarding the number, types, and contents of the containers in storage is corroborated.

On June 5<sup>th</sup>, 2025, the SGS QP'S visited the project sites including the proposed open pit mining operations, the mill site, and various waste disposal areas. The road from Araçuaí to the project site is mostly unpaved and the terrain is undulating making the road sinuous along certain sections. The tour was supervised by Raimundo Almeida Jr., Vice President, Lithium Processing for Atlas Lithium who was accompanied by members of the geology staff. Two of the proposed mine sites were visited along with the proposed mill site and waste/tailings disposal areas. The project site is hilly and undulating as depicted on the present mining and site plans that have been so far developed.

In addition to a general site overview and individual facility locations, a physical cut in mineralized soil close to Anitta 3 was inspected and the weathered material revealed rather large liberated spodumene crystals that were identified by the Atlas Lithium geological team. According to geologists accompanying the visit, these crystals were larger than the spodumene crystals from Anitta 1 pit.

It was observed that the open pit sites, the plant site, and the waste and tailings area all have heavy vegetation. Due to the undulating terrain, considerable earthwork may be required for the site preparation.

According to Atlas Lithium geologists, the open pits have relatively high strip ratios around 16.72 and the mineralized zones are usually thin. Topics relating to ore control, blasting, ore blending, and geo-metallurgical programs were also discussed. The core storage area was visited. Numerous sections of split and sawed core were examined. A substantial quantity of the split core had the spodumene crystals outlined such that an examiner could compare those spodumene crystals with other contained minerals in the split core. Based on the observation of core samples, most of the spodumene crystals were quite large and associated with quartz and other minerals. Some spodumene crystal sizes were even larger than what was observed in the trench cut described earlier. This explains why some HLS (Heavy Liquid Separation) tests conducted had significantly higher lithium recovery than the results from HLS test conducted on Anitta 1 sample. Depending on the content of impurity metals in the spodumene crystals, the crystal color can be either green, or pink or colorless. Several additional geological exhibits were also reviewed including select mineral specimens from the deposits and a demonstration of fluorescence of certain property minerals.

As part of the technical due diligence process and in compliance with the requirements, Vinq – Geotecnia conducted a field visit to the Neves Project on May 26, 2025.

The project's geotechnical assessment was based on field investigations, including core drilling with sampling, geological-structural mapping, laboratory testing, and stability analyses using various methodologies such as kinematic analysis, limit equilibrium, and stress-strain modeling. The results indicated appropriate Factors of Safety (FoS) in accordance with the criteria of Read & Stacey (2009), with recommendations for geometric adjustments in specific sectors to optimize slope stability and maximize resource recovery.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 33 <br>

During the visit, a detailed inspection was carried out at the core storage facility, allowing for visual verification of the quality of the drill core samples. The inspection included assessment of sample preservation, core recovery, box organization, and the correct labeling and identification of sampled sections. This on-site verification was essential to confirm the representativeness and integrity of the materials described in the geotechnical databases used in the studies.

In addition, the technical team visited the future pit areas of Anitta 2, 2.5 and Anitta 3, inspecting access conditions to the mining fronts and physically verifying the locations of the completed drill holes, which were properly marked with stakes and identification plates. This step allowed for the validation of the geographical coordinates of the boreholes and verification of the consistency between physical markers in the field and the positional data recorded in the project's topographic and geotechnical databases.

The observations made during the field visit, both at the core storage facility and in the field areas, were incorporated into the final analysis and validation of the data, providing the technical foundation to support the issuance of the Technical Report for the Neves Project.

2.5 **Previously Filed Technical Report Summary Report** 

This is the second TRS for the Project filed with the United States Securities and Exchange Commission (SEC). Prior version of the Mineral Resource was reported in previously filed TRS as shown in Table 2-3.

**Table 2-3 Previously Filed TRS**

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| &nbsp;&nbsp;**Preparer** | &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;SLR International Corporation | &nbsp;&nbsp; Atlas Lithium Corporation<br> (formerly Brazil Minerals Inc.) | &nbsp;&nbsp;S-K 1300 Technical Report Summary on the Das Neves Lithium Project | &nbsp;&nbsp;August 10, 2022 |

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The current Mineral Resource has an effective date of May 15<sup>th</sup>, 2025.

2.6 **Units and Abbreviations** 

All units of measurement used in this technical report are International System of Units (SI) or metric, except for Imperial units that are commonly used in industry (e.g., ounces (oz.) and pounds (lb.) for the mass of precious and base metals). All currency is in US dollars, unless otherwise noted. Frequently used abbreviations and acronyms can be found in Table 2-4.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 34 <br>

**Table 2-4 List of Abbreviations**

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| &nbsp;&nbsp;$| &nbsp;&nbsp;Dollar sign | &nbsp;&nbsp;LCE | &nbsp;&nbsp;Lithium Carbonate Equivalent |
| &nbsp;&nbsp;% | &nbsp;&nbsp;Percent sign | &nbsp;&nbsp;Li<sub>2</sub>O | &nbsp;&nbsp;Lithium Oxide |
| &nbsp;&nbsp;° | &nbsp;&nbsp;Degree | &nbsp;&nbsp;m | &nbsp;&nbsp;Metres |
| &nbsp;&nbsp;°C | &nbsp;&nbsp;Degree Celsius | &nbsp;&nbsp;m<sup>2</sup> | &nbsp;&nbsp;Square meters |
| &nbsp;&nbsp;°F | &nbsp;&nbsp;Degree Fahrenheit | &nbsp;&nbsp;m<sup>3</sup> | &nbsp;&nbsp;Cubic meters |
| &nbsp;&nbsp;µm | &nbsp;&nbsp;micron | &nbsp;&nbsp;masl | &nbsp;&nbsp;Metres above sea level |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Atomic absorption | &nbsp;&nbsp;mm | &nbsp;&nbsp;millimeter |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;Gold | &nbsp;&nbsp;mm<sup>2</sup> | &nbsp;&nbsp;square millimeter |
| &nbsp;&nbsp;Az | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;mm<sup>3</sup> | &nbsp;&nbsp;cubic millimeter |
| &nbsp;&nbsp;$CAD | &nbsp;&nbsp;Canadian dollar | &nbsp;&nbsp;Moz | &nbsp;&nbsp;Million troy ounces |
| &nbsp;&nbsp;cm | &nbsp;&nbsp;centimeter | &nbsp;&nbsp;MRE | &nbsp;&nbsp;Mineral Resource Estimate |
| &nbsp;&nbsp;cm<sup>2</sup> | &nbsp;&nbsp;square centimeter | &nbsp;&nbsp;Mt | &nbsp;&nbsp;Million tonnes |
| &nbsp;&nbsp;cm<sup>3</sup> | &nbsp;&nbsp;cubic centimeter | &nbsp;&nbsp;mtph | &nbsp;&nbsp;Metric Tonnes per Hour |
| &nbsp;&nbsp;Co | &nbsp;&nbsp;Cobalt | &nbsp;&nbsp;N | &nbsp;&nbsp;North |
| &nbsp;&nbsp;DDH | &nbsp;&nbsp;Diamond drill hole | &nbsp;&nbsp;NAD 83 | &nbsp;&nbsp;North American Datum of 1983 |
| &nbsp;&nbsp;E | &nbsp;&nbsp;East | &nbsp;&nbsp;Ni | &nbsp;&nbsp;Nickel |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;Feet | &nbsp;&nbsp;NQ | &nbsp;&nbsp;Drill core size (4.8 cm in diameter) |
| &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;Square feet | &nbsp;&nbsp;OES | &nbsp;&nbsp;Optical emission spectroscopy |
| &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;Cubic feet | &nbsp;&nbsp;ppm | &nbsp;&nbsp;Parts per million |
| &nbsp;&nbsp;g | &nbsp;&nbsp;Grams | &nbsp;&nbsp;QA | &nbsp;&nbsp;Quality Assurance |
| &nbsp;&nbsp;GPS | &nbsp;&nbsp;Global Positioning System | &nbsp;&nbsp;QC | &nbsp;&nbsp;Quality Control |
| &nbsp;&nbsp;Ha | &nbsp;&nbsp;Hectares | &nbsp;&nbsp;QP | &nbsp;&nbsp;Qualified Person |
| &nbsp;&nbsp;HQ | &nbsp;&nbsp;Drill core size (6.3 cm in diameter) | &nbsp;&nbsp;RC | &nbsp;&nbsp;Reverse circulation drilling |
| &nbsp;&nbsp;ICP | &nbsp;&nbsp;Induced coupled plasma | &nbsp;&nbsp;RQD | &nbsp;&nbsp;Rock quality description |
| &nbsp;&nbsp;kg | &nbsp;&nbsp;Kilograms | &nbsp;&nbsp;SG | &nbsp;&nbsp;Specific Gravity |
| &nbsp;&nbsp;km | &nbsp;&nbsp;Kilometers | &nbsp;&nbsp;Ton | &nbsp;&nbsp;Short Ton |
| &nbsp;&nbsp;km<sup>2</sup> | &nbsp;&nbsp;Square kilometer | &nbsp;&nbsp;Tonnes or T | &nbsp;&nbsp;Metric tonnes |
| &nbsp;&nbsp;Li | &nbsp;&nbsp;Lithium (elemental) | &nbsp;&nbsp;$US | &nbsp;&nbsp;US Dollar |
| &nbsp;&nbsp;Li<sub>2</sub>CO<sub>3</sub> | &nbsp;&nbsp;Lithium Carbonate | &nbsp;&nbsp;UTM | &nbsp;&nbsp;Universal Transverse Mercator |

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| **3** | **PROPERTY DESCRIPTION** |

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3.1 **Property Description and Location** 

Atlas Lithium Corporation holds 50 mineral rights in the northeast region of the Minas Gerais state, Brazil, near the cities of Salinas, Rubelita, Coronel Murta, Virgem da Lapa, Araçuaí, and Itinga.

The projects which are the subject of this report consist of four mineral claims known as Neves located approximately 36 km southeast of Araçuaí and 653 km northeast of Belo Horizonte and a single claim known as Gaia, located approximately 26 km east of the city of Salinas and 650 km northeast of Belo Horizonte.

The Neves Project is located at approximately 16°58' S Latitude and 41°54' W Longitude, Universal Transverse Mercator (UTM) coordinates of 191,555 m E, 8,113,675 m N.

The Gaia project is located at approximately 16°7' S Latitude and 42°2' W Longitude (Universal Transverse Mercator (UTM) coordinates of 816,617 m E, 8,215,499 m N).

Figure 3-1 shows the location of the project claims in relation to nearby towns.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 36 <br>

**Figure 3-1 Atlas Property Map**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 37 <br>

3.2 **Mineral Tenure** 

The legal framework for the development and use of mineral resources in Brazil was established by the Brazilian Federal Constitution, which was enacted on October 5, 1988 (the Brazilian Constitution) and the Brazilian mining code, which was enacted on January 29, 1940 (Decree-law 1985/40, later modified by Decree-law 227, of February 29, 1967, the Brazilian Mining Code).

According to the Brazilian Constitution, all mineral resources in Brazil are the property of the Federal Government. The Brazilian Constitution also guarantees mining companies the full property of the mineral products that are mined under their respective concessions. Mineral rights come under the jurisdiction of the Federal Government and mining legislation is enacted at the Federal level only. To apply for and acquire mineral rights, a company must be incorporated under Brazilian law, have its management domiciled within Brazil, and its head office and administration in Brazil.

In general, there are no restrictions on foreign investment in the Brazilian mining industry, except for mining companies that operate, or hold mineral rights within a 150 km wide strip of land parallel to the Brazilian terrestrial borders. In this instance the equity interests of such companies have to be majority Brazilian-owned. Exploration and mining activities in the border zone are regulated by the Brazilian Mining Code and supporting legislation.

The Neves Project consists of one mining concession, one mining application and two exploration permits covering an area of 2,683.9 Ha. The tenure holdings are summarized in Table 3-1 and the Mining Permit are summarized in Table 3-2.

**Table 3-1 Neves Mineral Rights Description**

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| &nbsp;&nbsp;**Tenement** | &nbsp;&nbsp;**Year Granted** | &nbsp;&nbsp;**Area (Ha)** | &nbsp;&nbsp;**Phase** |
| &nbsp;&nbsp;832.639/2003 | &nbsp;&nbsp;2003 | &nbsp;&nbsp;780 | &nbsp;&nbsp;Exploration Permit |
| &nbsp;&nbsp;833.331/2006 | &nbsp;&nbsp;2006 | &nbsp;&nbsp;67.5 | &nbsp;&nbsp;Mining Application |
| &nbsp;&nbsp;832.925/2008 | &nbsp;&nbsp;2008 | &nbsp;&nbsp;122.13 | &nbsp;&nbsp;Exploration Permit |
| &nbsp;&nbsp;833.356/2007 | &nbsp;&nbsp;2007 | &nbsp;&nbsp;1536.45 | &nbsp;&nbsp;Mining Concession |

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**Table 3-2 Neves Mining Permit per Annex**

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| &nbsp;&nbsp;**Annex** | &nbsp;&nbsp;**Mining Permit** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Validity** |
| &nbsp;&nbsp;Annex 1 | &nbsp;&nbsp;Research Permit - 831.336/2006 | &nbsp;&nbsp;12506 | &nbsp;&nbsp;Permission to make mineral research | &nbsp;&nbsp;10.14.2011 |
| &nbsp;&nbsp;Annex 2 | &nbsp;&nbsp;Research Permit - 833.356/2007 | &nbsp;&nbsp;2028 | &nbsp;&nbsp;Permission to make mineral research | &nbsp;&nbsp;03.18.2025 |
| &nbsp;&nbsp;Annex 3 | &nbsp;&nbsp;User Guide (UG) - National Mining Agency | &nbsp;&nbsp;368/2023 | &nbsp;&nbsp;Permission to produce 300,000 tonnes of spodumene concentrate per year | &nbsp;&nbsp;09.21.2026<br> Extendable for equal periods |
| &nbsp;&nbsp;Annex 4 | &nbsp;&nbsp;Mining servitude - National Mining Agency | &nbsp;&nbsp;n/a | &nbsp;&nbsp;Declares the public utility of the UTM installation area and waste pile | &nbsp;&nbsp;Permanent |
| &nbsp;&nbsp;Annex 5 | &nbsp;&nbsp;Grant Mining Concession - Ministry of Mines and Energy | &nbsp;&nbsp;674 | &nbsp;&nbsp;Mining concession ("Portaria de Lavra") for lithium exploration in the entire area of 1,536.45 hectares covered by mining right no. 833,356/2007 | &nbsp;&nbsp;Permanent |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 38 <br>

3.3 **Surface Rights** 

Under Brazilian law, foreign companies may acquire surface rights as long as the share capital is controlled by Brazilians. However, the holder of an exploration license is guaranteed by law access to conduct exploration field work, provided that adequate compensation is paid to third-party landowners and that the holder of the exploration license assumes all environmental responsibilities arising from the exploration work.

After the exploration license is granted by the Brazilian government, Atlas negotiates and obtains the necessary authorizations for access to the properties for research and exploration activities, with the exercise of mining activity guaranteed by the Brazilian Federal Constitution.

Atlas is responsible for the reclamation of areas used for drilling, safety of personnel in the work area, monetary compensation to the landowner for surface damage caused by mineral exploration activities, and all environmental liabilities resultant from exploration activities.

3.4 **Property Rights** 

For the purposes of mine development, ALBL has acquired a number of properties within the tenement area. These properties cover the areas identified for the installation of the DMS circuit and associated infrastructure, the tails containment area and the waste pile.

Table 3-3 details the property acquisitions and access authorizations, while Figure 3-2 shows the areas in question in regard to the property boundaries.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 39 <br>

**Table 3-3 Neves Project Property Acquisitions and Access Authorizations**

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| **Nº** | **Owner** | **Registration** | **CAR Nº** | **Structure** | **Status** |
| 1 | Djalma Ribeiro Alves Maria /<br> Walter Zwicker Esbaille Junior  | 31.374 | MG-3103405-69D5.1D04.E168.4AFA.BCBA.2491.5E96.4CA3 | Access to Pit for Mineral Treatment Unit (MTU) | Authorization Term Obtained |
| 2 | Rene Caminhas Gomes Matos /<br> Edson Caminhas Gomes /<br> Heleno Caminhas Gomes /<br> Maria Zene Gomes Ribeiro /<br> Virlene Caminhas Gomes /<br> Jair Caminhas Gomes /<br> Vaci Vanderlei Caminhas Gomes  | 36.787<br> 36.788 | MG-3103405-FDA0.96E6.96E9.423F.BEBD.F97F.31EF.D53F | Part of pit 2 | Authorization Term Obtained |
| 3 | Antônio Luiz | 37.202<br> 37.204 | MG-3103405-7131.6C9C.3891.4087.8538.5265.1820.5C89 | Pit 1 / internal access / part of pit 2 / Sedimentation basin / Explosives store | Property acquired by Atlas |
| 4 | Antônio Luiz / Flávia Ferreira Luiz /<br> Jansen Ferreira Luiz  | 37.082<br> 36.497 | MG-3103405-7838.DBC6.3BF3.49A1.9B09.A677.911D.A795 | Part of pit 2/ Waste pile PDE-2 | Property acquired by Atlas |
| 5 | Atlas Lítio Brasil Ltda. | 37.083 | MG-3103405-C1C2.428D.97D3.4212.8E5E.F49F.DE03.7081 | Part of waste pile PDE-2 | Property acquired by Atlas |
| 6 | Atlas Lítio Brasil Ltda. | 42.693 | MG-3103405-BD9D.36C9.DA3A.43A1.9BC4.CA55.E47B.A60B | Sump/ Support area fo MTU | Property acquired by Atlas |
| 7 | Atlas Lítio Brasil Ltda. | 36.258 | MG-3103405-BD9D.36C9.DA3A.43A1.9BC4.CA55.E47B.A60B | MTU Area | Property acquired by Atlas |
| 8 | Atlas Lítio Brasil Ltda. | 36.260 | MG-3103405-BD9D.36C9.DA3A.43A1.9BC4.CA55.E47B.A60B | PDER Area | Property acquired by Atlas |
| 9 | Atlas Lítio Brasil Ltda. | 35.731 | MG-3103405-BD9D.36C9.DA3A.43A1.9BC4.CA55.E47B.A60B | Legal Reserve Area | Property acquired by Atlas |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 40 <br>

**Figure 3-2 Neves Project Property Acquisitions**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 41 <br>

3.5 **Royalties and Encumbrances** 

Atlas reports that there are no liens and encumbrances associated with the properties.

The Brazilian Government is entitled to a Compensação Financeira pela Exploração de Recursos Minerais (CFEM) royalty. The holder of a mining concession for lithium mineral must pay the Brazilian government 2.0% on mining operations. The only deductions allowed are taxes levied on commercial sales.

A 3.0% royalty with allowable deductions from gross spodumene revenues is held by Lithium Royalty Corporation (LRC).

3.6 **Reliance on Other Experts** 

The QP has not reviewed the mineral tenure, nor independently verified the legal status, ownership of the Project area, underlying property agreements or permits. The QP has fully relied upon, and disclaims responsibility for, information supplied to them by Atlas Lithium.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 42 <br>

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| **4** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** |

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4.1 **Accessibility** 

The Project is accessed from Belo Horizonte via highway BR-040 for approximately 160 km to Curvelo, then travelling on BR-259 for approximately 100 km to Gouveia and then on BR-367 for approximately 340 km to Araçuaí. From Araçuaí, access is via unpaved (dirt) roads for approximately 36 km.

4.2 **Climate** 

Broadly speaking, the area of Brazil where the Neves Project is located is within the tropical savannah climate (Aw – drier winter) under the Köppen Climatic Classification system. Locally, however, the climate in Intinga and Araçuaí is characterized as hot semi-arid (BSh) under the same classification system.

The region has an average annual rainfall of 755.8 mm, distributed irregularly throughout the year. The rains are concentrated in the period from October to March, with the November-January quarter accounting for more than 50% of the average annual total rainfall. In the Araçuaí weather station, the annual average temperature is 25.0°C, with an average annual spread of around 12.2°C. The lowest temperatures occur in June and July (lows 15.9°C) and the highest in January and February (highs of 34.4°C).

4.3 **Local Resources** 

The Araçuaí region has a long mining history, mainly related with lithium, tin, tantalite, and gem resources found in pegmatites. Other commodities include ornamental rock, which has a more recent history of mining starting in the 1990s (Pedrosa-Soares 1997). The city is an important supplier of goods and services related to the mining industry.

The basic services available at Araçuaí include hotel accommodation, clinics and hospitals, general supermarkets and retail shops, recreational facilities, industrial suppliers, and general engineering companies. Analytical and drilling services are mainly contracted in the metropolitan region of Belo Horizonte. Skilled and semi-skilled labor is available in the region to support exploration activities.

4.4 **Infrastructure** 

Because of the extensive historical mining activities that occurred in the region, substantial infrastructure exists surrounding the Property, including the proximity to the Irapé Hydroelectric Power Plant, which supplies power to the nearby villages, and along rivers or streams that have water to support mining operations. There is a network of unpaved (dirt) roads that connect the area to highway BR-367.

4.5 **Physiography** 

The Project area is situated in the hydrographic sub-basin of the middle Jequitinhonha River, located in a basin with the same name with elevations below 700 MASL (Pedrosa-Soares 1997). The hydrographic network is connected to the Jequitinhonha River which drains important tributaries including the Araçuaí, Calhauzinho, and Piauí rivers. The Chapada do Piauí is the watershed between the Calhauzinho, and Piauí River valleys (Sá 1977). Due to the deforestation of riparian forest, the Piauí River, previously a perennial stream, has turned into an intermittent stream, ceasing to flow during the driest periods of the year from July to October (according to residents that live on the banks of the Piauí River). Other intermittent streams include the Água Branca, a tributary of the Piauí River, the Quatis, Barriguda, Taquaral, and Teixeira, the right bank tributaries of the Jequitinhonha River, and the Jenipapo, Santana, and Angicos streams, the left bank tributaries of the Jequitinhonha River. The dendritic drainage pattern of the rivers generally defines the regional hydrographic network, although in some areas regional structures are also an important control (Sá 1977).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 43 <br>

The current topography is shaped by the Jequitinhonha River and its tributaries, which resulted in rock exposures facilitating mineral prospecting. Several pegmatite bodies are exposed in the river and stream beds. The Cachoeira group (Companhia Brasileira de Lítio, or CBL) and Xuxa (Sigma Mineração S.A., or Sigma) pegmatites were discovered in outcrops on the banks of the Piauí River.

Four geomorphological features are distinguished along the middle Jequitinhonha River, including the Project area (Pedrosa-Soares 1997):

1. Polyconvex
 hills dissected by erosion, with elevations generally lower than 650 MASL, and generally
 composed of rocks of the Salinas Formation.

2. Plateaus,
 with elevations above 650 MASL, composed of rocks of the Salinas Formation which are overlain
 by detrital-lateritic sedimentary rocks (Sá 1977, Pedrosa-Soares 1997, Paes 2010).

3. Granite
 outcrops (sugar loaf type) with rounded geometries, which explains the diapiric placement
 of these bodies (Paes 2010).

4. Terraces
 and alluvial fans of the Jequitinhonha River and its tributaries, with elevations of approximately
 300 MASL (Sá 1977).

The bushy caatinga and the cerrado are the predominant vegetation cover of the region. The bushy caatinga, dominated mainly by entangled thorny bushes and cactaceae, covers the slopes of the plateaus, hills, and granite peaks in low relief areas. The tops of the plateaus are covered by typical cerrado bushes and grasses. Near the rivers and streams, medium to large trees predominate, typical of gallery forest vegetation.

Soil derived from the schists is generally sandy to silty and is reddish to light brown in color. Soil derived from the granites is predominantly light to yellowish gray in color. The average thickness of the weathered material is up to 10 m. In some areas, there is evidence of pegmatites in soils such as fragments of muscovite, feldspar, and spodumene (Sá 1977).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 44 <br>

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| **5** | **HISTORY** |

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The Project is predominantly located within the Eastern Brazilian Pegmatite Province, which has been surveyed by the Geological Survey of Brazil (SGB) in 2010. There is no record of any further historical exploration within the Project, however, the area has historical artisanal mine workings. The Neves exploration area has been developed for tourmaline and gems (spodumene, triphane, columbite and tantalite). Tesouras has been mined for petalite and Santa Clara, for tourmaline and cassiterite. The historical mines at Neves and Tesouras are inactive today, while artisanal production continues at Santa Clara.

The following information presents a summary of exploration and development history in the "Lithium Valley".

Cassiterite was discovered in the Araçuaí/Itinga region in the 1950s. In 1957, Companhia Estanífera do Brasil (CEBRASA) started exploration, followed by the mining of three pegmatite bodies, Fumal, Urubu, and Generosa (Sá, 1977). The primary product was cassiterite/tantalite concentrate, with lithium and feldspar minerals as a byproduct.

Arqueana Minérios Metais (Arqueana) bought the mine from CEBRASA and mined tantalum and tin from 1980 to 2000. Reported production totals 29,700 t of tantalum-tin concentrate, 31,467 t of petalite, 2,353 t of amblygonite, and 1,317 t of spodumene. The company produced a spodumene concentrate with 6% Li<sub>2</sub>O to 6.5% Li<sub>2</sub>O and a petalite concentrate with 3.5% Li<sub>2</sub>O to 4% Li<sub>2</sub>O (Sigma, 2017).

During the 2000s, Tanex Resources Ltd. (Tanex) and then Sigma carried out exploration over the mining concessions previously owned by Arqueana. Initially, exploration was focused on tantalum ore, however, in 2014, the focus shifted to lithium exploration and drilling was carried out in several areas including Xuxa, Barreiro, Meio, Maxixe, and Murial (the current Grota do Cirilo project).

In 1991, CBL started operations at the Cachoeira Mine (CBL, 2020), also in the Araçuaí/Itinga region. This mine had been known for the occurrence of lithium minerals since the 1960s, producing spodumene to meet the demands of the domestic market (Sá, 1977). The mine is currently in operation.

5.1 **Historical Resource Estimates** 

There are no historical Resource Estimates for the Project.

5.2 **Past Production** 

There is evidence of historical artisanal mining on the property, although there are no official records of production.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 45 <br>

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| 6 | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** |

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6.1 **Regional Geology** 

The Project's regional geology is dominated by the Araçuaí orogen, comprised of a suite of late Neoproterozoic to Cambrian deformed metasedimentary rocks and granitic batholiths overlain by Mesozoic volcanics of the Serra Do Tombo Formation and Cenozoic detrital sediments (Figure 6-1).

The Araçuaí orogen is one of several orogenic events which records the formation and development of the Pan-African orogeny (Almeida, 1977, Pedrosa-Soares and Wiedemann-Leonardos, 2000). Basement rocks of the Araçuaí orogen are made of Archean to Paleoproterozoic tonalite-trondhjemite-granodiorite (TTG), granitoids, and greenstone belt sequences (Noce et al., 2007). Below the Araçuaí orogen, syn-rift, nearshore, and deepwater sedimentary depositional systems exist in the Ribeirão da Folha Formation of the Macaúbas Group (Pedrosa-Soares et al. 2007) (Figure 6-2).

With respect to the evolution of the Araçuaí orogen (pre-, syn-, late, and post-collisional stages) in eastern Minas Gerais, five magmatic suites (G1, G2, G3, G4, and G5) have been recognised based on distinct structural relationships, geochemical and isotopic trends, and uranium-lead (U-Pb) geochronology (Pedrosa-Soares et al. 2007, Pedrosa-Soares et al. 2011). Suite G1 rocks of the pre-collisional stage and are I-type granitoids. Suite G2 is comprised of S-type granites and are syn-collisional. Coeval sedimentation occurred during the syn-collisional phase of the Araçuaí orogen, which is evidenced by flysch-type deposits of the Salinas Formation (Santos et al. 2009; Peixoto et al., 2013). The Salinas Formation also exhibits regional and contact metamorphism (amphibolite to greenschist facies) which records a series of deformational events related to the evolution of the Araçuaí orogen (Santos et al., 2009). Magmatic suite G3 records late to post-collisional stages of the orogenic event and is an amalgamation of S-type granites and metasedimentary rocks (Pedrosa-Soares & Wiedemann-Leonardos, 2000, Pedrosa-Soares et al., 2011).

Orogenetic collapse characterises magmatic suites G4 and G5 and represents the post-collisional stage (530 Ma to 500 Ma). In the northern Araçuaí orogen, near the cities of Araçuaí, Itinga and Salinas, suite G4 is characterised by S-type magmatism with sub-alkaline composition. The emplacement of magmatic suite G4 also formed large normal shear zones (Alkmim et al., 2007). Suite G4 is hosted mainly in deposits of the Salinas Formation (Pedrosa-Soares & Wiedemann-Leonardos, 2000, Pedrosa-Soares et al., 2011).

Approximately one third of the exposed terrain of the Araçuaí orogen is composed of granitic rocks that reflect a succession of tectonic events spanning 50 million years (630 Ma to 480 Ma) (Pedrosa-Soares et al., 2011) and forms the immense and prolific Eastern Brazilian Pegmatite Province (EBPP), which is almost entirely situated in eastern Minas Gerais. Thousands of granitic pegmatites have been discovered in the EBPP which host a variety of tin (Sn), lithium (Li), tantalum (Ta), niobium (Nb), uranium (U) and gemstone deposits (Pedrosa-Soares et al., 2011). The pegmatites were differentiated from G4 magmas of the Araçuaí orogen and are highly evolved products of granitic plutonism (Morteani et al., 2000, Pedrosa-Soares et al., 2011, Paes et al., 2016).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 46 <br>

**Figure 6-1 Regional Geology Map and Stratigraphic Column**

![](pg41-80_003.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 47 <br>

**Figure 6-2 Simplified Map of Araçuaí Orogen and Eastern Brazilian Pegmatite Province**

![](pg41-80_004.jpg)

6.2 **Local and Property Geology** 

In eastern Minas Gerais, lithium-rich pegmatite mineralization is hosted in metamorphosed Salinas Formation shales (cordierite-quartz-mica schist) and is either concordant or discordant with schist foliation. The pegmatites occur as tabular bodies with thicknesses from 2 m to 36 m. Laterally, mineralized bodies vary from 40 m to 350 m in length and are primarily made of quartz, alkali (K-) feldspar (perthitic microcline), albite, muscovite, spodumene, and petalite. Spodumene makes up approximately 20% of the mineralization, with K-feldspar and albite constituting approximately 35%, quartz approximately 35%, and muscovite less than 10%.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 48 <br>

6.2.1 Neves

Schists of the Salinas Formation outcrop in the Neves exploration areas (ANM No. 833.331/2006, 832.925/2008, 833.356/2008, and 833.639/2003) which were intruded by magmatic suite G4 monzogranites of the Teixerinha batholith and pegmatites hosting lithium rich spodumene, columbite-tantalite, and gem quality tourmalines (Figure 6-3).

The exploration area is covered by a thick (five meter) horizon of sandy to silty soil brownish ochre in color, with blocks (<30 cm) of pegmatites from adjacent artisanal mines or displaced by heavy rainfall and steep relief. The area is heavily vegetated which makes it difficult to identify outcrop, however, historical artisanal mining activity has exposed the deposits. For decades, the Neves exploration area has been developed for tourmaline resources and gems (spodumene, triphane, petalite, columbite-tantalite) at some farms within the mineral right. The artisanal mines are inactive today. Tailings from these mines were disposed of in piles or "dumps" scattered throughout the area, and in some places complicating access to outcrop.

Cordierite-quartz-mica schists of the Salinas Formation outcropping in the Neves exploration area (Figure 6-4A) are light gray to black in color, banded, and occasionally with quartzitic composition. The banding reflects variations in the proportions of biotite to muscovite (dark bands) and the sum of quartz and feldspar (light bands). These metamorphic rocks are in the green schist facies with foliations perpendicular to the strike which varies between N30°E and N50°E. High angle dips (45°-80°) have been observed in contact with intrusive igneous rocks. Syn-tectonic quartz veins are concordant with the schist foliation, exhibit local boudinage structure, and are one centimeter to 30 cm thick. The Salinas Formation schists host significant pegmatite bodies, ranging from 1 m to 2 m thick to 10 m to 30 m thick and up to 40 m to 450 m long.

Six mineralized pegmatite outcrops have been mapped in the western portion of the Neves exploration property, that are 2 m to 29 m thick and up to 200 m long, where exposed at surface. The strike of the pegmatites is sub-parallel to oblique to schist foliation, locally homogeneous, and composed of quartz, feldspar, muscovite, black tourmaline, and locally spodumene and petalite. The spodumene and petalite occurs as altered white clay at surface and as phenocrysts disseminated throughout the host rock.

In the eastern portion of the property, several pegmatite bodies outcrop along the main drainages in schists of the Salinas Formation. The pegmatites follow a strike trend of N5°E to N30°E and are concordant with schist foliation.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 49 <br>

**Figure 6-3 Neves Geological Map**

![](pg41-80_005.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 50 <br>

**Figure 6-4 Pegmatite and Schist of the Salinas Formation (A) and Teixerinha Granite Outcrop (B)**

![](pg41-80_006.jpg)

Multiple outcrops have been mapped in the northern portion of the Neves exploration property, north of the Anitta 1 deposit. The strike of the pegmatites is sub-parallel to oblique to schist foliation, locally homogeneous, and composed of quartz, feldspar, muscovite, black tourmaline, and locally petalite. Petalite occurs as altered white clay and as phenocrysts disseminated throughout the host rock (Figure 6-5).

**Figure 6-5 Crystalline and Altered Argillic Petalite**

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| A - Crystalline Petalite | B – Altered Argillic Petalite |

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In the central northern portion of the property, multiple pegmatite bodies outcrop along the main drainages in schists of the Salinas Formation. The pegmatites follow a strike trend of N5°E to N30°E and are concordant with schist foliation, which may indicate potential for the presence of densely spaced, stacked, and sizeable lithium-bearing pegmatite bodies.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 51 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 Gaia

The Gaia geology is similar to that of the Neves Project. It comprises Neoproterozoic age sedimentary rocks of Araçuaí Orogen intruded by fertile Li-bearing pegmatites originated by fractionation of magmatic fluids from the peraluminous S-type post-tectonic granitoids of Araçuaí Orogen. Lithium mineralization is related to discordant warms of spodumene-bearing tabular pegmatites hosted by biotite-quartz schists.

Figure 6-6 shows the geology of the Gaia project area.

**Figure 6-6 Gaia Geological Map**

![](pg41-80_008.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 52 <br>

6.3 **Deposit Type** 

The mineral systems in highly evolved magmatic sources of REEs and lithium are controlled by the degree of fractionation. In granitic rocks with a high degree of fractionation, lithium and tantalum is more abundant. This characteristic defines the spatial zoning and distribution of pegmatite mineralogy with respect to the parent magma (pluton). The relationship between fractionation and REE concentration has not been determined in eastern Minas Gerais. Based on geochemical studies, Morteani et al. (2000) show that the pegmatites of the Araçuaí-Itinga/orogen cover the complete fractionation interval exposed in the EBPP.

A schematic figure showing the tendency of spodumene crystals to grow towards the top of the body and the phenomenon of "flooding" of aqueous fluid in the lower plunging portion is provided in Figure 6-7.

The Araçuaí-Itinga lithium pegmatites are controlled by structure which can be concordant or discordant with respect to schist foliation. The work of Sá (1977) shows that pegmatites discordant with schist foliation predominate, with strikes varying from 40° to 80° and high angle dips in the northeastern quadrant of the exploration area. The pegmatite bodies tend to be tabular with little variable thickness and are hosted in the schists of the Salinas Formation.

**Figure 6-7 Deposit Model for Neves Pegmatites**

![](pg41-80_009.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 53 <br>

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| 7 | **EXPLORATION** |

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7.1 **Neves Project** 

The following sections are a description of surface exploration work completed by Atlas on the Neves property from 2021 to present.

7.1.1 Aerophotogrammetric
 Survey

A photogrammetric survey using a drone was carried out over the 833.331/2006 mineral right of Neves, in December 2021 to define mineralized zones and lithological contacts.

7.1.2 Planimetric
 Survey

In December 2021, a planimetric survey of the Neves 833.331/2006 mineral right was performed.

7.1.3 Geoclouds
 Sentinel II Satellite Imagery

Multi-spectral images from the Geoclouds Sentinel II Copernicus Earth Exploration Program over the project area were downloaded and studied to enhance site exploration targets.

7.1.4 LiDAR
 Surveys

Two LiDAR surveys were conducted over the property in 2023. The first survey, conducted in March 2023, covered the northwest corner of the Neves property, while the second survey, conducted in December 2023 extended the coverage of the first survey to encompass approximately the western half of the property.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 54 <br>

Figure 7-1 shows the final DTM coverage (light green) with respect to the property boundaries and exploration drilling.

**Figure 7-1 Final DTM with Respect to Tenement Boundaries**

![](pg41-80_010.jpg)

7.1.5 Geophysics

A drone magnetic and radiometric survey were conducted over the property in December 2023, with a total of 508-line kilometers of survey being flown.

Post processing of the data allowed for the association of magnetically anomalous zones and mapped pegmatites (Figure 7-2), and by association, similar unknown magnetic anomalies in areas that didn't have mapped pegmatites.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 55 <br>

The magnetic data also allowed for an in-depth structural interpretation of the project area, with a series of distinct NE-SW, NW-SE and NNE-SSW structures being identified (Figure 7-3).

**Figure 7-2 Anomalous Magnetic Lows and their Correlation with Known Pegmatites**

![](pg41-80_011.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 56 <br>

**Figure 7-3 Neves Aeromagnetic Survey with Structural Interpretation**

7.1.6 Geological
 Mapping and Sampling

Beginning in 2021, Atlas have conducted ongoing mapping and sampling across the Neves property.

Initial mapping and sampling were conducted around historical artisanal mines within the tenement areas, then starting in April 2022, mapping was extended property-wide, focussing on the main east-northeast to west-southwest drainage systems in the exploration area, as they were considered more likely to contain outcrops of more well-preserved rocks.

The results of the 2023 aeromagnetic survey further focused the surface mapping program, with a concentration on the areas identified by the survey.

A total of 1,163 field points were surveyed during the exploration campaigns, allowing for the identification and characterization of 92 pegmatite bodies. Among them, six mineralized pegmatites were delineated and grouped under the name "Anitta".

Figure 7-4 is the surface mapping of the Neves property to the end of April 2024.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 57 <br>

**Figure 7-4 Geological Map of the Neves Property with Known Pegmatites**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 58 <br>

7.1.7 Trenching

Atlas initiated trenching programs at the Neves Project in 2021, with ongoing activities as part of the exploration strategy to identify and delineate mineralized pegmatite bodies. To date, 65 trenches, for a total of approximately 6,000 m have been excavated, positioned to test the structural continuity of outcropping pegmatites and investigate previously identified geochemical anomalies in soil samples.

In the Anitta targets, the trenches revealed fresh spodumene crystals exposed at the surface, corroborating the geochemical interpretation and reinforcing the prospective potential of the region. Additionally, the structural analysis of the sections exposed by the trenches provided essential information for understanding the geometry and orientation of the pegmatite bodies, allowing for more efficient planning of subsequent drilling stages.

Figure 7-5 shows a trench excavated at the site of the Anitta 3 pegmatite and Figure 7-6 shows the location of completed trenches with respect to known pegmatites.

**Figure 7-5 Trench Excavated at the Anitta 3 Pegmatite**

![](pg41-80_014.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 59 <br>

**Figure 7-6 Atlas 2021 - 2024 Trench Program and Locations**

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7.1.8 Soil
 Sampling

Between October 2022 and January 2024, Atlas conducted a detailed soil sampling campaign across the Neves tenements, with the objective of identifying and delineating geochemical anomalies associated with lithium mineralization. Initially focussing on the vicinity of the Anitta 1, Anitta 2, Anitta 2.5, Anitta 3, Anitta 3N and Anitta 4 areas, then expanding to the eastern granite and the area south of the drilled pegmatites, a total of 4,599 soil samples were collected.

Atlas planned the sampling over a grid pattern of 25 m intervals on lines spaced at 100 m in areas of low outcrop/poor detail and on lines spaced at 100 m in areas of known outcrop and higher detail.

Atlas collected samples from the B-horizon of the soil, as this is generally accepted as the depositional or accumulation horizon, where minerals that have leached out of the A and E horizons accumulate.

Geochemical analyses were performed at the SGS Vespasiano laboratories using ICP90A and ICM90A methods. Additionally, selected samples from the Anitta targets were analyzed internally by the Atlas laboratory using handheld X-ray fluorescence (XRF).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 60 <br>

Figure 7-7 shows the grid pattern and results over Neves Project area.

**Figure 7-7 Soil Sampling over the Neves Project**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 61 <br>

7.1.9 Magnetic
 Susceptibility

The majority of drill core and mapped surface outcrops have been analyzed with a magnetic susceptibility meter and the data recorded in a database maintained by Atlas geologists. The data is regularly reviewed and updated.

7.2 **Gaia Project** 

The following sections are a description of surface exploration work completed by Atlas on the Gaia property.

7.2.1 Geological
 Mapping and Sampling

Beginning in 2025, Atlas have conducted ongoing mapping and sampling across the Gaia property.

Figure 7-8 shows the mapped pegmatites on the Gaia property to the end of April 2025.

**Figure 7-8 Map of the Gaia Property with Known Pegmatites**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 62 <br>

7.2.2 Soil
 Sampling

During the 2025 exploration campaign, Atlas conducted a detailed soil sampling campaign across the Gaia tenement, with the objective of identifying and delineating geochemical anomalies associated with lithium mineralization.

Atlas planned the sampling over a grid pattern of 25 m intervals on lines spaced at 100 m.

Atlas collected samples from the B-horizon of the soil, as this is generally accepted as the depositional or accumulation horizon, where minerals that have leached out of the A and E horizons accumulate.

Geochemical analyses were performed at the SGS Vespasiano laboratories using ICP90A and ICM90A methods.

Figure 7-9 shows the results over the Gaia project area.

**Figure 7-9 Soil Sampling over the Gaia Project**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 63 <br>

7.3 **Drilling** 

7.3.1 Neves
 Project

7.3.1.1 Drill
 Type

The first three holes in the Neves program were drilled with AX core bits, with an internal diameter of 30.2 mm. All subsequent diamond holes have been drilled with HQ core bits, with an internal diameter of 63.5 mm.

The HQ core size is considered appropriate to provide quality logging material, and to recover sufficient material for future metallurgical testing.

In 2024, 13 exploration holes were drilled with reverse circulation (RC) drill rigs.

7.3.1.2 Drilling
 Results

Atlas has conducted several drilling campaigns on the Neves Project since 2021. Table 7-1 is a drill summary table showing the drilling completed by Atlas on the Neves property until the 9<sup>th</sup> of April 2025. A total of 98,733 meters was completed in 523 diamond drill holes. In addition, Atlas drilled 13 exploration holes in 2024 with RC rigs, for a total of 1,669 meters. Table 7-1 above is total meters drilled using diamond drill. A total of 536 exploration holes (including RC holes) for 100,403 m of drilling were completed.

**Table 7-1 Neves Diamond Drilling**

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| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number Of <br> Drill Holes** | &nbsp;&nbsp;**Metres <br> Drilled** |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;6 | &nbsp;&nbsp;212 |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3747 |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;338 | &nbsp;&nbsp;68885 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;91 | &nbsp;&nbsp;16704 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;45 | &nbsp;&nbsp;9185 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**523** | &nbsp;&nbsp;**98733** |

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The drilling on the Anitta 1 and Anitta 2 pegmatites was conducted on a 20 m x 20 m grid, with the majority of the holes being drilled at an angle of 60 ° to 70° at an azimuth of 130° for Anitta 1 and 110° for Anitta 2.

The Anitta 3 drilling was conducted on an approximate 50 m x 50 m grid, with most of the holes dipping between -55° and -60°. The bulk of the holes were drilled at an azimuth of 250°, although some holes were drilled at an azimuth of 170° to 180°.

Anitta 4 was drilled on an approximate 25 m x 25 m grid, with the holes dipping at -60°, at an azimuth of 110°, while Anitta 2.5 was drilled on an approximate 30 m by 30 m grid, with the holes dipping at -60°, at an azimuth of 140°.

Illustrative intercepts through the deposit, showing examples of drill holes with low-grade intercepts, with high-grade intercepts, and with higher-grade intercepts within lower-grade widths, are provided in Table 7-2. A drill hole location plan for the drilling is provided in Figure 7-1, and a longitudinal view of the drill traces in Figure 7-11-11.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 64 <br>

**Table 7-2 Neves Representative Drill Hole Intercepts**

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| &nbsp;&nbsp;**Drill Hole** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Drill Intercept<br> (m)** | &nbsp;&nbsp;**Li<sub>2</sub>O (%)** |
| &nbsp;&nbsp;Anitta 1 |  |  |  |  |
| &nbsp;&nbsp;DHAB-0011B | &nbsp;&nbsp;74.04 | &nbsp;&nbsp;94.36 | &nbsp;&nbsp;20.32 | &nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;DHAB-0015 | &nbsp;&nbsp;59.49 | &nbsp;&nbsp;87.31 | &nbsp;&nbsp;27.82 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;DHAB-0021 | &nbsp;&nbsp;49.07 | &nbsp;&nbsp;58.02 | &nbsp;&nbsp;9.75 | &nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;DHAB-0039B | &nbsp;&nbsp;107.49 | &nbsp;&nbsp;128.29 | &nbsp;&nbsp;20.80 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;DHAB-0041 | &nbsp;&nbsp;81.00 | &nbsp;&nbsp;105.19 | &nbsp;&nbsp;24.19 | &nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;DHAB-0057 | &nbsp;&nbsp;92.21 | &nbsp;&nbsp;110.50 | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Anitta 2 |  |  |  |  |
| &nbsp;&nbsp;DHAB-0047 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;63.19 | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;3.34 |
| &nbsp;&nbsp;DHAB-0068 | &nbsp;&nbsp;54.15 | &nbsp;&nbsp;91.00 | &nbsp;&nbsp;36.85 | &nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;DHAB-0085 | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;41.00 | &nbsp;&nbsp;1.31 |
| &nbsp;&nbsp;DHAB-0102 | &nbsp;&nbsp;40.84 | &nbsp;&nbsp;53.75 | &nbsp;&nbsp;12.91 | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;DHAB-0104 | &nbsp;&nbsp;113.82 | &nbsp;&nbsp;196.80 | &nbsp;&nbsp;82.98 | &nbsp;&nbsp;1.51 |
| &nbsp;&nbsp;DHAB-0145EX | &nbsp;&nbsp;209.95 | &nbsp;&nbsp;278.60 | &nbsp;&nbsp;68.65 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;Anitta 2.5 |  |  |  |  |
| &nbsp;&nbsp;DHGT-0007 | &nbsp;&nbsp;128.00 | &nbsp;&nbsp;165.10 | &nbsp;&nbsp;37.1 | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;DHAB-0456 | &nbsp;&nbsp;227.00 | &nbsp;&nbsp;245.00 | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;1.79 |
| &nbsp;&nbsp;DHAB-0458 | &nbsp;&nbsp;68.00 | &nbsp;&nbsp;100.45 | &nbsp;&nbsp;32.45 | &nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;DHAB-0460 | &nbsp;&nbsp;247.05 | &nbsp;&nbsp;274.20 | &nbsp;&nbsp;27.15 | &nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;DHAB-0473 | &nbsp;&nbsp;259.76 | &nbsp;&nbsp;297.00 | &nbsp;&nbsp;37.24 | &nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;Anitta 3 |  |  |  |  |
| &nbsp;&nbsp;DHAB-0185 | &nbsp;&nbsp;8.10 | &nbsp;&nbsp;60.20 | &nbsp;&nbsp;52.10 | &nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;DHAB-0208 | &nbsp;&nbsp;67.56 | &nbsp;&nbsp;85.56 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;DHAB-0347 | &nbsp;&nbsp;133.12 | &nbsp;&nbsp;176.00 | &nbsp;&nbsp;42.88 | &nbsp;&nbsp;1.32 |
| &nbsp;&nbsp;DHAB-0369 | &nbsp;&nbsp;113.55 | &nbsp;&nbsp;130.00 | &nbsp;&nbsp;16.45 | &nbsp;&nbsp;1.43 |
| &nbsp;&nbsp;DHAB-0374 | &nbsp;&nbsp;166.00 | &nbsp;&nbsp;208.50 | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;1.49 |
| &nbsp;&nbsp;DHAB-0382 | &nbsp;&nbsp;234.35 | &nbsp;&nbsp;264.00 | &nbsp;&nbsp;29.65 | &nbsp;&nbsp;1.33 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 65 <br>

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| &nbsp;&nbsp;**Drill Hole** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Drill Intercept<br> (m)** | &nbsp;&nbsp;**Li<sub>2</sub>O (%)** |
| &nbsp;&nbsp;Anitta 3N |  |  |  |  |
| &nbsp;&nbsp;RCAB-0004 | &nbsp;&nbsp;57.00 | &nbsp;&nbsp;72.00 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;DHAB-0437 | &nbsp;&nbsp;67.00 | &nbsp;&nbsp;74.00 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;DHAB-0437 | &nbsp;&nbsp;118.00 | &nbsp;&nbsp;134.00 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;DHAB-0439 | &nbsp;&nbsp;118.00 | &nbsp;&nbsp;172.00 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Anitta 4 |  |  |  |  |
| &nbsp;&nbsp;DHAB-0377 | &nbsp;&nbsp;152.00 | &nbsp;&nbsp;169.00 | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;DHAB-0462 | &nbsp;&nbsp;174.00 | &nbsp;&nbsp;192.48 | &nbsp;&nbsp;18.48 | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;DHAB-0464 | &nbsp;&nbsp;205.37 | &nbsp;&nbsp;208.09 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;1.19 |
| &nbsp;&nbsp;DHAB-0477 | &nbsp;&nbsp;120.00 | &nbsp;&nbsp;128.80 | &nbsp;&nbsp;8.80 | &nbsp;&nbsp;1.86 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 66 <br>

**Figure 7-10 Plan View of Neves Drilling**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 67 <br>

**Figure 7-11 Longitudinal View of Neves Drilling**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 68 <br>

7.3.2 Gaia
 Project

7.3.2.1 Drill
 Type

All diamond holes on the Gaia project have been drilled with HQ core bits, with an internal diameter of 63.5 mm.

The HQ core size is considered appropriate to provide quality logging material, and to recover sufficient material for future metallurgical testing.

7.3.2.2 Drilling
 Results

Atlas conducted an initial drilling campaign on the Gaia project in 2025, completing six diamond holes for a total of 501 meters of core.

Table 7-4 shows representative assays to date from the Gaia project, while Figure 7-12 shows the Gaia drilling in plan view.

**Table 7-3 Gaia Representative Drill Hole Intercepts**

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| &nbsp;&nbsp;**Drill Hole** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Drill Intercept<br> (m)** | &nbsp;&nbsp;**Li<sub>2</sub>O (%)** |
| &nbsp;&nbsp;Gaia |  |  |  |  |
| &nbsp;&nbsp;DHGA-0001 | &nbsp;&nbsp;73.45 | &nbsp;&nbsp;79.67 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;DHGA-0002 | &nbsp;&nbsp;23.13 | &nbsp;&nbsp;32.00 | &nbsp;&nbsp;8.87 | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;DHGA-0003 | &nbsp;&nbsp;91.83 | &nbsp;&nbsp;96.00 | &nbsp;&nbsp;4.17 | &nbsp;&nbsp;1.40 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 69 <br>

**Figure 7-12 Plan View of Gaia Drilling**

7.4 **Geotechnical Drilling** 

A total of 14 guided geotechnical probes were performed, eight of which are located in the Anitta 2 pit and six in the Anitta 3 pit. The results were described using the RMR classification system (*Rock Mass Rating, 1989*). The probe campaign was performed as proposed by WALM.

The location of the probes can be viewed in Figure 7-13. The green points represent the locations where the samples were collected for geotechnical testing. The black, red and green points indicate the location of the geotechnical probes.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 70 <br>

**Figure 7-13 Location of Drill Holes & Samples Collected**

**7.4.1** Description
 of the Probing and Sampling Holes

The main purpose of drilling the rotary boreholes was to gather geotechnical data for the geomechanical classification of the rock mass.

For each of the borehole, samples were selected boreholes to carry out geotechnical rock tests, such as Uniaxial Compression, Triaxial Compression and Indirect Tension. The main lithotypes present in the Anitta 2 and Anitta 3 pit models, are shales (XIS) and pegmatite (PEG). The detailed description is found in reports WA16223003-1-GL-RTE-0001 and WA16223003-1-GL-RTE-0002 (WALM,2024). The coordinates of the probes for Anitta 2 are in presented in Table 7-4 and of Anitta 3 in Table 7-5.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 71 <br>

**Table 7-4 Anitta 2 Pit Probe Coordinates**

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| **Probe** | **Coordinates (SIRGAS 2000, 24S)** | **Coordinates (SIRGAS 2000, 24S)** | **Elevation (m)** | **Azimuth (°)** | **Dip (°)** | **Depth (m)** |
| **Probe** | **E (m)** | **N (m)** | **Elevation (m)** | **Azimuth (°)** | **Dip (°)** | **Depth (m)** |
| DHGT-0001 | 190049 | 8115134 | 498 | 328.18 | -74.21 | 250.50 |
| DHGT-0002 | 190154 | 8115001 | 481 | 140.36 | -54.81 | 271.35 |
| DHGT-0003 | 190137 | 8114892 | 462 | 145.06 | -54.71 | 250.25 |
| DHGT-0004 | 190225 | 8115040 | 489 | 140.97 | -56.27 | 251.30 |
| DHGT-0005 | 190207 | 8115193 | 489 | 324.22 | -74.13 | 250.05 |
| DHGT-0006 | 190137 | 8115154 | 499 | 322.77 | -75.89 | 250.60 |
| DHGT-0007 | 190289 | 8115144 | 495 | 142.56 | -54.26 | 265.60 |
| DHGT-0008 | 190034 | 8115024 | 490 | 318.49 | -76.44 | 251.85 |

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**Table 7-5 Anitta 3 Pit Probe Coordinates**

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|:---|:---|:---|:---|:---|:---|:---|
| **Probe** | **Coordinates (SIRGAS 2000, 24S)** | **Coordinates (SIRGAS 2000, 24S)** | **Elevation (m)** | **Azimuth (°)** | **Dip (°)** | **Depth (m)** |
| **Probe** | **E (m)** | **N (m)** | **Elevation (m)** | **Azimuth (°)** | **Dip (°)** | **Depth (m)** |
| DHGT-0009 | 189823 | 8114412 | 487 | 316.15 | -72.28 | 251.00 |
| DHGT-0010 | 190045 | 8114176 | 515 | 146.28 | -54.22 | 250.35 |
| DHGT-0011 | 190009 | 8114070 | 525 | 142.58 | -53.68 | 250.95 |
| DHGT-0012 | 189844 | 8114541 | 472 | 317.16 | -76.53 | 250.30 |
| DHGT-0013 | 189733 | 8114357 | 498 | 321.50 | -73.07 | 250.45 |
| DHGT-0014 | 189724 | 8114204 | 511 | 321.16 | -75.72 | 250.15 |
| DHGT-0015 | 189874 | 8114052 | 514 | 144.45 | -54.76 | 251.45 |
| DHGT-0016 | 189917 | 8114619 | 456 | 289.13 | -77.10 | 252.10 |

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For the Anitta 2.5 pit, a geotechnical drilling campaign was conducted to define the design parameters for the pit, which was characterized as an extension of the Anitta 2 pit. A total of four oriented geotechnical boreholes were executed, and the core samples were described using the RMR (Rock Mass Rating, 1989) classification system.

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| **8** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** |

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8.1 **Core Sampling** 

Drill core of NQ and HQ size was placed in wooden core boxes and delivered daily by the drill contractors to the project core logging facilities. The drill core was first aligned and measured by the technician and geologist for core recovery. The core recovery measurements were followed by the RQD measurements. After a summary review of the core, it was logged, and sampling intervals were defined by a geologist. Before sampling, the core was photographed using a digital camera and the core boxes were identified with box number, hole ID, and aluminium tags were used to mark the sample intervals.

Sampling intervals were determined by the geologist, marked and tagged based on lithology and mineralization observations. The typical sampling length was 1 m but varied according to lithological contacts between the mineralized pegmatite and the host rock. In general, 1 m host rock samples were collected from each side of the pegmatite contacts. The HQ drill core samples were cut into two halves with one half placed in a new plastic bag along with the sample tag; the other half was replaced in the core box with the second sample tag for reference.

8.2 **Analytical and Test Laboratories** 

All samples collected by Atlas during the 2021-2025 exploration programs relating to the Neves property were sent to SGS Geosol in Vespasiano, Brazil.

SGS Lakefield (metallurgical testing) and SGS Geosol are ISO/IEC 17025 accredited. The SGS Geosol laboratory is ISO 14001 and 17025 accredited by the Standards Council. All laboratories used for the technical report are independent of Atlas and provide services pursuant to service contracts.

8.3 **Sample Preparation and Analysis** 

All samples received at SGS Geosol were inventoried and weighted prior to being processed. Drying was done to samples having excess humidity. Sample material was crushed to 75% passing 3 mm using jaw crushers. One kilogram of material was put in a separate bag and reserved for future analysis. Ground material was then split in two using a Jones split riffle to obtain one 2 kg sample reserved for duplicate analysis and one 1 kg sample for primary analysis. One-kilogram sub-samples were then pulverised using a ring and puck mill or a single component ring mill to 95% passing 150 mesh (106 µm) and split into four 250 g samples using a rotative splitter. The balance of the crushed sample (reject) was placed into the original plastic bag. The pulverised samples were finally analyzed by SGS Geosol.

The SGS Geosol analytical method used by Atlas is a 31-element analytical package using sodium peroxide fusion followed by both Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) and ICP-MS finish (SGS code ICP90A). Analytical results were sent electronically to Atlas and results were compiled in an MS Excel spreadsheet by the project geologists.

8.4 **Density Determinations** 

Density samples from 15 cm to 20 cm were selected by the Atlas geologists, representing the different rock types (schist and pegmatite), alterations (weathered and fresh rock), and mineralization qualities (pegmatite with little spodumene, pegmatite with medium spodumene, pegmatite with much spodumene, and pegmatite without spodumene). Atlas have completed a total of 2,821 density determinations on the different lithologies of the Neves Project.

Densities were measured by SGS Geosol using pycnometer measurement.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 73 <br>

Table 8-1 shows the average densities for the different lithologies.

**Table 8-1 Neves Average Densities**

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| **Lithology** | **Specific Gravity**<br> **(g/cm<sup>3</sup>)** |
| Spodumene Zone | 2.70 |
| Petalite Zone | 2.58 |
| Quartz | 2.66 |
| Pegmatite | 2.62 |
| Feldspar Zone | 2.62 |
| Schist | 2.77 |

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8.5 **Quality Assurance and Quality Control** 

In addition to the laboratory quality assurance quality control (QA/QC) routinely implemented by SGS Geosol using pulp duplicate analysis, Atlas developed an internal QA/QC protocol for the Neves drilling, which consisted of the insertion of analytical standard reference materials (standards), blanks and core duplicates on a systematic basis with the samples shipped to the analytical laboratory.

The Atlas protocol for QAQC is for every 22 samples, three reference samples are randomly inserted, including one standard, one blank and one duplicate sample.

Blanks can be inserted anywhere in the sample stream, but standards and duplicates are included in pegmatite intervals, whether they are considered mineralized or not.

Each 50-sample batch sent to the lab contains at least two standards, two blanks and two duplicates. When the batch size varies the control samples are inserted proportionally.

8.5.1 Analytical
 Standards

8.5.1.1 EURO
 Standards

Prior to mid-2023, Atlas used standards supplied by Centro Tecnológico de Referência Sul-americano (CTRS). The organisation advertises that they supply Certified Reference Materials (CRM) according to international protocols, but there is no publicly available access to the certificates of analysis for these standards. Atlas used a total of 10 different CTRS standards between 2021 and 2023.

In July 2023, Atlas migrated their drilling database to an Access-based database and in the process, a QAQC review identified issues with three of the CTRS standards, namely EURO0330, EURO0331 and EURO0332. Investigation suggested that the supplied CRMs had been mislabelled at the source and the claimed lithium value of the standard was not the assayed value.

To ascertain that the assays around these standards were valid, it was determined to resample the five assays above and the five assays below each of the failed standards. A total of 359 pulp samples were submitted to Geosol for re-assay.

An analysis of the re-assayed material versus the original assays determined that there was a very high correlation between the samples, with an R2 value of 0.9992. Figure 8-1 is a scatterplot of the original versus re-assayed samples.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 74 <br>

**Figure 8-1 Original versus Re-Assay Values**

8.5.1.2 OREAS
 Standards

In July 2023, Atlas adopted OREAS standards as their CRMs, using three certified standards for their QAQC, namely a low-grade, mid-grade and high-grade sample (Table 8-2).

A total of 163 OREAS standards were submitted by Atlas between July 2023 and April 2025. Figure 8-2 shows the standards results for the OREAS standards submitted.

The results from the standards are considered reasonable and within industry-accepted tolerances.

**Table 8-2 Standard Average Li Values with Analytical Error for Peroxide Fusion**

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| **Analytical Standards** | **Li<sub>2</sub>O (%)** | **Analytical Error (2σ)** |
| OREAS 750 | 0.496 | 0.044 |
| OREAS 751 | 1.01 | 0.074 |
| OREAS 753 | 2.19 | 0.1 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 75 <br>

**Figure 8-2 Shewhart Performance Chart of OREAS Standard Results**

8.5.2 Analytical
 Blanks

A total of 471 blanks were analyzed during the 2021 to 2025 drilling campaigns. Of the 471 blanks, four samples were higher than five times the Lower detection Limit (LDL) of 10 ppm Li. Figure 8-3 shows blank sample results across the exploration program.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 76 <br>

**Figure 8-3 Atlas Blank Sample Analyses**

8.5.3 Coarse
 Duplicates

Over the course of the exploration programs, Atlas has analyzed 455 coarse duplicate pairs. Figure 8-4 is a scatterplot comparing original and duplicate core pairs. The average value for the original values is 0.201% Li<sub>2</sub>O and the average value for the duplicate values is 0.205% Li<sub>2</sub>O. The difference between original and duplicate averages is 1.99% Li<sub>2</sub>O. The correlation coefficient R<sup>2</sup> of 0.876 suggests a strong correlation and a high similarity between the two sets of samples.

8.5.4 Pulp
 Duplicates

Atlas has analyzed 310 pulp duplicate samples over the course of the exploration programs. Figure 8-5 is a scatterplot comparing original and duplicate pulp pairs. The average value for the original values is 0.387% Li<sub>2</sub>O and the average value for the duplicate values is 0.386% Li<sub>2</sub>O. The difference between original and duplicate averages is 0.26% Li<sub>2</sub>O. The correlation coefficient R<sup>2</sup> of 0.996 suggests a strong correlation and a high similarity between the two sets of samples.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 77 <br>

**Figure 8-4 Correlation Between Original Samples and Coarse Duplicates**

**Figure 8-5 Correlation Between Original Samples and Pulp Duplicates**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 78 <br>

8.6 **Sample Security and Storage** 

Samples are placed into bags tagged and numbered with the sample tag inserted in the bag. Sample collection and transportation have always been undertaken by company personnel using company vehicles. Tracking of sample shipments used industry-standard procedures. Chain-of-custody procedures consisted of filling out sample submittal forms that were sent to the laboratory with sample shipments to make certain that all samples were received by the laboratory.

Core storage for unlogged and unsampled core is located at the core logging facility.

8.7 **QP Comments** 

SGS validated the exploration processes and core sampling procedures used by Atlas in 2023 and 2025 as part of an independent verification program.

The QP concluded that the drill core handling, logging and sampling protocols are at conventional industry standard and conform to generally acceptable best practices. The chain of custody was followed by Atlas employees, and the sample security procedure showed no flaws.

The QP considers that the sample quality is good and that the samples are generally representative.

Finally, the QP is confident that the system is appropriate for the collection of data suitable for a Mineral Resource Estimate.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 79 <br>

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| **9** | **DATA VERIFICATION** |

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A visit to the Project was conducted by Marc-Antoine Laporte, P.Geo., M.Sc. from May 4 to 6, 2023 and from March 11 to 14, 2025. The visits enabled the QP to become familiar with the exploration methods used by Atlas, the field conditions, the position of the drill hole collars, the core storage and logging facilities and the different exploration targets.

The data validation was conducted from three fronts:

● Validation of the drilling database

● Validation of the QA/QC data (see section 8.5)

● Control sampling program.

9.1 **Drilling Database** 

The database for the Project was first transmitted to SGS by Atlas on the 11<sup>th</sup> May, 2023, and regularly updated by Atlas geologists. The database contains data for: collar locations; downhole surveys; lithologies and lithium assays.

Upon importation of the data into the modelling and mineral resources estimation software (Genesis™), SGS conducted a second phase of data validation. At this point all the major discrepancies were removed from the database.

Lastly, SGS conducted random checks on approximately 5% of the assay certificates, to validate the assay values entered in the database.

9.2 **Site Visits** 

The following Qualified Persons visited the Project site.

9.2.1 **SGS** 

Mr. Marc-Antoine Laporte, P.Geo., M.Sc., from SGS visited the Project site on March 11<sup>th</sup> to 14<sup>th</sup>, 2025 and previously on May 4 to 6, 2023. During the 2025 site visit, Mr. Laporte conducted a general review of the logging and QA/QC procedures in place since the original drill program back in 2023. Drill hole collars were visited, and selected collar positions checked with a hand-held global positioning system (GPS) instrument on the Neves property. An inspection of the drilling equipment/contractors and deviation survey methodology and tools was completed. An extensive review of the mineralized core from the four main pegmatites zone was conducted during the first days of the visit including discussion of the sampling methodology with technical staff. One day was spent on reviewing geological 3D model including technical discussion with Atlas geologist. All information and personal were available during the QP visit to facilitate review process.

Mr. Joseph Keane and Mr. Sam Yu from SGS visited the Project site on June 2<sup>nd</sup> to 7<sup>th</sup>, 2025. The site visit purpose was to view an equipment storage area and inspect specific container contents of a heavy media separation equipment plant that Atlas Lithium had purchased for the project. A visit was also made to the project mine and plant site.

At the Belo Horizonte office the SGS representatives met with Eduardo Queiroz, PMO & VP Engineering. Mr. Queiroz had arranged a visit to an equipment storage facility located close to the nearby town of Betim.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 80 <br>

The equipment storage facility consists of secure areas where photography is not allowed and other areas where process consumables such as grinding media and dense media separation materials (ferrosilicon) are stored in bulk. Much of the facility consists of covered areas which shield the contents from the tropical environment. The storage facility is well managed and the security of the goods in the facility is continuously monitored based on the information provided during the warehouse visit.

The equipment package purchased by Atlas Lithium arrived in Belo Horizonte in numerous shipping containers and certain large or bulky items were shipped on pallets or skids. It was not possible to inspect every container, but the seals were broken and the doors were opened on 12 individual containers for our inspection. The SGS QP's were also shown items that were on pallets that had been equipped with weatherproof coverings. It was noted that each container had an individual identification placard and the container weight was noted externally. The inspection of the containerized equipment items in storage in Belo Horizonte has corroborated the statements of Atlas Lithium that an equipment assemblage suitable for the heavy media beneficiation of spodumene ore has been purchased in South Africa, shipped to Belo Horizonte, and is now in secure storage.

Summarizing, the container inspection was conducted by SGS representatives, and the conclusion is drawn that the pronouncements by Atlas Lithium regarding the number, types, and contents of the containers in storage is corroborated.

On June 5<sup>th</sup>, 2025, the SGS QP'S visited the project sites including the proposed open pit mining operations, the mill site, and various waste disposal areas. The road from Araçuaí to the project site is mostly unpaved and the terrain is undulating making the road sinuous along certain sections. The tour was supervised by Raimundo Almeida Jr., Vice President, Lithium Processing for Atlas Lithium who was accompanied by members of the geology staff. Two of the proposed mine sites were visited along with the proposed mill site and waste/tailings disposal areas. The project site is hilly and undulating as depicted on the present mining and site plans that have been so far developed.

In addition to a general site overview and individual facility locations, a physical cut in mineralized soil close to Anitta 3 was inspected and the weathered material revealed rather large liberated spodumene crystals that were identified by the Atlas Lithium geological team. According to geologists accompanying the visit, these crystals were larger than the spodumene crystals from Anitta 1 pit.

It was observed that the open pit sites, the plant site, and the waste and tailings area all have heavy vegetation. Due to the undulating terrain, considerable earthwork may be required for the site preparation.

According to Atlas Lithium geologists, the open pits have relatively high strip ratios around 16.72 and the mineralized zones are usually thin. Topics relating to ore control, blasting, ore blending, and geo-metallurgical programs were also discussed. The core storage area was visited. Numerous sections of split and sawed core were examined. A substantial quantity of the split core had the spodumene crystals outlined such that an examiner could compare those spodumene crystals with other contained minerals in the split core. Based on the observation of core samples, most of the spodumene crystals were quite large and associated with quartz and other minerals. Some spodumene crystal sizes were even larger than what was observed in the trench cut described earlier. This explains why some HLS (Heavy Liquid Separation) tests conducted had significantly higher lithium recovery than the results from HLS test conducted on Anitta 1 sample. Depending on the content of impurity metals in the spodumene crystals, the crystal color can be either green, or pink or colorless. Several additional geological exhibits were also reviewed including select mineral specimens from the deposits and a demonstration of fluorescence of certain property minerals.

9.2.2 VinQ
 Geotecnia

As part of the technical due diligence process and in compliance with the requirements, a field visit to the Neves Project was conducted on May 26, 2025.

The project's geotechnical assessment was based on field investigations, including core drilling with sampling, geological-structural mapping, laboratory testing, and stability analyses using various methodologies such as kinematic analysis, limit equilibrium, and stress-strain modeling. The results indicated appropriate Factors of Safety (FoS) in accordance with the criteria of Read & Stacey (2009), with recommendations for geometric adjustments in specific sectors to optimize slope stability and maximize resource recovery.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 81 <br>

During the visit, a detailed inspection was carried out at the core storage facility, allowing for visual verification of the quality of the drill core samples. The inspection included assessment of sample preservation, core recovery, box organization, and the correct labeling and identification of sampled sections. This on-site verification was essential to confirm the representativeness and integrity of the materials described in the geotechnical databases used in the studies.

In addition, the technical team visited the future pit areas of Anitta 2, 2.5 and Anitta 3, inspecting access conditions to the mining fronts and physically verifying the locations of the completed drill holes, which were properly marked with stakes and identification plates. This step allowed for the validation of the geographical coordinates of the boreholes and verification of the consistency between physical markers in the field and the positional data recorded in the project's topographic and geotechnical databases.

The observations made during the field visit, both at the core storage facility and in the field areas, were incorporated into the final analysis and validation of the data, providing the technical foundation to support the issuance of the Technical Report for the Neves Project.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 82 <br>

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| **10** | **MINERAL PROCESSING AND METALLURGICAL TESTING** |

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The Neves lithium project, owned by Atlas Lithium, is located to the southwest of the municipality of Araçuaí, in the northeast region of Minas Gerais state, Brazil. The targeted deposits are mostly between the city of Araçuaí and the city of Itinga. The main lithium bearing material is spodumene, followed by a smaller amount of petalite. Based on the samples tested at SGS Lakefield, approximately 78.5% of the lithium in the sample is in the form of spodumene, the remainder is predominantly in the form of petalite. Since spodumene typically has a higher specific gravity than most of the gangue materials, dense media separation (DMS) was recommended for the beneficiation process.

In April 2023, SGS completed a series of laboratory tests to investigate the potential to recover the lithium from this deposit using DMS and flotation processes. The tests indicated that this mineralized material is amenable to DMS technology and flotation can further improve the lithium recovery. Per discussions with Atlas Lithium, only DMS will be considered in the process design for this project. The test samples utilized for the SGS Lakefield testing were all from Anitta 1 Pit. To further explore the ore variability for this project, additional samples were collected from Anitta 1, Anitta 2, Anitta 3, Anitta 2.5 and Anitta 4 pits and sent to SGS Geosol laboratory in Brazil for chemical composition analysis and Heavy Liquid Separation (HLS) tests which were performed from late 2023 to early 2024. Though the HLS tests are not always considered a comprehensive metallurgical study, the HLS data does strongly correlate with DMS performance and indicate the future metallurgical performance of the material from different locations of the deposit. HLS data is considered a perfect separation and empirical data shows that actual DMS performance is typically downgraded marginally to account for the operational inefficiencies in the field.

The fine size fraction waste materials generated from the SGS Geosol tests was subjected to sedimentation and filtration testwork at PESCO, which was completed in early 2025. This report section summarizes and analyzes all the test work.

**10.1** **Test Work completed at SGS Lakefield** 

10.1.1 Sample
 Selection, Preparation and Head Assay

In December 2022, Atlas Lithium sent one drum of test samples to the SGS Lakefield laboratory. The samples consisted of half and quarter drill core in labelled sample bags. The samples came from several drill holes from Anitta 1 pit. The detailed sample receipt information is listed in Table 10-1.

Each sample bag was inventoried and weighted resulting in a total of 117 kg of drill core. The sample was combined, and stage crushed to ¾ inch (19.1 mm), and a 5 kg subsample was procured and submitted for Bond Work Index and Bond Abrasion Index tests. The remainder was further stage crushed to minus ½ inch (-12.7 mm) from which another 30 kg subsample was taken and stage crushed to minus 3/8 inch (-9.5 mm).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 83 <br>

**Table 10-1 Sample Identification and Weight**

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| **DHID** | **From** | **To** | **Length** | **Sample** | **Li<sub>2</sub>O %** | **Wthrg** | **Spod %** | **Pet %** | **1/4 Core** | **1/2 Core** | **Weight Kg** |
| DHAB-11 | 67.94 | 68.80 | 0.86 | MET_AB-001_DHAB-11 | 1.15 | Fresh | 10% | 0% | X |  | **1.312** |
| DHAB-11 | 69.90 | 71.10 | 1.20 | MET_AB-002_DHAB-11 | 2.67 | Fresh | 22% | 5% |  | X | **4.430** |
| DHAB-11 | 71.10 | 72.30 | 1.20 | MET_AB-003_DHAB-11 | 2.37 | Fresh | 22% | 5% |  | X | **4.064** |
| DHAB-11B | 76.75 | 77.65 | 0.90 | MET_AB-004_DHAB-11B | 2.11 | Fresh | 28% | 10% | X |  | **1.622** |
| DHAB-11B | 77.65 | 78.49 | 0.84 | MET_AB-005_DHAB-11B | 3.26 | Fresh | 28% | 10% | X |  | **1.382** |
| DHAB-11B | 78.49 | 79.30 | 0.81 | MET_AB-006_DHAB-11B | 2.37 | Fresh | 28% | 10% | X |  | **1.578** |
| DHAB-11B | 79.30 | 80.00 | 0.70 | MET_AB-007_DHAB-11B | 1.94 | Fresh | 28% | 10% | X |  | **1.060** |
| DHAB-11B | 90.46 | 91.30 | 0.84 | MET_AB-008_DHAB-11B | 1.74 | Fresh | 30% | 0% | X |  | **1.496** |
| DHAB-11B | 92.50 | 93.45 | 0.95 | MET_AB-010_DHAB-11B | 1.59 | Fresh | 40% | 5% | X |  | **1.866** |
| DHAB-11B | 93.45 | 94.36 | 0.91 | MET_AB-011_DHAB-11B | 1.11 | Fresh | 30% | 5% | X |  | **1.474** |
| DHAB-12 | 85.05 | 85.80 | 0.75 | MET_AB-012_DHAB-12 | 1.57 | Fresh | 35% | 5% |  | X | **2.890** |
| DHAB-12 | 85.80 | 86.75 | 0.95 | MET_AB-013_DHAB-12 | 1.67 | Fresh | 35% | 5% |  | X | **3.468** |
| DHAB-12 | 86.75 | 87.55 | 0.80 | MET_AB-014_DHAB-12 | 0.86 | Fresh | 35% | 5% |  | X | **3.130** |
| DHAB-12 | 87.55 | 88.43 | 0.88 | MET_AB-015_DHAB-12 | 0.80 | Fresh | 25% | 5% |  | X | **3.290** |
| DHAB-15 | 60.50 | 61.50 | 1.00 | MET_AB-016_DHAB-15 | 1.75 | Fresh | 30% | 0% |  | X | **3.368** |
| DHAB-15 | 61.50 | 62.50 | 1.00 | MET_AB-017_DHAB-15 | 1.45 | Fresh | 25% | 0% |  | X | **3.278** |
| DHAB-15 | 62.50 | 63.55 | 1.05 | MET_AB-018_DHAB-15 | 1.09 | Fresh | 25% | 0% |  | X | **4.636** |
| DHAB-15 | 64.55 | 65.55 | 1.00 | MET_AB-019_DHAB-15 | 0.81 | Fresh | 25% | 0% |  | X | **3.592** |
| DHAB-15 | 66.55 | 67.55 | 1.00 | MET_AB-020_DHAB-15 | 1.76 | Fresh | 25% | 0% |  | X | **3.676** |
| DHAB-15 | 67.55 | 68.55 | 1.00 | MET_AB-021_DHAB-15 | 1.41 | Fresh | 25% | 0% |  | X | **3.546** |
| DHAB-15 | 68.55 | 69.55 | 1.00 | MET_AB-022_DHAB-15 | 2.30 | Fresh | 25% | 0% |  | X | **3.396** |
| DHAB-15 | 69.55 | 70.55 | 1.00 | MET_AB-023_DHAB-15 | 2.03 | Fresh | 25% | 0% |  | X | **4.532** |
| DHAB-15 | 70.55 | 71.55 | 1.00 | MET_AB-024_DHAB-15 | 1.63 | Fresh | 25% | 0% |  | X | **3.416** |
| DHAB-15 | 71.55 | 72.55 | 1.00 | MET_AB-025_DHAB-15 | 0.80 | Fresh | 25% | 0% |  | X | **3.676** |
| DHAB-15 | 72.55 | 73.53 | 0.98 | MET_AB-026_DHAB-15 | 0.88 | Fresh | 25% | 0% |  | X | **3.744** |
| DHAB-15 | 73.53 | 74.51 | 0.98 | MET_AB-027_DHAB-15 | 1.71 | Fresh | 25% | 0% |  | X | **3.830** |
| DHAB-15 | 74.51 | 75.51 | 1.00 | MET_AB-028_DHAB-15 | 2.16 | Fresh | 25% | 0% |  | X | **4.070** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 84 <br>

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| **DHID** | **From** | **To** | **Length** | **Sample** | **Li<sub>2</sub>O %** | **Wthrg** | **Spod %** | **Pet %** | **1/4 Core** | **1/2 Core** | **Weight Kg** |
| DHAB-15 | 82.65 | 83.60 | 0.95 | MET_AB-029_DHAB-15 | 2.07 | Fresh | 20% | 0% |  | X | **3.426** |
| DHAB-16 | 44.25 | 45.25 | 1.00 | MET_AB-030_DHAB-16 | 1.01 | Fresh | 20% | 0% |  | X | **3.274** |
| DHAB-17 | 73.63 | 74.63 | 1.00 | MET_AB-031_DHAB-17 | 1.03 | Fresh | 35% | 0% | X |  | **1.492** |
| DHAB-17 | 74.63 | 75.50 | 0.87 | MET_AB-032_DHAB-17 | 1.51 | Fresh | 35% | 0% |  | X | **4.200** |
| DHAB-17 | 75.50 | 76.23 | 0.73 | MET_AB-033_DHAB-17 | 1.33 | Fresh | 35% | 0% |  | X | **2.128** |
| DHAB-18 | 83.63 | 84.60 | 0.97 | MET_AB-034_DHAB-18 | 0.95 | Fresh | 17% | 0% | X |  | **2.032** |
| DHAB-18 | 86.55 | 87.65 | 1.10 | MET_AB-035_DHAB-18 | 1.74 | Fresh | 25% | 10% | X |  | **1.576** |
| DHAB-18 | 87.65 | 88.60 | 0.95 | MET_AB-036_DHAB-18 | 2.15 | Fresh | 25% | 10% |  | X | **3.268** |
| DHAB-18 | 88.60 | 89.55 | 0.95 | MET_AB-037_DHAB-18 | 2.69 | Fresh | 25% | 10% | X |  | **1.616** |
| DHAB-21 | 51.00 | 52.00 | 1.00 | MET_AB-038_DHAB-21 | 1.15 | Fresh | 15% | 0% | X |  | **1.134** |
| DHAB-21 | 52.00 | 53.00 | 1.00 | MET_AB-039_DHAB-21 | 1.41 | Fresh | 15% | 0% |  | X | **2.542** |
| DHAB-21 | 53.00 | 54.00 | 1.00 | MET_AB-040_DHAB-21 | 2.87 | Fresh | 20% | 0% |  | X | **3.736** |
| DHAB-21 | 54.00 | 55.00 | 1.00 | MET_AB-041_DHAB-21 | 1.51 | Fresh | 20% | 0% |  | X | **3.258** |
| DHAB-21 | 55.00 | 56.00 | 1.00 | MET_AB-042_DHAB-21 | 1.88 | Fresh | 20% | 0% |  | X | **3.382** |
| DHAB-21 | 56.00 | 57.00 | 1.00 | MET_AB-043_DHAB-21 | 2.00 | Fresh | 10% | 5% |  | X | **3.972** |
| DHAB-21 | 73.22 | 74.28 | 1.06 | MET_AB-044_DHAB-21 | 1.03 | Fresh | 0% | 0% | X |  | **1.514** |
| DHAB-21 | 74.28 | 75.28 | 1.00 | MET_AB-045_DHAB-21 | 0.83 | Fresh | 20% | 0% | X |  | **1.910** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 85 <br>

A 10 kg subsample of 3/8 inch sample was submitted for HLS test work, and a 20 kg of 3/8 inch sample was further stage-crushed to pass 6 mesh (3.35 mm) and sampled again for assay and Bond Work Index test work. From the rest of the -½ inch sample, about 10 kg was stored for HLS testwork and the remainder was stored for DMS test work.

The composite sample was prepared and analyzed for the Whole Rock Analysis (WRA) determination for key spodumene concentrate compounds including Li<sub>2</sub>O, Fe<sub>2</sub>O<sub>3</sub>, Na<sub>2</sub>O, K<sub>2</sub>O, SiO<sub>2</sub> and Al<sub>2</sub>O<sub>3. </sub>Additional assay concentrations were determined for F, Be, As, Ta, Rb and Cs. The results are summarized in Table 10-2 and Table 10-3 respectively. Based on the WRA result, this material contains an average of 1.53% Li<sub>2</sub>O and 0.39% Fe<sub>2</sub>O<sub>3.</sub>

**Table 10-2 Main Composite Whole Ore Analysis Results**

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| **Sample ID** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** | **Assay (%)** |
| **Sample ID** | Li | Li<sub>2</sub>O | SiO<sub>2</sub> | Al<sub>2</sub>O<sub>3</sub> | Fe<sub>2</sub>O<sub>3</sub> | MgO | CaO | Na<sub>2</sub>O | K<sub>2</sub>O | TiO2 | P<sub>2</sub>O5 | MnO | Cr<sub>2</sub>O<sub>3</sub> | V<sub>2</sub>O<sub>5</sub> | LOI | Sum |
| Main Composite | 0.71 | 1.53 | 73.6 | 16.3 | 0.39 | 0.12 | 0.15 | 4.07 | 1.98 | 0.01 | 0.38 | 0.1 | <0.01 | <0.01 | 1.18 | 98.3 |

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**Table 10-3 Main Composite Assays for F, Be, As, Ta, Rb and Cs**

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| **Sample ID** | **Assay** | **Assay** | **Assay** | **Assay** | **Assay** | **Assay** |
| **Sample ID** | **F (%)** | **Be (g/t)** | **As (g/t)** | **Ta (g/t)** | **Rb (g/t)** | **Cs (g/t)** |
| Main Composite | 0.036 | 146 | < 200 | 96 | 370 | 46 |

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10.1.2 Mineralogy

Semi-quantitative XRD analysis was conducted on the main composite sample and the mineralogical composition is summarized in Table 10-4. The major gangue minerals in the sample are albite and quartz, while the main lithium bearing minerals are spodumene and petalite. Spodumene has a specific gravity (SG) typically ranging between 2.95 to 3.05. Therefore, it is relatively easy to separate from the rest of the gangue material which typically has an average SG of 2.7, whilst petalite has an even lighter SG of 2.4, the majority of which could possibly report to the DMS tailings.

**Table 10-4 Semi Quantitative XRD Mineralogical Composition on Master Composite Sample**

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| | | |
|:---|:---|:---|
| **Mineral** | **Composition** | **wt (%)** |
| Albite | NaAlSi<sub>3</sub>O<sub>8</sub> | 35.7 |
| Quartz | SiO<sub>2</sub> | 27.9 |
| Spodumene | LiAlSi<sub>2</sub>O<sub>6</sub> | 14.9 |
| Orthoclase | KAlSi<sub>3</sub>O<sub>8</sub> | 7.2 |
| Petalite | Li(AlSi<sub>4</sub>O<sub>10</sub>) | 6.7 |
| Muscovite | KAl<sub>2</sub>(AlSi<sub>3</sub>O<sub>10</sub>)(OH)<sub>2</sub> | 6.4 |
| Biotite | K(Mg,Fe)<sub>3</sub>(AlSi<sub>3</sub>O<sub>10</sub>)(OH)<sub>2</sub> | 0.7 |
| Flurapatite | Ca<sub>5</sub>(PO<sub>4</sub>)<sub>3</sub>F | 0.6 |
| TOTAL |  | 100 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 86 <br>

10.1.3 Comminution

Bond Ball Mill Work Index testing was conducted at a size of 48 mesh (300 micron) on the composite sample after being crushed to minus 6 mesh (-3.35 mm). The Bond Ball Mill Work Index of the composite sample was found to be 14.6 kWhr/t, which indicates that the sample is classified as a medium hard material.

Bond Abrasion Index testing was conducted on the composite sample after being crushed to minus ¾ inch (-19.1 mm). The Bond Abrasion Index of the sample is 0.399 gram, which is classified as a relatively abrasive material.

10.1.4 Heavy
 Liquid Separation

HLS testing was performed to provide a baseline for the DMS test. Two 10 kg subsamples of the composite were crushed to minus 12.7 mm and minus 9.5 mm respectively and then pre-screened to remove the minus 0.85 mm material. The screened material, with size fractions between 0.85 mm to 9.5 mm or 12.5 mm, were subjected to heavy liquid separation. The heavy liquid used was methylene iodide diluted with acetone to achieve a certain SG. The SG cut points for the heavy liquid separation were controlled at 3.0, 2.95, 2.90, 2.85, 2.80, 2.70, 2.65, 2.60, 2.50, and 2.45 in sequence. The HLS test started with the heaviest liquid and removed the sink product, and then was progressively moved to a lighter liquid density. The incremental samples between individual SGs were acquired for chemical assays. The detailed HLS test results are listed in Table 10-5 to Table 10-8.

In Table 10-5 to Table 10-8, the major component distribution includes the -0.85 mm (-20 mesh) material, and the lithium recovery represents the "global recovery" including the -0.85 mm material being screened off before the HLS test. The initial HLS test data revealed that to produce a minimum lithium oxide concentrate grade of 5.5%, the -12.5 mm material requires a separation density near 2.80 and corresponds with a theoretical lithium recovery close to 65.8%; whilst the -9.5 mm material requires a separation density between 2.70 and 2.80 and corresponds with a theoretical lithium recovery between 65.1% and 71.8%. The HLS test data indicated that to produce a DMS concentrate with a minimum grade of 5.5% Li<sub>2</sub>O, -9.5 mm material will have better lithium recovery compared with -12.5 mm material. This difference is mainly due to a better spodumene liberation of the -9.5 mm material compared to the -12.5 mm material. Therefore, a crush size at 9.5 mm was used as the top size for the DMS test feed.

Table 10-9 summarizes the incremental HLS product assays and lithium distribution based on -9.5 mm material, including the float product cutting at SG of 2.45 and the -0.85 mm material. The lithium assay initially declined when the product SG decreased, however, the lithium assay began to increase when the product SG approached 2.45. This phenomenon is due to the presence of petalite in the material, which has a much lower SG around 2.40. Based on the HLS test, the material with SG lower than 2.45 produced a float product containing 3.93% Li<sub>2</sub>O.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 87 <br>

**Table 10-5 -9.5 mm Heavy Liquid Separation Cumulative Sink Product Chemical Assays**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Combined HLS Products** | **HL SG** | **Weight** | **Weight** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** |
| **Combined HLS Products** | **(g/cm<sup>3</sup>)** | **(g)** | **(%)** | **Li** | **Li<sub>2</sub>O** | **SiO<sub>2</sub>** | **Al<sub>2</sub>O<sub>3</sub>** | **Fe<sub>2</sub>O<sub>3</sub>** | **MgO** | **CaO** | **Na<sub>2</sub>O** | **K<sub>2</sub>O** | **P<sub>2</sub>O<sub>5</sub>** |
| HLS Sink 3.00 SG | 3.00 | 1061 | 10.7 | 3.36 | 7.22 | 64.5 | 25.9 | 0.96 | 0.05 | 0.04 | 0.30 | 0.13 | 0.16 |
| HLS Sink 2.95 SG | 2.95 | 1181 | 11.9 | 3.30 | 7.09 | 64.8 | 25.6 | 1.03 | 0.05 | 0.05 | 0.33 | 0.16 | 0.18 |
| HLS Sink 2.90 SG | 2.90 | 1304 | 13.1 | 3.20 | 6.89 | 65.2 | 25.1 | 1.06 | 0.06 | 0.05 | 0.40 | 0.20 | 0.20 |
| HLS Sink 2.85 SG | 2.85 | 1443 | 14.5 | 3.09 | 6.63 | 65.6 | 24.6 | 1.10 | 0.07 | 0.06 | 0.50 | 0.26 | 0.23 |
| HLS Sink 2.80 SG | 2.80 | 1650 | 16.6 | 2.86 | 6.15 | 65.6 | 24.3 | 1.11 | 0.10 | 0.07 | 0.63 | 0.61 | 0.28 |
| HLS Sink 2.70 SG | 2.70 | 2384 | 24 | 2.18 | 4.69 | 66.3 | 23 | 1.07 | 0.12 | 0.08 | 1.13 | 1.46 | 0.36 |
| HLS Sink 2.65 SG | 2.65 | 2910 | 29.3 | 1.85 | 3.98 | 67.8 | 21.6 | 1.05 | 0.12 | 0.09 | 1.44 | 1.60 | 0.37 |
| HLS Sink 2.60 SG | 2.60 | 6016 | 60.6 | 0.94 | 2.01 | 74.6 | 16.2 | 0.79 | 0.07 | 0.10 | 3.32 | 1.08 | 0.28 |
| HLS Sink 2.50 SG | 2.50 | 8440 | 85.1 | 0.74 | 1.58 | 73.6 | 16.3 | 0.61 | 0.07 | 0.11 | 3.93 | 2.01 | 0.28 |
| HLS Sink 2.45 SG | 2.45 | 8529 | 86 | 0.74 | 1.59 | 73.5 | 16.3 | 0.61 | 0.07 | 0.11 | 3.91 | 2.01 | 0.28 |

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**Table 10-6 -9.5 mm Heavy Liquid Separation Cumulative Sink Product Major Component Distribution**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Combined HLS Products** | **HL SG** | **Weight** | **Weight** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** |
| **Combined HLS Products** | **(g/cm<sup>3</sup>)** | **(g)** | **(%)** | **Li** | **SiO<sub>2</sub>** | **Al<sub>2</sub>O<sub>3</sub>** | **Fe<sub>2</sub>O<sub>3</sub>** | **MgO** | **CaO** | **Na<sub>2</sub>O** | **K<sub>2</sub>O** | **P<sub>2</sub>O<sub>5</sub>** |
| HLS Sink 3.00 SG | 3.00 | 1061 | 10.7 | 49.2 | 9.4 | 17 | 16.7 | 6.5 | 3.7 | 0.8 | 0.7 | 5.6 |
| HLS Sink 2.95 SG | 2.95 | 1181 | 11.9 | 53.8 | 10.5 | 18.6 | 19.9 | 7.9 | 4.9 | 1 | 1 | 6.9 |
| HLS Sink 2.90 SG | 2.90 | 1304 | 13.1 | 57.7 | 11.7 | 20.2 | 22.8 | 9.7 | 6.2 | 1.3 | 1.3 | 8.7 |
| HLS Sink 2.85 SG | 2.85 | 1443 | 14.5 | 61.5 | 13 | 21.9 | 26 | 12.8 | 7.9 | 1.8 | 1.9 | 10.9 |
| HLS Sink 2.80 SG | 2.80 | 1650 | 16.6 | 65.1 | 14.8 | 24.8 | 29.9 | 19.6 | 9.9 | 2.6 | 5.2 | 15.2 |
| HLS Sink 2.70 SG | 2.70 | 2384 | 24 | 71.8 | 21.7 | 33.9 | 42 | 34.1 | 16.4 | 6.8 | 17.8 | 28 |
| HLS Sink 2.65 SG | 2.65 | 2910 | 29.3 | 74.3 | 27 | 38.9 | 50.3 | 41.9 | 22.4 | 10.7 | 23.8 | 35.2 |
| HLS Sink 2.60 SG | 2.60 | 6016 | 60.6 | 77.8 | 61.5 | 60.1 | 78.3 | 53.4 | 52.4 | 50.8 | 33.3 | 54.6 |
| HLS Sink 2.50 SG | 2.50 | 8440 | 85.1 | 85.8 | 85.1 | 85.2 | 84.3 | 74.3 | 78 | 84.5 | 86.7 | 77.6 |
| HLS Sink 2.45 SG | 2.45 | 8529 | 86 | 87.3 | 86 | 86.1 | 84.7 | 75.4 | 78.8 | 85 | 87.9 | 78.4 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 88 <br>

**Table 10-7 -12.5 mm Heavy Liquid Separation Cumulative Sink Product Chemical Assays**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Combined HLS Products** | **HL SG** | **Weight** | **Weight** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** | **Assays (%)** |
| **Combined HLS Products** | **(g/cm<sup>3</sup>)** | **(g)** | **(%)** | **Li** | **Li<sub>2</sub>O** | **SiO<sub>2</sub>** | **Al<sub>2</sub>O<sub>3</sub>** | **Fe<sub>2</sub>O<sub>3</sub>** | **MgO** | **CaO** | **Na<sub>2</sub>O** | **K<sub>2</sub>O** | **P<sub>2</sub>O<sub>5</sub>** |
| HLS Sink 3.00 SG | 3.00 | 991 | 9.9 | 3.18 | 6.84 | 67.0 | 26.1 | 0.83 | 0.05 | 0.05 | 0.30 | 0.06 | 0.14 |
| HLS Sink 2.95 SG | 2.95 | 1151 | 11.5 | 3.08 | 6.63 | 67.3 | 25.6 | 0.83 | 0.05 | 0.05 | 0.36 | 0.12 | 0.15 |
| HLS Sink 2.90 SG | 2.90 | 1321 | 13.2 | 2.97 | 6.38 | 67.7 | 25.0 | 0.84 | 0.06 | 0.05 | 0.46 | 0.20 | 0.19 |
| HLS Sink 2.85 SG | 2.85 | 1546 | 15.5 | 2.80 | 6.01 | 68.5 | 24.2 | 0.83 | 0.07 | 0.06 | 0.57 | 0.31 | 0.20 |
| HLS Sink 2.80 SG | 2.80 | 1822 | 18.3 | 2.55 | 5.47 | 68.4 | 23.8 | 0.85 | 0.09 | 0.07 | 0.74 | 0.71 | 0.26 |
| HLS Sink 2.70 SG | 2.70 | 2678 | 26.9 | 1.95 | 4.20 | 68.7 | 22.5 | 0.85 | 0.11 | 0.08 | 1.12 | 1.51 | 0.31 |
| HLS Sink 2.65 SG | 2.65 | 3508 | 35.2 | 1.57 | 3.38 | 70.6 | 20.7 | 0.79 | 0.10 | 0.08 | 1.64 | 1.62 | 0.30 |
| HLS Sink 2.60 SG | 2.60 | 7007 | 70.3 | 0.84 | 1.80 | 75.6 | 16.2 | 0.59 | 0.08 | 0.12 | 3.56 | 1.13 | 0.29 |
| HLS Sink 2.50 SG | 2.50 | 8908 | 89.3 | 0.70 | 1.51 | 74.1 | 16.5 | 0.51 | 0.07 | 0.12 | 3.74 | 2.43 | 0.30 |
| HLS Sink 2.45 SG | 2.45 | 9060 | 90.8 | 0.72 | 1.54 | 74.1 | 16.5 | 0.51 | 0.08 | 0.11 | 3.69 | 2.40 | 0.30 |

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**Table 10-8 -12.5 mm Heavy Liquid Separation Cumulative Sink Product Major Component Distribution**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Combined HLS Products** | **HL SG** | **Weight** | **Weight** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** |
| **Combined HLS Products** | **(g/cm<sup>3</sup>)** | **(g)** | **(%)** | **Li** | **SiO<sub>2</sub>** | **Al<sub>2</sub>O<sub>3</sub>** | **Fe<sub>2</sub>O<sub>3</sub>** | **MgO** | **CaO** | **Na<sub>2</sub>O** | **K<sub>2</sub>O** | **P<sub>2</sub>O<sub>5</sub>** |
| HLS Sink 3.00 SG | 3.00 | 991 | 9.9 | 44.7 | 9.0 | 15.7 | 15.5 | 6.1 | 4.1 | 0.8 | 0.3 | 4.4 |
| HLS Sink 2.95 SG | 2.95 | 1151 | 11.5 | 50.4 | 10.5 | 17.9 | 17.9 | 7.5 | 4.8 | 1.1 | 0.6 | 5.4 |
| HLS Sink 2.90 SG | 2.90 | 1321 | 13.2 | 55.7 | 12.1 | 20.0 | 20.8 | 9.8 | 5.8 | 1.6 | 1.1 | 8.0 |
| HLS Sink 2.85 SG | 2.85 | 1546 | 15.5 | 61.4 | 14.3 | 22.7 | 24.2 | 12.6 | 7.1 | 2.4 | 2.0 | 9.8 |
| HLS Sink 2.80 SG | 2.80 | 1822 | 18.3 | 65.8 | 16.9 | 26.3 | 29.1 | 19.4 | 10.8 | 3.6 | 5.5 | 14.8 |
| HLS Sink 2.70 SG | 2.70 | 2678 | 26.9 | 74.2 | 24.9 | 36.7 | 42.6 | 35.3 | 17.3 | 8.1 | 17.1 | 25.8 |
| HLS Sink 2.65 SG | 2.65 | 3508 | 35.2 | 78.2 | 33.5 | 44.0 | 51.9 | 44.5 | 23.5 | 15.5 | 24.0 | 32.9 |
| HLS Sink 2.60 SG | 2.60 | 7007 | 70.3 | 83.2 | 71.7 | 68.9 | 78.2 | 70.5 | 70.4 | 67.2 | 33.3 | 64.9 |
| HLS Sink 2.50 SG | 2.50 | 8908 | 89.3 | 88.6 | 89.4 | 89.5 | 86.1 | 82.2 | 86.4 | 89.6 | 91.4 | 85.3 |
| HLS Sink 2.45 SG | 2.45 | 9060 | 90.8 | 92.4 | 90.9 | 91.1 | 87.5 | 84.1 | 87.0 | 90.1 | 91.7 | 85.9 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 89 <br>

**Table 10-9 -9.5 mm Heavy Liquid Separation Incremental Product Lithium Assays and Distribution**

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|:---|:---|:---|:---|:---|:---|:---|
| **HLS Products** | **HL SG** | **Weight** | **Assays (%)** | **Assays (%)** | **Distribution (%)** | **Distribution (%)** |
| **HLS Products** | **(g/cm<sup>3</sup>)** | **(%)** | **Li<sub>2</sub>O** | **Fe<sub>2</sub>O<sub>3</sub>** | **Li** | **Fe<sub>2</sub>O<sub>3</sub>** |
| HLS -9.5 mm SG 3.00 Sink | 3.00 | 10.69 | **7.22** | **0.96** | 49.2 | 16.7 |
| HLS -9.5 mm SG 2.95 Sink | 2.95 | 1.21 | **5.91** | **1.61** | 4.6 | 3.2 |
| HLS -9.5 mm SG 2.90 Sink | 2.90 | 1.24 | **4.97** | **1.43** | 3.9 | 2.9 |
| HLS -9.5 mm SG 2.85 Sink | 2.85 | 1.40 | **4.21** | **1.42** | 3.7 | 3.2 |
| HLS -9.5 mm SG 2.80 Sink | 2.80 | 2.09 | **2.75** | **1.16** | 3.7 | 3.9 |
| HLS -9.5 mm SG 2.70 Sink | 2.70 | 7.40 | **1.42** | **1.00** | 6.7 | 12.0 |
| HLS -9.5 mm SG 2.65 Sink | 2.65 | 5.30 | **0.75** | **0.97** | 2.5 | 8.4 |
| HLS -9.5 mm SG 2.60 Sink | 2.60 | 31.30 | **0.17** | **0.55** | 3.4 | 28.0 |
| HLS -9.5 mm SG 2.50 Sink | 2.50 | 24.44 | **0.52** | **0.15** | 8.0 | 6.0 |
| HLS -9.5 mm SG 2.45 Sink | 2.45 | 0.89 | **2.54** | **0.31** | 1.4 | 0.5 |
| HLS -9.5 mm SG 2.45 Float | 2.45 | 1.53 | **3.93** | **0.24** | 3.8 | 0.6 |
| Main Comp. -3/8" -0.85 mm |  | 12.5 | 1.12 | 0.72 | 8.9 | 14.7 |

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**Figure 10-1 -9.5 mm Heavy Liquid Separation Curves**

Figure 10-1 is a plot of the theoretical concentrate grade, lithium recovery and mass pull in terms of "global" mass balance based on the HLS test. At the separation density of 2.80, theoretically the concentrate (sink product) can achieve 68% lithium recovery with a Li<sub>2</sub>O grade above 5.5%. The quantity of near density material around SG of 2.80 is also moderate which indicates good potential for a clean DMS separation.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 90 <br>

10.1.5 Dense
 Media Separation Test

Dense media separation tests were conducted at the SGS Lakefield DMS pilot plant utilizing a 100 mm dense media cyclone. Material with a size fraction between 0.85 mm to 9.5 mm from the main composite sample was used for the DMS test. A DMS concentrate was generated using two stages of DMS in a rougher and cleaner configuration to replicate the full-scale plant flowsheet. The first stage DMS separation cut-point target was at a lower separation density of SG 2.70. The concentrate from this stage DMS was further screened at 0.85 mm to eliminate any potentially generated fines and then subjected to the second stage of DMS which cut at SG 2.80. The float product from the second stage DMS was the middling product, while the sink product was the final DMS concentrate. The final DMS concentrate still contained a nominal amount of mica type material and iron-bearing impurities. Therefore, the final DMS concentrate was further processed using a dry magnetic separator to remove the majority of the magnetic iron bearing material.

The dense media used during the first stage DMS test was a mixture of magnetite and ferrosilicon to achieve media slurry density of SG 2.70, while the media used during the second stage was 100% ferrosilicon to achieve the media slurry density of 2.80. The final DMS test results, which were based on global metal recoveries, are summarized in Table 10-10.

**Table 10-10 Dense Media Separation Final Products Results**

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|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Assay (%)** | &nbsp;&nbsp;**Assay (%)** | &nbsp;&nbsp;**Distribution (%)** | &nbsp;&nbsp;**Distribution (%)** |
|  | &nbsp;&nbsp;**Wt (kg)** | &nbsp;&nbsp;**Wt (%)** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** |
| &nbsp;&nbsp;DMS Concentrate Non-mag | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;58.5 | &nbsp;&nbsp;19.3 |
| &nbsp;&nbsp;DMS Concentrate Mag | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;13.7 |
| &nbsp;&nbsp;DMS Concentrate (SG +2.8) | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;5.66 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;61.1 | &nbsp;&nbsp;33.0 |
| &nbsp;&nbsp;DMS Middling (SG 2.7-2.8) | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;DMS Tailings (SG -2.7) | &nbsp;&nbsp;43.1 | &nbsp;&nbsp;55.9 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;16.9 | &nbsp;&nbsp;26.5 |
| &nbsp;&nbsp;- 20 Mesh Material | &nbsp;&nbsp;16.9 | &nbsp;&nbsp;22.0 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;30.2 |
| &nbsp;&nbsp;Feed (Calc.) | &nbsp;&nbsp;77.1 | &nbsp;&nbsp;100 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Feed (Dir.) |  |  | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;0.39 |  |  |

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The final spodumene concentrate, after two stages of rougher/cleaner configuration DMS, assayed 5.66% Li<sub>2</sub>O and 0.82% Fe<sub>2</sub>O<sub>3</sub>. This meets the industry standard requirement of a minimum 5.50% Li<sub>2</sub>O in the spodumene concentrate. Additional processing with a magnetic separator further increased the concentrate grade above 6% Li<sub>2</sub>O. DMS middling (which has a SG between 2.70 and 2.80) and minus 20 mesh material were combined to produce the feed for flotation testing which was conducted to further recover the remaining lithium in the test material.

It can be shown from the above table that the lithium distribution in the DMS tailings and -0.85 mm materials is still significant, exceeding 30% of the lithium from the plant feed. This is mainly due to the presence of low density mineral petalite, some spodumene lost to the fine size fractions, and unliberated spodumene in the DMS middlings and tailings.

Two stages of DMS were employed in the laboratory tests, due to a very high mass yield of the float product being rejected (approximately 80% of DMS feed by weight). This large percentage of DMS tailings can potentially diminish the performance of the DMS cyclone. Therefore, two stages of DMS are recommended in the process design, with the first stage cutting at SG of 2.70, and second stage cutting at a SG around 2.80.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 91 <br>

10.1.6 Magnetic
 Separation on Dense Media Separation Concentrate

The final spodumene concentrate shall contain less than 1.0% iron oxide (Fe<sub>2</sub>O<sub>3</sub>) per industry standard concentrate specifications to avoid costly penalties. Although the final DMS concentrate from the laboratory tests met the iron oxide content threshold, the magnetic separation was still carried out to further increase the lithium oxide grade and establish the amenability of the concentrate to this unit operation. The final DMS concentrate was subjected to a high intensity dry magnetic separator to remove the iron impurities. To improve the magnetic separation efficiency, the DMS concentrate was split into +3.35 mm and -3.35 mm size fraction and each fraction was subjected to magnetic separation respectively.

Magnetic separation produced a non-magnetic concentrate with grades of 5.89% Li<sub>2</sub>O in the +3.35 mm fraction and 6.47% Li<sub>2</sub>O in the -3.35 fraction. Detailed magnetic separation test results with the major component assays and distributions are summarized in Table 10-11.

**Table 10-11 DMS Concentrate Magnetic Separation Results**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**After Mag-Sep** | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Assay (%)** | &nbsp;&nbsp;**Assay (%)** | &nbsp;&nbsp;**Distribution (%)** | &nbsp;&nbsp;**Distribution (%)** |
| &nbsp;&nbsp;**After Mag-Sep** | &nbsp;&nbsp;**Wt (kg)** | &nbsp;&nbsp;**Wt (%)** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** |
| &nbsp;&nbsp;DMS Conc. +3.3 mm Non-mag | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;5.89 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;42.4 | &nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;DMS Conc. +3.3 mm Mag | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;DMS Conc. -3.3 mm Non-mag | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;6.47 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;DMS Conc. -3.3 mm Mag | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;2.93 | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;DMS Conc. Non-Mag | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;58.5 | &nbsp;&nbsp;19.3 |
| &nbsp;&nbsp;DMS Conc. Mag | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;13.7 |

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Visual observation during the laboratory test revealed that magnetic separation also rejected a large portion of micas to the magnetic product. Tantalum (Ta) was also preferentially recovered to the non-magnetic concentrate during magnetic separation, which was also part of initial objective. The tantalum assays and distribution based on the magnetic separation feed are summarized in Table 10-12.

**Table 10-12 Tantalum and Iron Recovery and Assays in Magnetic Separation Products**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**After Mag-Sep** | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Assay** | &nbsp;&nbsp;**Assay** | &nbsp;&nbsp;**Distribution (%)** | &nbsp;&nbsp;**Distribution (%)** |
| &nbsp;&nbsp;**After Mag-Sep** | &nbsp;&nbsp;**Wt (kg)** | &nbsp;&nbsp;**Wt (%)** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** | &nbsp;&nbsp;**Ta g/t** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>** | &nbsp;&nbsp;**Ta** |
| &nbsp;&nbsp;DMS Conc. Non-Mag | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;89.7 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;22.4 | &nbsp;&nbsp;58.4 | &nbsp;&nbsp;38.5 |
| &nbsp;&nbsp;DMS Conc. Mag | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;312 | &nbsp;&nbsp;41.6 | &nbsp;&nbsp;61.5 |
| &nbsp;&nbsp;DMS Conc. (Calc.) | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;52.2 | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 |

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The magnetic separation of the concentrate not only rejected the iron minerals, but also helped to improve the final concentrate tantalum grade by a factor of approximately six times. Tantalum concentrate is a valuable commodity and its potential recovery methods will be considered outside the scope of this FS flowsheet.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 92 <br>

10.1.7 Additional
 Heavy Liquid Separation Tests on DMS Middling and Tailing

After completing the DMS tests, additional HLS tests were conducted on both the DMS middlings (SG between 2.70 and 2.80) and DMS tailings (SG lower than 2.70). DMS middlings were further crushed to minus 6 mesh (-3.3 mm) to liberate additional spodumene from the gangue material. This additional crushing stage did in fact liberate spodumene locked up in the composite particles, as demonstrated in Table 10-13 and Table 10-14. This result demonstrates that a middlings re-crush could potentially recover 14.0 – 16.7% of the mass from the middlings stream as the spodumene concentrate.

**Table 10-13 HLS Test Results on Re-crushed DMS Middlings**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Products** | **SG** | **Weight** | **Weight** | **Assay (%)** | **Assay (%)** | **Distribution (%)** | **Distribution (%)** |
| **Products** | **SG** | **Wt (kg)** | **Wt (%)** | **Li<sub>2</sub>O** | **Fe<sub>2</sub>O<sub>3</sub>** | **Li** | **Fe<sub>2</sub>O<sub>3</sub>** |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.90 SG | +2.90 | 0.5 | 14.0 | 6.45 | 1.22 | 59.8 | 29.9 |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.85 SG | -2.90 + 2.85 | 0.1 | 2.7 | 2.95 | 1.53 | 5.2 | 7.1 |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.80 SG | -2.85 + 2.80 | 0.2 | 6.7 | 1.48 | 1.24 | 6.6 | 14.6 |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Float 2.80 SG | -2.80 | 2.7 | 76.6 | 0.56 | 0.36 | 28.4 | 48.3 |
| &nbsp;&nbsp;Feed (Calc.) |  | 3.6 | 100 | 1.51 | 0.57 | 100 | 100 |

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**Table 10-14 Cumulative Sink Products from HLS Test on Re-crushed DMS Middlings**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Products** | **SG** | **Weight** | **Weight** | **Assay (%)** | **Assay (%)** | **Distribution (%)** | **Distribution (%)** |
| **Products** | **SG** | **Wt (kg)** | **Wt (%)** | **Li<sub>2</sub>O** | **Fe<sub>2</sub>O<sub>3</sub>** | **Li** | **Fe<sub>2</sub>O<sub>3</sub>** |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.90 SG | +2.90 | 0.5 | 14.0 | 6.45 | 1.22 | 59.8 | 29.9 |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.85 SG | +2.85 | 0.6 | 16.6 | 5.89 | 1.27 | 65.0 | 37.0 |
| &nbsp;&nbsp;DMS Middlings -3.3/+0.85 mm HLS Sink 2.80 SG | +2.80 | 0.8 | 23.4 | 4.62 | 1.26 | 71.6 | 51.7 |

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The above Tables indicate that further reducing the DMS feed crush size may potentially increase the lithium recovery during the DMS treatment, if no significant additional fines (-0.85 mm material) are generated. DMS tailings, which are the material with the SG lower than 2.70, were also subjected to heavy liquid separation testing, with the results being summarized in Table 10-15.

**Table 10-15 HLS Test Results on the DMS Tailings**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Products** | **SG** | **Weight** | **Weight** | **Assay (%)** | **Assay (%)** | **Distribution (%)** | **Distribution (%)** |
| **Products** | **SG** | **Wt (kg)** | **Wt (%)** | **Li<sub>2</sub>O** | **Fe<sub>2</sub>O<sub>3</sub>** | **Li** | **Fe<sub>2</sub>O<sub>3</sub>** |
| &nbsp;&nbsp;DMS Tailings HLS Sink 2.60 SG | -2.70 + 2.60 | 24.7 | 57.2 | 0.22 | 0.20 | 30.1 | 67.2 |
| &nbsp;&nbsp;DMS Tailings HLS Sink 2.50 SG | -2.60 + 2.50 | 15.8 | 36.7 | 0.30 | 0.11 | 27.0 | 23.7 |
| &nbsp;&nbsp;DMS Tailings HLS Sink 2.45 SG | -2.50 + 2.45 | 1.1 | 2.5 | 1.63 | 0.29 | 9.9 | 4.2 |
| &nbsp;&nbsp;DMS Tailings HLS Float 2.45 SG | -2.45 | 1.6 | 3.6 | 3.72 | 0.23 | 32.9 | 4.9 |
| &nbsp;&nbsp;Feed (Calc.) |  | 43.1 | 100 | 0.41 | 0.17 | 100 | 100 |
| &nbsp;&nbsp;Feed (Dir.) |  |  |  | 0.45 | 0.19 |  |  |

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The material with SG less than 2.45, as indicated from the above table, has a Li<sub>2</sub>O grade of 3.72%. The higher lithium grade in the minus 2.45 SG fraction suggests that a significant amount of lithium in the test sample is in the form of petalite, which typically has a SG of 2.40. The DMS tailings HLS data indicates a potential to recover this portion of lithium by DMS, if a lower Li<sub>2</sub>O grade concentrate in the form of petalite can find a market. It should be noted that pure petalite has a Li<sub>2</sub>O grade of 4.90% whereas pure spodumene has a Li<sub>2</sub>O grade of just over 8.0%.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 93 <br>

10.1.8 Flotation
 Tests

To further maximize the lithium recovery from the plant feed, flotation tests were performed on the DMS middlings (Secondary DMS rejects material with SG between 2.70 and 2.80) and the -0.85 mm material. These two streams contained approximately 22% of lithium in the sample feed, with a lithium oxide grade of 1.14%. The material was ground to 300 um and then subjected to flotation. The flotation test employed high density attrition, desliming, mica pre-flotation, high density conditioning, spodumene rougher, rougher scavenger, and three stages of cleaner flotation with the objective of generating a marketable spodumene concentrate.

Two discrete tests were conducted with similar flowsheets but employing differing reagent dosing regimes. After rougher and three stages of cleaners, the first flotation test produced a final spodumene concentrate with 5.90% lithium oxide at 48.2% lithium recovery. The second flotation test produced a final concentrate with 5.14% lithium oxide at 64.6% lithium recovery. At the required marketable concentrate grade of 5.5% Li<sub>2</sub>O, this flotation test indicated that at least 50% of the lithium in the flotation feed can be recovered to the final concentrate. Since the flotation feed (DMS middling and -0.85 mm material) contained approximately 22% of the original lithium in the test sample feed, the global lithium recovery can potentially be increased by 10% through the incorporation of flotation into the flowsheet.

The flotation reagent combinations used in the tests were targeted at the recovery and upgrading of spodumene which was lost in the DMS middlings and the -0.85 mm material. If a lithium concentrate with lower Li<sub>2</sub>O grade could be marketable, it could be worthwhile to explore the opportunity to float the petalite mineral in the future.

10.2 Additional
 Tests Conducted at SGS Geosol Brazil between 2023 and 2025

To investigate the ore variability in the deposit, Atlas Lithium collected a series of additional samples from the project site and sent those samples to the SGS Geosol laboratory in Brazil for chemical composition analysis and HLS testing commencing in July 2023. The samples were collected from pits Anitta 1, Anitta 2, Anitta 3, Anitta 2.5 and Anitta 4. The samples collected from each pit are described in Table 10-16 to Table 10-20.

**Table 10-16 Test Sample Description – Anitta 1**

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| | | | |
|:---|:---|:---|:---|
| **Drill Hole ID** | **Samples ID** | **Met Test Sample ID** | **Weight (kg)** |
| &nbsp;&nbsp;DHAB-11B | AB-147 - AB-152 | VSA-1 | 10.045 |
| &nbsp;&nbsp;DHAB-17 | AB-307 - AB-312 | VSA-2 | 8.935 |
| &nbsp;&nbsp;DHAB-18 | AB-330 - AB-335 | VSA-3 | 10.240 |
| &nbsp;&nbsp;DHAB-43 | AB-1565 - AB-1570 | VSA-4 | 9.020 |
| &nbsp;&nbsp;DHAB-44 | AB-1609 - AB-1614 | VSA-5 | 8.045 |
| &nbsp;&nbsp;DHAB-58A | AB-811 - AB-815 | VSA-6 | 7.950 |
| &nbsp;&nbsp;DHAB-64 | AB-941 - AB-945 | VSA-7 | 6.970 |
| &nbsp;&nbsp;DHAB-97 | AB-2319 - AB-2322 | VSA-8 | 5.164 |
| &nbsp;&nbsp;DHAB-117 | AB-2208 - AB-2213 | VSA-9 | 9.360 |
| &nbsp;&nbsp;DHAB-117 | AB-2214 - AB-2216 | VSA-10 | 7.620 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 94 <br>

**Table 10-17 Test Sample Description – Anitta 2**

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|:---|:---|:---|:---|
| **Drill Hole ID** | **Samples ID** | **Met Test Sample ID** | **Weight (kg)** |
| &nbsp;&nbsp;DHAB-47 | AB-1681 - AB-1684 | VSA-11 | 6.290 |
| &nbsp;&nbsp;DHAB-68 | AB-1232 - AB-1237 | VSA-12 | 6.570 |
| &nbsp;&nbsp;DHAB-85 | AB-1739 - AB-1744 | VSA-13 | 7.450 |
| &nbsp;&nbsp;DHAB-91 | AB-2624 - AB-2628 | VSA-14 | 6.235 |
| &nbsp;&nbsp;DHAB-104 | AB-3010 - AB-3014 | VSA-15 | 9.785 |
| &nbsp;&nbsp;DHAB-104 | AB-3028 - AB-3032 | VSA-16 | 10.120 |
| &nbsp;&nbsp;DHAB-115 | AB-2536 - AB-2541 | VSA-17 | 8.430 |
| &nbsp;&nbsp;DHAB-141 | AB-3195 - AB-3199 | VSA-18 | 6.845 |
| &nbsp;&nbsp;DHAB-145EX | AB-3783 - AB-3789 | VSA-19 | 11.290 |
| &nbsp;&nbsp;DHAB-145EX | AB-3852 - AB-3857 | VSA-20 | 8.270 |

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**Table 10-18 Test Sample Description – Anitta 3**

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|:---|:---|:---|:---|
| **Drill Hole ID** | **Samples ID** | **Met Test Sample ID** | **Weight (kg)** |
| &nbsp;&nbsp;DHAB-0185 | AB-004483-004488 | MET-AN-0001 | 34.848 |
| &nbsp;&nbsp;DHAN-0185 | AB-004493-004497 | MET-AN-0002 | 26.05 |
| &nbsp;&nbsp;DHAN-0185 | AB-004532-004535 | MET-AN-0003 | 21.4 |
| &nbsp;&nbsp;DHAN-0185 | AB-004536, 4538,<br> 4543, 4544 | MET-AN-0004 | 23.92 |
| &nbsp;&nbsp;DHAN-0200 | AB-004896, 4898 | MET-AN-0005 | 12.9 |
| &nbsp;&nbsp;DHAN-0200 | AB-004899 | MET-AN-0006 | 4.7 |
| &nbsp;&nbsp;DHAN-0200 | AB-004901, 4902, 4906 | MET-AN-0007 | 15.63 |
| &nbsp;&nbsp;DHAN-0200 | AB-004914-4917 | MET-AN-0008 | 20.4 |
| &nbsp;&nbsp;DHAN-0200 | AB-004974-4976, 4978 | MET-AN-0009 | 21.24 |
| &nbsp;&nbsp;DHAN-0200 | AB-004981/4982 | MET-AN-0010 | 10.92 |
| &nbsp;&nbsp;DHAN-0211 | AB-005243/5245 | MET-AN-0011 | 13.7 |
| &nbsp;&nbsp;DHAN-0211 | AB-005246/5247 | MET-AN-0012 | 11.3 |
| &nbsp;&nbsp;DHAN-0211 | AB-005262/5263 | MET-AN-0013 | 11.82 |
| &nbsp;&nbsp;DHAN-0211 | AB-005264/265 | MET-AN-0014 | 12.16 |
| &nbsp;&nbsp;DHAN-0211 | AB-005282/5283 | MET-AN-0015 | 12.96 |

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**Table 10-19 Test Sample Description – Anitta 2.5**

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|:---|:---|:---|:---|
| **Drill Hole ID** | **Samples ID** | **Met Test Sample ID** | **Weight (kg)** |
| &nbsp;&nbsp;DHAB-0442 | AB-009279, 009274 | HLS-0001 | 9.76 |
| &nbsp;&nbsp;DHAB-0445 | AB-009312, 009315 | HLS-0002 | 9.28 |
| &nbsp;&nbsp;DHAB-0458 | AB-009575, 009589 | HLS-0003 | 9.86 |
| &nbsp;&nbsp;DHAB-0445 | AB-009313, 009324 | HLS-0004 | 9.416 |
| &nbsp;&nbsp;DHAB-0460 | AB-009657, 009677 | HLS-0005 | 9.748 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 95 <br>

**Table 10-20 Test Sample Description – Anitta 4**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Drill Hole ID** | &nbsp;&nbsp;**Samples ID** | &nbsp;&nbsp;**Met Test Sample ID** | &nbsp;&nbsp;**Weight (kg)** |
| &nbsp;&nbsp;DHAB-0377 | &nbsp;&nbsp;AB-008115/8126 | &nbsp;&nbsp;HLS-0006 | &nbsp;&nbsp;7.76 |
| &nbsp;&nbsp;DHAB-0464 | &nbsp;&nbsp;AB-009696/9707 | &nbsp;&nbsp;HLS-0007 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;DHAB-0362 | &nbsp;&nbsp;AB-007174/7181 | &nbsp;&nbsp;HLS-0008 | &nbsp;&nbsp;6.51 |
| &nbsp;&nbsp;DHAB-0377 | &nbsp;&nbsp;AB-008122/8132 | &nbsp;&nbsp;HLS-0009 | &nbsp;&nbsp;8.49 |
| &nbsp;&nbsp;DHAB-0362 | &nbsp;&nbsp;AB-007177/7178 | &nbsp;&nbsp;HLS-0010 | &nbsp;&nbsp;5.3 |

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Each metallurgical sample, after being composited, was stage crushed to minus 9.5 mm and homogenized, and then was analyzed for lithium content and chemical composition by size fractions, i.e., -9.5 mm to 1.7 mm, -1.7 mm to 0.85 mm, and -0.85 mm. For the metallurgical samples from Anitta 1 and Anitta 2, only samples with a lithium oxide content above 0.5% were sent to HLS tests. Before HLS testing was conducted, each sample had its -0.85 mm material screened out, with only the -9.5 mm to 0.85 mm size material being subjected to the HLS tests. This mimics the full-scale plant flowsheet.

The HLS test results for each pit are summarized in Table 10-21 to Table 10-26. All HLS test data shown in the tables are based on the feed to DMS circuit, or -9.5 mm to 0.85 mm size material. There will be nominal lithium losses in the -0.85 mm material, and the weight percentages and its lithium oxide content of this size fraction are summarized in Table 10-27 to Table 10-31.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 96 <br>

**Table 10-21 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 1**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**VSA-1** | &nbsp;&nbsp;**VSA-1** | &nbsp;&nbsp;**VSA-1** | &nbsp;&nbsp;**VSA-3** | &nbsp;&nbsp;**VSA-3** | &nbsp;&nbsp;**VSA-3** | &nbsp;&nbsp;**VSA-5** | &nbsp;&nbsp;**VSA-5** | &nbsp;&nbsp;**VSA-5** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 3.1 Sink | &nbsp;&nbsp;8.30 | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;36.22 | &nbsp;&nbsp;5.85 | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;29.59 | &nbsp;&nbsp;9.98 | &nbsp;&nbsp;7.21 | &nbsp;&nbsp;40.10 |
| &nbsp;&nbsp;SG 3.0 Sink | &nbsp;&nbsp;15.09 | &nbsp;&nbsp;6.92 | &nbsp;&nbsp;65.61 | &nbsp;&nbsp;11.31 | &nbsp;&nbsp;7.28 | &nbsp;&nbsp;55.15 | &nbsp;&nbsp;16.80 | &nbsp;&nbsp;7.29 | &nbsp;&nbsp;68.27 |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;16.95 | &nbsp;&nbsp;6.76 | &nbsp;&nbsp;71.99 | &nbsp;&nbsp;14.36 | &nbsp;&nbsp;6.93 | &nbsp;&nbsp;66.72 | &nbsp;&nbsp;19.18 | &nbsp;&nbsp;7.12 | &nbsp;&nbsp;76.13 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;21.42 | &nbsp;&nbsp;6.05 | &nbsp;&nbsp;81.51 | &nbsp;&nbsp;17.25 | &nbsp;&nbsp;6.33 | &nbsp;&nbsp;73.18 | &nbsp;&nbsp;21.99 | &nbsp;&nbsp;6.63 | &nbsp;&nbsp;81.27 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;28.30 | &nbsp;&nbsp;4.89 | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;22.72 | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;77.04 | &nbsp;&nbsp;31.04 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;88.30 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;66.15 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;93.02 | &nbsp;&nbsp;55.22 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;82.21 | &nbsp;&nbsp;60.59 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;92.81 |
| &nbsp;&nbsp;SG 2.5 Sink | &nbsp;&nbsp;94.07 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;95.60 | &nbsp;&nbsp;94.04 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;87.87 | &nbsp;&nbsp;95.04 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;97.60 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;98.80 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;97.42 | &nbsp;&nbsp;96.27 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;90.19 | &nbsp;&nbsp;99.37 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;99.08 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;100.00 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**VSA-6** | &nbsp;&nbsp;**VSA-6** | &nbsp;&nbsp;**VSA-6** | &nbsp;&nbsp;**VSA-7** | &nbsp;&nbsp;**VSA-7** | &nbsp;&nbsp;**VSA-7** | &nbsp;&nbsp;**VSA-10** | &nbsp;&nbsp;**VSA-10** | &nbsp;&nbsp;**VSA-10** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 3.1 Sink | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;6.66 | &nbsp;&nbsp;16.80 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;6.56 | &nbsp;&nbsp;19.46 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;14.89 |
| &nbsp;&nbsp;SG 3.0 Sink | &nbsp;&nbsp;6.95 | &nbsp;&nbsp;6.60 | &nbsp;&nbsp;56.68 | &nbsp;&nbsp;6.34 | &nbsp;&nbsp;6.48 | &nbsp;&nbsp;35.16 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;30.15 |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;8.84 | &nbsp;&nbsp;6.29 | &nbsp;&nbsp;68.67 | &nbsp;&nbsp;8.08 | &nbsp;&nbsp;6.06 | &nbsp;&nbsp;41.92 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;6.20 | &nbsp;&nbsp;34.31 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;5.70 | &nbsp;&nbsp;79.88 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;48.35 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;40.36 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;17.38 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;89.28 | &nbsp;&nbsp;17.86 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;55.07 | &nbsp;&nbsp;12.63 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;50.11 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;68.48 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;96.74 | &nbsp;&nbsp;43.85 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;60.01 | &nbsp;&nbsp;47.52 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;64.63 |
| &nbsp;&nbsp;SG 2.5 Sink | &nbsp;&nbsp;99.27 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;99.71 | &nbsp;&nbsp;91.44 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;72.75 | &nbsp;&nbsp;96.28 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;93.19 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.91 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;99.87 | &nbsp;&nbsp;96.92 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;88.69 | &nbsp;&nbsp;99.35 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;96.85 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;100.00 |

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 97 <br>

**Table 10-22 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 2**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**VSA-13** | &nbsp;&nbsp;**VSA-13** | &nbsp;&nbsp;**VSA-13** | &nbsp;&nbsp;**VSA-14** | &nbsp;&nbsp;**VSA-14** | &nbsp;&nbsp;**VSA-14** | &nbsp;&nbsp;**VSA-15** | &nbsp;&nbsp;**VSA-15** | &nbsp;&nbsp;**VSA-15** | &nbsp;&nbsp;**VSA-16** | &nbsp;&nbsp;**VSA-16** | &nbsp;&nbsp;**VSA-16** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution, (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 3.1 Sink | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;34.89 | &nbsp;&nbsp;8.60 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;35.54 | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;6.83 | &nbsp;&nbsp;28.63 | &nbsp;&nbsp;15.76 | &nbsp;&nbsp;7.67 | &nbsp;&nbsp;48.99 |
| &nbsp;&nbsp;SG 3.0 Sink | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;42.31 | &nbsp;&nbsp;15.38 | &nbsp;&nbsp;7.40 | &nbsp;&nbsp;64.40 | &nbsp;&nbsp;10.79 | &nbsp;&nbsp;6.78 | &nbsp;&nbsp;63.82 | &nbsp;&nbsp;23.72 | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;72.30 |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;6.97 | &nbsp;&nbsp;44.75 | &nbsp;&nbsp;17.46 | &nbsp;&nbsp;7.31 | &nbsp;&nbsp;72.21 | &nbsp;&nbsp;12.80 | &nbsp;&nbsp;6.58 | &nbsp;&nbsp;73.55 | &nbsp;&nbsp;27.73 | &nbsp;&nbsp;7.26 | &nbsp;&nbsp;81.68 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;3.44 | &nbsp;&nbsp;6.79 | &nbsp;&nbsp;45.93 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;7.15 | &nbsp;&nbsp;75.54 | &nbsp;&nbsp;15.55 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;82.59 | &nbsp;&nbsp;31.02 | &nbsp;&nbsp;6.84 | &nbsp;&nbsp;86.06 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;6.68 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;54.29 | &nbsp;&nbsp;20.46 | &nbsp;&nbsp;6.68 | &nbsp;&nbsp;77.36 | &nbsp;&nbsp;20.73 | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;87.36 | &nbsp;&nbsp;38.76 | &nbsp;&nbsp;5.74 | &nbsp;&nbsp;90.14 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;33.47 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;59.98 | &nbsp;&nbsp;61.66 | &nbsp;&nbsp;2.34 | &nbsp;&nbsp;81.71 | &nbsp;&nbsp;67.08 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;91.91 | &nbsp;&nbsp;79.44 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;95.24 |
| &nbsp;&nbsp;SG 2.5 Sink | &nbsp;&nbsp;94.34 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;71.94 | &nbsp;&nbsp;88.21 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;85.17 | &nbsp;&nbsp;97.81 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;96.04 | &nbsp;&nbsp;93.98 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;97.22 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;97.50 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;81.31 | &nbsp;&nbsp;92.76 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;88.91 | &nbsp;&nbsp;99.14 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;98.09 | &nbsp;&nbsp;95.96 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;98.23 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;100.00 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**VSA-17** | &nbsp;&nbsp;**VSA-17** | &nbsp;&nbsp;**VSA-17** | &nbsp;&nbsp;**VSA-18** | &nbsp;&nbsp;**VSA-18** | &nbsp;&nbsp;**VSA-18** | &nbsp;&nbsp;**VSA-19** | &nbsp;&nbsp;**VSA-19** | &nbsp;&nbsp;**VSA-19** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 3.1 Sink | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;6.17 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;6.37 | &nbsp;&nbsp;7.54 | &nbsp;&nbsp;28.01 | &nbsp;&nbsp;5.85 | &nbsp;&nbsp;6.60 | &nbsp;&nbsp;25.55 |
| &nbsp;&nbsp;SG 3.0 Sink | &nbsp;&nbsp;3.78 | &nbsp;&nbsp;6.43 | &nbsp;&nbsp;32.63 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;7.39 | &nbsp;&nbsp;39.18 | &nbsp;&nbsp;11.19 | &nbsp;&nbsp;6.50 | &nbsp;&nbsp;48.08 |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;5.79 | &nbsp;&nbsp;49.70 | &nbsp;&nbsp;10.71 | &nbsp;&nbsp;7.16 | &nbsp;&nbsp;44.70 | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;6.03 | &nbsp;&nbsp;62.94 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;8.59 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;58.72 | &nbsp;&nbsp;13.45 | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;50.09 | &nbsp;&nbsp;20.94 | &nbsp;&nbsp;5.46 | &nbsp;&nbsp;75.61 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;23.60 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;76.96 | &nbsp;&nbsp;19.17 | &nbsp;&nbsp;4.80 | &nbsp;&nbsp;53.63 | &nbsp;&nbsp;30.86 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;85.69 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;48.09 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;84.30 | &nbsp;&nbsp;70.41 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;59.82 | &nbsp;&nbsp;67.61 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;92.56 |
| &nbsp;&nbsp;SG 2.5 Sink | &nbsp;&nbsp;93.37 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;90.53 | &nbsp;&nbsp;83.17 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;64.15 | &nbsp;&nbsp;98.34 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;97.24 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;95.62 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;92.56 | &nbsp;&nbsp;88.10 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;71.69 | &nbsp;&nbsp;99.38 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;98.68 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;100.00 |

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| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 98 <br>

**Table 10-23 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 3**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**MET-AN-001** | &nbsp;&nbsp;**MET-AN-001** | &nbsp;&nbsp;**MET-AN-001** | &nbsp;&nbsp;**MET-AN-002** | &nbsp;&nbsp;**MET-AN-002** | &nbsp;&nbsp;**MET-AN-002** | &nbsp;&nbsp;**MET-AN-003** | &nbsp;&nbsp;**MET-AN-003** | &nbsp;&nbsp;**MET-AN-003** | &nbsp;&nbsp;**MET-AN-004** | &nbsp;&nbsp;**MET-AN-004** | &nbsp;&nbsp;**MET-AN-004** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;8.30 | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;36.22 | &nbsp;&nbsp;16.45 | &nbsp;&nbsp;6.99 | &nbsp;&nbsp;83.83 | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;5.72 | &nbsp;&nbsp;65.41 | &nbsp;&nbsp;14.62 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;76.82 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;15.09 | &nbsp;&nbsp;6.92 | &nbsp;&nbsp;65.61 | &nbsp;&nbsp;19.38 | &nbsp;&nbsp;6.26 | &nbsp;&nbsp;88.46 | &nbsp;&nbsp;21.94 | &nbsp;&nbsp;5.16 | &nbsp;&nbsp;74.99 | &nbsp;&nbsp;36.28 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;83.75 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;16.95 | &nbsp;&nbsp;6.76 | &nbsp;&nbsp;71.99 | &nbsp;&nbsp;24.67 | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;90.93 | &nbsp;&nbsp;26.76 | &nbsp;&nbsp;4.52 | &nbsp;&nbsp;80.00 | &nbsp;&nbsp;67.71 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;91.94 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;21.42 | &nbsp;&nbsp;6.05 | &nbsp;&nbsp;81.51 | &nbsp;&nbsp;60.96 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;94.82 | &nbsp;&nbsp;65.11 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;85.13 | &nbsp;&nbsp;85.78 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;96.51 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;28.30 | &nbsp;&nbsp;4.89 | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;98.70 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;96.51 | &nbsp;&nbsp;99.97 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;99.99 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;100.00 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**MET-AN-005** | &nbsp;&nbsp;**MET-AN-005** | &nbsp;&nbsp;**MET-AN-005** | &nbsp;&nbsp;**MET-AN-006** | &nbsp;&nbsp;**MET-AN-006** | &nbsp;&nbsp;**MET-AN-006** | &nbsp;&nbsp;**MET-AN-007** | &nbsp;&nbsp;**MET-AN-007** | &nbsp;&nbsp;**MET-AN-007** | &nbsp;&nbsp;**MET-AN-008** | &nbsp;&nbsp;**MET-AN-008** | &nbsp;&nbsp;**MET-AN-008** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;15.42 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;68.75 | &nbsp;&nbsp;14.37 | &nbsp;&nbsp;6.23 | &nbsp;&nbsp;76.24 | &nbsp;&nbsp;17.33 | &nbsp;&nbsp;5.81 | &nbsp;&nbsp;86.81 | &nbsp;&nbsp;24.06 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;85.27 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;25.04 | &nbsp;&nbsp;3.79 | &nbsp;&nbsp;76.71 | &nbsp;&nbsp;18.31 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;83.56 | &nbsp;&nbsp;35.65 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;92.65 | &nbsp;&nbsp;27.85 | &nbsp;&nbsp;5.86 | &nbsp;&nbsp;91.53 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;63.02 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;92.31 | &nbsp;&nbsp;25.67 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;91.67 | &nbsp;&nbsp;56.16 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;96.70 | &nbsp;&nbsp;33.01 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;95.19 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;92.12 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;97.42 | &nbsp;&nbsp;78.25 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;97.73 | &nbsp;&nbsp;87.77 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;98.84 | &nbsp;&nbsp;70.70 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;98.14 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.91 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;99.95 | &nbsp;&nbsp;99.98 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;100.00 |

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| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 99 <br>

**Table 10-24 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 3 (Continued)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**MET-AN-009** | &nbsp;&nbsp;**MET-AN-009** | &nbsp;&nbsp;**MET-AN-009** | &nbsp;&nbsp;**MET-AN-010** | &nbsp;&nbsp;**MET-AN-010** | &nbsp;&nbsp;**MET-AN-010** | &nbsp;&nbsp;**MET-AN-011** | &nbsp;&nbsp;**MET-AN-011** | &nbsp;&nbsp;**MET-AN-011** | &nbsp;&nbsp;**MET-AN-012** | &nbsp;&nbsp;**MET-AN-012** | &nbsp;&nbsp;**MET-AN-012** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;23.43 | &nbsp;&nbsp;6.11 | &nbsp;&nbsp;69.98 | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;6.13 | &nbsp;&nbsp;69.40 | &nbsp;&nbsp;11.34 | &nbsp;&nbsp;6.38 | &nbsp;&nbsp;65.34 | &nbsp;&nbsp;8.56 | &nbsp;&nbsp;6.57 | &nbsp;&nbsp;60.59 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;28.15 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;77.82 | &nbsp;&nbsp;33.36 | &nbsp;&nbsp;3.62 | &nbsp;&nbsp;83.02 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;78.89 | &nbsp;&nbsp;15.45 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;72.97 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;40.73 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;85.61 | &nbsp;&nbsp;44.38 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;88.80 | &nbsp;&nbsp;76.19 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;21.09 | &nbsp;&nbsp;3.37 | &nbsp;&nbsp;76.61 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;79.78 | &nbsp;&nbsp;2.31 | &nbsp;&nbsp;90.19 | &nbsp;&nbsp;81.56 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;92.10 | &nbsp;&nbsp;93.84 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;94.86 | &nbsp;&nbsp;73.24 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;84.67 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.66 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;99.55 | &nbsp;&nbsp;99.76 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;99.43 | &nbsp;&nbsp;99.92 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;99.77 | &nbsp;&nbsp;99.45 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;98.50 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;100.00 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**MET-AN-013** | &nbsp;&nbsp;**MET-AN-013** | &nbsp;&nbsp;**MET-AN-013** | &nbsp;&nbsp;**MET-AN-014** | &nbsp;&nbsp;**MET-AN-014** | &nbsp;&nbsp;**MET-AN-014** | &nbsp;&nbsp;**MET-AN-015** | &nbsp;&nbsp;**MET-AN-015** | &nbsp;&nbsp;**MET-AN-015** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;11.46 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;66.34 | &nbsp;&nbsp;9.66 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;58.95 | &nbsp;&nbsp;26.56 | &nbsp;&nbsp;6.44 | &nbsp;&nbsp;87.30 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;13.16 | &nbsp;&nbsp;5.78 | &nbsp;&nbsp;71.60 | &nbsp;&nbsp;31.74 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;72.90 | &nbsp;&nbsp;34.45 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;89.89 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;18.10 | &nbsp;&nbsp;4.62 | &nbsp;&nbsp;78.82 | &nbsp;&nbsp;59.62 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;86.27 | &nbsp;&nbsp;42.10 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;91.79 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;64.72 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;88.16 | &nbsp;&nbsp;78.23 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;89.97 | &nbsp;&nbsp;83.22 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;96.02 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.58 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;98.86 | &nbsp;&nbsp;99.60 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;98.67 | &nbsp;&nbsp;99.72 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;99.51 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;100.00 |

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| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 100 <br>

**Table 10-25 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 2.5**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**HLS 001** | &nbsp;&nbsp;**HLS 001** | &nbsp;&nbsp;**HLS 001** | &nbsp;&nbsp;**HLS 002** | &nbsp;&nbsp;**HLS 002** | &nbsp;&nbsp;**HLS 002** | &nbsp;&nbsp;**HLS 003** | &nbsp;&nbsp;**HLS 003** | &nbsp;&nbsp;**HLS 003** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;13.90 | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;79.73 | &nbsp;&nbsp;8.51 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;65.11 | &nbsp;&nbsp;9.32 | &nbsp;&nbsp;6.88 | &nbsp;&nbsp;68.85 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;16.54 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;85.02 | &nbsp;&nbsp;11.22 | &nbsp;&nbsp;5.87 | &nbsp;&nbsp;73.11 | &nbsp;&nbsp;11.49 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;75.93 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;27.09 | &nbsp;&nbsp;4.09 | &nbsp;&nbsp;91.52 | &nbsp;&nbsp;18.32 | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;79.35 | &nbsp;&nbsp;18.17 | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;82.32 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;62.48 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;96.96 | &nbsp;&nbsp;30.32 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;84.95 | &nbsp;&nbsp;40.02 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;87.73 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.60 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;99.85 | &nbsp;&nbsp;98.73 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;96.19 | &nbsp;&nbsp;97.71 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;95.41 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;100.00 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**HLS 004** | &nbsp;&nbsp;**HLS 004** | &nbsp;&nbsp;**HLS 004** | &nbsp;&nbsp;**HLS 005** | &nbsp;&nbsp;**HLS 005** | &nbsp;&nbsp;**HLS 005** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;11.59 | &nbsp;&nbsp;6.74 | &nbsp;&nbsp;79.67 | &nbsp;&nbsp;12.47 | &nbsp;&nbsp;7.66 | &nbsp;&nbsp;75.79 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;85.06 | &nbsp;&nbsp;13.73 | &nbsp;&nbsp;7.12 | &nbsp;&nbsp;77.51 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;19.10 | &nbsp;&nbsp;4.62 | &nbsp;&nbsp;89.90 | &nbsp;&nbsp;28.46 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;82.46 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;25.26 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;92.54 | &nbsp;&nbsp;67.29 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;86.52 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.38 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;98.51 | &nbsp;&nbsp;97.14 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;93.77 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;100.00 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 101 <br>

**Table 10-26 HLS Test Cumulative Sink Product Lithium Grade and Recovery – Anitta 4**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**HLS 006** | &nbsp;&nbsp;**HLS 006** | &nbsp;&nbsp;**HLS 006** | &nbsp;&nbsp;**HLS 007** | &nbsp;&nbsp;**HLS 007** | &nbsp;&nbsp;**HLS 007** | &nbsp;&nbsp;**HLS 008** | &nbsp;&nbsp;**HLS 008** | &nbsp;&nbsp;**HLS 008** |
| &nbsp;&nbsp;<br> **Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;11.82 | &nbsp;&nbsp;7.15 | &nbsp;&nbsp;74.83 | &nbsp;&nbsp;12.09 | &nbsp;&nbsp;7.25 | &nbsp;&nbsp;79.65 | &nbsp;&nbsp;19.64 | &nbsp;&nbsp;6.52 | &nbsp;&nbsp;86.96 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;6.07 | &nbsp;&nbsp;82.50 | &nbsp;&nbsp;14.52 | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;85.93 | &nbsp;&nbsp;23.44 | &nbsp;&nbsp;5.89 | &nbsp;&nbsp;93.81 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;24.89 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;91.06 | &nbsp;&nbsp;22.66 | &nbsp;&nbsp;4.44 | &nbsp;&nbsp;91.37 | &nbsp;&nbsp;28.73 | &nbsp;&nbsp;4.94 | &nbsp;&nbsp;96.33 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;59.48 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;96.90 | &nbsp;&nbsp;85.46 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;97.28 | &nbsp;&nbsp;83.52 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;99.58 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;99.67 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;99.90 | &nbsp;&nbsp;99.98 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;99.99 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;100.00 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**HLS 009** | &nbsp;&nbsp;**HLS 009** | &nbsp;&nbsp;**HLS 009** | &nbsp;&nbsp;**HLS 010** | &nbsp;&nbsp;**HLS 010** | &nbsp;&nbsp;**HLS 010** |
| &nbsp;&nbsp;**Cumulative HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;SG 2.9 Sink | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;6.61 | &nbsp;&nbsp;66.06 | &nbsp;&nbsp;19.71 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;85.76 |
| &nbsp;&nbsp;SG 2.8 Sink | &nbsp;&nbsp;17.47 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;80.49 | &nbsp;&nbsp;23.21 | &nbsp;&nbsp;6.45 | &nbsp;&nbsp;92.41 |
| &nbsp;&nbsp;SG 2.7 Sink | &nbsp;&nbsp;29.26 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;87.93 | &nbsp;&nbsp;31.25 | &nbsp;&nbsp;4.98 | &nbsp;&nbsp;96.01 |
| &nbsp;&nbsp;SG 2.6 Sink | &nbsp;&nbsp;72.19 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;95.76 | &nbsp;&nbsp;50.93 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;98.10 |
| &nbsp;&nbsp;SG 2.4 Sink | &nbsp;&nbsp;99.82 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;99.97 | &nbsp;&nbsp;99.90 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;99.96 |
| &nbsp;&nbsp;SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;100.00 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 102 <br>

**Table 10-27 -0.85 mm Material Summary of HLS Test Samples from Anitta 1**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **-0.85 mm material** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distribution (%)** |
| &nbsp;&nbsp;VSA-1 | &nbsp;&nbsp;23.53 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;14.94 |
| &nbsp;&nbsp;VSA-3 | &nbsp;&nbsp;21.63 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;15.81 |
| &nbsp;&nbsp;VSA-5 | &nbsp;&nbsp;20.31 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;15.14 |
| &nbsp;&nbsp;VSA-6 | &nbsp;&nbsp;25.22 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;15.19 |
| &nbsp;&nbsp;VSA-7 | &nbsp;&nbsp;27.48 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;19.27 |
| &nbsp;&nbsp;VSA-10 | &nbsp;&nbsp;23.69 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;21.35 |

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**Table 10-28 -0.85 mm Material Summary of HLS Test Samples from Anitta 2**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **-0.85 mm material** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distribution (%)** |
| &nbsp;&nbsp;VSA-13 | &nbsp;&nbsp;22.09 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;17.33 |
| &nbsp;&nbsp;VSA-14 | &nbsp;&nbsp;21.01 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;15.06 |
| &nbsp;&nbsp;VSA-15 | &nbsp;&nbsp;21.01 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;23.56 |
| &nbsp;&nbsp;VSA-16 | &nbsp;&nbsp;18.35 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;15.16 |
| &nbsp;&nbsp;VSA-17 | &nbsp;&nbsp;27.32 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;17.85 |
| &nbsp;&nbsp;VSA-18 | &nbsp;&nbsp;22.32 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;16.58 |
| &nbsp;&nbsp;VSA-19 | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;15.61 |

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**Table 10-29 -0.85 mm Material Summary of HLS Test Samples from Anitta 3**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **-0.85 mm material** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distribution (%)** |
| &nbsp;&nbsp;MET-AN-001 | &nbsp;&nbsp;17.72 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;19.74 |
| &nbsp;&nbsp;MET-AN-002 | &nbsp;&nbsp;14.31 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;9.79 |
| &nbsp;&nbsp;MET-AN-003 | &nbsp;&nbsp;16.25 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;11.48 |
| &nbsp;&nbsp;MET-AN-004 | &nbsp;&nbsp;19.08 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;12.28 |
| &nbsp;&nbsp;MET-AN-005 | &nbsp;&nbsp;30.91 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;13.42 |
| &nbsp;&nbsp;MET-AN-006 | &nbsp;&nbsp;20.43 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;11.61 |
| &nbsp;&nbsp;MET-AN-007 | &nbsp;&nbsp;22.03 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;11.86 |
| &nbsp;&nbsp;MET-AN-008 | &nbsp;&nbsp;18.02 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;11.97 |
| &nbsp;&nbsp;MET-AN-009 | &nbsp;&nbsp;18.39 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;MET-AN-010 | &nbsp;&nbsp;28.36 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;11.86 |
| &nbsp;&nbsp;MET-AN-011 | &nbsp;&nbsp;27.59 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;13.29 |
| &nbsp;&nbsp;MET-AN-012 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;12.22 |
| &nbsp;&nbsp;MET-AN-013 | &nbsp;&nbsp;17.38 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;12.37 |
| &nbsp;&nbsp;MET-AN-014 | &nbsp;&nbsp;32.83 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;16.48 |
| &nbsp;&nbsp;MET-AN-015 | &nbsp;&nbsp;19.34 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;11.9 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 103 <br>

**Table 10-30 -0.85 mm Material Summary of HLS Test Samples from Anitta 2.5**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **-0.85 mm material** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distribution (%)** |
| &nbsp;&nbsp;HLS-001 | &nbsp;&nbsp;21.61 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;17.8 |
| &nbsp;&nbsp;HLS-002 | &nbsp;&nbsp;18.71 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;14.21 |
| &nbsp;&nbsp;HLS-003 | &nbsp;&nbsp;20.84 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;20.66 |
| &nbsp;&nbsp;HLS-004 | &nbsp;&nbsp;19.5 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;15.76 |
| &nbsp;&nbsp;HLS-005 | &nbsp;&nbsp;13.66 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;11.71 |

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**Table 10-31 -0.85 mm Material Summary of HLS Test Samples from Anitta 4**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **-0.85 mm material** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distribution (%)** |
| &nbsp;&nbsp;HLS-006 | &nbsp;&nbsp;22.25 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;21.76 |
| &nbsp;&nbsp;HLS-007 | &nbsp;&nbsp;30.67 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;23.21 |
| &nbsp;&nbsp;HLS-008 | &nbsp;&nbsp;19.9 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;18.08 |
| &nbsp;&nbsp;HLS-009 | &nbsp;&nbsp;23.93 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;24.03 |
| &nbsp;&nbsp;HLS-010 | &nbsp;&nbsp;20.77 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;18.99 |

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The above HLS tests conducted on the samples collected from various pits indicate a large variation in terms of lithium recoveries based on the requirement of 5.50% lithium oxide (Li<sub>2</sub>O) concentrate grade. However, on average, all samples are considered amenable to the heavy media separation process based on the test data.

**10.3** **Sedimentation and Filtration Test** 

As the DMS process does not treat the fine particles effectively, all fine particles (-0.85 mm material) will be removed before DMS processing. This proportion of fine material will be thickened and filtered to produce a dry stackable waste material on site. Consequently, -0.85 mm material produced from the test samples at SGS Geosol Brazil was tested at PESCO for sedimentation and filtration performance.

Two samples were tested. The first sample (tracking ID 010428) was the -0.85 mm material from the second batch of SGS Geosol test conducted on the Anitta 3 material. The second sample (tracking ID 010427-01-05-03-02) was the -0.85 mm material collected after crushing the drill core sample (collected from drill hole DHAB-0432MT) to -9.5 mm. Particle size distribution, flocculant selection and dosage, a compaction test on thickener underflow, and vacuum filtration tests were conducted on both samples.

The particle size distribution (PSD) analyses were conducted on both samples using laser sizing and results are summarized in Table 10-32. The PSDs for both samples were observed to be relatively coarse for typical thickener operation.

**Table 10-32 Particle Size Distributions of Sedimentation Test Feed**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample ID** | &nbsp;&nbsp;**d<sub>20</sub> (µm)** | &nbsp;&nbsp;**d<sub>50</sub> (µm)** | &nbsp;&nbsp;**d<sub>80</sub> (µm)** | &nbsp;&nbsp;**+1000 (µm)** |
| &nbsp;&nbsp;010428 | &nbsp;&nbsp;87.29 | &nbsp;&nbsp;229.78 | &nbsp;&nbsp;482.27 | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;010427-01-05-03-02 | &nbsp;&nbsp;116.48 | &nbsp;&nbsp;310.28 | &nbsp;&nbsp;575.36 | &nbsp;&nbsp;0.87% |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 104 <br>

Flocculant screening was also performed on both samples, and a total of five flocculant types were evaluated. All sedimentation tests were conducted with the feed solids concentration at 10% by weight. The flocculant screening test results are summarized in Table 10-33 and Table 10-34. The flocculant dosage optimization test results are summarized in Table 10-35 and Table 10-36.

**Table 10-33 Flocculant Screening Test on Sample 010428**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flocculant type** | &nbsp;&nbsp;**Flocculant Dosage (g/t)** | &nbsp;&nbsp;**Free Settling Rate (m/hr)** | &nbsp;&nbsp;**Free Settling Flux (t/m<sup>2</sup>.hr)** | &nbsp;&nbsp;**Supernatant Turbidity (NTU)** |
| &nbsp;&nbsp;Setchem SC510A | &nbsp;&nbsp;2 | &nbsp;&nbsp;29.2 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;101 |
| &nbsp;&nbsp;Setchem SC525 | &nbsp;&nbsp;2 | &nbsp;&nbsp;40.7 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;316 |
| &nbsp;&nbsp;Setchem SC901 | &nbsp;&nbsp;2 | &nbsp;&nbsp;39.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;Magnafloc 338 | &nbsp;&nbsp;2 | &nbsp;&nbsp;31.3 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;Magnafloc 101 | &nbsp;&nbsp;2 | &nbsp;&nbsp;24.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;125 |

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**Table 10-34 Flocculant Screening Test on Sample 010427-01-05-03-02**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flocculant type** | &nbsp;&nbsp;**Flocculant Dosage (g/t)** | &nbsp;&nbsp;**Free Settling Rate (m/hr)** | &nbsp;&nbsp;**Free Settling Flux (t/m<sup>2</sup>.hr)** | &nbsp;&nbsp;**Supernatant Turbidity (NTU)** |
| &nbsp;&nbsp;Setchem SC510A | &nbsp;&nbsp;10 | &nbsp;&nbsp;80.2 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;208 |
| &nbsp;&nbsp;Setchem SC525 | &nbsp;&nbsp;10 | &nbsp;&nbsp;98 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;272 |
| &nbsp;&nbsp;Setchem SC901 | &nbsp;&nbsp;10 | &nbsp;&nbsp;88.2 | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;153 |
| &nbsp;&nbsp;Magnafloc 338 | &nbsp;&nbsp;10 | &nbsp;&nbsp;88.2 | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;193 |
| &nbsp;&nbsp;Magnafloc 101 | &nbsp;&nbsp;10 | &nbsp;&nbsp;73.5 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;235 |

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**Table 10-35 Flocculant Dosage Optimization for Sample 010428**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flocculant Dosage (g/t)** | &nbsp;&nbsp;**Free Settling Rate (m/hr)** | &nbsp;&nbsp;**Free Settling Flux (t/m<sup>2</sup>.hr)** | &nbsp;&nbsp;**Supernatant Turbidity (NTU)** |
| &nbsp;&nbsp;0.5 | &nbsp;&nbsp;28.1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;175 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;31.3 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;102 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;39.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;46.8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;52.9 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;22 |

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**Table 10-36 Flocculant Dosage Optimization for Sample 010427-01-05-03-02**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flocculant Dosage, g/t** | &nbsp;&nbsp;**Free Settling Rate (m/hr)** | &nbsp;&nbsp;**Free Settling Flux (t/m<sup>2</sup>.hr)** | &nbsp;&nbsp;**Supernatant Turbidity (NTU)** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;58.8 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1998 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;67.8 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;177 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;88.2 | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;153 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;98 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;124 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;176.4 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;99 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 105 <br>

Due to the fast-settling nature of this material, the application of flocculant is mainly to maintain the thickener overflow turbidity rather than promote the settling rate. Based on a more conservative test sample, above test results indicated that 10 g/t of flocculant dosage is sufficient for the thickener application.

The fast settling nature of this material is also illustrated in the terminal density and compaction tests, as shown in Figure 10-2 and Figure 10-3. At the terminal densities, a yield stress of 419 Pa and 438 Pa were attained for the two samples. In addition, by diluting the slurry solids concentration, the yield stress remained unchanged due to the rapid compaction of the material. This could pose an operational challenge if a thickener is utilized in the process. Therefore, besides the filtration test conducted on 50% solids concentration slurry to simulate filtrating the thickener underflow, additional filtration tests were conducted on 10% solids concentration slurry to simulate filtrating the -0.85 mm effluent without thickening. The key filtration test data are summarized in Table 10-37 to Table 10-40.

**Figure 10-2 Settling Rate and Terminal Density of Sample 010428**

![](pg111-200_001.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 106 <br>

**Figure 10-3 Settling Rate and Terminal Density of Sample 010427-01-05-03-02**

![](pg111-200_002.jpg)

**Table 10-37 Filtration Test Data of Sample 010428 with 50% Solids Concentration**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Trial No.** | &nbsp;&nbsp;**TSS (ppm)** | &nbsp;&nbsp;**Form Time (**<br> **s)** | &nbsp;&nbsp;**Dry Time** <br> **(s)** | &nbsp;&nbsp;**Cake Moisture** <br> **(%, w/w)** | &nbsp;&nbsp;**Updated Specific Cake Weight (kg/m<sup>2</sup>)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;296 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;64 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;362 | &nbsp;&nbsp;5 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;334 | &nbsp;&nbsp;5 | &nbsp;&nbsp;30 | &nbsp;&nbsp;10 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;366 | &nbsp;&nbsp;5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;10 | &nbsp;&nbsp;66 |

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**Table 10-38 Filtration Test Data of Sample 010428 with 10% Solids Concentration**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Trial No.** | &nbsp;&nbsp;**TSS** <br> **(ppm)** | &nbsp;&nbsp;**Form Time**<br> **(s)** | &nbsp;&nbsp;**Dry Time** <br> **(s)** | &nbsp;&nbsp;**Cake Moisture** <br> **(%, w/w)** | &nbsp;&nbsp;**Updated Specific Cake Weight, (kg/m<sup>2</sup>)** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;300 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0 | &nbsp;&nbsp;14 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;288 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;14 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;328 | &nbsp;&nbsp;20 | &nbsp;&nbsp;30 | &nbsp;&nbsp;12 | &nbsp;&nbsp;26 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;341 | &nbsp;&nbsp;19 | &nbsp;&nbsp;45 | &nbsp;&nbsp;11 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;161 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0 | &nbsp;&nbsp;13 | &nbsp;&nbsp;26 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 107 <br>

**Table 10-39 Filtration Test Data of Sample 010427-01-05-03-02 with 50% Solids Concentration**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Trial No.** | &nbsp;&nbsp;**TSS** <br> **(ppm)** | &nbsp;&nbsp;**Form Time** <br> **(s)** | &nbsp;&nbsp;**Dry Time**<br> **(s)** | &nbsp;&nbsp;**Cake Moisture** <br> **(%, w/w)** | &nbsp;&nbsp;**Updated Specific Cake Weight (kg/m<sup>2</sup>)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;365 | &nbsp;&nbsp;364 |  | &nbsp;&nbsp;14 | &nbsp;&nbsp;26 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;334 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;14 | &nbsp;&nbsp;66 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;328 | &nbsp;&nbsp;5 | &nbsp;&nbsp;15 | &nbsp;&nbsp;11 | &nbsp;&nbsp;66 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;336 | &nbsp;&nbsp;5 | &nbsp;&nbsp;30 | &nbsp;&nbsp;10 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;334 | &nbsp;&nbsp;5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;10 | &nbsp;&nbsp;65 |

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**Table 10-40 Filtration Test Data of Sample 010427-01-05-03-02 with 10% Solids Concentration**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Trial No.** | &nbsp;&nbsp;**TSS (ppm)** | &nbsp;&nbsp;**Form Time** <br> **(s)** | &nbsp;&nbsp;**Dry Time** <br> **(s)** | &nbsp;&nbsp;**Cake Moisture** <br> **(%, w/w)** | &nbsp;&nbsp;**Updated Specific Cake Weight (kg/m<sup>2</sup>)** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;346 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0 | &nbsp;&nbsp;14 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;340 | &nbsp;&nbsp;9 | &nbsp;&nbsp;15 | &nbsp;&nbsp;12 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;324 | &nbsp;&nbsp;9 | &nbsp;&nbsp;30 | &nbsp;&nbsp;12 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;330 | &nbsp;&nbsp;9 | &nbsp;&nbsp;45 | &nbsp;&nbsp;11 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;182 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0 | &nbsp;&nbsp;14 | &nbsp;&nbsp;25 |

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In Table 10-39, the outlier of cake forming time in Trial No. 1 was mainly due to the absence of flocculant and does not represent the normal operating conditions. At 10% solids concentration, the cake thickness was around 20 mm rather than 50 mm as tested with 50% solids concentration. To assist filtration and control the filtrate turbidity, flocculant was added during filtration testing. At 50% solids concentration of slurry feed, the flocculant dosages were initially 7 g/t and 12 g/t for the two samples as tested. At 10% solids concentration, the flocculant dosages were increased slightly to 9 g/t and 13 g/t. In addition, to minimize the filtrate TSS (Total Suspended Solids), the flocculant dosages for both samples were further increased to 20 g/t for both samples.

The final cake moistures between the two cases were also quite similar, both were close to 10% moisture. The cake forming time from 10% solids slurry was significantly longer than that with 50% solids slurry, the estimated required area of vacuum filter for 10% solids concentration can be three times of the required filter area with 50% solids concentration. However, by eliminating the intermediate thickener and filtering the dilute slurry directly, both the operating and the capital cost of the project can be reduced and the operational challenges of operating the thickener with very coarse feed particles can be eliminated.

**10.3** **Metals Recovery Predictions and Technical Discussions** 

The metallurgical test work conducted at both SGS Lakefield and SGS Geosol Brazil indicated that the ore material from Atlas Lithium Neves Project is amenable to DMS processing. To estimate the future lithium recovery based on DMS processing, either DMS pilot testing or SGS's proprietary DMS model can be utilized.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 108 <br>

For the sample tested at Lakefield, which was all collected from pit Anitta 1, the two stage DMS pilot test indicated a global lithium recovery at 61.1% with the concentrate grade of 5.66% lithium oxide at a separation SG of 2.80, as indicated in Table 10-10. By interpolating to the final spodumene concentrate grade of 5.5% lithium oxide, the estimated lithium recovery is around 61.7% based on pilot test data. The additional HLS test conducted in SGS Geosol Brazil on Anitta 1 samples gives a very similar lithium recovery.

For the samples from all other pits, including Anitta 2, Anitta 3, Anitta 2.5 and Anitta 4, only HLS test data are available. Therefore, the SGS DMS model is applied to the averaged HLS test data for the samples from each pit. The averaged HLS data for each pit are summarized in Table 10-41 to Table 10-44.

**Table 10-41 Averaged HLS Data for Anitta 2 Samples (VSA-13 to VSA-19)**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** |
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass** <br> **(%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;HLS SG 3.1 Sink | &nbsp;&nbsp;6.47 | &nbsp;&nbsp;7.27 | &nbsp;&nbsp;33.39 | &nbsp;&nbsp;6.47 | &nbsp;&nbsp;7.27 | &nbsp;&nbsp;33.39 |
| &nbsp;&nbsp;HLS SG 3.0 Sink | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;7.15 | &nbsp;&nbsp;55.88 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;6.99 | &nbsp;&nbsp;22.49 |
| &nbsp;&nbsp;HLS SG 2.9 Sink | &nbsp;&nbsp;13.45 | &nbsp;&nbsp;6.85 | &nbsp;&nbsp;65.41 | &nbsp;&nbsp;2.45 | &nbsp;&nbsp;5.48 | &nbsp;&nbsp;9.53 |
| &nbsp;&nbsp;HLS SG 2.8 Sink | &nbsp;&nbsp;15.95 | &nbsp;&nbsp;6.34 | &nbsp;&nbsp;71.78 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;6.37 |
| &nbsp;&nbsp;HLS SG 2.7 Sink | &nbsp;&nbsp;22.89 | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;77.65 | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;5.87 |
| &nbsp;&nbsp;HLS SG 2.6 Sink | &nbsp;&nbsp;61.11 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;83.21 | &nbsp;&nbsp;38.22 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;5.56 |
| &nbsp;&nbsp;HLS SG 2.5 Sink | &nbsp;&nbsp;92.75 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;87.37 | &nbsp;&nbsp;31.64 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;4.15 |
| &nbsp;&nbsp;HLS SG 2.4 Sink | &nbsp;&nbsp;95.49 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;90.69 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;3.33 |
| &nbsp;&nbsp;HLS SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;4.51 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;9.31 |

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**Table 10-42 Averaged HLS DATA For Anitta 3 Samples (MET-AN-001 to MET-AN-015)**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** |
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;HLS SG 2.9 Sink | &nbsp;&nbsp;15.68 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;71.02 | &nbsp;&nbsp;15.68 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;71.02 |
| &nbsp;&nbsp;HLS SG 2.8 Sink | &nbsp;&nbsp;26.36 | &nbsp;&nbsp;4.17 | &nbsp;&nbsp;80.73 | &nbsp;&nbsp;10.68 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;9.72 |
| &nbsp;&nbsp;HLS SG 2.7 Sink | &nbsp;&nbsp;41.08 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;87.33 | &nbsp;&nbsp;14.72 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;6.59 |
| &nbsp;&nbsp;HLS SG 2.6 Sink | &nbsp;&nbsp;74.45 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;92.39 | &nbsp;&nbsp;33.37 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;5.06 |
| &nbsp;&nbsp;HLS SG 2.4 Sink | &nbsp;&nbsp;94.97 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;98.39 | &nbsp;&nbsp;20.52 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;6.00 |
| &nbsp;&nbsp;HLS SG 2.4 Float | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;5.03 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;1.61 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 109 <br>

**Table 10-43 Averaged HLS DATA For Anitta 2.5 Samples (HLS-001 to HLS-005)**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** |
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;HLS SG 2.9 Sink | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;74.37 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;74.37 |
| &nbsp;&nbsp;HLS SG 2.8 Sink | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;5.24 | &nbsp;&nbsp;13.30 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;79.60 |
| &nbsp;&nbsp;HLS SG 2.7 Sink | &nbsp;&nbsp;8.92 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;5.76 | &nbsp;&nbsp;22.22 | &nbsp;&nbsp;4.06 | &nbsp;&nbsp;85.36 |
| &nbsp;&nbsp;HLS SG 2.6 Sink | &nbsp;&nbsp;22.84 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;4.61 | &nbsp;&nbsp;45.07 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;89.98 |
| &nbsp;&nbsp;HLS SG 2.4 Sink | &nbsp;&nbsp;53.43 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;98.50 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;96.75 |
| &nbsp;&nbsp;HLS SG 2.4 Float | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;100.00 |

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**Table 10-44 Averaged HLS DATA For Anitta 4 Samples (HLS-001 to HLS-005)**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Incremental** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** | &nbsp;&nbsp;**Cumulative** |
| &nbsp;&nbsp;<br> **HLS Sink Product** | &nbsp;&nbsp;**Mass (%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** | &nbsp;&nbsp;**Mass** <br> **(%)** | &nbsp;&nbsp;**Assay, Li<sub>2</sub>O (%)** | &nbsp;&nbsp;**Li Distri-bution (%)** |
| &nbsp;&nbsp;HLS SG 2.9 Sink | &nbsp;&nbsp;14.91 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;79.63 | &nbsp;&nbsp;14.91 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;79.63 |
| &nbsp;&nbsp;HLS SG 2.8 Sink | &nbsp;&nbsp;3.89 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;8.17 | &nbsp;&nbsp;18.79 | &nbsp;&nbsp;6.03 | &nbsp;&nbsp;87.80 |
| &nbsp;&nbsp;HLS SG 2.7 Sink | &nbsp;&nbsp;8.56 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;27.35 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;93.01 |
| &nbsp;&nbsp;HLS SG 2.6 Sink | &nbsp;&nbsp;42.95 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;70.30 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;97.68 |
| &nbsp;&nbsp;HLS SG 2.4 Sink | &nbsp;&nbsp;29.55 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;99.85 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;99.97 |
| &nbsp;&nbsp;HLS SG 2.4 Float | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;100.00 |

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Applying the averaged HLS data from Table 10-41 to Table 10-44 to the SGS proprietary DMS model, to achieve a spodumene concentrate grade of 5.5% lithium oxide, the lithium recoveries and mass pull to the spodumene concentrate against DMS feed are summarized in Table 10-45.

**Table 10-45 Predicted DMS Lithium Recovery and Concentrate Mass Pull based on SGS DMS Model**

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| &nbsp;&nbsp;<br> **Ore Zone** | &nbsp;&nbsp;**Lithium Recovery (%)** | &nbsp;&nbsp;**Concentrate Mass Pull (%)** |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;73.84 | &nbsp;&nbsp;18.93 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;72.9 | &nbsp;&nbsp;18.03 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;81.0 | &nbsp;&nbsp;15.48 |
| &nbsp;&nbsp;Anitta 4 | &nbsp;&nbsp;88.57 | &nbsp;&nbsp;20.7 |

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To estimate the global lithium recovery, -0.85 mm material has to be considered. The averaged percentages of -0.85 mm material and their corresponding grades from all pits except Anitta 1 are summarized in Table 10-46, together with their corresponding 0.85-9.5 mm material information.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 110 <br>

**Table 10-46 Weight Percentage and Lithium Content of -0.85 mm Material in the Samples from Each Pit**

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| &nbsp;&nbsp;<br> **Ore Zone** | &nbsp;&nbsp;**-0.85 mm material** | &nbsp;&nbsp;**-0.85 mm material** | &nbsp;&nbsp;**0.85-9.5 mm material** | &nbsp;&nbsp;**0.85-9.5 mm material** |
| &nbsp;&nbsp;<br> **Ore Zone** | &nbsp;&nbsp;**Weight (%)** | &nbsp;&nbsp;**Li<sub>2</sub>O grade (%)** | &nbsp;&nbsp;**Weight (%)** | &nbsp;&nbsp;**Li<sub>2</sub>O grade (%)** |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;22.83 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;77.17 | &nbsp;&nbsp;1.41 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;21.27 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;78.73 | &nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;18.86 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;81.14 | &nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Anitta 4 | &nbsp;&nbsp;23.5 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;76.5 | &nbsp;&nbsp;1.29 |

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Combining the information from above Table 10-45 and Table 10-46, the overall lithium recovery and mass pull are summarized in Table 10-47 for the samples from all pits. The data sources and calculation methods utilized are also listed.

The metallurgical test work conducted at SGS Lakefield also indicated the existence of mica type minerals and iron bearing compounds in the concentrate. Magnetic separation was performed on the final spodumene concentrate to remove these materials. Both the iron bearing compounds and mica type minerals were effectively removed by a dry magnetic separation stage. If the presence of mica type minerals or iron bearing minerals can pose an analytical issue in the final concentrate grade in future, either a magnetic separator or a reflux classifier can be considered as additions to the flowsheet.

The lithium losses from the process are attributed to the following three streams.

● Primary DMS tailings, mainly in the form of petalite.

● Minus 0.85 mm material (or -20 mesh)

● DMS middlings (secondary DMS rejects)

Based on HLS test data, it appears that petalite mainly exists in the pits Anitta 1, Anitta 2 and Anitta 2.5, while Anitta 3 and Anitta 4 materials have limited petalite. The potential for optimization of lithium recovery in future may be associated with the -0.85 mm material and DMS middlings. Based on SGS Lakefield testing conducted on the Anitta 1 composite sample, when the middling product is further crushed to minus 3.35 mm, at least 60% of lithium in the middling can be recovered to the concentrate with a grade above 5.5% Li<sub>2</sub>O due to improved liberation, as indicated in Table 10-47.

SGS Lakefield also conducted flotation testing on the combined material from -0.85 mm size fraction and DMS middlings. As discussed in Section 10.1.8, more than 50% of Li<sub>2</sub>O in this material can be recovered to a concentrate with over 5.5% Li<sub>2</sub>O grade.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 111 <br>

**Table 10-47 Predicted Mass Balance and Lithium Recovery for Each Pit**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Ore Zone** | **Anitta 1** | **Anitta 1** | **Anitta 1** | **Anitta 2** | **Anitta 2** | **Anitta 2** | **Anitta 3** | **Anitta 3** | **Anitta 3** | **Anitta 2.5** | **Anitta 2.5** | **Anitta 2.5** | **Anitta 4** | **Anitta 4** | **Anitta 4** |
| Data Utilized | Lakefield DMS Pilot Test | Lakefield DMS Pilot Test | Lakefield DMS Pilot Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test | SGS Geosol HLS Test |
| Sample tested | Composite sample from Anitta 1 | Composite sample from Anitta 1 | Composite sample from Anitta 1 | Individual sample from Anitta 2 | Individual sample from Anitta 2 | Individual sample from Anitta 2 | Individual sample from Anitta 3 | Individual sample from Anitta 3 | Individual sample from Anitta 3 | Individual sample from Anitta 2.5 | Individual sample from Anitta 2.5 | Individual sample from Anitta 2.5 | Individual sample from Anitta 4 | Individual sample from Anitta 4 | Individual sample from Anitta 4 |
| Estimation Basis | Lakefield DMS Pilot Test Data | Lakefield DMS Pilot Test Data | Lakefield DMS Pilot Test Data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data | SGS DMS Model Applied to the Averaged HLS data |
|  | Mass (%) | Li<sub>2</sub>O grade (%) | Li distri-bution (%) | Mass (%) | Li<sub>2</sub>O grade (%) | Li distri-bution (%) | Mass (%) | Li<sub>2</sub>O grade (%) | Li distri-bution (%) | Mass (%) | Li<sub>2</sub>O grade (%) | Li distri-bution (%) | Mass (%) | Li<sub>2</sub>O grade (%) | Li distri-bution (%) |
| -0.85 mm material | 22 | 1.1 | 16.2 | 22.83 | 1.05 | 18.05 | 21.27 | 0.88 | 14.88 | 18.86 | 0.85 | 15.71 | 23.5 | 1.11 | 20.91 |
| DMS feed | 78 | 1.6 | 83.8 | 77.17 | 1.41 | 81.95 | 78.73 | 1.36 | 85.12 | 81.14 | 1.06 | 84.29 | 76.5 | 1.29 | 79.09 |
| Final DMS Con | 16.7 | 5.5 | 61.7 | 14.61 | 5.5 | 60.51 | 14.2 | 5.5 | 62.05 | 12.56 | 5.5 | 68.27 | 15.84 | 5.5 | 70.05 |
| Plant feed, calculated | 100 | 1.49 | 100 | 100 | 1.33 | 100 | 100 | 1.26 | 100 | 100 | 1.02 | 100 | 100 | 1.25 | 100 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 112 <br>

**10.4** **Conclusions and Recommendations** 

Current laboratory testwork conducted at both SGS Lakefield and SGS Geosol Brazil indicated that DMS is a suitable and commonly used technology to recover the spodumene from the material in the Neves deposit. SGS Lakefield completed comprehensive metallurgical testwork in April 2023, including a DMS pilot test. The DMS pilot test had very similar results as predicted by SGS's proprietary model based on HLS data. Except for the sample from Anitta 1, all the samples from other pits were only tested with HLS. Therefore, the lithium recovery for Anitta 1 material was estimated from the DMS pilot test data, while the recoveries for the material from other pits are estimated based on HLS test data with a proprietary SGS DMS model, as summarized in Table 10-47. The lithium distribution of the final DMS concentrate in Table 10-47 represents the overall lithium recovery of the ore from each pit, these values indicated that around 61.7% lithium recovery is achievable for the deposit in this project.

As there is significant mass pull to the DMS float stream, to maintain a high DMS efficiency, two stages of DMS should be employed in the process design. Namely, the DMS will be operated in a rougher and cleaner configuration, with the secondary DMS treating the primary DMS concentrate or sink product. Both the primary DMS float stream and secondary DMS float stream will report to the final DMS tailings. It should be noted that the secondary DMS middlings could be easily re-crushed and processed within the existing DMS to obtain additional lithium recovery. This is not considered within the current flowsheet or recovery calculations but is noted as a potential value added at a subsequent time.

As DMS is not a suitable unit operation to treat very fine material, currently -0.85 mm material will report to the tailings. However, there is potential to further improve the lithium recovery by incorporation of a flotation circuit. With the proper reagent schedule, the flotation tests conducted at SGS Lakefield indicated that at least 50% of lithium from -0.85 mm material and DMS middling can be recovered to the final concentrate.

Sedimentation and filtration tests were conducted on the -0.85 mm sample material by PESCO. The test work indicated this material is fast settling and will reach slurry terminal density very quickly. The measured slurry yield stress was above 400 Pa for two samples as measured in the laboratory. This situation could pose an operational challenge if a thickener is included in the processing flowsheet. Initial studies indicate that filtering this -0.85 mm material slurry directly from the dilute effluent is feasible and could be a more appropriate flowsheet option.

At the time of this writing, Atlas Lithium has already progressed the project to a detailed stage. SGS has no current recommendations on future testwork for the purposes of process design. However, SGS does have two recommendations listed below based on the past testwork program:

● There will be a significant amount of lithium loss associated with removing -0.85 mm material. The project crushing circuit design should be developed to consider minimizing fines generation. Even based on past HLS data, a slightly larger top size than 9.5 mm and a slightly finer bottom size than 0.85 mm could improve the lithium recovery.

● In the SGS Lakefield report, it was described that a large portion of micas and iron bearing materials were removed by magnetic separation. The presence of mica type minerals may pose a challenge for typical DMS operation, as it may dilute the final product grade. Some spodumene mines in the same region have included a reflux classifier in their wet plant flowsheet. If either an iron or mica dilution of concentrate occurs in the future, a reflux classifier or magnetic separator can be considered as a mitigation technique to ensure the final spodumene concentrate meets typical industry standard specifications.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 113 <br>

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| **11** | **MINERAL RESOURCE ESTIMATES** |

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Mineral resources have only been estimated for the Neves Project.

**11.1** **Exploratory Data Analysis** 

Atlas first transmitted the Neves drill hole database to SGS on the 11<sup>th</sup> May, 2023, with the data available in Microsoft Excel .xlsx and .CSV format. The database has been regularly updated, typically on a weekly basis by Atlas. The database used for the MRE was updated on the 14<sup>th</sup> April, 2025 and comprises 536 drill holes with entries for:

● Down hole surveys (n = 9,419)

● Assays (n = 9,139)

● Lithologies (n = 5,785)

The database was validated upon importation in Genesis™ software, which enabled the correction of minor discrepancies between the table entries, surveys, and lithologies.

Vertical sections were generated oriented perpendicular to the interpreted strike of the pegmatites, following the drilling pattern and the general trend of the pegmatite unit. In general, the sections are spaced at 30 m intervals. Figure 11-1 is a drill collar location plan.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 114 <br>

**Figure 11-1 Neves Project Drill Hole Collar Locations**

![](pg111-200_003.jpg)

**11.2** **Analytical Data** 

There is a total of 9,419 assay intervals in the database used for the Mineral Resource Estimates; 2,867 assays are contained inside the interpreted mineralized solids.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 115 <br>

Table 11-1 shows the range of Li<sub>2</sub>O values from the analytical data.

**Table 11-1 Neves Assay Statistics Inside Mineralized Solid**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp;**Total**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 1**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 2**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 2.5**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 3**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 3N**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 4**<br> **Li<sub>2</sub>0 (%)** |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;2867 | &nbsp;&nbsp;475 | &nbsp;&nbsp;799 | &nbsp;&nbsp;249 | &nbsp;&nbsp;916 | &nbsp;&nbsp;251 | &nbsp;&nbsp;177 |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;Std. Dev. | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Min | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Median | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Max | &nbsp;&nbsp;5.23 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;4.60 | &nbsp;&nbsp;5.23 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;4.25 |

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**11.3** **Composite Data** 

Block model grade interpolation was conducted on composited analytical data. A 1 m composite length was selected based on the north–south width of the block size defined for the resource block models. Compositing began at the top of the mineralized wireframe and continued to the end of the mineralized wireframe. No capping was applied on the analytical composite data.

Table 11-2 shows the grade statistics of the analytical composites used for the interpolation of the resource block model.

**Table 11-2 Neves 1 m Composite Statistics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp;**Total**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 1**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 2**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 2.5**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 3**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 3N**<br> **Li<sub>2</sub>0 (%)** | &nbsp;&nbsp;**Anitta 4**<br> **Li<sub>2</sub>0 (%)** |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;2825 | &nbsp;&nbsp;474 | &nbsp;&nbsp;786 | &nbsp;&nbsp;253 | &nbsp;&nbsp;903 | &nbsp;&nbsp;252 | &nbsp;&nbsp;172 |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.16 |
| &nbsp;&nbsp;Std. Dev. | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Min | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0.0 |
| &nbsp;&nbsp;Median | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Max | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;4.23 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;4.09 |

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**11.4** **Density** 

Atlas have conducted density measurement on drill core for the duration of the exploration program. The density database contains a total of 2.821 density measurements across the lithological profile.

For the mineralized horizons, there are 521 spodumene density measurements and 27 petalite measurements. The average of the spodumene measurements is 2.70 g/cm<sup>3</sup>, while the average of the petalite measurements is 2.59 g/cm<sup>3</sup>.

A weighted average of the spodumene and petalite measurements equals 2.70 g/cm<sup>3</sup>, as the small amount of petalite measurements didn't influence the spodumene measurements.

There was a total of 1,077 density measurements of the schist host rock, which enabled a calculation to be made for the background waste material. The average of the schist measurements was 2.77 g/cm<sup>3</sup>.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 116 <br>

**11.5** **Geological Interpretation** 

SGS conducted the interpretation of the 3D wireframe solids of the mineralization based on the drill hole data. For the purpose of modelling, sections looking northeast for Anitta 1, 2, 2.5, 3, and 4 and looking east for Anitta 3N were generated every 30 m, with intermediate sections where necessary to tie in the solids. The modelling was first completed on sections to define mineralized shapes using the lithology and lithium analytical data. A minimum grade of 0.3% Li<sub>2</sub>O over a minimum drill hole interval length of 1.0 m was generally used as a guideline to define the width of the mineralized shapes, together with the lithological logs. The final 3D wireframe model (solid) was constructed by linking the defined mineralized shapes based on the geological interpretation (refer to Figure 11-2).

The mineralized solids were clipped directly on the LiDAR topographic surface. The average depth of soil overburden is 4.2 m and the average depth of the saprolite horizon is 18.0 m.

Figure 11-2 shows the final 3D wireframe solids in isometric view with the drill hole pierce points.

**Figure 11-2 Neves Pegmatite Solids**

![](pg111-200_004.jpg)

**11.6** **Resource Block Modelling** 

A block size of 5 m (north–south) by 5 m (west–east) by 5 m (vertical) was selected for all the block models. This was based on drill hole spacing, width and general geometry of the modelled mineralization. No rotation was applied to the block models. Separate block models with separate origins were created for each of the mineralized zones.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 117 <br>

Table 11-3 to Table 11-8 summarizes the block model limit parameters.

**Table 11-3 Anitta 1 Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;5 | &nbsp;&nbsp;54 | &nbsp;&nbsp;190654 | &nbsp;&nbsp;190919 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;5 | &nbsp;&nbsp;70 | &nbsp;&nbsp;8115388 | &nbsp;&nbsp;8115733 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;5 | &nbsp;&nbsp;50 | &nbsp;&nbsp;294 | &nbsp;&nbsp;539 |

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**Table 11-4 Anitta 2 Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;5 | &nbsp;&nbsp;29 | &nbsp;&nbsp;190067 | &nbsp;&nbsp;190207 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;5 | &nbsp;&nbsp;87 | &nbsp;&nbsp;8114761 | &nbsp;&nbsp;8115191 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;5 | &nbsp;&nbsp;67 | &nbsp;&nbsp;211 | &nbsp;&nbsp;541 |

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**Table 11-5 Anitta 2.5 Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;5 | &nbsp;&nbsp;124 | &nbsp;&nbsp;189999 | &nbsp;&nbsp;190614 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;5 | &nbsp;&nbsp;97 | &nbsp;&nbsp;8114755 | &nbsp;&nbsp;8115235 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;5 | &nbsp;&nbsp;67 | &nbsp;&nbsp;211 | &nbsp;&nbsp;541 |

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**Table 11-6 Anitta 3 Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;5 | &nbsp;&nbsp;78 | &nbsp;&nbsp;189687 | &nbsp;&nbsp;190072 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;5 | &nbsp;&nbsp;170 | &nbsp;&nbsp;8111798 | &nbsp;&nbsp;8114643 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;5 | &nbsp;&nbsp;88 | &nbsp;&nbsp;157 | &nbsp;&nbsp;592 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 118 <br>

**Table 11-7 Anitta 3N Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;5 | &nbsp;&nbsp;39 | &nbsp;&nbsp;189546 | &nbsp;&nbsp;189736 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;5 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8114662 | &nbsp;&nbsp;8114757 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;5 | &nbsp;&nbsp;52 | &nbsp;&nbsp;247 | &nbsp;&nbsp;502 |

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**Table 11-8 Anitta 4 Resource Block Model Parameters**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Direction** | &nbsp;&nbsp;**Block Size <br> (m)** | &nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;**Coordinates <br> Min (m)** | &nbsp;&nbsp;**Coordinates <br> Max (m)** |
| &nbsp;&nbsp;North-South (x) | &nbsp;&nbsp;3 | &nbsp;&nbsp;29 | &nbsp;&nbsp;190405 | &nbsp;&nbsp;190545 |
| &nbsp;&nbsp;West-East (y) | &nbsp;&nbsp;3 | &nbsp;&nbsp;70 | &nbsp;&nbsp;8114862 | &nbsp;&nbsp;8115207 |
| &nbsp;&nbsp;Elevation (z) | &nbsp;&nbsp;3 | &nbsp;&nbsp;52 | &nbsp;&nbsp;242 | &nbsp;&nbsp;497 |

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Table 11-9 shows the volume, tonnage and number of blocks of the different mineralized zones.

**Table 11-9 Neves Volume, Tonnage and Number of Blocks per Mineralized Zone**

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|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Orebody** | &nbsp;&nbsp;**Volume (m<sup>3</sup>)** | &nbsp;&nbsp;**Tonnage (@2.7 g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Number of Blocks** |
| &nbsp;&nbsp;Anitta 1 | &nbsp;&nbsp;375078 | &nbsp;&nbsp;1012711 | &nbsp;&nbsp;6597 |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;790660 | &nbsp;&nbsp;2134782 | &nbsp;&nbsp;9858 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;310467 | &nbsp;&nbsp;838261 | &nbsp;&nbsp;4015 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;1886543 | &nbsp;&nbsp;5093666 | &nbsp;&nbsp;26056 |
| &nbsp;&nbsp;Anitta 3N | &nbsp;&nbsp;147724 | &nbsp;&nbsp;398855 | &nbsp;&nbsp;2094 |
| &nbsp;&nbsp;Anitta 4 | &nbsp;&nbsp;152285 | &nbsp;&nbsp;411170 | &nbsp;&nbsp;2882 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;3662757 | &nbsp;&nbsp;9889445 | &nbsp;&nbsp;51502 |

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**11.7** **Block Model Interpretation** 

The grade interpolation for the Neves pegmatites resource block model was completed using an inverse distance weighting to the second power (ID<sup>2</sup>) methodology. The inverse distance squared weighting method assigns a grade to each block in the block model, without the necessity of a sample being within the block volume. With the ID<sup>2</sup> method, the grade, thickness, or any other value for the sample is adjusted by the inverse of the distance to the sample, squared. All adjusted sample weights are summed, then divided by the sum of the inverse distances. Closer samples are given greater weight than samples farther away.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 119 <br>

Variable search ellipse orientations were used to interpolate the blocks. The general dip of the mineralized pegmatite was modelled on each section and then interpolated in each block. During the interpolation process, the search ellipse was orientated based on the interpolation direction of each block, hence better representing the local dip and orientation of the mineralization.

The first pass was interpolated using a search ellipsoid distance of 50 m (long axis) by 50 m (intermediate axis) and 25 m (short axis) with the orientation aligned to the strike and dip of the respective pegmatites. For the second pass, the search distance was twice the search distance of the first pass and composites selection criteria were kept the same as for the first pass. Finally, the search distance of the third pass was increased to 150 m (long axis) by 150 m (intermediate axis) by 25 m (short axis). The purpose of the last interpolation pass was to interpolate the remaining un-estimated blocks mostly located at the edges of the block model.

Once complete, the block models were cut to the topographic surface and the tenement boundaries.

Figure 11-3 illustrates the three search ellipsoids used for the Anitta 1 grade interpolation. Figure 11-4 to Figure 11-9 shows the results of the block model interpolations for Anitta 1, Anitta 2, Anitta 2.5, Anitta 3, Anitta 3N, and Anitta 4, while Figure 11-10 shows all block models on the property.

**Figure 11-3 Isometric View of Anitta 1 Search Ellipses**

![](pg111-200_005.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 120 <br>

**Figure 11-4 Isometric View of Anitta 1 Interpolated Block Model**

![](pg111-200_006.jpg)

**Figure 11-5 Isometric View of Anitta 2 Interpolated Block Model**

![](pg111-200_007.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 121 <br>

**Figure 11-6 Isometric View of Anitta 2.5 Interpolated Block Model**

**Figure 11-7 Isometric View of Anitta 3 Interpolated Block Model**

![](pg111-200_009.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 122 <br>

**Figure 11-8 Isometric View of Anitta 3N Interpolated Block Model**

**Figure 11-9 Isometric View of Anitta 4 Interpolated Block Model**

![](pg111-200_011.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 123 <br>

**Figure 11-10 Isometric View of Neves Project Interpolated Block Models**

![](pg111-200_012.jpg)

**11.8** **Mineral Resource Classification** 

The MRE for the Neves deposit is prepared and disclosed in compliance with all current disclosure requirements for mineral resources set out in the US Securities and Exchange Commission Regulation S-K, 17 CFR Part 229, Item 1300, otherwise known as S-K 1300. The classification of the current MRE is consistent with the definitions defined in Regulation S-K, 17 CFR 229.1300 (Item 1300) Definitions.

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 124 <br>

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.

Interpretation of the word 'eventual' in this context may vary depending on the commodity or mineral involved. For example, for some coal, iron, potash deposits, and other bulk minerals or commodities, it may be reasonable to envisage 'eventual economic extraction' as covering time periods in excess of 50 years. However, for many lithium deposits, application of the concept would normally be restricted to perhaps 10 to 15 years, and frequently to much shorter periods of time.

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

The first classification stage was conducted by applying an automated classification process which selects around each block a minimum number of composites from a minimum number of holes located within a search ellipsoid of a given size and orientation:

● Measured Mineral Resources: the search ellipsoid used was 30 m (strike) by 30 m (dip) by 15 m with a minimum of four composites in at least two different drill holes

● Indicated Mineral Resources: the search ellipsoid used was 50 m (strike) by 50 m (dip) by 15 m with a minimum of four composites in at least two different drill holes

● Inferred Mineral Resources: the search ellipsoid used was 150 m (strike) by 150 m (dip) by 25 m with a minimum of two composites.

The second classification was conducted by manually adjusting the classifications in accordance with the observed geology and drill hole spacing and to ensure continuity in the selected classifications.

***Inferred Mineral Resource***

 ****

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under S-K 1300.

***Indicated Mineral Resource***

 ****

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 125 <br>

An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

Mineralization may be classified as an Indicated Mineral Resource by the QP when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The QP must recognise the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource Estimate is of sufficient quality to support a Preliminary Feasibility Study which can serve as the basis for major development decisions.

***Measured Mineral Resource***

 ****

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit.

Geological evidence is derived from detailed and reliable exploration, sampling, and testing and is sufficient to confirm geological and grade or quality continuity between points of observation.

A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource.

It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. Mineralization or other natural material of economic interest may be classified as a Measured Mineral Resource by the QP when the nature, quality, quantity, and distribution of data are such that the tonnage and grade or quality of the mineralization can be estimated to within close limits and that variation from the estimate would not significantly affect potential economic viability of the deposit. This category requires a high level of confidence in, and understanding of, the geology and controls of the mineral deposit.

There may be circumstances, where appropriate sampling, testing, and other measurements are sufficient to demonstrate data integrity, geological and grade/quality continuity of a Measured or Indicated Mineral Resource, however, quality assurance and quality control, or other information may not meet all industry norms for the disclosure of an Indicated or Measured Mineral Resource. Under these circumstances, it may be reasonable for the QP to report an Inferred Mineral Resource if the QP has taken steps to verify the information meets the requirements of an Inferred Mineral Resource.

In the case of the Neves deposit, it is the opinion of SGS that the deposit satisfies the requirements to be reported as a combination of Measured, Indicated and Inferred resources.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 126 <br>

Figure 11-11 to Figure 11-16 show isometric views of the final classification of Anitta 1, Anitta 2, Anitta 2.5, Anitta 3, Anitta 3N, and Anitta 4.

**Figure 11-11 Anitta 1 Block Model Classification**

![](pg111-200_013.jpg)

**Figure 11-12 Anitta 2 Block Model Classification**

![](pg111-200_014.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 127 <br>

**Figure 11-13 Anitta 2.5 Block Model Classification**

**Figure 11-14 Anitta 3 Block Model Classification**

![](pg111-200_016.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 128 <br>

**Figure 11-15 Anitta 3N Block Model Classification** 

**Figure 11-16 Anitta 4 Block Model Classification**

![](pg111-200_018.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 129 <br>

**11.9** **Reasonable Prospects for Eventual Economic Extraction** 

The general requirement that all mineral resources have "reasonable prospects for eventual economic extraction" implies that the quantity and grade estimates meet certain economic thresholds and that the mineral resources are reported at an appropriate cut-off grade considering extraction scenarios and processing recoveries. To meet this requirement, the lithium mineralization of the Neves deposit is considered amenable to open pit extraction.

To determine the quantities of material offering "reasonable prospects for eventual economic extraction" for Neves by open pit mining, the Genesis™. software pit optimization tool and reasonable mining assumptions to evaluate the proportions of the block model (Measured, Indicated and Inferred blocks) that could be "reasonably expected" to be mined from an open pit were used. The pit optimization was completed by SGS. The pit optimization parameters used are summarized in Table 11-10. A dressed cone, re-blocked pit shell at a revenue factor of 1.0 was selected as the ultimate pit shells for the purposes of the MRE. The optimised pits have been limited to the topographic surface and to the extent of the property boundary.

The reader is cautioned that the results from the pit optimization are used solely for the purpose of testing the "reasonable prospects for eventual economic extraction" by an open pit method and do not represent an attempt to estimate mineral reserves. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. A selected base case cut-off grade of 0.3% Li<sub>2</sub>O (%) is used to determine the in-pit MRE portion for the deposit.

**Table 11-10 Neves Parameters for Reasonable Prospect for Eventual Economic Extraction**

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| &nbsp;&nbsp;<br> **Parameter** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Concentrate Price (5.5% Li<sub>2</sub>O) | &nbsp;&nbsp;US$ per tonne | &nbsp;&nbsp;$1700 |
| &nbsp;&nbsp;Pit Slope | &nbsp;&nbsp;Degrees | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;US$ per tonne mined | &nbsp;&nbsp;$2.60 |
| &nbsp;&nbsp;Processing Cost & G&A | &nbsp;&nbsp;US$ per tonne processed | &nbsp;&nbsp;$29.64 |
| &nbsp;&nbsp;Mining Recovery | &nbsp;&nbsp;Percent (%) | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;Concentration Recovery (DMS) | &nbsp;&nbsp;Percent (%) | &nbsp;&nbsp;61.7 |
| &nbsp;&nbsp;Mining loss / Dilution | &nbsp;&nbsp;Percent (%) / Percent (%) | &nbsp;&nbsp;5 / 5 |
| &nbsp;&nbsp;Cut-off Grade | &nbsp;&nbsp;Percent (%) Li<sub>2</sub>O | &nbsp;&nbsp;0.3 |

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 130 <br>

Figure 11-17 shows the optimised pit shells with the pit-constrained mineralized surfaces.

**Figure 11-17 Neves Deposit Mineral Resource Block Models and Optimised Pits**

![](pg111-200_019.jpg)

**11.10** **Mineral Resource Estimation** 

The combined Mineral Resource Estimate for Neves is reported in Table 11-11 using a 0.3% Li<sub>2</sub>O cut-off. The Mineral Resources are constrained by the topography and tenement boundaries and based on the conceptual economic parameters detailed in Table 11-10. The estimate has an effective date of the 15<sup>th</sup> May 2025.

**Table 11-11 Combined Neves Deposit In-Pit Mineral Resource Estimate 0.3% Li<sub>2</sub>O Cut-Off 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;8457000 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;250.6 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;**8457000** | &nbsp;&nbsp;**1.20** | &nbsp;&nbsp;**250.6** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;149000 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;3.0 |

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 131 <br>

Table 11-12 to Table 11-17 show the individual classified resources by orebody.

**Table 11-12 Anitta 1 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;740000 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;16.5 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;**740000** | &nbsp;&nbsp;**0.90** | &nbsp;&nbsp;**16.5** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**Table 11-13 Anitta 2 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;2067000 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;61.4 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;2067000 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;**61.4** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**Table 11-14 Anitta 2.5 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;820000 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;30.0 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;**820000** | &nbsp;&nbsp;**1.48** | &nbsp;&nbsp;**30.0** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 132 <br>

**Table 11-15 Anitta 3 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;4533000 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;133.6 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;4533000 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;**133.6** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;-- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**Table 11-16 Anitta 3N In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;104000 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;1.9 |

---

**Table 11-17 Anitta 4 In-Pit Mineral Resource Estimate 15<sup>th</sup> May 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Cut-off**<br> **Grade** **Li<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage<br> (t)** | &nbsp;&nbsp;**Average <br> Grade** **Li<sub>2</sub>O<br> (%)** | &nbsp;&nbsp;**LCE (Kt)** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Measured | &nbsp;&nbsp;298000 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**Measured + Indicated** | &nbsp;&nbsp;**298000** | &nbsp;&nbsp;**1.23** | &nbsp;&nbsp;**9.1** |
| &nbsp;&nbsp;0.3 | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;45000 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;1.1 |

---

Notes to accompany Mineral Resource tables:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 Resources have an effective date of the 15<sup>th</sup> May, 2025 and have been classified
 using the S-K 1300 Definitions

2. All
 Resources are presented undiluted and *in situ*, constrained by continuous 3D wireframe
 models, and are considered to have reasonable prospects for eventual economic extraction.

3. Mineral
 Resources are reported assuming open pit mining methods, and the following assumptions: lithium
 concentrate (5.5% Li<sub>2</sub>O) price of US$1,700/t, mining costs of US$2.60/t for mineralization
 and waste, crushing and processing costs of US$27.71/t, general and administrative (G&A)
 costs of US$1.93/t, concentrate recovery of 61.7%, pit slope angles of 60º, and an overall
 cut-off grade of 0.3% Li<sub>2</sub>O.

4. Tonnages
 and grades have been rounded in accordance with reporting guidelines. Totals may not sum
 due to rounding.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 133 <br>

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 resources which are not mineral reserves do not have demonstrated economic viability. An
 Inferred Mineral Resource has a lower level of confidence than that applying to a Measured
 and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably
 expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral
 Resources with continued exploration.

6. The
 results from the pit optimization are used solely for the purpose of testing the "reasonable
 prospects for economic extraction" by an open pit and do not represent an attempt to
 estimate mineral reserves. The results are used as a guide to assist in the preparation of
 a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.

7. The
 estimate of Mineral Resources may be materially affected by environmental, permitting, legal,
 title, taxation, socio-political, marketing, or other relevant issues.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 134 <br>

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|:---|:---|
| **12** | **MINERAL RESERVE ESTIMATES** |

---

**12.1** **Introduction** 

This section presents the Mineral Reserve Estimates for the Anitta 2, Anitta 3, and Anitta 2.5 deposits, which form part of the Atlas Lithium Project. The reserve estimation process was based on the geological block model developed by SGS, which provided the foundation for the mineral resource volumes associated with each ore body.

Following the establishment of the block model, the company Prominas conducted a detailed reserve evaluation, including pit optimization, mining dilution and recovery assumptions, economic and geotechnical constraints, and mineable tonnage calculations. The estimation process was carried out in close collaboration with the technical teams of Atlas Lithium, SGS, and Prominas, ensuring that all technical, geological, and operational considerations were aligned with the project's strategic objectives.

The mineral reserves presented herein are classified in accordance with internationally accepted standards and reflect the most current understanding of the project's mineable potential as of the effective date of this report.

**12.2** **Key Assumptions, Parameters and Methods** 

12.2.1 Geological
 Block Model

The Mineral Reserve estimate relies on the resource block model prepared by the Resource QP, detailed in Section 11. The block model is separated by ore bodies as upper body and lower body.

The block models have regular blocks (5mx5mx5m) and are of the Ore% type.

12.2.2 Economic
 Parameters

The economic parameters listed in Table 12-1 were used to generate the optimal pit, which consists of a pit that maximizes the project economic value, as obtained by applying the PseudoFlow algorithm on the MinePlan Economic Planner (MPEP) tool.

**Table 12-1 Economic Parameters**

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| | |
|:---|:---|
| &nbsp;&nbsp;<br> **Sales** | &nbsp;&nbsp;<br> **Sales** |
| &nbsp;&nbsp;Price Concentrate@5.5% ($/t) | &nbsp;&nbsp;1700 |
| &nbsp;&nbsp;**Operating Costs** | &nbsp;&nbsp;**Operating Costs** |
| &nbsp;&nbsp;Process $/t ROM | &nbsp;&nbsp;27.71 |
| &nbsp;&nbsp;G&A $/t ROM | &nbsp;&nbsp;1.93 |
| &nbsp;&nbsp;Mine $/t | &nbsp;&nbsp;2.60 |
| &nbsp;&nbsp;**Rates** | &nbsp;&nbsp;**Rates** |
| &nbsp;&nbsp;Discount rate | &nbsp;&nbsp;10% |

---

A long-term sale price of US$1,700/t concentrate for spodumene (5.50% Li<sub>2</sub>O) was used.

The costs used were US$2.60/t for the mining cost and the processing cost of US$27.71/t ore. In addition to these costs, a G&A cost of US$1.93 per tonne of ore was considered.

These values were based on market studies provided by Atlas Lithium.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 135 <br>

12.2.3 Cut-Off
 Grade and Ore Definition

The classification of blocks into ores used the following criteria:

● Ore Bodies: Upper and Lower

● Cutoff Grade: 0.3% Li<sub>2</sub>O

● Resource Classification: Measured and Indicated

● Weathering: All blocks, including those above the Weathering Surface (Weathered Material) and below it (Rock), are considered to have economic revenue values in the pit optimization and are reported as ore

The cut-off grade of 0.3% Li<sub>2</sub>O as defined by SGS, according to the physical limits for the concentration plant.

12.2.4 Concentrate
 Calculation

An overall metallurgical recovery of 61.7% was adopted for the Dense Media Separation (DMS) circuit, based on results obtained from Heavy Liquid Separation (HLS) laboratory tests. It was used for metallurgical recovery, with a concentrate grade of 5.5% Li<sub>2</sub>O, resulting in a calculated mass recovery, block by block of mined ore by the formula:

Concentrate = Tonnes \* Grade \* Metallurgical Recovery/ <br> Grade in the Concentrate

12.2.5 Dilution
 and Mining Recovery

For this analysis, a 5% ore dilution and a 95% mining recovery were assumed. The dilution accounts for waste material unintentionally incorporated into the ore during mining, while the recovery reflects ore losses during extraction and transport. These values were considered constant throughout the mine's life to support simplified financial modeling and were based on historical data from comparable operations and industry best practices. The 5% dilution is considered technically feasible, given the geometry of the ore bodies and the operational routines to be implemented. Planned measures include a targeted blasting plan designed to achieve optimal rock fragmentation and particle size for effective ore-waste segregation, operator training, and continuous monitoring of loading activities. Moreover, similar mining operations under equivalent conditions have demonstrated the achievability of this dilution rate.

12.2.6 Density

Based on the provided block model, an in-situ dry density of 2.70 t/m³ was applied to the mineralized material, while a density of 2.77 t/m³ was adopted for the waste rock.

12.2.7 Topographic
 Surface

The topography was based on the point cloud file, from the primitive topography of the project, and triangulated in MinePlan through the Point Cloud Mesher tool, for the creation of topographic surfaces.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 136 <br>

**Figure 12-1 Topographic Surface**

![](pg111-200_020.jpg)

12.2.8 Physical
 Restrictions

The information related to physical aspects and constraints considered for the pit designs and Mineral Reserve Estimate included the topographic surface, the geological block model, and the rock type properties for ore, waste, and overburden.

Based on this data, it is confirmed that the initial years of operation are fully contained within the currently licensed areas of the project, in accordance with the defined parameters and the approved mine design. Figure 12-2 illustrates the boundaries of the existing licenses, which fully cover the planned activities for this initial phase.

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| ![](page_001.jpg) |
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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 137 <br>

**Figure 12-2 License Limits of the Project**

![](pg111-200_021.jpg)

The constraints applied during the pit optimization process did not impose any geometric limitations on the final design of the Anitta 2 pit, which remains entirely within the licensed area.

12.2.9 Weathering
 Surface

The weathering surface was defined by a geological study of SGS where a weathering surface was generated. Regions below this surface were classified as Rock and above Weathered.

This classification will interfere in the geotechnical parameters of the project and in the economic function of the blocks.

12.2.10 Geotechnical
 Parameters

The geotechnical parameters used in the open-pit analysis are defined in Section 13. This study was developed by ITAACU. The geotechnical parameters are separated by sectors made from the weathering surface, where Sector 1 is the weathered and Sector 2 is the rock.

The Table 12-2 shows the geotechnical Parameters for the Anitta 2,2.5 & 3 pit presented in this study.

**Table 12-2 Geotechnical Parameters**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sector** | **Face Angle <br> (°)** | **Berm Width <br> (m)** | **Bench Height <br> (m)** | **AngleInter-ramp<br> (°)** | **Overall Angle<br> (°)** |
| Anitta 2 | 1 | 50 | 7 | 10 | 33 | 33 |
|  | 2 | 80 | 7 | 20 | 64 | 56 |

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 138 <br>

The Overall Angle was defined after the first mathematical optimizations using the proposed inter-ramp angles, the resulting pits presented a conical geometry with a considerable depth and a narrow upper area.

When carrying out the pit design, with the insert of berms and ramps, it verified a gain in waste and a loss of ore, due to these factors. For a better result in the pit optimizations, a General Angle was adopted already considering the Ramps, this adjustment will ensure that the Pit Design has a greater adherence to the Pit Optimization.

12.3 Pit
 Optimization Study

The main purpose of pit optimization, from a financial perspective, is to generate the pit that maximizes the benefit. In this step, the MinePlan Economic Planner (MPEP) software will be used, which uses the PseudoFlow algorithm for the preparation of the mathematical pits optimization.

The methodology for the selection of the optimal pit consists of generating a set of nested pits from the application of revenue factors. The factor is applied to the sale price of the commercial product, resulting in a mathematical pit for each factor applied. The resulting generated pits are analyzed to define the final optimal pit for the deposit.

The determination of the pit optimization was based on:

● Definition of economic and geometric parameters, cut-off grade, and physical restrictions.

● Mineral Resource Block Model to include the modified factors.

● Definition of an optimal pit using the MinePlan Economic Planner (MPEP) tool.

● The selection of the optimum pit, based on a strip ratio limit, and allowance for a mine life long enough to support a positive cash flow.

The optimal pit sequence was obtained by varying the revenue factor in a range from 0 to 2 of the base products selling price. The first pit opened with a factor of 0.18, resulting in a total of 52 pits.

12.3.1 Pit
 Optimization Results

12.3.1.1 Anitta

To determine the evolution of the pits over time, an annual production rate of 1.1 Mtpa of ore feed was established at an annual discount rate of 10%. Table 12-3 present the Pit Sensitivity Analysis Results for the Anitta 2 area.

**Table 12-3 Anitta 2 – Pit Sensitivity Analysis Results**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** | **Discount Factor** | **NPV** |
| PIT09 | 0.18 | 140654 | 1.712 | 25662.25 | 1266105 | 1406759 | 0.268 | 0.255 | 9.00 | 0.9879 | 35370031 |
| PIT10 | 0.20 | 172167 | 1.686 | 30940.78 | 1531465 | 1703632 | 0.255 | 0.242 | 8.90 | 0.9852 | 42434870 |
| PIT11 | 0.22 | 250700 | 1.577 | 42133.88 | 2114626 | 2365326 | 0.235 | 0.223 | 8.43 | 0.9786 | 56808819 |
| PIT12 | 0.24 | 314280 | 1.539 | 51535.11 | 2751092 | 3065372 | 0.212 | 0.201 | 8.75 | 0.9732 | 68447963 |
| PIT13 | 0.26 | 509111 | 1.371 | 74378.28 | 4262721 | 4771832 | 0.181 | 0.172 | 8.37 | 0.9570 | 94700325 |
| PIT14 | 0.28 | 743809 | 1.310 | 103827.24 | 6488244 | 7232053 | 0.158 | 0.150 | 8.72 | 0.9378 | 127231790 |
| PIT15 | 0.30 | 823395 | 1.292 | 113375.88 | 7328990 | 8152385 | 0.151 | 0.144 | 8.90 | 0.9314 | 137055124 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 139 <br>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** | **Discount Factor** | **NPV** |
| PIT16 | 0.32 | 912301 | 1.266 | 123097.93 | 8234102 | 9146403 | 0.145 | 0.138 | 9.03 | 0.9242 | 146460152 |
| PIT17 | 0.34 | 953408 | 1.258 | 127780.01 | 8734205 | 9687613 | 0.141 | 0.134 | 9.16 | 0.9210 | 150854657 |
| PIT18 | 0.36 | 1514811 | 1.200 | 193795.17 | 17217170 | 18731981 | 0.106 | 0.101 | 11.37 | 0.8774 | 206966030 |
| PIT19 | 0.38 | 1627407 | 1.198 | 207779.94 | 19164273 | 20791680 | 0.102 | 0.097 | 11.78 | 0.8689 | 218071490 |
| PIT20 | 0.40 | 1744560 | 1.199 | 222835.28 | 21588659 | 23333220 | 0.097 | 0.092 | 12.37 | 0.8602 | 229225083 |
| PIT21 | 0.42 | 1752627 | 1.198 | 223828.08 | 21756800 | 23509426 | 0.097 | 0.092 | 12.41 | 0.8596 | 229917189 |
| PIT22 | 0.44 | 1767730 | 1.195 | 225141.81 | 21942406 | 23710137 | 0.097 | 0.092 | 12.41 | 0.8584 | 230702791 |
| PIT23 | 0.46 | 1788398 | 1.196 | 227949.04 | 22506643 | 24295041 | 0.095 | 0.091 | 12.58 | 0.8569 | 232553774 |
| PIT24 | 0.48 | 1810782 | 1.196 | 230881.56 | 23127019 | 24937801 | 0.094 | 0.089 | 12.77 | 0.8552 | 234372730 |
| PIT25 | 0.50 | 1817199 | 1.196 | 231593.36 | 23271857 | 25089056 | 0.094 | 0.089 | 12.81 | 0.8548 | 234778772 |
| PIT26 | 0.52 | 1827629 | 1.194 | 232595.00 | 23476435 | 25304064 | 0.093 | 0.089 | 12.85 | 0.8540 | 235280563 |
| PIT27 | 0.54 | 1831696 | 1.194 | 233046.04 | 23583798 | 25415494 | 0.093 | 0.088 | 12.88 | 0.8537 | 235502475 |
| PIT28 | 0.56 | 1855353 | 1.195 | 236205.85 | 24441352 | 26296706 | 0.091 | 0.086 | 13.17 | 0.8520 | 237050462 |
| PIT29 | 0.58 | 1875660 | 1.192 | 238290.24 | 24972746 | 26848406 | 0.090 | 0.085 | 13.31 | 0.8505 | 237917886 |
| PIT30 | 0.60 | 1875807 | 1.192 | 238304.38 | 24976364 | 26852171 | 0.090 | 0.085 | 13.31 | 0.8505 | 237923263 |
| PIT31 | 0.62 | 1890440 | 1.192 | 240141.08 | 25529456 | 27419897 | 0.089 | 0.084 | 13.50 | 0.8494 | 238653732 |
| PIT32 | 0.64 | 1897876 | 1.193 | 241305.15 | 25915208 | 27813084 | 0.088 | 0.083 | 13.65 | 0.8488 | 239126157 |
| PIT33 | 0.66 | 1899541 | 1.193 | 241431.07 | 25948272 | 27847813 | 0.088 | 0.083 | 13.66 | 0.8487 | 239154968 |
| PIT34 | 0.68 | 1906140 | 1.192 | 242081.08 | 26151114 | 28057254 | 0.087 | 0.083 | 13.72 | 0.8482 | 239328612 |
| PIT35 | 0.70 | 1918034 | 1.191 | 243498.90 | 26649320 | 28567355 | 0.086 | 0.082 | 13.89 | 0.8474 | 239703611 |
| PIT36 | 0.72 | 1921832 | 1.191 | 243973.81 | 26823382 | 28745214 | 0.086 | 0.082 | 13.96 | 0.8471 | 239822111 |
| PIT37 | 0.74 | 1930420 | 1.191 | 245040.40 | 27222167 | 29152587 | 0.085 | 0.081 | 14.10 | 0.8465 | 240067811 |
| PIT38 | 0.76 | 1930609 | 1.191 | 245053.73 | 27226418 | 29157027 | 0.085 | 0.081 | 14.10 | 0.8464 | 240068583 |
| PIT39 | 0.78 | 1930827 | 1.191 | 245082.90 | 27238343 | 29169170 | 0.085 | 0.081 | 14.11 | 0.8464 | 240073849 |
| PIT40 | 0.80 | 1930964 | 1.191 | 245097.33 | 27244122 | 29175086 | 0.085 | 0.081 | 14.11 | 0.8464 | 240075305 |
| PIT41 | 0.82 | 1935425 | 1.192 | 245782.93 | 27552927 | 29488352 | 0.084 | 0.080 | 14.24 | 0.8461 | 240168527 |
| PIT42 | 0.84 | 1935814 | 1.192 | 245815.98 | 27565980 | 29501794 | 0.084 | 0.080 | 14.24 | 0.8461 | 240168666 |
| PIT43 | 0.86 | 1936467 | 1.191 | 245858.43 | 27581737 | 29518204 | 0.084 | 0.080 | 14.24 | 0.8460 | 240163761 |
| PIT44 | 0.88 | 1937100 | 1.191 | 245919.60 | 27608371 | 29545471 | 0.084 | 0.080 | 14.25 | 0.8460 | 240162808 |
| PIT45 | 0.90 | 1937455 | 1.191 | 245946.20 | 27619506 | 29556961 | 0.084 | 0.080 | 14.26 | 0.8459 | 240159540 |
| PIT46 | 0.92 | 1938069 | 1.191 | 245985.85 | 27635451 | 29573520 | 0.084 | 0.080 | 14.26 | 0.8459 | 240152044 |
| PIT47 | 0.94 | 1940655 | 1.191 | 246337.01 | 27815647 | 29756302 | 0.084 | 0.079 | 14.33 | 0.8457 | 240136841 |
| PIT48 | 0.96 | 1940705 | 1.191 | 246344.53 | 27819735 | 29760439 | 0.084 | 0.079 | 14.33 | 0.8457 | 240136290 |
| PIT49 | 0.98 | 1940737 | 1.191 | 246347.27 | 27821070 | 29761807 | 0.084 | 0.079 | 14.34 | 0.8457 | 240135739 |
| **PIT50** | **1.00** | **1943501** | **1.191** | **246650.35** | **27983740** | **29927240** | **0.083** | **0.079** | **14.40** | **0.8455** | **240081409** |
| PIT51 | 1.10 | 1944240 | 1.191 | 246722.51 | 28023430 | 29967670 | 0.083 | 0.079 | 14.41 | 0.8455 | 240062470 |
| PIT52 | 1.20 | 1944935 | 1.191 | 246785.13 | 28061034 | 30005969 | 0.083 | 0.079 | 14.43 | 0.8454 | 240036514 |
| PIT53 | 1.30 | 1947154 | 1.190 | 247018.48 | 28222081 | 30169235 | 0.083 | 0.079 | 14.49 | 0.8452 | 239911712 |
| PIT54 | 1.40 | 1950518 | 1.191 | 247493.08 | 28610839 | 30561357 | 0.082 | 0.078 | 14.67 | 0.8450 | 239578705 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 140 <br>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** | **Discount Factor** | **NPV** |
| PIT55 | 1.50 | 1950784 | 1.191 | 247511.22 | 28625113 | 30575897 | 0.082 | 0.078 | 14.67 | 0.8450 | 239560649 |
| PIT56 | 1.60 | 1950850 | 1.191 | 247516.66 | 28629825 | 30580675 | 0.082 | 0.078 | 14.68 | 0.8450 | 239554964 |
| PIT57 | 1.70 | 1951111 | 1.190 | 247538.11 | 28649426 | 30600537 | 0.082 | 0.078 | 14.68 | 0.8449 | 239530276 |
| PIT58 | 1.80 | 1954150 | 1.190 | 247848.93 | 28961647 | 30915797 | 0.081 | 0.077 | 14.82 | 0.8447 | 239145747 |
| PIT59 | 1.90 | 1954578 | 1.190 | 247892.11 | 29008733 | 30963310 | 0.081 | 0.077 | 14.84 | 0.8447 | 239083965 |
| PIT60 | 2.00 | 1954925 | 1.190 | 247924.45 | 29045856 | 31000780 | 0.081 | 0.077 | 14.86 | 0.8447 | 239032330 |

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The following graphs and images detail the results.

**Figure 12-3 Anitta 2 – Pit Sensitivity Analysis: Stripping Ratio**

![](pg111-200_022.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 141 <br>

**Figure 12-4 Anitta 2 – Pit Sensitivity Analysis: Li<sub>2</sub>O**

![](pg111-200_023.jpg)

**Figure 12-5 Anitta 2 – Pit Sensitivity Analysis: Value**

![](pg111-200_024.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 142 <br>

**Figure 12-6 Anitta 2 – Pit Sensitivity Analysis**

![](pg111-200_025.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 143 <br>

**Figure 12-7 Anitta 2 – Pit Sensitivity Analysis – Section EW01**

![](pg111-200_026.jpg)

**Figure 12-8 Anitta 2 – Pit Sensitivity Analysis – Section EW02**

![](pg111-200_027.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 144 <br>

**Figure 12-9 Anitta 2 – Pit Sensitivity Analysis – Section EW03**

![](pg111-200_028.jpg)

For Anitta 2, the pit with revenue of 1.0 (PIT50) was selected. This selection was made because, in terms of ore mass or value, the other nearby pits have little variation, and this PIT considers the base case values.

12.3.1.2 Anitta
 2.5

The Table 12-4 present the Pit Sensitivity Analysis Results for the Anitta 2.5 area.

**Table 12-4 Anitta 2.5 – Pit Sensitivity Analysis Results**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **S/R** | **NPV** | **%NPV** |
| PIT13 | 0.26 | 237451 | 1.589 | 1.509 | 40200.15 | 3536077 | 3773528 | 14.89 | 50453559 | 43.47% |
| PIT14 | 0.28 | 250284 | 1.588 | 1.509 | 42362.98 | 3760140 | 4010423 | 15.02 | 53021351 | 45.68% |
| PIT15 | 0.30 | 279219 | 1.563 | 1.485 | 46508.58 | 4181666 | 4460885 | 14.98 | 57789050 | 49.79% |
| PIT16 | 0.32 | 298850 | 1.543 | 1.465 | 49128.87 | 4474068 | 4772917 | 14.97 | 60675173 | 52.28% |
| PIT17 | 0.34 | 319484 | 1.528 | 1.452 | 52033.68 | 4846520 | 5166004 | 15.17 | 63782567 | 54.95% |
| PIT18 | 0.36 | 365265 | 1.500 | 1.425 | 58410.03 | 5754869 | 6120134 | 15.76 | 70317490 | 60.58% |
| PIT19 | 0.38 | 365684 | 1.500 | 1.425 | 58444.20 | 5757885 | 6123570 | 15.75 | 70350510 | 60.61% |
| PIT20 | 0.40 | 400690 | 1.483 | 1.409 | 63328.16 | 6567846 | 6968536 | 16.39 | 75035708 | 64.65% |
| PIT21 | 0.42 | 421939 | 1.468 | 1.395 | 66013.60 | 7010528 | 7432468 | 16.62 | 77530604 | 66.80% |
| PIT22 | 0.44 | 435795 | 1.462 | 1.389 | 67881.61 | 7363909 | 7799704 | 16.90 | 79181874 | 68.22% |
| PIT23 | 0.46 | 445212 | 1.454 | 1.381 | 68980.04 | 7568608 | 8013820 | 17.00 | 80110542 | 69.02% |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 145 <br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **S/R** | **NPV** | **%NPV** |
| PIT24 | 0.48 | 446949 | 1.452 | 1.379 | 69145.10 | 7596851 | 8043800 | 17.00 | 80244014 | 69.14% |
| PIT25 | 0.50 | 448033 | 1.450 | 1.377 | 69230.75 | 7610462 | 8058496 | 16.99 | 80308928 | 69.19% |
| PIT26 | 0.52 | 448537 | 1.449 | 1.377 | 69285.28 | 7622530 | 8071067 | 16.99 | 80348841 | 69.23% |
| PIT27 | 0.54 | 462933 | 1.440 | 1.368 | 71049.96 | 8047421 | 8510354 | 17.38 | 81624894 | 70.33% |
| PIT28 | 0.56 | 463719 | 1.439 | 1.367 | 71118.03 | 8062181 | 8525900 | 17.39 | 81669354 | 70.36% |
| PIT29 | 0.58 | 464784 | 1.438 | 1.366 | 71238.47 | 8093701 | 8558485 | 17.41 | 81746864 | 70.43% |
| PIT30 | 0.60 | 809100 | 1.473 | 1.399 | 127021.99 | 25521681 | 26330781 | 31.54 | 115210489 | 99.26% |
| PIT31 | 0.62 | 809913 | 1.473 | 1.399 | 127129.29 | 25559046 | 26368958 | 31.56 | 115257550 | 99.30% |
| PIT32 | 0.64 | 810264 | 1.473 | 1.400 | 127212.79 | 25589147 | 26399411 | 31.58 | 115302922 | 99.34% |
| PIT33 | 0.66 | 815624 | 1.476 | 1.402 | 128256.24 | 25962408 | 26778032 | 31.83 | 115837960 | 99.80% |
| PIT34 | 0.68 | 815912 | 1.476 | 1.402 | 128305.65 | 25980318 | 26796231 | 31.84 | 115861331 | 99.82% |
| PIT35 | 0.70 | 815912 | 1.476 | 1.402 | 128305.65 | 25980318 | 26796231 | 31.84 | 115861331 | 99.82% |
| PIT36 | 0.72 | 815912 | 1.476 | 1.402 | 128305.65 | 25980318 | 26796231 | 31.84 | 115861331 | 99.82% |
| PIT37 | 0.74 | 815912 | 1.476 | 1.402 | 128305.65 | 25980318 | 26796231 | 31.84 | 115861331 | 99.82% |
| PIT38 | 0.76 | 815923 | 1.476 | 1.402 | 128307.29 | 25980991 | 26796914 | 31.84 | 115861856 | 99.82% |
| PIT39 | 0.78 | 815991 | 1.476 | 1.402 | 128315.71 | 25984359 | 26800351 | 31.84 | 115864316 | 99.83% |
| PIT40 | 0.80 | 818248 | 1.478 | 1.404 | 128887.71 | 26250735 | 27068983 | 32.08 | 116035162 | 99.97% |
| PIT41 | 0.82 | 818248 | 1.478 | 1.404 | 128887.71 | 26250735 | 27068983 | 32.08 | 116035162 | 99.97% |
| PIT42 | 0.84 | 818530 | 1.478 | 1.404 | 128924.96 | 26267689 | 27086219 | 32.09 | 116041823 | 99.98% |
| PIT43 | 0.86 | 818967 | 1.478 | 1.404 | 129024.93 | 26318462 | 27137429 | 32.14 | 116059762 | 99.9951% |
| PIT44 | 0.88 | 818994 | 1.478 | 1.404 | 129030.26 | 26321187 | 27140181 | 32.14 | 116060523 | 99.9958% |
| PIT45 | 0.90 | 819657 | 1.478 | 1.404 | 129096.61 | 26351720 | 27171377 | 32.15 | 116065133 | 99.9998% |
| PIT46 | 0.92 | 819657 | 1.478 | 1.404 | 129096.61 | 26351720 | 27171377 | 32.15 | 116065133 | 99.9998% |
| PIT47 | 0.94 | 819697 | 1.478 | 1.404 | 129102.91 | 26355070 | 27174767 | 32.15 | 116065409 | 100.000% |
| PIT48 | 0.96 | 819697 | 1.478 | 1.404 | 129102.91 | 26355070 | 27174767 | 32.15 | 116065409 | 100.000% |
| PIT49 | 0.98 | 819697 | 1.478 | 1.404 | 129102.91 | 26355070 | 27174767 | 32.15 | 116065409 | 100.000% |
| **PIT50** | **1.00** | **819699** | **1.478** | **1.404** | **129103.47** | **26355405** | **27175104** | **32.15** | **116065397** | **100.000%** |
| PIT51 | 1.10 | 819726 | 1.478 | 1.404 | 129105.83 | 26356737 | 27176463 | 32.15 | 116064839 | 99.9995% |
| PIT52 | 1.20 | 821431 | 1.478 | 1.404 | 129403.73 | 26553218 | 27374649 | 32.33 | 115992783 | 99.94% |
| PIT53 | 1.30 | 821936 | 1.478 | 1.405 | 129506.42 | 26630421 | 27452357 | 32.40 | 115948345 | 99.90% |
| PIT54 | 1.40 | 821936 | 1.478 | 1.405 | 129506.42 | 26630421 | 27452357 | 32.40 | 115948345 | 99.90% |
| PIT55 | 1.50 | 822139 | 1.479 | 1.405 | 129552.33 | 26670795 | 27492934 | 32.44 | 115915202 | 99.87% |
| PIT56 | 1.60 | 822139 | 1.479 | 1.405 | 129552.33 | 26670795 | 27492934 | 32.44 | 115915202 | 99.87% |
| PIT57 | 1.70 | 822894 | 1.479 | 1.405 | 129688.33 | 26805385 | 27628279 | 32.57 | 115774618 | 99.75% |
| PIT58 | 1.80 | 823271 | 1.479 | 1.405 | 129757.37 | 26877908 | 27701179 | 32.65 | 115693357 | 99.68% |
| PIT59 | 1.90 | 823271 | 1.479 | 1.405 | 129757.37 | 26877908 | 27701179 | 32.65 | 115693357 | 99.68% |
| PIT60 | 2.00 | 823636 | 1.479 | 1.405 | 129813.82 | 26945805 | 27769441 | 32.72 | 115603834 | 99.60% |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 146 <br>

The following Figure 12-10 tp Figure 12-15 detail the results.

**Figure 12-10 Anitta 2.5 - Pit Sensitivity Analysis: Stripping Ratio**

![](pg111-200_029.jpg)

**Figure 12-11 Anitta 2.5 - Pit Sensitivity Analysis: Li<sub>2</sub>O**

![](pg111-200_030.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 147 <br>

**Figure 12-12 Anitta 2.5 – Pit Sensitivity Analysis: Value**

![](pg111-200_031.jpg)

**Figure 12-13 Anitta 2.5 – Pit Sensitivity Analysis**

![](pg111-200_032.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 148 <br>

**Figure 12-14 Anitta 2.5 – Pit Sensitivity Analysis – Section A**

![](pg111-200_033.jpg)

**Figure 12-15 Anitta 2.5 – Pit Sensitivity Analysis – Section B**

![](pg111-200_034.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 149 <br>

For Anitta 2.5, the pit with revenue of 1.0 (PIT50) was selected. This selection was made because, in terms of ore mass or value, the other nearby pits have little variation, and this pit maximizes the reserve. Another point is that this PIT considers the base case values.

12.3.1.3 Anitta

The Table 12-5 present the Pit Sensitivity Analysis Results for the Anitta 3 area.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 150 <br>

**Table 12-5 Anitta 3 – Pit Sensitivity Analysis Results**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** | **S/R Inc.** | **Discount Factor** | **NPV** | **%NPV** |
| PIT08 | 0.16 | 592069 | 1.423 | 1.352 | 89802.74 | 2299658 | 2891727 | 0.327 | 0.311 | 3.88 | 0.00 | 0.95 | 121244122 | 26.85% |
| PIT09 | 0.18 | 749092 | 1.409 | 1.338 | 112470.47 | 2965135 | 3714227 | 0.314 | 0.298 | 3.96 | 4.24 | 0.94 | 149367278 | 33.08% |
| PIT10 | 0.20 | 918031 | 1.388 | 1.319 | 135818.38 | 3834455 | 4752487 | 0.294 | 0.279 | 4.18 | 5.15 | 0.92 | 176753275 | 39.14% |
| PIT11 | 0.22 | 1020048 | 1.360 | 1.292 | 147846.22 | 4320030 | 5340078 | 0.284 | 0.270 | 4.24 | 4.76 | 0.92 | 189759863 | 42.02% |
| PIT12 | 0.24 | 1288168 | 1.310 | 1.245 | 179861.98 | 5935290 | 7223458 | 0.254 | 0.242 | 4.61 | 6.02 | 0.89 | 222626138 | 49.30% |
| PIT13 | 0.26 | 1785173 | 1.302 | 1.237 | 247656.93 | 10977527 | 12762699 | 0.194 | 0.184 | 6.15 | 10.15 | 0.86 | 287099420 | 63.58% |
| PIT14 | 0.28 | 1932237 | 1.295 | 1.230 | 266612.65 | 12536017 | 14468255 | 0.184 | 0.174 | 6.49 | 10.60 | 0.85 | 303310103 | 67.17% |
| PIT15 | 0.30 | 1979889 | 1.290 | 1.226 | 272297.37 | 13050073 | 15029963 | 0.180 | 0.171 | 6.59 | 10.79 | 0.84 | 307789567 | 68.16% |
| PIT16 | 0.32 | 2056325 | 1.286 | 1.222 | 281910.76 | 14064984 | 16121309 | 0.174 | 0.165 | 6.84 | 13.28 | 0.84 | 315177720 | 69.79% |
| PIT17 | 0.34 | 2646466 | 1.246 | 1.184 | 351505.21 | 21558749 | 24205216 | 0.143 | 0.136 | 8.15 | 12.70 | 0.80 | 363030165 | 80.39% |
| PIT18 | 0.36 | 3425630 | 1.254 | 1.192 | 457985.03 | 35847459 | 39273089 | 0.114 | 0.108 | 10.46 | 18.34 | 0.74 | 427769436 | 94.73% |
| PIT19 | 0.38 | 3513904 | 1.253 | 1.190 | 469287.62 | 37454827 | 40968731 | 0.112 | 0.106 | 10.66 | 18.21 | 0.74 | 433522859 | 96.00% |
| PIT20 | 0.40 | 3608464 | 1.250 | 1.187 | 480695.03 | 39185682 | 42794146 | 0.110 | 0.104 | 10.86 | 18.30 | 0.73 | 438673066 | 97.14% |
| PIT21 | 0.42 | 3664319 | 1.250 | 1.187 | 488019.66 | 40463776 | 44128095 | 0.108 | 0.102 | 11.04 | 22.88 | 0.73 | 441904693 | 97.86% |
| PIT22 | 0.44 | 3698067 | 1.248 | 1.185 | 491750.72 | 41086260 | 44784327 | 0.107 | 0.102 | 11.11 | 18.44 | 0.73 | 443262003 | 98.16% |
| PIT23 | 0.46 | 3718065 | 1.247 | 1.185 | 494124.94 | 41535915 | 45253981 | 0.106 | 0.101 | 11.17 | 22.49 | 0.73 | 444109953 | 98.34% |
| PIT24 | 0.48 | 3764320 | 1.246 | 1.184 | 499864.60 | 42717450 | 46481770 | 0.105 | 0.099 | 11.35 | 25.54 | 0.72 | 446094160 | 98.78% |
| PIT25 | 0.50 | 3827749 | 1.244 | 1.182 | 507499.35 | 44352126 | 48179875 | 0.103 | 0.097 | 11.59 | 25.77 | 0.72 | 448462702 | 99.31% |
| PIT26 | 0.52 | 3829288 | 1.244 | 1.182 | 507610.83 | 44370176 | 48199464 | 0.102 | 0.097 | 11.59 | 11.73 | 0.72 | 448469949 | 99.31% |
| PIT27 | 0.54 | 3891062 | 1.241 | 1.179 | 514712.99 | 46050859 | 49941922 | 0.100 | 0.095 | 11.84 | 27.21 | 0.71 | 450168665 | 99.69% |
| PIT28 | 0.56 | 3930273 | 1.239 | 1.177 | 518858.01 | 47059590 | 50989863 | 0.099 | 0.094 | 11.97 | 25.73 | 0.71 | 450898885 | 99.85% |
| PIT29 | 0.58 | 3941015 | 1.238 | 1.176 | 519990.64 | 47352629 | 51293643 | 0.099 | 0.094 | 12.02 | 27.28 | 0.71 | 451062810 | 99.88% |
| PIT30 | 0.60 | 3958801 | 1.237 | 1.176 | 522050.15 | 47928015 | 51886816 | 0.098 | 0.093 | 12.11 | 32.35 | 0.71 | 451388567 | 99.96% |
| PIT31 | 0.62 | 3970213 | 1.236 | 1.174 | 523095.92 | 48204835 | 52175047 | 0.098 | 0.093 | 12.14 | 24.26 | 0.71 | 451434267 | 99.97% |
| PIT32 | 0.64 | 3981132 | 1.236 | 1.174 | 524322.23 | 48577448 | 52558580 | 0.097 | 0.092 | 12.20 | 34.13 | 0.71 | 451551031 | 99.99% |
| PIT33 | 0.66 | 3992815 | 1.235 | 1.173 | 525496.92 | 48933571 | 52926386 | 0.097 | 0.092 | 12.26 | 30.48 | 0.71 | 451588082 | 100.000% |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 151 <br>

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Factor** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| <br> **Pit** | **Factor** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Tonnes**<br> **(t)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** | **S/R Inc.** | **Discount Factor** | **NPV** | **%NPV** |
| PIT34 | 0.68 | 4026647 | 1.232 | 1.170 | 528733.60 | 49919306 | 53945953 | 0.095 | 0.091 | 12.40 | 29.14 | 0.71 | 451577950 | 99.998% |
| PIT35 | 0.70 | 4094763 | 1.228 | 1.166 | 535719.54 | 52244777 | 56339540 | 0.092 | 0.088 | 12.76 | 34.14 | 0.70 | 451484485 | 99.98% |
| PIT36 | 0.72 | 4105804 | 1.226 | 1.165 | 536654.17 | 52542728 | 56648532 | 0.092 | 0.087 | 12.80 | 26.98 | 0.70 | 451376114 | 99.95% |
| PIT37 | 0.74 | 4141634 | 1.224 | 1.163 | 540216.51 | 53796603 | 57938236 | 0.091 | 0.086 | 12.99 | 35.00 | 0.70 | 451130979 | 99.90% |
| PIT38 | 0.76 | 4152965 | 1.223 | 1.161 | 541121.60 | 54102940 | 58255905 | 0.090 | 0.086 | 13.03 | 27.03 | 0.70 | 450953495 | 99.86% |
| PIT39 | 0.78 | 4162965 | 1.222 | 1.161 | 542047.10 | 54449018 | 58611983 | 0.090 | 0.085 | 13.08 | 34.61 | 0.70 | 450809866 | 99.83% |
| PIT40 | 0.80 | 4174854 | 1.222 | 1.161 | 543732.46 | 55171902 | 59346756 | 0.089 | 0.085 | 13.22 | 60.80 | 0.70 | 450768300 | 99.82% |
| PIT41 | 0.82 | 4198560 | 1.220 | 1.159 | 545960.17 | 56057682 | 60256243 | 0.088 | 0.084 | 13.35 | 37.37 | 0.70 | 450348653 | 99.73% |
| PIT42 | 0.84 | 4202418 | 1.220 | 1.159 | 546301.03 | 56196550 | 60398967 | 0.088 | 0.083 | 13.37 | 36.00 | 0.70 | 450264293 | 99.71% |
| PIT43 | 0.86 | 4208808 | 1.219 | 1.158 | 546892.30 | 56445988 | 60654796 | 0.088 | 0.083 | 13.41 | 39.03 | 0.70 | 450120977 | 99.68% |
| PIT44 | 0.88 | 4217698 | 1.219 | 1.158 | 547720.63 | 56810457 | 61028155 | 0.087 | 0.083 | 13.47 | 41.00 | 0.69 | 449896905 | 99.63% |
| PIT45 | 0.90 | 4219971 | 1.219 | 1.158 | 548046.21 | 56973403 | 61193375 | 0.087 | 0.083 | 13.50 | 71.68 | 0.69 | 449848089 | 99.61% |
| PIT46 | 0.92 | 4224931 | 1.218 | 1.157 | 548435.44 | 57143411 | 61368343 | 0.087 | 0.082 | 13.53 | 34.27 | 0.69 | 449697177 | 99.58% |
| **PIT47** | **0.94** | **4229483** | **1.218** | **1.157** | **548857.86** | **57342238** | **61571721** | **0.087** | **0.082** | **13.56** | **43.68** | **0.69** | **449558510** | **99.55%** |
| PIT48 | 0.96 | 4330054 | 1.208 | 1.148 | 557587.86 | 61530151 | 65860205 | 0.082 | 0.078 | 14.21 | 41.64 | 0.69 | 446165617 | 98.80% |
| PIT49 | 0.98 | 4333259 | 1.208 | 1.147 | 557780.24 | 61612577 | 65945837 | 0.082 | 0.078 | 14.22 | 25.71 | 0.69 | 446048715 | 98.77% |
| PIT50 | 1.00 | 4335142 | 1.208 | 1.147 | 557941.76 | 61694275 | 66029417 | 0.082 | 0.078 | 14.23 | 43.39 | 0.69 | 445977319 | 98.76% |
| PIT51 | 1.10 | 4365315 | 1.205 | 1.145 | 560778.38 | 63278729 | 67644044 | 0.080 | 0.076 | 14.50 | 52.51 | 0.69 | 444633754 | 98.46% |
| PIT52 | 1.20 | 4393049 | 1.202 | 1.142 | 562882.60 | 64550001 | 68943050 | 0.079 | 0.075 | 14.69 | 45.84 | 0.68 | 443146113 | 98.13% |
| PIT53 | 1.30 | 4406319 | 1.201 | 1.141 | 564008.33 | 65322629 | 69728948 | 0.079 | 0.075 | 14.82 | 58.22 | 0.68 | 442282230 | 97.94% |
| PIT54 | 1.40 | 4422750 | 1.200 | 1.140 | 565532.14 | 66457491 | 70880241 | 0.077 | 0.074 | 15.03 | 69.07 | 0.68 | 441049244 | 97.67% |
| PIT55 | 1.50 | 4428872 | 1.199 | 1.139 | 565906.69 | 66739484 | 71168356 | 0.077 | 0.073 | 15.07 | 46.07 | 0.68 | 440616129 | 97.57% |
| PIT56 | 1.60 | 4435995 | 1.198 | 1.138 | 566404.78 | 67158690 | 71594685 | 0.077 | 0.073 | 15.14 | 58.85 | 0.68 | 440023396 | 97.44% |
| PIT57 | 1.70 | 4448871 | 1.197 | 1.137 | 567377.05 | 68058181 | 72507052 | 0.076 | 0.072 | 15.30 | 69.86 | 0.68 | 438785845 | 97.17% |
| PIT58 | 1.80 | 4458625 | 1.196 | 1.136 | 568217.77 | 68903889 | 73362514 | 0.075 | 0.071 | 15.45 | 86.71 | 0.68 | 437679933 | 96.92% |
| PIT59 | 1.90 | 4460126 | 1.196 | 1.136 | 568280.30 | 68959395 | 73419521 | 0.075 | 0.071 | 15.46 | 36.96 | 0.68 | 437564471 | 96.89% |
| PIT60 | 2.00 | 4461245 | 1.195 | 1.136 | 568338.75 | 69020041 | 73481287 | 0.075 | 0.071 | 15.47 | 54.19 | 0.68 | 437458056 | 96.87% |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 152 <br>

The following graphs and images detail the results.

**Figure 12-16 Anitta 3 – Pit Sensitivity Analysis: Stripping Ratio**

![](pg111-200_035.jpg)

**Figure 12-17 Anitta 3 – Pit Sensitivity Analysis: Li<sub>2</sub>O**

![](pg111-200_036.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 153 <br>

**Figure 12-18 Anitta 3 – Pit Sensitivity Analysis: Value**

![](pg111-200_037.jpg)

**Figure 12-19 Anitta 3 – Pit Sensitivity Analysis**

![](pg111-200_038.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 154 <br>

**Figure 12-20 Anitta 3 – Pit Sensitivity Analysis – Section EW01**

![](pg111-200_039.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 155 <br>

**Figure 12-21 Anitta 3 – Pit Sensitivity Analysis – Section EW02**

![](pg111-200_040.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 156 <br>

**Figure 12-22 Anitta 3 – Pit Sensitivity Analysis – Section EW03**

![](pg111-200_041.jpg)

For Anitta 3, the pit with a factor of 0.94 (PIT47) was selected. This selection was made because, in terms of ore it is very close to the maximum pit (PIT50) but with a smaller waste. In addition, the simulation showed a better NPV compared to the maximum pit.

12.3.2 Mine
 Design

The Pit Design consists of the preparation of the geometry of the final pit, inserting access roads, benches, toe, and crest respecting the geotechnical parameters of face angles, berm size, and general slope angle for the selected optimal pit.

These were the operating parameters used:

● Bench Height:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Weathered:
 10 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rock:
 20 m

● Berms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 7
 m

● Face Slope:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Weathered:
 50º

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rock:
 80º

● Roads:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 12
 m & 10% grade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pit
 Bottom: 8 m & 10% grade

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 157 <br>

A fleet of conventional road trucks (40t capacity) is planned to transport ore. For the waste the small off-road trucks (75t capacity) are planned. The width of the access road to the final pit was designed at 12 m and grade of 10%. For mining the lower benches, which mainly consist of mineralized material, the width of the road was reduced to 8 m.

The roads are projected in a counterclockwise direction upwards. This allows the trucks to drive loaded upwards against the pit wall. Having the loaded truck against the wall means having more security and that less weight is placed on the likely less stable ramp edges.

After the design, the impact on the waste rock/ore ratio will be analyzed, and if necessary, apply the adjustments.

For the Anitta 2 pit design there was no loss of ore. The waste had increased due to the geometry, where in all lateral sections passes through three road sections.

**Figure 12-23 Anitta 2 – Final Pit**

![](pg111-200_042.jpg)

For the Anitta 2.5 pit, there was no significant loss of ore. However, waste volumes increased due to the combined pit geometry with Anitta 2 and the narrow and deep configuration of the ore body.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 158 <br>

**Figure 12-24 Anitta 2.5 – Final Pit**

![](pg111-200_043.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 159 <br>

For the Anitta 3 pit design, there was no loss of ore and there was no increase in waste.

**Figure 12-25 Anitta 3 – Final Pit**

![](pg111-200_044.jpg)

12.3.3 Mineral
 Reserves

Proven Mineral Reserves are the portion of the Measured Resources that meet the Cutoff Grade and are scheduled in the LOM plan utilizing the modifying factors discussed in this section.

12.3.3.1 Anitta

For Anitta 2, all of the ore in the block model is classified as measured. Anitta 2 has a Proven reserve of 2.05 Mt of ore with *in situ* Li<sub>2</sub>O grade of 1.202% and a diluted Li<sub>2</sub>O grade of 1.142%, as detailed in Table 12-6 and Table 12-7.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 160 <br>

**Table 12-6 Anitta 2 – Mineral Reserves**

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** |
| **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** |
| Anitta 2 | Proven | 2052786 | 844768 | 1.202 | 1.142 | 263048.36 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 161 <br>

**Table 12-7 Anitta 2 – Mineral Reserves (detailed)**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Density** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** |
| Anitta 2 | Proven | 2052786 | 844768 | 2.700 | 1.202 | 1.142 | 263048.36 | 30738584 | 11107270 | 32791370 | 11952038 | 0.076 | 0.072 | 14.97 |
|  | NC |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Anitta 2 Total |  | 2052786 | 844768 | 2.700 | 1.202 | 1.142 | 263048.36 | 30738584 | 11107270 | 32791370 | 11952038 | 0.076 | 0.072 | 14.97 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 162 <br>

12.3.3.2 Anitta
 2.5

For Anitta 2.5, all of the ore in the block model is classified as measured. Anitta 2.5 has a Proven reserve of 801 kt of ore with *in situ* Li<sub>2</sub>O grade of 1.465% and a diluted Li<sub>2</sub>O grade of 1.392%, as detailed in Table 12-8 and Table 12-9.

**Table 12-8 Anitta 2.5 – Mineral Reserves**

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|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Classification** | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** |
| <br> **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** |
| Anitta 2.5 | Proven | 800935 | 329603 | 1.465 | 1.392 | 125079.57 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 163 <br>

**Table 12-9 Anitta 2.5 – Mineral Reserves (detailed)**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Density** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** |
| Anitta 2.5 | Proven | 800935 | 329603 | 2.700 | 1.465 | 1.392 | 125079.57 | 32582346 | 11766998 | 33383281 | 12096600 | 0.035 | 0.033 | 40.68 |
|  | NC |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Anitta 2.5 Total |  | 800935 | 329603 | 2.700 | 1.465 | 1.392 | 125079.57 | 32582346 | 11766998 | 33383281 | 12096600 | 0.035 | 0.033 | 40.68 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 164 <br>

12.3.3.3 Anitta

For Anitta 3, all of the ore in the block model is classified as measured. Anitta 3 has a Proven reserve of 4.39 Mt of ore with *in situ* Li<sub>2</sub>O grade of 1.201% and a diluted Li<sub>2</sub>O grade of 1.141%, as detailed in Table 12-10 and Table 12-11.

**Table 12-10 Anitta 3 – Mineral Reserves**

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** |
| **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** |
| Anitta 3 | Proven | 4399081 | 1629289 | 1.201 | 1.141 | 562863.39 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 165 <br>

**Table 12-11 Anitta 3 – Mineral Reserves (detailed)**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Density** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **S/R** |
| Anitta 3 | Proven | 4399081 | 1629289 | 2.700 | 1.201 | 1.141 | 562863.388 | 57917319.61 | 20933600 | 62316401 | 22562890 | 0 | 0.081 | 13.166 |
|  | NC |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Anitta 3 Total |  | 4399081 | 1629289 | 2.700 | 1.201 | 1.141 | 562863.388 | 57917319.61 | 20933600 | 62316401 | 22562890 | 0 | 0.081 | 13.166 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 166 <br>

12.3.3.4 All
 Pits

Based on all analyses conducted for the pit designs of the Anitta 2, Anitta 2.5, and Anitta 3 ore bodies, the total proven mineral reserves for these three pits have been determined. The consolidated results are presented in the following Table 12-12, reflecting the economically mineable volumes according to the technical and economic criteria defined in this study.

**Table 12-12 Total Atlas Open Pit Mineral Reserve**

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|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Classification** | **Tonnes**<br> **(t)** | **Volume**<br> **(m<sup>3</sup>)** | **Li<sub>2</sub>O**<br> **(%)** | **Li<sub>2</sub>O_Dil**<br> **(%)** | **Concentrate**<br> **(t)** |
| Anitta 2.0 | Proven | 2052786 | 844768 | 1.202 | 1.142 | 263048.36 |
| Anitta 2.5 | Proven | 800935 | 329603 | 1.465 | 1.392 | 125079.57 |
| Anitta 3.0 | Proven | 4399081 | 1629289 | 1.201 | 1.141 | 562863.39 |
| All Pits | Proven | 7252802 | 2803660 | 1.230 | 1.169 | 950991.32 |

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Notes:

1. S-K
 1300 definitions were followed, which are consistent with CIM (2014) definitions.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 effective date of the estimate is May 15<sup>th</sup>, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral
 Reserves are estimated using the following long-term metal prices (Li<sub>2</sub>O Conc =
 USD 1,700/t Li<sub>2</sub>O at 5.5% Li<sub>2</sub>O) and an exchange rate of 6.00 Reais (BRL)
 to US$.

&nbsp;&nbsp;&nbsp;&nbsp;4. A
 minimum mining width of 5 m was used.

&nbsp;&nbsp;&nbsp;&nbsp;5. A
 cut-off grade of 0.3% Li<sub>2</sub>O as defined by SGS was used.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 bulk density of ore is variable, outlined in the geological block model, and averages 2.77
 t/m³.

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 average strip ratio is 16.72.

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 average mining dilution factor is 5%

&nbsp;&nbsp;&nbsp;&nbsp;9. Overall
 Metallurgical recovery is 61.7%

&nbsp;&nbsp;&nbsp;&nbsp;10. Mineral
 Reserves are 100% attributable to Atlas

&nbsp;&nbsp;&nbsp;&nbsp;11. Numbers
 may not add due to rounding.

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| **13** | **MINING METHODS** |

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This section presents the mining methods selected for the Anitta 2, Anitta 3, and Anitta 2.5 deposits, with forward-looking considerations related to operational strategy, equipment configuration, and mine sequencing. The mine plan presented here is directly based on the proven and probable reserves outlined in Section 12 – Mineral Reserve Estimates, which were developed by Prominas using the geological block model generated by SGS. The reserves defined in that section serve as the foundation for the scheduling and sequencing described herein.

The open-pit mining strategy for all three deposits was designed using the Multi-Mine functionality within MinePlan Schedule Optimizer (MPSO), which allows for the integrated scheduling of multiple pits within a unified production model. This integration enables the optimization of key economic factors, including plant feed blending, ore grade control, and operational efficiency across the different ore bodies.

Mining will be carried out using a conventional truck-and-excavator fleet operated by a contractor. Ore will be handled using hydraulic excavators and road trucks with a 40-tonne capacity, while waste material will be transported using trucks with a 75-tonne capacity. The fleet will be supported by appropriate auxiliary equipment and manpower, ensuring safe and efficient operations.

Mining will proceed through multiple offset benches designed to maintain geotechnical stability and expose varying ore grades simultaneously. This approach provides flexibility for plant feed blending and consistent delivery of material to meet processing specifications.

The mine production schedule was established based on the plant's maximum feed capacity and the targeted annual production of lithium concentrate, ensuring alignment between mining output and downstream processing requirements.

**Figure 13-1 Anitta Open Pits**

![](pg111-200_045.jpg)

The designed open pits presented in Figure 13-1 represent the final geometries for ore extraction, which will be detailed throughout this section. The pit designs correspond to the Anitta 2, Anitta 2.5, and Anitta 3 ore bodies. Each of the pits will be described in terms of its geotechnical design parameters, including slope angles, bench configurations, and overall stability criteria, which were defined based on geotechnical investigations and pit optimization studies. Furthermore, the section will outline the planned operational methodologies for each pit, covering the complete mining cycle: rock fragmentation techniques (including drilling and blasting), material handling procedures (such as loading, hauling, and transportation), and the fleet of equipment selected to carry out the mining activities efficiently. The selection of mining methods and equipment is aligned with the physical and geotechnical characteristics of each deposit, ensuring safe, cost-effective, and sustainable operations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 168 <br>

**13.1** **Parameters for the Pit Design** 

13.1.1 Geotechnical
 Considerations for the Pit Design

A geotechnical study was performed to provide key pit design parameters for the Anitta 2, Anitta 2.5, and Anitta 3.

The studies of the geotechnical parameters were developed by ITAACU and are detailed in section 13.1.2 of this document. The parameters used are summarized in the Table 13-1.

**Table 13-1 Geotechnical Parameters**

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|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Sector** | | | | | |
|  | &nbsp;&nbsp;**Sector** | &nbsp;&nbsp;**Face Angle**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Berm Width**<br>&nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Bench Height**<br>&nbsp;&nbsp;**(m)** | &nbsp;&nbsp;**Angle Inter-ramp**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Overall Angle**<br>&nbsp;&nbsp;**(°)** |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;7 | &nbsp;&nbsp;10 | &nbsp;&nbsp;33 | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;80 | &nbsp;&nbsp;7 | &nbsp;&nbsp;20 | &nbsp;&nbsp;64 | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;7 | &nbsp;&nbsp;10 | &nbsp;&nbsp;33 | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;2 | &nbsp;&nbsp;80 | &nbsp;&nbsp;7 | &nbsp;&nbsp;20 | &nbsp;&nbsp;64 | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;7 | &nbsp;&nbsp;10 | &nbsp;&nbsp;33 | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;80 | &nbsp;&nbsp;7 | &nbsp;&nbsp;20 | &nbsp;&nbsp;64 | &nbsp;&nbsp;56 |

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13.1.2 Geotechnical
 Study

The ITAACU Final Geotechnical Assessment Report (ITAACU, March 2025) presents the geotechnical evaluation of the design geometry of the slopes of the final pits called Anitta 2, Anitta 2.5, and Anitta 3 belonging to the Neves Project, owned by Atlas Lithium, in Araçuaí, in the state of Minas Gerais.

Data analysis is supported by geotechnical investigation and evaluation of borehole samples, a survey of geological structures, geotechnical laboratory tests and regional surface mapping of the area where the pits will be mined. Kinematic, limit equilibrium and stress-strain stability analyses were carried out to understand the expected rupture mechanisms for the pit slopes, which considered the strength and deformation parameters of the different types of materials and structures identified in association with the understanding of the expected rupture mechanisms for the pit slopes.

The stability analysis concludes that the geometry proposed for the three pits, presented in Table 13-1, and the geotechnical sectoring, presented in Figure 13-2 and Figure 13-3, achieved an adequate factor of safety (FoS) according to the criteria of Read & Stacey, 2009. However, some geometric changes should be made so that the FoS are optimized in some sectors, maximizing the reserve with operational and slope safety. Table 13-2 presents further the main rupture mechanisms associated to each sector.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 169 <br>

**Table 13-2 Anitta 2 & 3 Pits Geotechnical Sectors**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sector** | &nbsp;&nbsp;**Slope height (m)** | &nbsp;&nbsp;**Berm Length**<br> **(m)** | &nbsp;&nbsp;**Angle of slope face (°)** | &nbsp;&nbsp;**Inter-ramp angle (°)** | &nbsp;&nbsp;**Main rupture mechanisms** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 | &nbsp;&nbsp;50 | &nbsp;&nbsp;33 | &nbsp;&nbsp;Circular plane rupture in the discontinuities of the saprolite and circular in the soil |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;20 | &nbsp;&nbsp;7 | &nbsp;&nbsp;80 | &nbsp;&nbsp;64 | &nbsp;&nbsp;Global rupture for the penetrative discontinuities and areas of inadequate clearing |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 170 <br>

**Figure 13-2 Geotechnical Sectors Proposed for Final Anitta 2 Pit**

![](pg111-200_046.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 171 <br>

**Figure 13-3 Geotechnical Sectors Proposed for Anitta 3 Pit**

![](pg111-200_047.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 172 <br>

13.1.2.1 Geotechnical
 Probing and Sampling

A total of 14 guided geotechnical probes were performed, eight of which are located in the Anitta 2 pit and six in the Anitta 3 pit. The results were described using the RMR classification system (*Rock Mass Rating, 1989*). The probe campaign was performed as proposed by WALM.

Section 7.4 describes the Geotechnical Drilling and Sampling.

13.1.2.2 Description
 of the Probing and Sampling Holes

According to technical specification WA16223003-1-GL-ETC-0001 (WALM,2024), for the Anitta 2 ore body, the selection of samples for geotechnical tests follows the specifications in Table 13-3.

**Table 13-3 Anitta 2 Lithotypes Compact and Quantitative Tests**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Lithotype** | &nbsp;&nbsp;**Acronym** | &nbsp;&nbsp;**Uniaxial** | &nbsp;&nbsp;**Uniaxial** | &nbsp;&nbsp;**Triaxial** | &nbsp;&nbsp;**Indirect traction** | &nbsp;&nbsp;**Test bodies (CPs)** |
| &nbsp;&nbsp;<br> **Lithotype** | &nbsp;&nbsp;**Acronym** | &nbsp;&nbsp;**Parallel** | &nbsp;&nbsp;**Perpendicular** | &nbsp;&nbsp;**Perpendicular** | &nbsp;&nbsp;**Indirect traction** | &nbsp;&nbsp;**Test bodies (CPs)** |
| &nbsp;&nbsp;Schist | &nbsp;&nbsp;SCHIST | &nbsp;&nbsp;4 series | &nbsp;&nbsp;4 series | &nbsp;&nbsp;5 series | &nbsp;&nbsp;3 series | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;Pegmatite | &nbsp;&nbsp;PEGM | &nbsp;&nbsp;- | &nbsp;&nbsp;2 series | &nbsp;&nbsp;3 series | &nbsp;&nbsp;2 series | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;10 uniaxial series | &nbsp;&nbsp;10 uniaxial series | &nbsp;&nbsp;8 triaxial series | &nbsp;&nbsp;5 traction series | &nbsp;&nbsp;140 |

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Source: WA16223003-1-GL-ETC-0001.

For the selection of samples of Anitta 3 reference numbers specified in Table 13-3, according to technical specification WA16223003-1-GL-ETC-0001 (WALM,2024-a) were used.

**Table 13-4 Compact Lithotypes Tested and Numbers for the Body Anitta 3**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Lithotype** | &nbsp;&nbsp;**Acronym** | &nbsp;&nbsp;**Uniaxial** | &nbsp;&nbsp;**Uniaxial** | &nbsp;&nbsp;**Triaxial** | &nbsp;&nbsp;**Indirect traction** | &nbsp;&nbsp;**Test bodies (CPs)** |
| &nbsp;&nbsp;<br> **Lithotype** | &nbsp;&nbsp;**Acronym** | &nbsp;&nbsp;**Parallel** | &nbsp;&nbsp;**Perpendicular** | &nbsp;&nbsp;**Perpendicular** | &nbsp;&nbsp;**Indirect traction** | &nbsp;&nbsp;**Test bodies (CPs)** |
| &nbsp;&nbsp;Schist | &nbsp;&nbsp;SCHIST | &nbsp;&nbsp;4 series | &nbsp;&nbsp;4 series | &nbsp;&nbsp;5 series | &nbsp;&nbsp;3 series | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;Pegmatite | &nbsp;&nbsp;PEGM | &nbsp;&nbsp;- | &nbsp;&nbsp;2 series | &nbsp;&nbsp;3 series | &nbsp;&nbsp;2 series | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;10 uniaxial series | &nbsp;&nbsp;10 uniaxial series | &nbsp;&nbsp;8 triaxial series | &nbsp;&nbsp;5 traction series | &nbsp;&nbsp;140 |

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13.1.2.3 Geotechnical
 Evaluation of Anitta 2 and 3 Pits

The geotechnical evaluation of the Anitta 2 and Anitta 3 pits was based on studies conducted by WALM (2024), using the RMR classification system (Bieniawski, 1989). The rock mass was categorized into three classes: Class V (very poor, soil and saprolite), Class III (fair, fractured schist), and Class II (good, fresh schist and pegmatite).

Three main lithologies were identified in the pit areas:

● Colluvial soils/saprolite (overburden)

● Pegmatites (ore)

● Mica schists (host rock)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 173 <br>

Drill hole data showed soil thicknesses of 5–10 m, saprolite 10–30 m, and fresh rock (schist and pegmatite) from 4–15 m, with fresh, low-fracture rock at depths >35–55 m.

● Laboratory Testing and Rock Strength Parameters

Testing was performed by Geocontrole Engenharia, including:

● Uniaxial Compressive Strength (UCS)

● Brazilian Tensile Strength

● Triaxial Compression (CIU and conventional)

Samples represented varying degrees of anisotropy (parallel and perpendicular to schistosity).

Pegmatites were treated as isotropic; schists as anisotropic where appropriate. UCS and triaxial test data were used to define resistance and deformation parameters in RocData software, applying the Hoek-Brown failure criterion and RMR/GSI classifications.

Table 13-4 summarizes the resistance and deformation parameters defined by the validated tests for the various lithotypes and anisotropy conditions.

**Table 13-5 Resistance and Deformation Parameters Obtained by Destructive Tests for All Typologies**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Lithology** | **UTS - Mean Tensile Strength (MPa)** | **UTS - Mean Tensile Strength (MPa)** | **UTS - Coefficient of Variation (MPa)** | **UTS - Coefficient of Variation (MPa)** | **UTS - Standard Deviation (kN)** | **Specific Gravity Mean (kg/m³)** | **Specific Gravity Mean (kg/m³)** | **Specific Gravity Coefficient of Variation (kg/m³)** | **Specific Gravity Coefficient of Variation (kg/m³)** | **Specific Gravity Standard Deviation (kg/m³)** | **Specific Gravity Standard Deviation (kg/m³)** | **UCS - Mean Strength (MPa)** | **UCS - Coefficient of Variation (MPa)** | **UCS - Coefficient of Variation (MPa)** | **UCS - Standard Deviation (MPa)** |
| Pegmatite | 8 | 8 | 0.2 | 0.2 | 1.3 | 2.64 | 2.64 | 0.03 | 0.03 | 0.07 | 0.07 | 113 | 0.25 | 0.25 | 29 |
| Total Schist | 4 | 4 | 0.3 | 0.3 | 1.3 | 2.74 | 2.74 | 0.01 | 0.01 | 0.03 | 0.03 | 50 | 0.3 | 0.3 | 15 |
| Schist - Parallel | 3 | 3 | 0.1 | 0.1 | 0.3 | 2.78 | 2.78 | 0.01 | 0.01 | 0.02 | 0.02 | 36 | 0.28 | 0.28 | 10 |
| Schist - Perpendicular | 5 | 5 | 0.3 | 0.3 | 1.6 | 2.76 | 2.76 | 0.01 | 0.01 | 0.03 | 0.03 | 57 | 0.27 | 0.27 | 15 |
| **Lithology** | **Lithology** | **E - Mean** <br> **(GPa)** | **E - Mean** <br> **(GPa)** | **E - Coefficient of Variation (GPa)** | **E - Coefficient of Variation (GPa)** | **E - Coefficient of Variation (GPa)** | **E - Standard Deviation (GPa)** | **E - Standard Deviation (GPa)** | **Poisson's Ratio - Mean** | **Poisson's Ratio - Mean** | **Poisson's Ratio - Coefficient of Variation** | **Poisson's Ratio - Coefficient of Variation** | **Poisson's Ratio - Coefficient of Variation** | **Poisson's Ratio - Standard Deviation** | **Poisson's Ratio - Standard Deviation** |
| Pegmatite | Pegmatite | 53 | 53 | 0.07 | 0.07 | 0.07 | 4 | 4 | 0.273 | 0.273 | 0.29 | 0.29 | 0.29 | 0.078 | 0.078 |
| Total Schist | Total Schist | 27 | 27 | 0.33 | 0.33 | 0.33 | 9 | 9 | 0.193 | 0.193 | 0.38 | 0.38 | 0.38 | 0.074 | 0.074 |
| Schist - Parallel | Schist - Parallel | 25 | 25 | 0.36 | 0.36 | 0.36 | 9 | 9 | 0.187 | 0.187 | 0.45 | 0.45 | 0.45 | 0.085 | 0.085 |
| Schist - Perpendicular | Schist - Perpendicular | 26 | 26 | 0.38 | 0.38 | 0.38 | 10 | 10 | 0.185 | 0.185 | 0.39 | 0.39 | 0.39 | 0.072 | 0.072 |

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13.1.2.4 Lithostructural
 Domains

On a regional scale, the anisotropy defined by the schistosity of the schists that were deformed by the "emplacement" of the pegmatite body, in addition to the soil-rock and soil-fractured rock-sound rock contacts, were considered the main structures that define the lithostructural domains of the Anitta 2 and 3 pits.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 174 <br>

As no local faults have been identified at the current stage of mine knowledge (despite some faults being recognized at the regional scale), they were not considered in this study due to their lack of material relevance.

Regarding rock quality (resistance), only three groups were considered: Shale soil/saprolite in two weathering levels (residual soil and highly weathered schist, slightly weathered schist (fractured or not), defined by RQD/RMR of weld hole logs and slightly weathered pegmatites.

The pegmatites were considered isotropic, therefore they do not have schistosity and few fractures (GSI 80).

The differentiation of schist fracturing was obtained through the drilling holes with RQD less than 40% defined as Class III and/or IV (RMR, 1989) and/or by the GSI values of 50 as being very fractured and above 40% of RQD, Class II to I of RMR, 1989, defined as little fractured (GSI 80).

The schistosity present in the schists, although representing a closed discontinuity, is penetrative and persistent, and locally presents a dip that is unfavorable to the stability of the slopes. Although it does not define a geometric domain of the pit, a structural domain unfavorable to the stability of the slopes was defined to guide the stability assessments. In these domains, a variation of parameters (unfavorable anisotropy) was considered in order to guarantee the stability of these slopes in this initial phase of assessment, until material information on the failures is available. The general direction and dip of the project used for schistosity was 325/43 (Figure 13-4), for the Anitta 2 project, which has schistosity variations of 323/53, 317/81 and 326/14 (Figure 13-5) and for the Anitta 3 project, 330/41 (Figure 13-6).

The stereograms that present these schistosities were defined from the structures found in the geotechnical holes.

**Figure 13-4 General Stereogram of the project, 325/43**

![](pg111-200_048.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 175 <br>

**Figure 13-5 Anitta 2 Stereogram, 323/52, 317/81 and 326/14**

![](pg111-200_049.jpg)

**Figure 13-6 Anitta 3 Stereogram, 330/41**

![](pg111-200_050.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 176 <br>

To evaluate the structural domains of the Anitta 2 and 3 pits, the structural constraints defined by the maximum observed in Figure 13-4 and Figure 13-6 were used. Therefore, the structural domains are basically controlled by a small variation in direction and dip and by the difference in resistance of the saprolite/soil, as previously stated. It is worth noting that, although larger structures (geological contacts, structural lineaments or large faults) have not been identified, these must be continually verified as they can alter the structural domains and impact the geometry of the pit.

The Anitta 2 and 3 pits (Figure 13-7 and Figure 13-8 respectively) shows the divisions of the lithostructural domains taking into account the variation of schistosity (323/43, Anitta 2 and 330/41, Anitta 3), dip direction and the preferred direction of the slopes of each of the domains. Table 13-6 presents the main lithogeomechanical domains and expected rupture mechanisms for each of the four domains.

**Figure 13-7 Lithostructural Domains Projected in the Final Pit Anitta 2**

(The dip of the main anisotropy indicating the direction of schistosity can be seen.)

![](pg111-200_051.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 177 <br>

**Figure 13-8 Lithostructural Domains Projected in the Final Pit Anitta 3**

(The dip of the main anisotropy indicating the direction of schistosity can be seen.)

![](pg111-200_052.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 178 <br>

**Table 13-6 Probable Rupture Mechanisms by Sector for the Two Pits**

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| <br> **Geomechanical Domain** | **Lithological Type** | **Anisotropy Direction** | **Identified Mechanisms** |
| 1 | Pegmatites and Schists (GSI 80) | Not considered | Global failures due to blasting damage zone |
| 2 | Anisotropic Schist | 350/45 | Global wedge failures, block toppling, and global failures along discontinuities |
| 3 | Fractured Schist | Not considered | Local wedge failures, block toppling, and global failures along discontinuities |
| 4 | Soil and Saprolite | Not considered | Planocircular failures on local and inter-ramp scales |

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In general, Domain 2 where anisotropy can activate planar rupture mechanisms, FoS were verified using the strength parameters of the discontinuities. Domains 1, 2 and 3 are most affected by the disassembly effect, since the natural anisotropies have directions favorable to the stability of the slopes of these domains. Thus, the effects of blasting were included in the stability analyses. As for Domain 4, dominated by soil and saprolite, the water level and saturation were considered because this effect may be important for these materials.

13.1.2.5 Geotechnical
 Sectoring

The geometry of the final pit evaluated was based on initial analyses of the behavior of the rock mass and designed for a subsequent analysis that culminated in the geometry evaluated here. This semicircular pit geometry resulted in a pit with a maximum pit depth of approximately 400 m and accesses concentrated in the northern and western portions of the pits.

In general, the Anitta 2 and 3 pits have geometric (geotechnical) sectoring divided by the resistance of the materials and the direction of anisotropy as suggested by the lithostructural domains defined. The most superficial banks composed of soil and schist saprolite have a more conservative geometry in order to avoid mechanisms "triggered" by the low resistance of the matrix and saturation caused by rising groundwater levels and heavy rainfall events.

● The contact between the saprolite and the hard rock has variable layers (decametric) with fractured schist. In this sector, although it has the same geometry as the slopes, which are slightly fractured, these may in the future (depending on the quality of the blasting) have the height of their slope reduced to 10 meters. At that time, due to the level of information available, it remained at a height of 20 meters.

● Slightly fractured schists and pegmatites have a more pronounced geometry due to the good quality of the matrix resistance and the low expectation of anisotropy influence, at least for the zone not affected by the blasting damage. Even so, the limit equilibrium and stress-strain assessments took into account the anisotropic (more conservative) condition.

Figure 13-9 and Figure 13-10 show the geotechnical sectors for pits Anitta 2 and 3 respectively, and Table 13-7 shows the geometry of the sectors used to define pits Anitta 2 and 3.

Remark: The geometry presented in Figure 13-10 (Anitta 3) did not correctly follow the sectoring presented in Table 13-7, therefore, the sectoring of the final pit Anitta 3 requires a greater number of adjustments to achieve the optimized parameters as suggested.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 179 <br>

**Figure 13-9 Geotechnical Sectors of the Anitta 2 Final Pit and Sections**

![](pg111-200_053.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 180 <br>

**Figure 13-10 Geotechnical Sectors of the Anitta 3 Final Pit**

![](pg111-200_054.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 181 <br>

**Table 13-7 Geometric Parameters of the Geotechnical Sectors of the Anitta 2 and 3 Pits**

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| &nbsp;&nbsp;<br> **Geometric Sector** | &nbsp;&nbsp;**Slope height (m)** | &nbsp;&nbsp;**Berm width** | &nbsp;&nbsp;**Ângulo de Face do Slope (º)** | &nbsp;&nbsp;**Inter-ramp angle (°)** | &nbsp;&nbsp;**Remark** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 | &nbsp;&nbsp;50 | &nbsp;&nbsp;33 | &nbsp;&nbsp;Discontinuity rupture may occur |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;20 | &nbsp;&nbsp;7 | &nbsp;&nbsp;80 | &nbsp;&nbsp;64 | &nbsp;&nbsp;It can occur through foliation |

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13.1.3 Geotechnical
 Parameter for Anitta 2.5

For the Anitta 2.5 pit, a geotechnical drilling campaign was conducted to define the design parameters for the pit, which was characterized as an extension of the Anitta 2 pit. A total of four oriented geotechnical boreholes were executed, and the core samples were described using the RMR (Rock Mass Rating, 1989) classification system. This investigation campaign, proposed by ATLAS, is detailed in the report 'Geomechanical Description of Drill Core – Anitta 2.5 Deposit' prepared by ITAACU.

The location of the geotechnical boreholes can be seen in Figure 13-11.

**Figure 13-11 Location of Geotechnical Boreholes for Anitta 2, 2.5, 3, and 4 Ore Bodies**

![](pg111-200_055.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 182 <br>

13.1.3.1 Geotechnical
 Zoning

The geometry of the final pit evaluated was based on preliminary analyses of the rock mass behavior and was designed for subsequent analysis, which culminated in the assessed geometry. This geometry features a semicircular pit with a maximum depth of approximately 280 meters and access ramps surrounding the entire pit.

In general, the pit is geotechnically zoned according to material strength and anisotropy orientation. This zoning follows the pattern below:

● The upper benches, composed of soil and schist saprolite, adopt a more conservative geometry to avoid failure mechanisms triggered by the low strength of the matrix and saturation caused by rising groundwater levels and intense rainfall events (circular and planar failures);

● The contact zone between the saprolite and the slightly weathered and fractured schists has a decametric thickness. Although it currently shares the same slope geometry as the less fractured schists, this zone may in the future (depending on blast quality) require the slope height to be reduced to 10 meters. At this stage, due to the level of available information, a 20-meter bench height has been maintained;

● The slightly fractured schists allow for a steeper geometry due to the high strength of the matrix and the low expected influence of anisotropy—at least in zones not affected by blast-induced damage. Nevertheless, both limit equilibrium and stress-deformation analyses considered the anisotropic condition (as a conservative measure).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 183 <br>

Figure 13-12 presents the geotechnical sectors of the Anitta 2.5 pit, and Table 13-8 shows the geometry of the sectors used to define the pit geometry.

**Figure 13-12 Final pit geotechnical sectors and cross-sections – Anitta 2.5**

![](pg111-200_056.jpg)

**Table 13-8 Anitta 2.5 Pit – Geotechnical Sector Geometry Parameters**

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| &nbsp;&nbsp;<br> **Geometric Sector** | &nbsp;&nbsp;**Bench Height (m)** | &nbsp;&nbsp;**Berm Width (m)** | &nbsp;&nbsp;**Face Angle (°)** | &nbsp;&nbsp;**Overall Angle (°)** | &nbsp;&nbsp;**Observation** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 | &nbsp;&nbsp;50 | &nbsp;&nbsp;34 | &nbsp;&nbsp;Failure occurs along discontinuities |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;20 | &nbsp;&nbsp;7 | &nbsp;&nbsp;80 | &nbsp;&nbsp;54 | &nbsp;&nbsp;Potential failure along schistosity |

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Note: the overall angle of the upper portion of the west slope was adjusted to 43.9°

13.1.4 Hydrogeological
 Considerations for the Pit Design

A Hydrogeological study was performed to provide key parameters for the Anitta 2, Anitta 3 and Anitta 2.5. The studies were developed by WSP and are detailed in section 15 of this document.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 184 <br>

WSP (2025) reviewed and updated the conceptual and numerical hydrogeological model for the project area, aiming to assess groundwater contributions from both well pumping and pit dewatering systems applied to the Anitta 2, Anitta 3, and Anitta 2.5 pits. Through the characterization of the resulting drawdown cone and simulation of target dewatering rates, the necessary pumping rates were defined to increase water availability and meet local demand. Simultaneously, the potential impact of this process on mining operations was evaluated, supporting the development of a technically sound mine dewatering plan, which is detailed throughout this section.

**13.2** **Mine Plan** 

The mine sequencing strategy was developed to ensure an efficient, stable, and economically optimized operation throughout the entire life of mine. It was designed to align the extraction of ore with plant capacity, geotechnical constraints, and overall project profitability. The sequencing plan follows five key objectives:

Maximize Ore Recovery Across the Life of Mine:

Ensure that all economically viable ore within the final pit limits is extracted, fully utilizing the reserves defined in the block model. This includes a phased approach to pit development that guarantees complete recovery while respecting geotechnical and operational constraints.

Meet Concentrate Production Targets:

Maintain a consistent supply of lithium ore to meet the annual production target of lithium concentrate, in accordance with plant design specifications and market requirements. This includes managing ore feed quality through strategic exposure and blending of different ore zones.

Control Vertical Advance:

Regulate the number of benches mined per year to maintain safe, sequential pit development. This control ensures alignment with drill-and-blast planning, equipment productivity, and geotechnical design parameters.

Stabilize Material Movement:

Balance the total volume of material moved annually including ore and waste to optimize fleet utilization and minimize operational fluctuations. Stable movement improves cost control, equipment scheduling, and long-term planning.

Maximize Project Profitability:

Apply economic pit optimization and sequencing logic to prioritize higher-value ore zones earlier in the mine life, improving cash flow and maximizing Net Present Value (NPV). The sequencing was configured within MinePlan Schedule Optimizer (MPSO) to achieve this objective while respecting processing and infrastructure constraints.

13.2.1 Pushbacks

Pushbacks form the structural foundation of the mine sequencing strategy and serve as a critical tool for guiding and controlling the mining operation. They are essential in the design and optimization of open-pit mines, directly influencing the development of the production schedule. As each phase of mining is tied to a specific pushback, the method used to define, design, and schedule these phases significantly impacts operational efficiency and, most importantly, overall project profitability.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 185 <br>

Through well-defined pushbacks, it becomes possible to implement effective controls over mining progress, ore and waste extraction, material blending, equipment deployment, and production tracking. These phases allow the operation to advance in a way that remains closely aligned with the planned design, minimizing deviations and enhancing predictability.

The design of the pushbacks followed the same operational parameters established for the final pit limits, ensuring consistency in slope geometry, bench configuration, and haulage requirements.

To support the development of an economically optimized mining sequence, selected intermediate pit shells from the Sensitivity Analysis were used to define the pushback phases adopted in this study.

● Anitta 2: Pits 13, 17, and 18

● Anitta 2.5: Pits 13, 29, and 30

● Anitta 3: Pits 9, 12, and 15

These pits were used as a mathematical reference. The final geometries need operational adjustments and may have differences.

Using the selected mathematical pushbacks as a reference, the design of the phases was carried out by inserting access ramps, benches, toe and crest, respecting the geotechnical parameters of face angles, berm size and general slope angle.

The operationalization of the pushbacks will consider the same geotechnical parameters of the final pits and maintain operational area of at least 30 m. The operational pushbacks will be essential for the mine scheduling results to be as close as possible to the operational.

**Figure 13-13 Pushbacks Anitta 2 – Pits Selected from Sensitivity Analysis**

![](pg201-300_001.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 186 <br>

**Figure 13-14 Anitta 2 – Design of Pushbacks**

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**Figure 13-15 Anitta 2 – Design of Pushbacks: Phase 1**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 187 <br>

**Figure 13-16 Anitta 2 – Design of Pushbacks: Phase 2**

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**Figure 13-17 Anitta 2 – Design of Pushbacks: Phase 3**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 188 <br>

**Figure 13-18 Anitta 2 – Design of Pushbacks: Final Pit**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 189 <br>

**Table 13-9 Anitta 2 – Reserves**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** |
| <br>&nbsp;&nbsp;**Area** | <br>&nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**Concentrate** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**S/R** |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;F01 | &nbsp;&nbsp;578326 | &nbsp;&nbsp;237994 | &nbsp;&nbsp;1.321 | &nbsp;&nbsp;1.255 | &nbsp;&nbsp;81406.51 | &nbsp;&nbsp;6715919 | &nbsp;&nbsp;2428668 | &nbsp;&nbsp;7294245 | &nbsp;&nbsp;2666662 | &nbsp;&nbsp;0.105 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;11.61 |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;F02 | &nbsp;&nbsp;322508 | &nbsp;&nbsp;132719 | &nbsp;&nbsp;1.168 | &nbsp;&nbsp;1.110 | &nbsp;&nbsp;40144.42 | &nbsp;&nbsp;6015139 | &nbsp;&nbsp;2173375 | &nbsp;&nbsp;6337647 | &nbsp;&nbsp;2306094 | &nbsp;&nbsp;0.060 | &nbsp;&nbsp;0.057 | &nbsp;&nbsp;18.65 |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;F03 | &nbsp;&nbsp;478464 | &nbsp;&nbsp;196899 | &nbsp;&nbsp;1.168 | &nbsp;&nbsp;1.110 | &nbsp;&nbsp;59553.59 | &nbsp;&nbsp;6931983 | &nbsp;&nbsp;2504242 | &nbsp;&nbsp;7410447 | &nbsp;&nbsp;2701140 | &nbsp;&nbsp;0.076 | &nbsp;&nbsp;0.072 | &nbsp;&nbsp;14.49 |
| &nbsp;&nbsp;Anitta 2 | &nbsp;&nbsp;FF | &nbsp;&nbsp;673489 | &nbsp;&nbsp;277156 | &nbsp;&nbsp;1.142 | &nbsp;&nbsp;1.085 | &nbsp;&nbsp;81943.85 | &nbsp;&nbsp;11075542 | &nbsp;&nbsp;4000985 | &nbsp;&nbsp;11749031 | &nbsp;&nbsp;4278141 | &nbsp;&nbsp;0.066 | &nbsp;&nbsp;0.062 | &nbsp;&nbsp;16.45 |
| &nbsp;&nbsp;Anitta 2 Total | &nbsp;&nbsp;Anitta 2 Total | &nbsp;&nbsp;2052786 | &nbsp;&nbsp;844768 | &nbsp;&nbsp;1.202 | &nbsp;&nbsp;1.142 | &nbsp;&nbsp;263048.36 | &nbsp;&nbsp;30738584 | &nbsp;&nbsp;11107270 | &nbsp;&nbsp;32791370 | &nbsp;&nbsp;11952038 | &nbsp;&nbsp;0.076 | &nbsp;&nbsp;0.072 | &nbsp;&nbsp;14.97 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 190 <br>

The following section presents the planned phases for the progressive development of the Anitta 03 pit. This sequence includes the initial opening, intermediate advances, and the final pit configuration, taking into account operational, geotechnical, and economic optimization criteria. Each phase has been defined based on ore distribution, orebody geometry, and best mining practices, aiming to ensure stability, operational safety, and maximum resource recovery.

**Figure 13-19 Pushbacks Anitta 3 – Pits Selected from Sensitivity Analysis**

![](pg201-300_007.jpg)

**Figure 13-20 Anitta 3 – Design of Pushbacks**

![](pg201-300_008.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 191 <br>

**Figure 13-21 Anitta 3 – Design of Pushbacks: Phase 01**

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**Figure 13-22 Anitta 3 – Design of Pushbacks: Phase 02**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 192 <br>

**Figure 13-23 Anitta 3 – Design of Pushbacks: Phase 03**

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**Figure 13-24 Anitta 3 – Design of Pushbacks: Phase 04 – Pit Final**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 193 <br>

**Table 13-10 Anitta 3 – Reserves**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** |
| <br>&nbsp;&nbsp;**Area** | <br>&nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**Concentrate** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**S/R** |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;F01 | &nbsp;&nbsp;766046 | &nbsp;&nbsp;283721 | &nbsp;&nbsp;1.304 | &nbsp;&nbsp;1.238 | &nbsp;&nbsp;106431.94 | &nbsp;&nbsp;3122783 | &nbsp;&nbsp;1130134 | &nbsp;&nbsp;3888829 | &nbsp;&nbsp;1413855 | &nbsp;&nbsp;0.257 | &nbsp;&nbsp;0.244 | &nbsp;&nbsp;4.08 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;F02 | &nbsp;&nbsp;1003592 | &nbsp;&nbsp;371701 | &nbsp;&nbsp;1.162 | &nbsp;&nbsp;1.104 | &nbsp;&nbsp;124245.25 | &nbsp;&nbsp;8444681 | &nbsp;&nbsp;3054361 | &nbsp;&nbsp;9448273 | &nbsp;&nbsp;3426062 | &nbsp;&nbsp;0.125 | &nbsp;&nbsp;0.118 | &nbsp;&nbsp;8.41 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;F03 | &nbsp;&nbsp;1071951 | &nbsp;&nbsp;397019 | &nbsp;&nbsp;1.185 | &nbsp;&nbsp;1.126 | &nbsp;&nbsp;135392.17 | &nbsp;&nbsp;20073433 | &nbsp;&nbsp;7252092 | &nbsp;&nbsp;21145384 | &nbsp;&nbsp;7649111 | &nbsp;&nbsp;0.061 | &nbsp;&nbsp;0.058 | &nbsp;&nbsp;18.73 |
| &nbsp;&nbsp;Anitta 3 | &nbsp;&nbsp;FF | &nbsp;&nbsp;1557492 | &nbsp;&nbsp;576849 | &nbsp;&nbsp;1.186 | &nbsp;&nbsp;1.126 | &nbsp;&nbsp;196794.03 | &nbsp;&nbsp;26276422 | &nbsp;&nbsp;9497013 | &nbsp;&nbsp;27833915 | &nbsp;&nbsp;10073862 | &nbsp;&nbsp;0.067 | &nbsp;&nbsp;0.064 | &nbsp;&nbsp;16.87 |
| &nbsp;&nbsp;Anitta 3 Total | &nbsp;&nbsp;Anitta 3 Total | &nbsp;&nbsp;4399081 | &nbsp;&nbsp;1629289 | &nbsp;&nbsp;1.201 | &nbsp;&nbsp;1.141 | &nbsp;&nbsp;562863.39 | &nbsp;&nbsp;57917320 | &nbsp;&nbsp;20933600 | &nbsp;&nbsp;62316401 | &nbsp;&nbsp;22562890 | &nbsp;&nbsp;0.085 | &nbsp;&nbsp;0.081 | &nbsp;&nbsp;13.17 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 194 <br>

The following section presents the planned phases for the progressive development of the Anitta 2.5 pit. This sequence includes the initial opening, intermediate advances, and the final pit configuration, taking into account operational, geotechnical, and economic optimization criteria. Each phase has been defined based on ore distribution, orebody geometry, and best mining practices, aiming to ensure stability, operational safety, and maximum resource recovery.

**Figure 13-25 Pushbacks Anitta 2.5 – Pits Selected from Sensitivity Analysis**

![](pg201-300_013.jpg)

**Figure 13-26 Anitta 2.5 – Design of Pushbacks**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 195 <br>

**Figure 13-27 Anitta 2.5 – Design of Pushbacks: Phase 01**

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**Figure 13-28 Anitta 2.5 – Design of Pushbacks: Phase 02**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 196 <br>

**Figure 13-29 Anitta 2.5 – Design of Pushbacks: Phase 03**

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**Figure 13-30 Anitta 2.5 – Design of Pushbacks: Phase 04 – Pit Final**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 197 <br>

**Table 13-11 Anitta 2.5 – Reserves**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Ore** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** |
| <br>&nbsp;&nbsp;**Area** | <br>&nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**Concentrate** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Destination Ton** | &nbsp;&nbsp;**Destination Volume** | &nbsp;&nbsp;**Li<sub>2</sub>O** | &nbsp;&nbsp;**Li<sub>2</sub>O_Dil** | &nbsp;&nbsp;**S/R** |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;F01 | &nbsp;&nbsp;177582 | &nbsp;&nbsp;73079 | &nbsp;&nbsp;1.525 | &nbsp;&nbsp;1.448 | &nbsp;&nbsp;28854.91 | &nbsp;&nbsp;5229427 | &nbsp;&nbsp;1889105 | &nbsp;&nbsp;5407009 | &nbsp;&nbsp;1962184 | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;0.048 | &nbsp;&nbsp;29.45 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;F02 | &nbsp;&nbsp;81700 | &nbsp;&nbsp;33621 | &nbsp;&nbsp;1.331 | &nbsp;&nbsp;1.265 | &nbsp;&nbsp;11589.52 | &nbsp;&nbsp;8720364 | &nbsp;&nbsp;3148846 | &nbsp;&nbsp;8802063 | &nbsp;&nbsp;3182467 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;106.74 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;F03 | &nbsp;&nbsp;205969 | &nbsp;&nbsp;84761 | &nbsp;&nbsp;1.307 | &nbsp;&nbsp;1.241 | &nbsp;&nbsp;28685.97 | &nbsp;&nbsp;7188519 | &nbsp;&nbsp;2595916 | &nbsp;&nbsp;7394489 | &nbsp;&nbsp;2680677 | &nbsp;&nbsp;0.036 | &nbsp;&nbsp;0.035 | &nbsp;&nbsp;34.9 |
| &nbsp;&nbsp;Anitta 2.5 | &nbsp;&nbsp;FF | &nbsp;&nbsp;335683 | &nbsp;&nbsp;138141 | &nbsp;&nbsp;1.564 | &nbsp;&nbsp;1.486 | &nbsp;&nbsp;55949.17 | &nbsp;&nbsp;11444036 | &nbsp;&nbsp;4133131 | &nbsp;&nbsp;11779720 | &nbsp;&nbsp;4271273 | &nbsp;&nbsp;0.045 | &nbsp;&nbsp;0.042 | &nbsp;&nbsp;34.09 |
| &nbsp;&nbsp;Anitta 2.5 Total | &nbsp;&nbsp;Anitta 2.5 Total | &nbsp;&nbsp;800935 | &nbsp;&nbsp;329603 | &nbsp;&nbsp;1.465 | &nbsp;&nbsp;1.392 | &nbsp;&nbsp;125079.57 | &nbsp;&nbsp;32582346 | &nbsp;&nbsp;11766998 | &nbsp;&nbsp;33383281 | &nbsp;&nbsp;12096600 | &nbsp;&nbsp;0.035 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;40.68 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 198 <br>

**Figure 13-31 Final Pits: Anitta 2, Anitta 2.5 and Anitta 3**

![](pg201-300_019.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 199 <br>

**Table 13-12 Total Reserves: Anitta 2, Anitta 2.5 and Anitta 3**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ore** | **Ore** | **Ore** | **Ore** | **Ore** | **Waste** | **Waste** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** | **Grand Total** |
| **Area** | **Phase** | **Destination Tonnes** | **Destination Volume** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Concentrate** | **Destination Tonnes** | **Destination Volume** | **Destination Tonnes** | **Destination Volume** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **S/R** |
| Anitta 2 | F01 | 578326 | 237994 | 1.321 | 1.255 | 81406.51 | 6715919 | 2428668 | 7294245 | 2666662 | 0.105 | 0.100 | 11.61 |
| Anitta 2 | F02 | 322508 | 132719 | 1.168 | 1.110 | 40144.42 | 6015139 | 2173375 | 6337647 | 2306094 | 0.060 | 0.057 | 18.65 |
| Anitta 2 | F03 | 478464 | 196899 | 1.168 | 1.110 | 59553.59 | 6931983 | 2504242 | 7410447 | 2701140 | 0.076 | 0.072 | 14.49 |
| Anitta 2 | FF | 673489 | 277156 | 1.142 | 1.085 | 81943.85 | 11075542 | 4000985 | 11749031 | 4278141 | 0.066 | 0.062 | 16.45 |
| Anitta 2 Total | Anitta 2 Total | 2052786 | 844768 | 1.202 | 1.142 | 263048.36 | 30738584 | 11107270 | 32791370 | 11952038 | 0.076 | 0.072 | 14.97 |
| Anitta 3 | F01 | 766046 | 283721 | 1.304 | 1.238 | 106431.94 | 3122783 | 1130134 | 3888829 | 1413855 | 0.257 | 0.244 | 4.08 |
| Anitta 3 | F02 | 1003592 | 371701 | 1.162 | 1.104 | 124245.25 | 8444681 | 3054361 | 9448273 | 3426062 | 0.125 | 0.118 | 8.41 |
| Anitta 3 | F03 | 1071951 | 397019 | 1.185 | 1.126 | 135392.17 | 20073433 | 7252092 | 21145384 | 7649111 | 0.061 | 0.058 | 18.73 |
| Anitta 3 | FF | 1557492 | 576849 | 1.186 | 1.126 | 196794.03 | 26276422 | 9497013 | 27833915 | 10073862 | 0.067 | 0.064 | 16.87 |
| Anitta 3 Total | Anitta 3 Total | 4399081 | 1629289 | 1.201 | 1.141 | 562863.39 | 57917320 | 20933600 | 62316401 | 22562890 | 0.085 | 0.081 | 13.17 |
| Anitta 2.5 | F01 | 177582 | 73079 | 1.525 | 1.448 | 28854.91 | 5229427 | 1889105 | 5407009 | 1962184 | 0.050 | 0.048 | 29.45 |
| Anitta 2.5 | F02 | 81700 | 33621 | 1.331 | 1.265 | 11589.52 | 8720364 | 3148846 | 8802063 | 3182467 | 0.012 | 0.012 | 106.74 |
| Anitta 2.5 | F03 | 205969 | 84761 | 1.307 | 1.241 | 28685.97 | 7188519 | 2595916 | 7394489 | 2680677 | 0.036 | 0.035 | 34.9 |
| Anitta 2.5 | FF | 335683 | 138141 | 1.564 | 1.486 | 55949.17 | 11444036 | 4133131 | 11779720 | 4271273 | 0.045 | 0.042 | 34.09 |
| Anitta 2.5 Total | Anitta 2.5 Total | 800935 | 329603 | 1.465 | 1.392 | 125079.57 | 32582346 | 11766998 | 33383281 | 12096600 | 0.035 | 0.033 | 40.68 |
| Grand Total | Grand Total | 7252802 | 2803660 | 1.230 | 1.169 | 950991 | 121238249 | 43807868 | 128491051 | 46611528 | 0.070 | 0.066 | 16.72 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 200 <br>

13.2.2 Mine
 Sequencing

The mine sequencing strategy was designed to establish the annual production plan in alignment with the project's performance objectives, operational limitations, and economic optimization goals. This strategy incorporates key planning parameters—including plant feed capacity, lithium concentrate production targets, vertical advance rates, and metallurgical recovery—structured to support the maximization of the project's Net Present Value (NPV).

To enhance operational control and scheduling accuracy throughout the project lifecycle, the production schedule was divided into tailored planning intervals: monthly in Year 1 to support ramp-up optimization, quarterly during Years 2 and 3 to maintain a high level of detail while allowing flexibility, and biannually from Year 4 to Year 5, and annually from Year 6 to LOM, aligning with the continuity and maturity of operations.

The following section presents the assumptions, design logic, and sequencing criteria that underpin the mine plan. These elements serve as the foundation for both the operational execution strategy and the broader financial modeling of the project.

In order to define the annual production plan, the following criteria were applied:

● Diluted Crusher Plant Feed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 1,161,853
 tonnes per year

● Concentrate Tonnes Li<sub>2</sub>O:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 150,616
 tonnes per year

● Concentrate grade - Li<sub>2</sub>O

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 5.50%
 Li<sub>2</sub>O

● Vertical Advanced Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 12
 Benches per year

● Objective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maximize
 NPV

● Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Year
 1: Monthly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Year
 2 and 3: Quarterly

● Year 4 to Year 5: Biannual

● Year 6 to LOM: Annual

● Metallurgic recovery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 61.70%

This study involved the development of a detailed mine sequencing plan, including the definition of ore and waste blocks, the scheduling of waste rock removal, and the evolution of pit geometries throughout the life of mine. A single pre-stripping phase was defined as part of initial mine development activities.

The sequencing was performed using MinePlan Schedule Optimizer (MPSO), taking into account the operational geometry of the defined pushbacks. This approach resulted in a material movement schedule that aligns with operational capabilities and produces final pit geometries that ensure full operability and geotechnical compliance.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 201 <br>

The results of the sequencing can be visualized in Figure 13-32 through Figure 13-39. A summary of annual production and waste volumes is presented in Table 13-13, while Table 13-14 provides a detailed breakdown of yearly results. Year 0 refers exclusively to pre-stripping activities.

For the mine sequencing, the weathered material was considered in the crusher feed due to its relevant lithium grade. This material will be blended proportionally during plant feed, and its volume has been fully accounted for in the production schedule.

The stripping ratio adopted in this mine scheduling is defined as the total volume of waste material removed during the period divided by the volume of ore delivered to the processing plant. This definition was used as the basis for calculating and presenting the stripping ratio throughout the life-of-mine plan.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 202 <br>

**Table 13-13 Mining Scheduling - Summary Result**

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| | | **Plant** | **Plant** | **Plant** | **Plant** | **Stk-** | **Stk-** | **Stk-** | **Stk+** | **Stk+** | **Stk+** | **Dump** | **Grand Total** | **Grand Total** |
| **Year** | **Periods** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Concentrate** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Tonnes** | **SR** |
| Y0 | Y0 | 0 |  |  |  |  |  |  | 126123 | 0.988 | 0.938 | 1227053 | 1353176 | 0 |
| Y1 | Y1 | 879410 | 1.278 | 1.214 | 119731 | 642378 | 1.350 | 1.283 | 870918 | 1.396 | 1.326 | 12823240 | 14573568 | 14.6 |
| Y2 | Y2 | 1130657 | 1.250 | 1.188 | 150622 | 692201 | 1.284 | 1.220 | 374627 | 1.187 | 1.127 | 19496753 | 21002037 | 17.2 |
| Y3 | Y3 | 1130930 | 1.251 | 1.189 | 150829 | 119233 | 0.825 | 0.784 | 350424 | 0.790 | 0.751 | 22727946 | 24209301 | 20.1 |
| Y4 | Y4 | 1176906 | 1.201 | 1.141 | 150621 | 210566 | 0.817 | 0.776 | 161104 | 0.758 | 0.720 | 24630169 | 25968179 | 20.9 |
| Y5 | Y5 | 1150795 | 1.228 | 1.167 | 150621 | 64172 | 0.728 | 0.692 | 145353 | 0.786 | 0.746 | 21704357 | 23000505 | 18.9 |
| Y6 | Y6 | 1151515 | 1.227 | 1.166 | 150620 | 171117 | 0.764 | 0.726 | 164612 | 0.778 | 0.739 | 15683873 | 17000000 | 13.6 |
| Y7 | Y7 | 632589 | 1.156 | 1.098 | 77948 | 293495 | 0.757 | 0.719 |  |  |  | 2944858 | 3577447 | 4.7 |
| **Grand Total** | **Grand Total** | **7252802** | **1.230** | **1.169** | **950991** | **2193162** | **1.106** | **1.051** | **2193162** | **1.106** | **1.051** | **121238249** | **130684213** | **16.7** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 203 <br>

**Table 13-14 Mining Scheduling - Detailed Result**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Plant** | **Plant** | **Plant** | **Plant** | **Stk-** | **Stk-** | **Stk-** | **Stk+** | **Stk+** | **Stk+** | **Dump** | **Grand Total** | **Grand Total** |
| **Year** | **Periods** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Concentrate** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Tonnes** | **S/R** |
| **Y0** | **01-A0-PreStrip-1Q** |  |  |  |  |  |  |  | **126123** | **0.988** | **0.938** | **1227053** | **1353176** | **0.0** |
| Y1 | 02-A1-M01 | 3417 | 1.108 | 1.052 | 403 | 2900 | 0.996 | 0.946 | 11814 | 0.922 | 0.876 | 915904 | 931135 | 268.1 |
|  | 03-A1-M02 | 18030 | 1.281 | 1.217 | 2461 | 11793 | 0.971 | 0.922 | 101683 | 1.225 | 1.163 | 862128 | 981842 | 47.8 |
|  | 04-A1-M03 | 47982 | 1.246 | 1.184 | 6371 | 44834 | 1.210 | 1.149 | 90103 | 1.295 | 1.231 | 895433 | 1033518 | 18.7 |
|  | 05-A1-M04 | 77444 | 1.271 | 1.207 | 10490 | 72321 | 1.221 | 1.160 | 33748 | 0.956 | 0.908 | 974002 | 1085194 | 12.6 |
|  | 06-A1-M05 | 91567 | 1.281 | 1.217 | 12501 | 80042 | 1.230 | 1.169 | 22795 | 1.494 | 1.419 | 1022507 | 1136870 | 11.2 |
|  | 07-A1-M06 | 91567 | 1.281 | 1.217 | 12501 | 56057 | 1.285 | 1.220 | 95769 | 1.353 | 1.285 | 1001209 | 1188545 | 10.9 |
|  | 08-A1-M07 | 91567 | 1.281 | 1.217 | 12501 | 40232 | 1.526 | 1.450 | 111945 | 1.700 | 1.615 | 1036709 | 1240221 | 11.3 |
|  | 09-A1-M08 | 91567 | 1.281 | 1.217 | 12501 | 75762 | 1.466 | 1.393 | 82243 | 1.661 | 1.578 | 1118087 | 1291897 | 12.2 |
|  | 10-A1-M09 | 91567 | 1.281 | 1.217 | 12501 | 74859 | 1.458 | 1.385 | 156390 | 1.422 | 1.351 | 1095616 | 1343573 | 12 |
|  | 11-A1-M10 | 91567 | 1.281 | 1.217 | 12501 | 70801 | 1.462 | 1.389 | 80306 | 1.401 | 1.331 | 1223374 | 1395247 | 13.4 |
|  | 12-A1-M11 | 91567 | 1.281 | 1.217 | 12501 | 24147 | 1.638 | 1.556 | 39945 | 1.249 | 1.187 | 1315413 | 1446925 | 14.4 |
|  | 13-A1-M12 | 91567 | 1.281 | 1.217 | 12501 | 88629 | 1.300 | 1.235 | 44176 | 1.274 | 1.210 | 1362858 | 1498601 | 14.9 |
| **Y1 Total** | **Y1 Total** | **879.410** | **1.278** | **1.214** | **119731** | **642378** | **1.350** | **1.283** | **870918** | **1.396** | **1.326** | **12823240** | **14573568** | **14.6** |
| Y2 | 14-A2-Q1 | 278792 | 1.250 | 1.188 | 37140 | 235142 | 1.312 | 1.247 | 196615 | 1.254 | 1.191 | 4024593 | 4500000 | 14.4 |
|  | 15-A2-Q2 | 281889 | 1.250 | 1.188 | 37552 | 257659 | 1.301 | 1.236 | 118486 | 1.209 | 1.148 | 4599625 | 5000000 | 16.3 |
|  | 16-A2-Q3 | 284988 | 1.250 | 1.188 | 37965 | 176896 | 1.238 | 1.176 | 26043 | 1.149 | 1.091 | 5188970 | 5500000 | 18.2 |
|  | 17-A2-Q4 | 284988 | 1.250 | 1.188 | 37965 | 22504 | 1.149 | 1.092 | 33484 | 0.743 | 0.706 | 5683565 | 6002037 | 19.9 |
| **Y2 Total** | **Y2 Total** | **1.130.657** | **1.250** | **1.188** | **150622** | **692201** | **1.284** | **1.220** | **374627** | **1.187** | **1.127** | **19496753** | **21002037** | **17.2** |
| Y3 | 18-A3-Q1 | 262254 | 1.340 | 1.273 | 37450 |  |  |  | 99073 | 0.862 | 0.819 | 5643605 | 6004932 | 21.5 |
|  | 19-A3-Q2 | 310344 | 1.132 | 1.076 | 37449 | 68584 | 0.845 | 0.803 | 41285 | 0.738 | 0.701 | 5848371 | 6200000 | 18.8 |
|  | 20-A3-Q3 | 265773 | 1.340 | 1.273 | 37965 | 3761 | 0.824 | 0.783 | 194898 | 0.768 | 0.730 | 5539329 | 6000000 | 20.8 |
|  | 21-A3-Q4 | 292560 | 1.218 | 1.157 | 37965 | 46887 | 0.796 | 0.756 | 15168 | 0.749 | 0.711 | 5696641 | 6004369 | 19.5 |
| **Y3 Total** | **Y3 Total** | **1.130.930** | **1.251** | **1.189** | **150829** | **119233** | **0.825** | **0.784** | **350424** | **0.790** | **0.751** | **22727946** | **24209301** | **20.1** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 204 <br>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Plant** | **Plant** | **Plant** | **Plant** | **Stk-** | **Stk-** | **Stk-** | **Stk+** | **Stk+** | **Stk+** | **Dump** | **Grand Total** | **Grand Total** |
| **Year** | **Periods** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Concentrate** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Li<sub>2</sub>O** | **Li<sub>2</sub>O_Dil** | **Tonnes** | **Tonnes** | **S/R** |
| Y4 | 22-A4-S1 | 547509 | 1.280 | 1.216 | 74691 |  |  |  | 31719 | 1.181 | 1.122 | 11921584 | 12500813 | 21.8 |
|  | 23-A4-S2 | 629397 | 1.132 | 1.075 | 75929 | 210566 | 0.817 | 0.776 | 129385 | 0.654 | 0.621 | 12708585 | 13467366 | 20.2 |
| **Y4 Total** | **Y4 Total** | **1176906** | **1.201** | **1.141** | **150621** | **210566** | **0.817** | **0.776** | **161104** | **0.758** | **0.720** | **24630169** | **25968179** | **20.9** |
| Y5 | 24,A5,S1 | 574651 | 1.220 | 1.159 | 74691 |  |  |  | 81181 | 0.711 | 0.676 | 11344673 | 12000505 | 197 |
|  | 25,A5,S2 | 576144 | 1.237 | 1.175 | 75930 | 64172 | 0.728 | 0.692 | 64172 | 0.880 | 0.836 | 10359684 | 11000000 | 180 |
| **Y5 Total** | **Y5 Total** | **1150795** | **1.228** | **1.167** | **150621** | **64172** | **0.728** | **0.692** | **145353** | **0.786** | **0.746** | **21704357** | **23000505** | **18.9** |
| **Y6** | **26,A6,A1** | **1151515** | **1.227** | **1.166** | **150620** | **171117** | **0.764** | **0.726** | **164612** | **0.778** | **0.739** | **15683873** | **17000000** | **136** |
| **Y7** | **27,A7,8,3M** | **632589** | **1.156** | **1.098** | **77948** | **293495** | **0.757** | **0.719** |  |  |  | **2944858** | **3577447** | **47** |
| **Grand Total** | **Grand Total** | **7252802** | **1.230** | **1.169** | **950991** | **2193162** | **1.106** | **1.051** | **2193162** | **1.106** | **1.051** | **121238249** | **130684213** | **16.7** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 205 <br>

The following figures illustrate the expected mining movements based on the planned sequencing for the project. These visual representations aim to support a clearer understanding of the pit development strategy over time, highlighting the progression of mining phases, material handling, and spatial distribution of ore and waste throughout the mine life.

**Figure 13-32 Year 0 - Pre-stripping**

![](pg201-300_020.jpg)

**Figure 13-33 Year 1**

![](pg201-300_021.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 206 <br>

**Figure 13-34 Year 2**

![](pg201-300_022.jpg)

**Figure 13-35 Year 3**

![](pg201-300_023.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 207 <br>

**Figure 13-36 Year 4**

![](pg201-300_024.jpg)

**Figure 13-37 Year 5**

![](pg201-300_025.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 208 <br>

**Figure 13-38 Year 6**

![](pg201-300_026.jpg)

**Figure 13-39 Year 7**

![](pg201-300_027.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 209 <br>

13.2.3 Mining
 Operation

Mining operations at the Anitta 2, Anitta 2.5, and Anitta 3 deposits will be executed by a third-party mining contractor, selected based on proven experience in managing operations of similar scale within Brazil. To support the contractor selection process, detailed technical specifications outlining the scope of mining activities were prepared and distributed to pre-qualified companies, requesting both technical and commercial proposals. Upon final selection and contract execution, mobilization and site preparation activities—including construction of the contractor's facilities—will commence immediately.

The run-of-mine (ROM) ore will be drilled, blasted, loaded, and hauled by the contractor's fleet to the ROM pad, located adjacent to the primary crusher. A wheel loader will feed the material into the primary crusher, while oversize material (>700 mm) will be fragmented by a rock breakers mounted on excavators will be used to fragment oversize material in the ROM stockpile areas.

To support consistent plant operation and mitigate the impact of operational variability, the project design includes two key ore stockpiling strategies. A strategic long-term buffer stockpile of approximately 300,000 tonnes will be established near the mining area, serving as a safeguard against production interruptions. In addition, a 25,000-tonne active ROM pad stockpile will be maintained adjacent to the primary crusher, allowing for real-time blending and short-term feed control. These stockpiles are essential to ensure a stable and continuous feed to the processing plant during periods of reduced mining activity—whether due to operational delays, equipment maintenance, or unforeseen downtime. This approach enhances operational resilience, improves feed consistency, and provides critical flexibility in scheduling and plant utilization.

To ensure optimal resource utilization in line with the plant's feed requirements, the ore supply will consist of a defined proportion of materials sourced from each of the planned pits. This configuration has been designed to maximize resource recovery while supporting an efficient pit development strategy. By balancing feed blending with pit advancement, this approach enhances operational stability, ensures consistent plant performance, and contributes to long-term value generation over the life of mine. The graph below (Figure 13-40) illustrates this distribution over the years, showing the relative contribution of each pit to the plant feed blend and highlighting the integrated planning between mining and processing operations.

**Figure 13-40 Percentage of Plant Feed Contribution by Pit**

![](pg201-300_028.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 210 <br>

Material below the economic cut-off grade will be treated as waste and managed accordingly. It will be drilled, blasted, loaded, and hauled to designated discharge areas within the engineered waste rock dumps.

The percentage of material drilled and blasted is expected to be:

● Ore:

● Weathering (Soil + Weathered rock): 3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fresh
 Rock: 97%

● Waste:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Weathering
 (Soil + Weathered rock): 17%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fresh
 Rock: 83%

The main mining activities will be:

● Digging or rock blasting of ore and waste

● Excavation, loading and transport of ore and waste

● Disposal of ore in the ROM yard and waste in the waste dump

● Construction and maintenance of all internal access to the pit(s) and the waste dumps

● Maintenance of the floor, drainage, coating and signaling of all access roads used in the operation

● Implementation and maintenance of the mine's surface drainage systems at access points to the mining operation, waste deposit, ore yard and other areas linked to mining operations

● Execution of mine infrastructure services, such as: construction and maintenance of accesses to the mining areas, crusher, waste dump, workshops and offices, mine drainage services, access signaling, mine dewatering, etc.

● Feeding the primary crusher at an average rate of 210 t/h, per wheel loader

● Build and maintain the operation support facilities (offices, workshops, cafeteria, living quarters, warehouses, changing rooms, bathrooms, septic tanks, environmental, health and safety emergency (HSE), explosive magazine, electrical and hydraulic installations and others, in strict accordance with the Brazilian environmental standards and labour laws.

13.2.3.1 Equipment
 Selection

Equipment selection was based on the annual quantities of material required to be mined. The size of the mine and the geometries of the pits require small equipment and easy to contract this equipment. Therefore, it was selected 40t transport trucks (Mercedes-Benz Arocs 8x4 or Similar) for ore and small off-road trucks with 75t capacity (Sany SKT110 S or Similar) for the waste. For the mining hydraulic excavators compatible with the size of the trucks: Caterpillar 336D or Similar for the Ore and Komatsu PC700 or Similar for the Waste.

The excavators will be used to load of ore as well as the waste material. They will be staged to minimize movement between the multiple required dig faces. The trucks can easily be assigned or re-assigned to either machine to maintain maximum production depending on excavator downtime, changes in required material to be hauled, and haul cycle times. The excavators and trucks will be equipped with buckets and bodies specifically designed for the density of the material.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 211 <br>

The auxiliary equipment was dimensioned based on the number of main equipment of mining according to the following assumptions:

● Hydraulic Excavator (Caterpillar PC200 or similar): 1 equipment for final slope adjustments.

● Wheel Loader (Caterpillar 966H or similar): 1 equipment to support mining and plant feeding

● Bulldozer (Caterpillar D8 or similar): 1 equipment for three excavators and an additional 1 equipment for waste piles

● Grader (Caterpillar 140K or similar): For the dimensioning of graders was used the premise of adding 01 equipment for every 10 trucks.

● Water Truck 20.000 l (Mercedes-Benz Axor 3340 6x4 or similar): 01 equipment for every 15 trucks and an additional 1 equipment for the ore plant and 1 equipment for external roads.

● Hydraulic Hammer (Caterpillar 320 or similar): 1 equipment for the ore plant.

● Backhoe Excavator (JCB 3CXor similar): 1 equipment for general support of the operation.

● Road Roller (Caterpillar CS74B or similar): 1 equipment for general support of the operation.

● Crane (30 t of capacity) (Mercedes-Benz Axor 2426K or similar): 1 equipment for general support of the operation.

● Portable Lighting Tower (Atlas Copco - HiLight V5 or similar): 4 equipment, one for each mining front

● Light Vehicle (Toyota Hilux or similar): 6 equipment for general support of the operation.

● Flatbed Truck (Mercedes-Benz Actros 2653 6x4 or similar): 1 equipment for general support of the operation.

● Fuel and Lube Truck (Mercedes-Benz Axor 3344 6x4 or similar): 01 maintenance equipment for every 20 equipment.

● Drilling Machine Sandvik

It is estimated that 83% of the material to be mined will require blasting with explosives. Due to its physical and mechanical properties, including high strength and rock hardness, blasting is necessary to ensure proper fragmentation and facilitate subsequent loading and hauling operations, a drilling diameter of 5 ¾" inches was adopted for ore with 5-meter-high benches and 5,75" inches for waste in 10-meter-high benches.

A careful analysis of the characteristics of the deposit was performed to determine the most appropriate drilling equipment.

The drilling operation will be supported by a bulldozer and/or hydraulic excavator to carry out cleaning activities in the drilling areas, construction of access points to the drilling area, as well as the use of a hydraulic hammer coupled to the hydraulic excavator for rock handling in the operational area.

The rock blasting work comprises primary and secondary blasting and a hydraulic hammer will be used as required.

The list of Main Equipment to be used in the Operation of the Anitta 2, Anitta 2.5 and Anitta 3 are detailed in the Table 13-15.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 212 <br>

13.2.3.2 Fleet
 Size

The operation is planned for continuous production throughout the entire year, with an annual production period of 365 days. The effective working hours per day were considered to be 21 net hours, accounting for operational delays, shift changes, and scheduled maintenance. This ensures that the mine achieves a high level of efficiency while maintaining necessary downtime for equipment servicing and operational adjustments.

The truck fleet is designed to handle a payload capacity of 40 tonnes for the Ore and the 75 tonne for the Waste per trip. The trucks have an availability rate of 85%, meaning they are operational and ready for use the majority of the time, with only 15% allocated for maintenance or repairs. The utilization rate is also 85%, indicating that, when available, the trucks are actively transporting material for most of their working time. The fixed times for truck operations include a spot time of 0.3 minutes (time required to position at the loading area) and a dump time of 1.3 minutes (time needed to unload material at the destination). The cycle times for the trucks are determined using MinePlan Haulage, based on predefined speed and grade tables, ensuring optimized haulage efficiency.

The excavator responsible for loading material at a dig rate of 600 tonnes per hour for the Ore and the 800 tonnes per hour for the Waste. With an availability of 85%, the excavator is expected to be in working condition for the majority of the time, with planned maintenance factored into the schedule. The utilization rate is 75%.

For fleet planning, the software MinePlan Haulage, is a fully integrated module with the mine sequencing tools of MinePlan, was used to design cargo equipment and mine transport. It is possible to planning equipment or perform sequencing according to equipment productivity and if any change in mine sequencing is required, it is possible to know instantaneously the effect of the change in the need for equipment to carry out the proposed plan.

In addition to reproducing the transport routes, it has configurations that simulate the actual performance of the equipment by calculating cycle times, including stoppages and fixed times. In its configurations, parameters such as Velocity x Grade, Rimpull and Braking Values can be used and even simulate the fuel consumption.

MinePlan Haulage calculates the transport route of each cut to the destinations and within the destinations, thus defining the distance and cycle time for each sequenced cut to the final destination and thus obtaining the average values of distances for each period.

To calculate the transport cycle time, the Haulage, in addition to calculating the distances, uses a speed curve, according to the values in Figure 13-41, to calculate the cycle time for each cut. The same speed curve was used for both trucks.

**Figure 13-41 Speed Bin Data**

![](pg201-300_029.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 213 <br>

For mining operations to be carried out safely and efficiently, all equipment must be in optimal working condition and comply with the necessary technical standards. Equipment must adhere to established Maintenance and Inspection Plans, including scheduled shutdowns for preventive and predictive maintenance. The selected equipment for mining activities will be highly reliable, ensuring both operational efficiency and the comfort and safety of operators.

The main and auxiliary equipment for the operation are detailed in the Table 13-15.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 214 <br>

**Table 13-15 List of Main Equipment to be Used in the Operation**

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| | | **Year 0** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 2** | **Year 2** | **Year 2** | **Year 2** | **Year 3** | **Year 3** | **Year 3** | **Year 3** | **Year 4** | **Year 4** | **Year 5** | **Year 5** | **Year 6** | **Year 7** |
| **Mining Fleet** | **Model** | **PreStrip** | **M1** | **M2** | **M3** | **M4** | **M5** | **M6** | **M7** | **M8** | **M9** | **M10** | **M11** | **M12** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **S1** | **S2** | **S1** | **S2** | **1Y** | **1Y** |
| Haul Truck ORE | Mercedes-Benz Arocs 8x4 | 1 | 1 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 4 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 2 | 2 | 3 | 3 | 2 | 3 | 2 |
| Hydraulic Excavator ORE | Caterpillar 336D | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Haul Truck WASTE | Sany SKT110 S | 7 | 7 | 7 | 8 | 8 | 9 | 13 | 13 | 14 | 15 | 15 | 18 | 19 | 19 | 17 | 18 | 20 | 20 | 20 | 19 | 17 | 6 | 5 | 4 | 4 | 3 | 1 |
| Hydraulic Excavator WASTE | Komatsu PC700 | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 1 |
| Hydraulic Excavator | Caterpillar PC200 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Wheel Loader | Caterpillar 966H | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Bulldozer | Caterpillar D8 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 |
| Grader | Caterpillar 140K | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Water Truck | Mercedes-Benz Axor 3340 6x4 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 |
| Hydraulic Hammer | Caterpillar 320 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Backhoe Excavator | JCB 3CX | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Road Roller | Caterpillar CS74B | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Crane (30 t of capacity) | Mercedes-Benz Axor 2426K | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Portable Lighting Tower | Atlas Copco - HiLight V5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Light Vehicle | Toyota Hilux | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Flatbed Truck | Mercedes-Benz Actros 2653 6x4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Fuel and Lube Truck | Mercedes-Benz Axor 3344 6x4 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
| Drilling Machine | Sandvik | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Pit Dewater Pumps | Xylem | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 6 | 6 | 6 | 6 |
| Blasting Support Truck |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total | Total | 41 | 42 | 43 | 44 | 45 | 45 | 56 | 56 | 57 | 61 | 58 | 61 | 61 | 61 | 62 | 63 | 65 | 67 | 66 | 66 | 63 | 49 | 50 | 50 | 49 | 47 | 42 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 215 <br>

13.2.3.3 Explosives
 Supply

The explosives supply for the project has been defined based on the blasting requirements established for both ore and waste materials, as determined in the site-specific blasting plan. This plan outlines the type, quantity, and frequency of explosive use across the mine's operational phases and ensures optimized fragmentation and safety throughout mining activities. The development of this blasting plan was carried out through a collaborative effort between Enaex and Atlas, combining operational expertise and technical knowledge to tailor the blasting strategy to site-specific geological and geomechanical conditions.

To support these needs, an explosives storage facility (magazine) has been dimensioned and strategically located to comply with applicable regulatory standards and operational demands. The sizing and specifications of the magazine were determined according to forecasted consumption rates, and its design ensures safe handling, storage, and access to blasting materials. Further details regarding the explosive's magazine infrastructure can be found in Section 15 of this document.

Explosive products and blasting accessories will be supplied through a dedicated contract with a reputable national supplier. The selected provider will be a recognized company in the Brazilian market with demonstrated experience, technical capacity, and a robust logistics network to ensure consistent and timely delivery to the site. This approach is essential to maintaining uninterrupted mining operations and minimizing the risk of delays related to explosive availability.

The contracting process will include the provision of on-site support, technical assistance, and compliance with all applicable safety and environmental regulations governing the transport, handling, and use of explosives in mining operations.

13.2.3.4 Work
 Shifts

The teams will work in different shifts. The administrative group will work 9 hours a day from Monday to Friday, with 1 hour off for a meal. , The operational team, organized into specific shifts, will operate 24 hours a day, 7 days a week, ensuring continuous coverage of mining activities under a shift rotation to be jointly defined with the contractor engaged for mine operations.

13.2.3.5 Labour
 Mining

The work schedule adopted for each sector was considered when determining the labor requirements. For sectors that work in shifts, the number of labors was calculated considering 4 work groups, and for sectors that work during administrative hours, only 1 work group was considered.

The calculation of the labor required for mine operations considered the number of equipment and the number of work teams, with the addition of 8.3% for vacations, 1% for training, and 1% for others that include absences, medical certificates, and other absences.

Table 13-16 lists the expected annual labor requirements for the seven years of mine life operations and Table 13-17 lists the expected annual labor requirements for Management and administrative works. These expectations will be adjusted as required during the mining operation.

For the mobilization of technical and operational personnel, priority will be given to local people and those living close to the project.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 216 <br>

**Table 13-16 Staffing Requirement Summary – Operation**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year 0** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 2** | **Year 2** | **Year 2** | **Year 2** | **Year 3** | **Year 3** | **Year 3** | **Year 3** | **Year 4** | **Year 4** | **Year 5** | **Year 5** | **Year 6** | **Year 7** |
| **Operators Team** | **Model** | **Shift** | **PreStrip** | **M1** | **M2** | **M3** | **M4** | **M5** | **M6** | **M7** | **M8** | **M9** | **M10** | **M11** | **M12** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **S1** | **S2** | **S1** | **S2** | **1Y** | **1Y** |
| Haul Truck ORE | Mercedes-Benz Arocs 8x4 | 4 | 4 | 4 | 9 | 9 | 9 | 4 | 13 | 13 | 13 | 18 | 13 | 13 | 9 | 9 | 9 | 9 | 9 | 13 | 9 | 13 | 9 | 9 | 13 | 13 | 9 | 13 | 9 |
| Hydraulic Excavator ORE | Caterpillar 336D | 4 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 13 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Haul Truck WASTE | Sany SKT110 S | 4 | 31 | 31 | 31 | 35 | 35 | 40 | 57 | 57 | 62 | 66 | 66 | 79 | 84 | 84 | 75 | 79 | 88 | 88 | 88 | 84 | 75 | 26 | 22 | 18 | 18 | 13 | 4 |
| Hydraulic Excavator WASTE | Komatsu PC700 | 4 | 4 | 9 | 9 | 9 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 13 | 4 |
| Wheel Loader | Caterpillar 966H | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Bulldozer | Caterpillar D8 | 4 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 13 | 9 | 9 | 9 | 9 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 9 | 9 |
| Grader | Caterpillar 140K | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 4 | 4 | 4 | 4 | 4 | 4 |
| Water Truck | Mercedes-Benz Axor 3340 6x4 | 4 | 13 | 13 | 13 | 13 | 13 | 13 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 13 | 13 | 13 | 13 | 13 | 13 |
| Hydraulic Hammer | Caterpillar 320 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Backhoe Excavator | JCB 3CX | 4 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Road Roller | Caterpillar CS74B | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Crane (30 t of capacity) | Mercedes-Benz Axor 2426K | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Portable Lighting Tower | Atlas Copco - HiLight V5 | 4 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Light Vehicle | Toyota Hilux | 4 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 |
| Flatbed Truck | Mercedes-Benz Actros 2653 6x4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Fuel and Lube Truck | Mercedes-Benz Axor 3344 6x4 | 4 | 9 | 9 | 9 | 9 | 9 | 9 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 9 | 9 | 9 | 9 | 9 | 9 |
| Drilling Machine | Sandvik | 4 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Blasting Support Truck |  | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Total | Total | Total | 178 | 183 | 188 | 192 | 196 | 196 | 236 | 236 | 241 | 258 | 245 | 258 | 259 | 259 | 259 | 263 | 272 | 276 | 272 | 272 | 259 | 196 | 196 | 192 | 188 | 178 | 156 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 217 <br>

**Table 13-17 Staffing Requirement Summary - Management**

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| | | **Year 0** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 1** | **Year 2** | **Year 2** | **Year 2** | **Year 2** | **Year 3** | **Year 3** | **Year 3** | **Year 3** | **Year 4** | **Year 4** | **Year 5** | **Year 5** | **Year 6** |
| **Operation Team** | **Shift** | **PreStrip** | **M1** | **M2** | **M3** | **M4** | **M5** | **M6** | **M7** | **M8** | **M9** | **M10** | **M11** | **M12** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **S1** | **S2** | **S1** | **S2** | **1Y** |
| General Manager | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Technical Services Analyst | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Geotechnics and Infrastructure Coordinator | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Mine Planning Coordinator | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Mine Operations Coordinator | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Senior Hydrogeologist Engineer | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Senior Mine Planning Engineer | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Senior Drilling and Blasting Engineer | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Senior Short-Term Geologist | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Mid-Level Short-Term Geologist | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Mining Supervisor | 1 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Mining Infrastructure Technician | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Mining Quality Control Technician | 1 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Mining Production Technician | 1 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Blaster | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total | Total | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** | **25** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 218 <br>

13.2.3.6 Road
 Construction and Maintenance

The construction and ongoing maintenance of site roads will involve the following key activities:

● Initial road construction, including grading, compaction, and surfacing appropriate for heavy mining equipment;

● Installation of water and stormwater drainage systems to ensure road stability and year-round accessibility;

● Construction of safety berms along haul roads and critical areas to comply with operational safety standards;

● Implementation of reflective signage for traffic guidance, visibility, and operational control;

● Dust suppression measures, to reduce airborne particulates and maintain visibility and environmental compliance.

The mine's access roads and internal haulage routes were designed based on rigorous technical criteria, taking into account the operational dimensions and performance requirements of the selected equipment fleet. The fleet selection was grounded in detailed analyses of productivity, payload capacity, compatibility with the pit's geomechanical conditions, and overall operational efficiency, prioritizing equipment models with a proven track record in similar mining operations.

● The haul roads were dimensioned to meet both safety and productivity requirements, and were planned to use the following key parameters:

● The road width was calculated in accordance with recommended industry standards. The haul road cross section is presented in Figure 13-42.

● The maximum longitudinal gradient was limited to 10%, a value aligned with best practices for maintaining traction and braking efficiency, while also minimizing fuel consumption and reducing mechanical stress on equipment.

● The minimum turning radius of curves was defined based on the turning capabilities of off-highway trucks, enabling safe and smooth maneuvers even in confined spaces or on switchbacks.

● Superelevation and drainage systems were incorporated into the road design to improve stability during cornering and to prevent water accumulation, thereby reducing the risk of accidents, erosion, and premature degradation of the road surface.

● The structural integrity of the roadbed was also a critical consideration. Roads were designed to withstand the cyclic loading imposed by large-capacity haul trucks, using materials with appropriate mechanical strength and applying strict quality control during compaction of base and sub-base layers.

● Haul distances and cycle times were optimized to ensure continuous and productive material movement. The design aimed to reduce truck idle times and queuing at loading or dumping points. Operational simulations and sensitivity analyses were carried out to validate the adequacy of the fleet and road infrastructure sizing across a range of production scenarios.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 219 <br>

**Figure 13-42 Haul Road Cross Section**

![](pg201-300_030.jpg)

13.2.3.7 Road
 Construction and Maintenance

The excavation stage will start after the removal and storage of the topsoil.

As the excavation progresses, drainage systems will be installed to avoid the accumulation of rainfall.

It is planned to mobilize a Backhoe Excavator for drainage services, trench excavation, material disposal and small handling. Larger excavators will be used according to the volume requirements for large and medium volumes. For transport, 8x4 trucks, with a capacity of 40 t, will be used, allowing for productivity and safety.

13.2.3.8 Drilling
 and Blasting

A strategic partnership was established between Atlas Lithium and ENAEX, a globally recognized leader in explosives manufacturing and rock blasting services, to support the design and implementation of an optimized blasting plan tailored to the geological and operational conditions of the Anitta deposits. The primary objective of this collaboration is to ensure effective rock fragmentation—both for ore and waste—while maintaining a high level of operational safety and cost efficiency.

As part of the scope, ENAEX is conducting a detailed blast engineering study, which includes:

● Characterization of rock mass properties to assess fragmentation behavior;

● Selection and testing of suitable explosive types for various lithologies encountered on site;

● Design of blast hole patterns, burden and spacing, and initiation sequences tailored for different materials (pegmatite, schist, saprolite);

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 220 <br>

● Definition of powder factors and blast energy distribution to optimize fragmentation while minimizing vibration, flyrock, and air blast;

● Operational safety protocols, including handling, storage, and transportation of explosives in compliance with Brazilian regulatory standards (e.g., ANM and Army regulations).

Additionally, the partnership includes the assessment of logistics and supply chain strategies to ensure timely and consistent delivery of explosive materials, reducing the risk of production delays. ENAEX's presence and infrastructure in Brazil provide the logistical capability to service the operation efficiently.

The blasting plan developed under this collaboration will be continuously monitored and adjusted during the early stages of operation based on performance indicators such as fragmentation size distribution, diggability, and downstream processing efficiency.

13.2.3.9 Explosives
 Consumption

To determine the required quantity of explosives, blasting simulation studies were conducted to evaluate and define the most appropriate scenario for implementation. These simulations allowed for the optimization of blast design parameters such as burden, spacing, powder factor, and explosive type, ensuring effective fragmentation and operational efficiency while maintaining safety and cost control.

13.2.3.9.1 Simulated
 Scenarios – Ore Blasting Parameters

Multiple blasting simulations were carried out for the pegmatite ore in the Anitta 2 and Anitta 3 pits to determine the optimal blasting configurations for ore extraction. These simulations were conducted considering the specific geomechanical characteristics of the deposit and the operational requirements of the crushing plant.

A total of 14 optimized scenarios were selected based on their compatibility with plant specifications and overall operational efficiency. The simulations focused on evaluating the influence of key blasting parameters, including:

● Bench height: 10 m, 15 m, and 20 m

● Drilling diameter: 89 mm, 102 mm, 114 mm, 127 mm, and 146 mm

● Explosive type: ANFO and Ibemux (pumped emulsion)

These scenarios serve as the foundation for the recommended blast designs to be implemented in the ore zones, ensuring proper fragmentation, minimizing fines generation, and optimizing diggability and crusher feed size distribution.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 221 <br>

**Table 13-18 Simulated Scenarios – Ore Blasting Parameters**

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| <br> **Blasting Type** | **Scenario_1** | **Scenario_2** | **Scenario_3** | **Scenario_4** | **Scenario_5** | **Scenario_6** | **Scenario_7** | **Scenario_8** | **Scenario_9** | **Scenario_10** | **Scenario_11** | **Scenario_12** | **Scenario_13** | **Scenario_14** |
| **Bench Height (m)** | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 15 | 10 | 15 | 10 | 10 | 10 | 10 |
| **Burden (m)** | 2.2 | 2.2 | 2.6 | 2.8 | 2.8 | 2.7 | 3.1 | 3.2 | 3 | 3 | 4 | 4.5 | 4.8 | 4.2 |
| **Spacing (m)** | 2.6 | 2.6 | 2.9 | 3.2 | 3.2 | 3.1 | 3.5 | 3.7 | 3.5 | 3.5 | 4.6 | 5.2 | 5.5 | 4.8 |
| **Hole Diameter (mm)** | 89 | 89 | 102 | 102 | 102 | 102 | 114 | 114 | 114 | 114 | 127 | 146 | 146 | 127 |
| **Inclination (degrees))** | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| **Hole Length (m)** | 11.15 | 11.15 | 11.15 | 11.15 | 11.15 | 11.15 | 11.15 | 16.03 | 10.85 | 16.03 | 11.55 | 11.71 | 11.79 | 11.61 |
| **Sub-drilling (m)** | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.5 | 0.5 | 0.5 | 1.2 | 1.4 | 1.4 | 1.2 |
| **Stemming (m)** | 1.6 | 1.6 | 1.8 | 2 | 2 | 1.9 | 2.2 | 2.2 | 2.1 | 2.1 | 4 | 4.5 | 4.8 | 4.8 |
| **Explosive Type** | Std ANFO | Ibemux | Std ANFO | Std ANFO | Ibemux | Ibemux | Ibemux | Ibemux | Std ANFO | Std ANFO | Std ANFO | Std ANFO | Ibemux | Ibemux |
| **Charge per Hole (kg)** | 53 | 69 | 61 | 60 | 86 | 87 | 106 | 163 | 79 | 126 | 84 | 106 | 135 | 99 |
| **Powder Factor (kg/m³)** | 0.92 | 1.21 | 0.82 | 0.67 | 0.96 | 1.04 | 0.97 | 0.92 | 0.76 | 0.81 | 0.46 | 0.45 | 0.50 | 0.49 |
| **Powder Factor (g/t)** | 349 | 457 | 310 | 252 | 363 | 393 | 367 | 349 | 289 | 307 | 173 | 171 | 191 | 186 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 222 <br>

13.2.3.9.2 Simulated
 Scenarios – Powder Factor Variation (g/t) for Ore

For the 14 ore blasting scenarios presented, the powder factor ranged from 171 g/t to 457 g/t, as shown in Figure 13-43.

**Figure 13-43 Powder Factor by Scenario for Ore Blasting**

![](pg201-300_031.jpg)

13.2.3.9.3 Results
 Analysis– Ore

In Scenarios 1 and 2, with a drill hole diameter of 89 mm (3 ½"), the topsize values reached approximately 500 mm, with P80 values around 190 mm—a much finer specification than what is required for the crushing plant. This analysis indicates the potential to increase the drill diameter and expand the blast pattern, thereby reducing costs and aligning the granulometry with the requirements of the concentration process, where excessive fines are undesirable. In these scenarios, the average powder factor was approximately 400 g/t.

In Scenarios 3, 4, 5, and 6, using a 102 mm (4") drill diameter, topsize values were around 650 mm, with P80 values near 230 mm. These P80 values are still well below the desired target of 500 mm, for which the crushing plant was originally designed. This demonstrates that further increases in drill diameter and blast pattern spacing are technically feasible. In these scenarios, the powder factor ranged from approximately 250 to 390 g/t.

In Scenarios 7, 8, 9, and 10, which used a 114 mm (4 ½") drill diameter, the topsize values ranged from 637 mm to 2,550 mm, with the worst results associated with simulations using 15-meter bench heights. Scenarios 7 and 9, which were based on 10-meter benches, yielded topsize results consistent with the design ROM topsize of 700 mm. However, in the cases with finer fragmentation, the P80 values were approximately 250 mm, which is below the design specification. Scenarios 8 and 10 achieved P80 values around 450 mm, which is close to the target P80 specified for the crushing plant's ROM design.

In Scenarios 11 and 14, with a 127 mm (5") drill diameter, the P80 values were 417 mm and 452 mm, respectively, while the topsize values reached 1,337 mm and 1,468 mm. These scenarios resulted in particle size distribution curves that were the most consistent with the plant's design ROM curve. Scenario 14 utilized Ibemux (pumped emulsion), whereas Scenario 11 used ANFO.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 223 <br>

For Scenarios 12 and 13, based on a 146 mm (5 ¾") drill diameter, the P80 was approximately 450 mm, with topsize values around 1,400 mm. The difference between the two scenarios lay in the type of explosive and blast pattern, with powder factors averaging around 180 g/t.

13.2.3.9.4 Simulated
 Scenarios – Waste Rock Blasting Parameters

Several blasting simulations were carried out for waste rock (fresh schist) in the Anitta 2, Anitta 3 and Anitta 2.5 pits to evaluate the most suitable parameters for efficient and safe rock fragmentation. The simulations explored variations in the following key blasting parameters:

● Bench height: 10 m, 15 m, and 20 m

● Drilling diameter: 89 mm, 102 mm, 114 mm, 127 mm, and 146 mm

● Explosive type: ANFO or Ibemux (pumped emulsion)

These studies aimed to optimize fragmentation for efficient waste handling while maintaining slope stability, reducing overbreak, and ensuring cost-effective use of explosives.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 224 <br>

**Table 13-19 Simulated Scenarios – Waste Rock Parameters**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Blasting Type** | **Scenario 1** | **Scenario 2** | **Scenario 3** | **Scenario 4** | **Scenario 5** | **Scenario 6** | **Scenario 6** | **Scenario 7** | **Scenario 8** | **Scenario 9** | **Scenario 10** | **Scenario 11** |
| **Bench Height (m)** | 10 | 10 | 15 | 20 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| **Burden (m)** | 4 | 2.7 | 2.7 | 2.7 | 3.1 | 3.4 | 3.8 | 4.4 | 5.1 | 5.5 | 5.8 | 5.8 |
| **Spacing (m)** | 5.2 | 3.1 | 3.1 | 3.1 | 3.5 | 3.9 | 4.4 | 5 | 5.9 | 6.4 | 6.7 | 7.3 |
| **Hole Diameter (mm)** | 89 | 89 | 89 | 89 | 102 | 114 | 127 | 146 | 146 | 146 | 146 | 146 |
| **Inclination (degrees))** | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| **Hole Length (m)** | 11.55 | 11.15 | 16.33 | 21.50 | 11.27 | 11.38 | 11.49 | 11.66 | 11.88 | 12.01 | 12.10 | 12.10 |
| **Sub-drilling (m)** | 1.2 | 0.8 | 0.8 | 0.8 | 0.9 | 1 | 1.1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 |
| **Stemming (m)** | 3.6 | 2.4 | 2.4 | 2.4 | 2.8 | 3.1 | 3.4 | 3.9 | 4.6 | 5 | 5.3 | 5.3 |
| **Explosive Type** | Ibemux | Std ANFO | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux | Ibemux |
| **Charge per Hole (kg)** | 57 | 63 | 100 | 137 | 80 | 98 | 117 | 149 | 140 | 135 | 132 | 132 |
| **Powder Factor (kg/m³)** | 0.27 | 0.76 | 0.81 | 0.83 | 0.74 | 0.72 | 0.70 | 0.67 | 0.47 | 0.38 | 0.34 | 0.31 |
| **Powder Factor (g/t)** | 103.7 | 290.3 | 308 | 316.9 | 282.5 | 275.2 | 267.6 | 256.2 | 177.5 | 145.2 | 127.7 | 117.5 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 225 <br>

13.2.3.9.5 Simulated
 Scenarios – Powder Factor Variation (g/t) for Waste Rock

For the 11 waste rock blasting scenarios presented, the powder factor ranged from 104 to 317 g/t, as illustrated in Figure 13-44.

**Figure 13-44 Graph of Powder Factor**

![](pg201-300_032.jpg)

The optimal blasting scenario for waste rock is defined as the one that achieves the lowest powder factor (i.e., lowest cost) while producing a maximum fragment size (topsize) within the operational limits of the loading and hauling equipment. Standard 8x4 haul trucks are generally designed to transport material with moderate fragment sizes, typically up to approximately 1 meter in diameter. While larger fragments can be handled, they may compromise truck stability and reduce haulage efficiency.

Based on the analysis of the simulated blasting scenarios for waste, Scenario 8 was identified as the most favorable. It achieved a powder factor of approximately 178 g/t and a topsize of 1,031 mm, remaining within acceptable limits for efficient truck loading and transport operations.

13.2.3.9.6 Final
 Blasting Specifications Defined for Ore and Waste

Based on the technical assessments and simulation studies conducted jointly by ENAEX and Atlas Lithium, the blasting specifications outlined below have been identified as the most appropriate for routine mining operations in both ore and waste zones. These specifications reflect a balance between fragmentation efficiency, operational safety, cost optimization, and compatibility with the loading, hauling, and crushing systems of the project. The recommended drilling & blasting parameters in Table 13-17 were defined considering the geological and geomechanical characteristics of the Anitta 2, Anitta 2.5 and Anitta 3 pits, as well as the design specifications of the processing plant.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 226 <br>

**Table 13-20 Drilling & Blasting Parameters**

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| | | |
|:---|:---|:---|
| **Parameters** | **Parameters** | **Parameters** |
| Scenario | Ore | Waste |
| Lithology | Pegmatite | Fresh Xist |
| Explosive Type | Pumped Emulsion | Pumped Emulsion |
| Bench Height (m) | 10 | 10 |
| Hole Diameter (in) | 5.0 | 5 3/4" |
| Hole Diameter (mm) | 127 | 146 |
| Burden (m) | 4.2 | 5.1 |
| Spacing (m) | 4.8 | 5.9 |
| Sub-drilling (m) | 1.2 | 1.5 |
| Hole Length (m) | 11.6 | 11.5 |
| Stemming (m) | 4.8 | 4.6 |
| Charge Length (m) | 6.8 | 6.9 |
| Explosive Density (t/m³) | 1.15 | 1.15 |
| Linear Charge Density (kg/m) | 14.6 | 20.5 |
| Charge per Hole (kg) | 98.6 | 141.5 |
| Rock Volume per Hole (m³) | 201.6 | 301 |
| Powder Factor (kg/m³) | 0.49 | 0.47 |
| Rock Density (t/m³) | 2.64 | 2.76 |
| Powder Factor (g/t) | 0.185 | 0.170 |
| Blast Size (# of holes) | 150 | 150 |
| Total Rock Volume Blasted (m³) | 30240 | 45135 |
| Explosive Consumption per Event (t) | 14.8 | 21.2 |

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13.2.3.10 Blasting
 Plan

During the operation, the daily blast plans will be prepared by the explosive supplier's technical staff. These plans will be analyzed and validated by the Atlas Lithium rock blasting team.

After each blast, the blast plan will be updated according with the equipment quantities actually used. Physical and digital copies of all generated documentation will be kept, which will be available for audits or inspection by regulatory bodies.

13.2.3.11 Execution
 of Blasting

Rock blasts will be carried out on scheduled dates, the frequency of which will meet the demand for blasted ore and waste.

For all rock blasting, the authorities will also be previously communicated through the Rock Blasting Notice, as per Annex of ORDINANCE No. 147 - COLOG, of November 21, 2019.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 227 <br>

13.2.3.12 Fragmentation
 Control

Fragmentation control will be performed using specialized software that analyzes photographic records to generate granulometric distribution curves. This monitoring enables adjustments to blast patterns, sequencing, and other parameters based on historical data. Rock blasting will be monitored monthly or as needed, as determined by the contractor's technical team, to optimize operations.

High-definition cameras will record each blast, allowing for a detailed visual assessment of key factors such as detonation sequencing, mass displacement, top stemming efficiency, and ultra-launch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4 Dewatering
 Plan

The dewatering plan for the Anitta 2, Anitta 2.5 and 3 pits combines site-specific rainfall records and groundwater-flow simulations to size pumping systems that support efficient mining while minimizing environmental, operational, and geotechnical impacts. The projections take January 2026 as the initial reference point, defined as Year 0 and Month 0.

Surface water was estimated based on direct precipitation over the footprint areas of each pit, excluding contributions from the entire pit catchment area. It is therefore assumed that a peripheral drainage system will be implemented to divert upstream surface runoff, ensuring that only the rainfall directly incident within the pit is effectively pumped.

As previously mentioned, the adopted dewatering scenario considers drawdown through sumps, without the use of wells. These, however, may be employed if necessary for the initial drawdown of the superficial porous aquifer or for industrial reuse of the water by the facility. It is important to note that the geomechanical model developed for the pits assumes fully saturated pit walls, and therefore, no geotechnical risks related to wall saturation are expected.

The footprint areas of Anitta 2, Anitta 2.5 and Anitta 3 pits were defined based on their geometries. As the pit advances, the area exposed to direct rainfall increases, raising the surface inflow to be pumped. The average pumping flow rates correspond to the sum of the monthly surface and groundwater inflows, which gradually increase throughout the mine's lifespan due to pit deepening and expansion of mining fronts.

It is important to emphasize that the presented values were obtained considering average climatological and hydrogeological conditions under steady-state conditions, representing an aquifer equilibrium after the dissipation of water originally stored in the geological formations. Thus, this scenario does not account for seasonal recharge and discharge variations, which, in principle, are not expected to result in significant annual fluctuations during pit advancement.

In general, groundwater inflow shows a gradual increase aligned with the progression of the mining operation, due to the deepening of the pits and the consequent increase in contact area with the aquifer. As the simulations are under steady-state conditions, groundwater values do not reflect seasonality.

Surface inflow, in contrast, varies mainly as a function of the area exposed to rainfall and the monthly variation in precipitation, with minimum values potentially approaching zero during dry periods and maximum values linked to more intense rainfall events. The total inflow, resulting from the sum of surface and groundwater components, shows a progressive increase over the mine's lifespan, reflecting the strong seasonality of the surface component, with annual variations potentially reaching amplitudes of up to 70 m³/h.

The average flow rate, represented by a 12-month moving average (Figure 13-45), and annually (Table 13-21) indicates a continuous increase in the total volume of water to be pumped, especially in the initial years, when greater lateral and depth advancements of the pits are observed. Since the sequencing of the Anitta 2.5 pit is not yet available, the analysis considered only the final geometry of the pit, without accounting for any temporal evolution of flow rates. Therefore, the value presented in Table 13-21 reflects the final configuration of the three combined pits.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 228 <br>

**Figure 13-45 Evolution of Average Pit Pumping Over Time (Anitta 2 and 3)**

![](pg201-300_033.jpg)

Source: WSP (2025)

**Table 13-21 Evolution of the Contribution of the Total Average Inflow Over Time**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Year** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** | **Average Pumping Flow Rate in the Pits (m³/h** |
| <br> **Year** | **Underground\*** | **Underground\*** | **Underground\*** | **Surface** | **Surface** | **Surface** | **Total** | **Total** | **Total** |
| | **Minimum** | **Medium** | **Maximum** | **Minimum** | **Medium** | **Maximum** | **Minimum** | **Medium** | **Maximum** |
| Year 0 | 0.0 | 0.0 | 0.0 | 0.1 | 8.5 | 23.9 | 0.1 | 8.5 | 23.9 |
| Year 1 | 5.4 | 5.4 | 5.4 | 0.1 | 14.0 | 44.1 | 5.5 | 19.4 | 49.5 |
| Year 2 | 16.9 | 16.9 | 16.9 | 0.2 | 19.0 | 53.6 | 17.1 | 35.9 | 70.5 |
| Year 3 | 22.1 | 22.1 | 22.1 | 0.3 | 21.1 | 59.4 | 22.4 | 43.2 | 81.5 |
| Year 4 | 25.2 | 25.2 | 25.2 | 0.3 | 23.8 | 69.9 | 25.5 | 49.0 | 95.1 |
| Year 5 | 27.1 | 27.1 | 27.1 | 0.3 | 24.8 | 69.9 | 27.4 | 51.9 | 97.0 |
| Year 6 | 27.1 | 27.1 | 27.1 | 0.3 | 24.8 | 69.9 | 27.4 | 51.9 | 97.0 |
| Final Year\*\* | 33.2 | 33.2 | 33.2 | 0.3 | 28.1 | 79.4 | 33.5 | 61.3 | 112.6 |

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\* Obtained through the numerical model in permanent regime and, therefore, does not present seasonal variation.

\*\* Final year of Anitta 2.5, considering all pits in the final geometry simultaneously.

Source: WSP (2025).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 229 <br>

13.2.4.1 Dewatering
 Structures

For the sizing of the dewatering system under critical conditions, a 24-hour design rainfall event with a 10-year return period was adopted. Subsequently, these annual maximum precipitation values were fitted to the Gumbel distribution (EVI), resulting in a daily precipitation of 100.4 mm for a 10-year TR. Considering the multiplication factor of 1.14 (CETESB, 1986), which relates the daily reading to the effective 24-hour precipitation, a final value of 114.5 mm was obtained. For the system design, only direct rainfall over the footprint of each pit was considered, assuming the implementation of a peripheral drainage system that diverts surface runoff from external areas (Table 13-22).

It is worth noting that the footprint areas for each phase account for progressive mining, characterized by lateral surface advancement before deepening. Therefore, the greatest surface contribution is expected during the initial year of each phase, when the pit reaches the surface expansion planned for that stage.

Based on groundwater inflow values and the flow rates determined from the design rainfall event, the required pumping flow rates for complete dewatering of the pits were calculated for intervals of 7, 14, 21, and 28 days. These estimates assume that no additional significant rainfall events would occur during the pumping period following the critical storm (Table 13-23).

These estimates provide an initial guideline for sizing the dewatering system, considering both groundwater and the volume resulting from the adopted rainfall event.

**Table 13-22 Total Water Inflow and Drainage Flow Associated with the Pits**

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|:---|:---|:---|:---|:---|
| <br> **Pit** | **Phase** | **Start Year** | **Constant influx of groundwater (m³/h)** | **Total water volume associated with the rainfall event (m³** |
| Anitta 2 | Phase 1 | Year 0 | 0 | 8545 |
| Anitta 2 | Phase 2 | Year 3 | 7.5 | 12035 |
| Anitta 2 | Phase 3 | Year 4 | 7.8 | 14387 |
| Anitta 2 | Phase 4 | Year 4 | 7.8 | 18332 |
| Anitta 2 | Phase 4 | Year 5 | 11.1 | 18332 |
| Anitta 3 | Phase 1 | Year 0 | 0 | 5839 |
| Anitta 3 | Phase 2 | Year 1 | 5.4 | 11167 |
| Anitta 3 | Phase 3 | Year 1 | 5.4 | 18019 |
| Anitta 3 | Phase 4 | Year 2 | 8.1 | 23739 |
| Anitta 3 | Phase 4 | Year 5 | 16 | 23739 |
| Anitta 2.5 | - | - | 6.1 | 10231 |

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Source: WSP (2025).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 230 <br>

**Table 13-23 Total Water Inflow and Drain Flow Associated with Each Period**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Period – Days\*** | &nbsp;&nbsp; **Period – Days\*** | **7** | **7** | **7** | **14** | **14** | **14** | **21** | **21** | **21** | **28** | **28** | **28** |
| **Pit** | **Phases** | &nbsp;&nbsp;**Total groundwater influx** <br> **(m³)** | &nbsp;&nbsp;**Total water influx** <br> **(m³)** | &nbsp;&nbsp;**Required flow rate for dewatering** <br> **(m³/h)** | &nbsp;&nbsp;**Total groundwater influx** <br> **(m³)** | &nbsp;&nbsp;**Total water influx** <br> **(m³)** | &nbsp;&nbsp;**Required flow rate for dewatering**<br> **(m³/h)** | &nbsp;&nbsp;**Total groundwater influx** <br> **(m³)** | &nbsp;&nbsp;**Total water influx**<br> **(m³)** | &nbsp;&nbsp;**Required flow rate for dewatering**<br> **(m³/h)** | &nbsp;&nbsp;**Total groundwater influx** <br> **(m³)** | &nbsp;&nbsp;**Total water influx**<br> **(m³)** | &nbsp;&nbsp;**Required flow rate for dewatering**<br> **(m³/h)** |
| Anitta 2 | Phase 1 | 0.0 | 8545.2 | 50.9 | 0.0 | 8545.2 | 25.4 | 0.0 | 8545.2 | 17.0 | 0.0 | 8545.2 | 12.7 |
| Anitta 2 | Phase 2 | 1260.0 | 13295.2 | 79.1 | 2520.0 | 14555.2 | 43.3 | 3780.0 | 15815.2 | 31.4 | 5040.0 | 17075.2 | 25.4 |
| Anitta 2 | Phase 3 | 1310.4 | 15697.1 | 93.4 | 2620.8 | 17007.5 | 50.6 | 3931.2 | 18317.9 | 36.3 | 5241.6 | 19628.3 | 29.2 |
| Anitta 2 | Phase 4 | 1864.8 | 20197.1 | 120.2 | 3729.6 | 22061.9 | 65.7 | 5594.4 | 23926.7 | 47.5 | 7459.2 | 25791.5 | 38.4 |
| Anitta 3 | Phase 1 | 0.0 | 5838.7 | 34.8 | 0.0 | 5838.7 | 17.4 | 0.0 | 5838.7 | 11.6 | 0.0 | 5838.7 | 8.7 |
| Anitta 3 | Phase 2 | 907.2 | 12074.3 | 71.9 | 1814.4 | 12981.5 | 38.6 | 2721.6 | 13888.7 | 27.6 | 3628.8 | 14795.9 | 22.0 |
| Anitta 3 | Phase 3 | 1360.8 | 19379.6 | 115.4 | 2721.6 | 20740.4 | 61.7 | 4082.4 | 22101.2 | 43.9 | 5443.2 | 23462.0 | 34.9 |
| Anitta 3 | Phase 4 | 2688.0 | 26426.5 | 157.3 | 5376.0 | 29114.5 | 86.7 | 8064.0 | 31802.5 | 63.1 | 10752.0 | 34490.5 | 51.3 |
| Anitta 2.5 | - | 1024.8 | 5111.5 | 30.4 | 2049.6 | 6136.3 | 18.3 | 3074.4 | 7161.1 | 14.2 | 4099.2 | 8185.9 | 12.2 |

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\* Day intervals indicate the dewatering duration (in days) used to calculate the required pumping flow rates to fully dewater each pit phase.

Source: WSP (2025).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 231 <br>

Using as reference the scenario with the highest water inflow (considering the maximum footprint and depth), the minimum design flow rates for the pumping system of each pit were defined, allowing dewatering of the pit bottom within 7, 14, 21, and 28 days after extreme rainfall events, as detailed below:

● Anitta 2: approximately 120 m³/h, 65 m³/h, 50 m³/h, and 40 m³/h, respectively

● Anitta 3: approximately 160 m³/h, 90 m³/h, 65 m³/h, and 50 m³/h, respectively

● Anitta 2.5: approximately 30 m³/h, 18 m³/h, 14 m³/h and 12 m³/h, respectively

These rates establish the minimum pump capacities necessary to maintain safe, dry conditions at the pit bottom. Because the required flows are relatively modest, the dewatering system can be optimized by installing primary pumps and boosters in each pit phase, matching the schedule of excavation and demand escalation. Pump selection and deployment should follow the mine's development plan, enabling phased procurement as the pits advance.

As previously noted, groundwater control will rely primarily on bottom-pit sumps, which are best suited to the site's operational and hydrogeological conditions. Licensed pumping wells could be used in Year 0 to achieve the initial drawdown, reduce saturation in the weathered zones of the pit walls, and serve as the principal water supply. From Year 1 onward, as dewatering volumes increase, the licensed wells should only be activated if sump discharge capacity is exceeded or to meet secondary water-use demands, since their additional drawdown effect beyond the first year is modest.

Table 13-24 lists licensed rates and Figure 13-46 illustrates well locations—note that Atlas Well P10 will likely shut off under full-system drawdown (due to Well P13), while the other wells deliver a combined 50.1 m³/h. Wells adjacent to the pits form the primary dewatering network; while P13 Evandro and P14 Evandro, being too distant from the active pit zones, are reserved for secondary use and are not part of the primary dewatering system.

With no natural springs or streams on site, all dewatering discharge from the bottom pit sump and licensed wells can be captured and cycled back into operations, whether for dust control, processing makeup water or other uses, without the need for compensatory releases downstream. An integrated water-quality monitoring program should inform all treatment, storage and reuse decisions, since both volume and chemistry vary seasonally: during the dry season, nearly all inflow is groundwater with elevated dissolved-metal levels, while in the rainy months surface runoff predominates and dilutes those concentrations.

**Table 13-24 Total Water Inflow and Drainage Flow Associated with the Pits**

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|:---|:---|:---|:---|
| <br> **Licensed Wells** | **Licensed Flow**<br> **Rate (m³/h)** | **Operational Flow Rate (m³/h)** | **Dewatering Wells Operational Flow Rate (m³/h)** |
| Atlas Well 10\* | 9.3 | 0 | 0 |
| Evandro's well 13\*\* | 10 | 10 | 0 |
| Evandro's well 14\*\* | 7.4 | 7.4 | 0 |
| Atlas well 14 | 6.5 | 6.5 | 6.5 |
| Atlas well 16 | 7.8 | 7.8 | 7.8 |
| Atlas well 13 | 6.5 | 6.5 | 6.5 |
| Atlas well 09 | 7.2 | 7.2 | 7.2 |
| Atlas 4 well | 4.6 | 4.6 | 4.6 |
| Total | 59.3 | 50.1 | 32.7 |

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\* Zero discharge well, drawdown from Well P13 shuts it off, since year 0

\*\* Distant wells, not suitable for pit dewatering, although they could be used to meet other water-use demands

Source: WSP (2025).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 232 <br>

**Figure 13-46 Location of the Dewatering Wells**

![](pg201-300_034.jpg)

13.2.4.2 Pit
 Dewatering

The progressive development of the open pits will result in increasing water infiltration from precipitation and groundwater inflows. As the pits deepen and increase in footprint, it will be necessary to control water inflow through the construction of in-pit dewatering systems such as drainage ditches, in-pit sumps, pipelines, and pumps.

In the pit, dewatering sumps are to be utilized to contain groundwater and stormwater run-off, which would be pumped directly to a settling pond.

An allowance has been included in the open pit capital and operating costs for in-pit dewatering through in-pit sumps. In-pit dewatering will be accomplished by diesel driven pumps for the calculated water inflow and will be stationed at the pit floor sump. As the pits get deeper, booster pumps are expected to be required when the elevation passes approximately 160 m. Water will be pumped through high-density polyethylene pipe of appropriate diameter and discharged into a settling pond to allow for settlement of suspended solids to meet environmental requirements.

Groundwater inflows were estimated for Anitta 2, 2.5, and 3 at the PFS Level. For reference, the methodology, all parameters used, as well as the complete and detailed results can be found in the full Hydrogeological report from WSP dated April 17, 2025,

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 233 <br>

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| **14** | **PROCESSING AND RECOVERY METHODS** |

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14.1 **General Description** 

At the time of writing of this section, the main process engineering design effort has been completed by Atlas Lithium and major process equipment items for the DMS plant, solid/liquid separation, and tailings areas have already been procured. This section describes the processing methods and key design criteria to recover spodumene from the Anitta deposit within the Neves Project as developed by Atlas Lithium.

The process plant beneficiation design specifies dense media separation (DMS) to recover spodumene and is based on an annual plant throughput of approximately 1.16 million metric tonnes. The process equipment sizing is based on a utilization and availability factor of 70% (6,132 hours per year) for the comminution circuit and 90% (7,884 hours per year) for the DMS and downstream circuits.

The comminution circuit flowsheet includes three stages of crushing with the tertiary crushing system operating in closed circuit with a vibrating screen cutting at 9.5 mm. The comminution circuit process flow diagram is depicted in Figure 14-1. The crushed ore will be fed to the wet process plant with the -0.85 mm material being removed and material with size fraction between 0.85 to 9.5 mm will be processed employing two stages of DMS in a rougher and cleaner configuration.

The sink product from the secondary DMS circuit will be the final spodumene concentrate, while the float products from two stages of DMS circuits and -0.85 mm material will be the tailings. The key process circuits including the comminution, the primary DMS and the secondary DMS are depicted in Figure 14-1 to Figure 14-3.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 234 <br>

**Figure 14-1 Atlas Lithium Neves Project Process Flow Diagram – Comminution**

![](pg201-300_035.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 235 <br>

**Figure 14-2 Atlas Lithium Neves Project Process Flow Diagram – Primary Dense Media Separation**

![](pg201-300_036.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 236 <br>

**Figure 14-3 Atlas Lithium Neves Project Process Flow Diagram – Secondary Dense Media Separation**

![](pg201-300_037.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 237 <br>

14.2 **Comminution Circuit** 

Three stages of crushing will be employed in the comminution circuit to produce the final crushed product with the maximum particle size of 9.5 mm. The key process design criteria of the comminution circuit are summarized in Table 14-1.

**Table 14-1 Atlas Lithium Comminution Circuit Process Design Criteria**

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|:---|:---|:---|:---|
| &nbsp;&nbsp; **Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value/Specifications** | &nbsp;&nbsp;**Source** |
| &nbsp;&nbsp;Plant Throughput | &nbsp;&nbsp;mtpa | &nbsp;&nbsp;1162000 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Ore Bulk Density | &nbsp;&nbsp;mt/m<sup>3</sup> | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Ore SG | &nbsp;&nbsp;mt/m<sup>3</sup> | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Concentrate Li<sub>2</sub>O Content, minimum | &nbsp;&nbsp;% | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Final Crush Size | &nbsp;&nbsp;mm | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Comminution Circuit Utilization & Availability | &nbsp;&nbsp;% | &nbsp;&nbsp;70 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Design Factor |  | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;SGS |
| &nbsp;&nbsp;Static Grizzly Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;700 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Vibrating Grizzly Feeder Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;75 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Grizzly Feeder Feed Rate, Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;237 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Primary Crusher |  | &nbsp;&nbsp;Metso C120 or Equivalent | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Primary Crusher Close Side Setting | &nbsp;&nbsp;mm | &nbsp;&nbsp;120 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Primary Crusher Feed Rate, Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;142 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Secondary Screen Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;40 top deck, 9.5 bottom deck | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Secondary Screen Feed Rate, design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;237 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Secondary Cone Crusher |  | &nbsp;&nbsp;Metso HP 300 or equivalent | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Secondary Crusher Close Side Setting | &nbsp;&nbsp;mm | &nbsp;&nbsp;19 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Secondary Crusher Feed Rate, Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;196 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Tertiary Screen Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;50 top deck, 25 middle deck and 9.5 bottom deck | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Tertiary Screen Feed Rate, Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;492 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Tertiary Crusher |  | &nbsp;&nbsp;Metso HP 300 or equivalent | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Tertiary Crusher Close Side Setting | &nbsp;&nbsp;mm | &nbsp;&nbsp;15 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Tertiary Crusher Feed Rate, Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;296 | &nbsp;&nbsp;Calculated |
| &nbsp;&nbsp;Crushed Ore Stockpile Capacity | &nbsp;&nbsp;mt | &nbsp;&nbsp;9095 | &nbsp;&nbsp;Assumed |
| &nbsp;&nbsp;Percent of -0.85 mm material | &nbsp;&nbsp;% | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;Testwork |

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The Run of Mine (ROM) material will be delivered by mining haul trucks to the ROM pad area. The ROM material will be discharged to discrete ROM stockpiles near the primary jaw crusher. These stockpiles will have individual levels of lithium grade and impurities content. A Front-End Loader (FEL) will blend the comminution circuit feed appropriately using a ratio of buckets from specific stockpiles as directed by the Atlas operating team. The FEL will further transfer the ROM ore to the primary crushing station, which consists of a ROM Feed Bin of 11 m<sup>3</sup> capacity, protected by a static grizzly with a 700 mm aperture size, a vibrating grizzly feeder with a 75 mm aperture size, a primary jaw crusher, a rock breaker, and a dust collection system.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 238 <br>

The vibrating grizzly feeder oversize will report to the jaw crusher, while the grizzly undersize will join with the jaw crusher product and be transferred to the secondary crushing circuit by a series of conveyors. A hydraulic rock breaker will be installed adjacent to the ROM feed bin to break any oversize material retained by the static grizzly.

The design of the comminution circuit capacity is based on the overall utilization and availability factor of 70% which corresponds to an annual operation of 6,132 hours per year, with a nominal comminution circuit feed rate of 189.5 mtph (metric tonne per hour) or a design rate of 237 mtph based on a design factor of 1.25. A Metso jaw crusher C120 or equivalent is to be used in the primary crushing process. The jaw crusher will have a closed side setting (CSS) around 120 mm.

The primary crusher discharge will be conveyed to a secondary screen, which will be a double deck screen with the screen aperture of 40 mm on the top deck and 9.5 mm on the bottom deck. The -9.5 mm material will report to the final crushed ore stockpile (COS) while the remaining +9.5 mm material will report to the secondary cone crusher. The secondary crusher will be a Metso HP 300 or equivalent.

The secondary crusher discharge, combined with the recycled tertiary crusher discharge, will report to the tertiary screen. The tertiary screen will be a triple deck screen, with the top deck aperture of 50 mm, the middle deck aperture of 25 mm and bottom deck aperture of 9.5 mm. The tertiary screen undersize (-9.5 mm material) will report to the final COS, while the screen oversize (+9.5 mm material) will be fed to the tertiary crusher. The crusher product will be recycled back to the tertiary screen forming a closed loop crushing system. The tertiary crusher will be a Metso HP 300 or equivalent. The crushed ore stockpile will have a total capacity around 9,100 metric tonnes which corresponds to approximately two days of crushing operation.

14.3 Wet
 Plant Feed Preparation

The design of the wet processing plant is based on the overall utilization and availability factor of 90% which corresponds to an annual operation of 7,884 hours per year, with a nominal wet plant feed rate around 147 mtph. As the presence of fine material can deteriorate the DMS circuit performance, the -0.85 mm material needs to be removed before the DMS process.

The wet plant feed will be comprised of material reclaimed from the COS by a FEL and will be first loaded into a 45 m<sup>3</sup> feed bin. A belt feeder will withdraw the -9.5 mm material from the feed bin and discharge to a conveyor which ultimately will transfer the plant feed to a Feed Preparation Screen via a feed box where the crushed material will be repulped with process water before screening.

The Feed Preparation Screen will be a wet vibrating screen with an aperture size of 0.85 mm. The screen undersize will gravity flow to a sump and then be pumped to a thickener or directly to a vacuum belt filter. The screen oversize, the -9.5+0.85 mm material, will be transferred to an intermediate surge bin (primary DMS feed bin) via another conveyor. The bin will be equipped with a belt feeder which discharges to a transfer conveyor which conveys the DMS plant feed to a wet deslime screen with aperture size of 0.6 mm, which is to remove any residual fines prior to the DMS process. The deslime screen undersize will be pumped to a thickener or a vacuum belt filter combined with -0.85 mm material, while the screen oversize will be discharged directly into the primary DMS feed box where it will be combined with dense media makeup (ferrosilicon slurry).

14.4 Dense
 Media Separation Circuits

Due to a large proportion of DMS feed that needs to be rejected to the tailings, two stages of DMS processing in a rougher and cleaner configuration are utilized in the design to optimize the DMS efficiency. Based on the process design, approximately 50% of the primary DMS cyclone feed will be rejected to the cyclone floats (rejects) discharge by adjusting the media separation density accordingly. This will be achieved using media pipe densifiers and water re-addition that will be controlled very carefully using control valves and media densitometers.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 239 <br>

Based upon the current test work, as described in Section 10 of this study report, approximately 15% to 21% of DMS feed will report to the final spodumene concentrate (secondary DMS sinks) as yield. The percentage of primary DMS floats product can be further adjusted to optimize the overall DMS recovery. The key process design criteria of the DMS circuits are summarized in Figure 14-2.

At the primary DMS feed box, the ore will be mixed with dense media with a volumetric ratio between the dense media slurry and the ore of 4.7. The mixture of dense media and ore will be pumped to the primary DMS cyclone with the inlet pressure controlled around 160 kPa. One Multotec DMS cyclone, model SD610-20-0/BB-A/210 will be utilized for the primary DMS process.

**Table 14-2 Atlas Lithium Primary and Secondary DMS Circuits Process Design Criteria**

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| &nbsp;&nbsp; **Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value/Specifications** | &nbsp;&nbsp;**Source** |
| &nbsp;&nbsp;DMS circuit Utilization & Availability | &nbsp;&nbsp;% | &nbsp;&nbsp;90 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Dense Medium Reagent |  | &nbsp;&nbsp;100% ferrosilicon | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Ferrosilicon particle SG |  | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;DMS feed particle size | &nbsp;&nbsp;mm | &nbsp;&nbsp;-9.5+0.85 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Final concentrate Li<sub>2</sub>O content | &nbsp;&nbsp;% | &nbsp;&nbsp;minimum 5.5 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Final concentrate Fe<sub>2</sub>O<sub>3</sub> content | &nbsp;&nbsp;% | &nbsp;&nbsp;less than 1% | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Primary DMS Feed Rate, Nominal/Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;115/132 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Primary DMS cyclone Model |  | &nbsp;&nbsp;SD610-20-0/BB-A/210 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Primary DMS cyclone Operating Pressure | &nbsp;&nbsp;kPa | &nbsp;&nbsp;161 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Primary DMS Drain & Rinse screen Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;0.5 x 8.8 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Primary DMS Media Degrit Screen Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;0.4 x 12 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Primary Densifier underflow SG |  | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Primary mag separator feed density | &nbsp;&nbsp;% | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Secondary Stage DMS Feed Rate, Nominal/Design | &nbsp;&nbsp;mtph | &nbsp;&nbsp;58/66 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Secondary DMS cyclone Model |  | &nbsp;&nbsp;SD420-20-1/BB-A/145 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Secondary DMS cyclone Operating Pressure | &nbsp;&nbsp;kPa | &nbsp;&nbsp;200 | &nbsp;&nbsp;Vendor |
| &nbsp;&nbsp;Secondary DMS Drain & Rinse screen Aperture | &nbsp;&nbsp;mm | &nbsp;&nbsp;0.5x8.8 | &nbsp;&nbsp;Atlas |
| &nbsp;&nbsp;Second Densifier underflow SG |  | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;Vendor |

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Both sink and float discharges from the primary DMS cyclone will first report to static drain panels and then to individual drain and rinse screens. The rinse and drain screens have a split underpan whereby the first half the screen recovers a significant portion of ferrosilicon slurry which ultimately reports back to the primary correct media sump. The second half of the screen will be equipped with spray water to wash the remaining ferrosilicon from the ore and recover this to the dilute media sump. The dilute ferrosilicon slurry contained within the dilute media sump will be pumped to a magnetic separator whereby the ferrosilicon will be recovered to the correct media sump via a demagnetizing coil, while the water and non-magnetic fine material are discharged to effluent and recycled. The drain and rinse screen oversize from each of the primary DMS float and sink screens will report to its respective conveyor. The primary DMS float screen oversize will be coarse tailings reject and will be discarded to the tailings stockpile. The sinks screen oversize will be an intermediate grade concentrate ready for further upgrading via the secondary DMS circuit.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 240 <br>

The primary DMS sink material will be deslimed on the interstage screen having an aperture size of 0.5 mm. The screen undersize will be pumped to either the thickener or a vacuum filter, while the screen oversize will be transferred to a surge bin (secondary DMS feed bin). The deslimed primary DMS sink material will be withdrawn from the surge bin by a belt feeder and discharged into the secondary DMS mixing box where it will be mixed with a higher specific gravity ferrosilicon slurry than that of the primary DMS slurry.

The mixture of dense media and primary DMS sink material will be pumped to the secondary DMS cyclone with the inlet pressure controlled around 200 kPa. One Multotec DMS cyclone, model SD420-20-1/BB-A/145 will be utilized for the second stage DMS. The volumetric ratio between the dense media slurry and the ore in the secondary DMS is designed to be 5.5 minimum.

The dense media SG will be carefully controlled to a specific setpoint to achieve a selected cut point to provide a final spodumene concentrate grade of 5.5% lithium oxide in the secondary DMS cyclone sinks. Analogous to the primary DMS circuit, both the secondary DMS cyclone sink discharge and the corresponding float discharge will report first to static drain panels and then to drain and rinse screens.

The majority of dense medium ferrosilicon will be recovered to the secondary correct media sump from the drain section of the screen. The ore material will be similarly washed on the rinse section of the screen and this dilute ferrosilicon slurry reports to the secondary dilute media sump. The ferrosilicon from the dilute media sump will be recovered via a magnetic separator to the secondary correct media sump, and the non-magnetic effluent will be recycled. After recovering the dense media, the secondary DMS sink product will be conveyed to the final spodumene concentrate stockpiles via transfer conveyors, while the secondary DMS floats material (middlings) will be conveyed to the middling stockpile. In the current design, this middling will not be further processed and will be combined with the final tailings.

The dense media will be a "homogeneous" mixture of ferrosilicon powder and water. The ferrosilicon to be used has a specific gravity around 6.8. The primary DMS and secondary DMS circuits will each have its own media preparation system due to the different separation densities and system volumes required.

The primary DMS circuit will be equipped with a number of key components including a correct media sump, a dilute media sump, a media pipe densifier, a magnetic separator, a media grit screen, demagnetizing coil and other associated equipment including DMS feed mixing box and a header box. Maintaining a carefully controlled density setpoint of the ferrosilicon slurry feed to the DMS cyclone will be crucial to the DMS performance.

Therefore, the media slurry density in the correct media tank needs to be maintained above the desired feed SG setpoint with water carefully added back via a control valve to achieve the desired setpoint. The pipe densifier will be used to remove water from the correct media on a continuous basis. The ferrosilicon media with the correct density will be pumped to a media head box above the DMS mixing box where it then flows back to the mixing box in two locations at specified volumetric ratios to the ore feed rate. For both correct media sump and dilute media sump, plant air may be injected into the sumps to suspend the media if required, especially after a sustained shutdown period if the ferrosilicon has settled in the sumps.

The media in the head box will gravity flow to the DMS cyclone feed pump box and will mix with the ore, and then be pumped to the DMS cyclone. Through the natural attrition between the particles during pumping and various process unit operations, grit particles accumulate in the media system. When excessive grit is present in the dense media, the DMS efficiency can be negatively impacted. Therefore, the media will be continually cleaned by diverting a small flowrate of the media from the media head box to the media grit screen cutting at 0.4 mm. The media grit screen has two sections, a drain section and a rinse section. The screen oversize grit will report to the tailings, and the undersize from drain section will report to the correct media sump and undersize from the rinse section will report to the dilute media sump.

The design of the dense media system for the secondary DMS circuit will be very similar to the design of the primary DMS circuit. The main difference is that there is no secondary media screen in the secondary DMS circuit. The secondary DMS floats discharge reports to a media drain and rinse screen after a static drain panel, the undersize of the drain section will report to the densifier feed media sump, while the undersize of the rinse section will report to the dilute media tank. The densified media with SG around 3.1 will return to the correct media sump, and the dilute stream will return to the dilute media sump.

Though most of the media will be recovered through DMS drain and rinse screens, there will always be a certain amount of dense media lost to either the DMS tailings or the DMS concentrate. Therefore, fresh dense media will need to be added into the circuit periodically. The makeup media will be added directly to the dilute media sump, and then gradually recovered to the correct media sump via the magnetic separator. The ferrosilicon consumption is typically around 500 g per metric tonne of DMS plant feed.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 241 <br>

14.5 **Concentrate and Tailings Handling Areas** 

The final DMS concentrates after two stages of DMS cyclone, based on the current test work, usually meet the required concentrate specifications for lithium and iron content. In the current flowsheet, after the secondary DMS sinks screen, the final DMS concentrate will report to the concentrate stockpiles via a series of transfer conveyors. However, if mica material or iron bearing material were to contaminate the final concentrate in the future, a magnetic separator or a reflux classifier could be considered to further process the DMS concentrate to ensure the concentrate meets the preferred specifications without penalty.

The primary DMS tailings (the floats/rejects material) combined with the primary DMS media degrit screen oversize, will report to a tailings stockpile via a series of conveyors. The secondary DMS tailings, or DMS middlings, will report to a separate tailings stockpile.

The minus 20 mesh material, deslime screen undersize from both primary and secondary DMS feed, and the non-magnetic effluent from each DMS media preparation circuit will all report to the thickener. The thickener overflow will be recovered to the process water tank, while the thickener underflow will be pumped to the filtration circuit. The filter cake discharged from the horizontal vacuum belt filter will be transferred to a separate tailings stockpile, while the filtrate will be recovered to the thickener feed box.

14.6 **Reagents** 

The only reagents used in the process are ferrosilicon powder and flocculant. The ferrosilicon will be the only solid powder used to prepare the dense media slurry. The required optimum ferrosilicon specification will be determined during commissioning but will likely be a 270D grade, with the specific gravity around 6.8. The particle size is required to be around 90% minus 45 um (or 325 mesh) to retain a stable, homogenous media in the cyclones. Based on the industry benchmark and inputs from Atlas Lithium, 0.5 kg of media is expected to be consumed for every metric tonne of material being processed in the DMS circuit. Based on the annual DMS plant throughput around 907,000 metric tonnes per year, it is expected that annual ferrosilicon powder consumption will be around 453 metric tonnes.

The non-magnetic effluent will be a very dilute slurry which contains a limited amount of solids. Therefore, the solid flow rate to the thickener can be assumed the same with the -0.85 mm material from the first DMS feed preparation screen, which is nominally 32.3 mtph. Based on the sedimentation and filtration tests conducted on the -0.85 mm material, the required flocculant dosage is estimated to be around 22 grams per metric tonne of solids, the annual flocculant consumption is calculated to be around 5.6 metric tonnes.

14.7 **Water and Power** 

Based on the mass balance developed by Atlas Lithium and reviewed by engineering consultants, the total raw water required for the beneficiation process is estimated to be around 23 m<sup>3</sup>/hr. This includes water required for reagents preparation and process water makeup. The raw water will be fed to the process water tank for water makeup, to the flocculant preparation and to the fire water tank when needed.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 242 <br>

A fire water tank with a capacity of 128 m<sup>3</sup> will be installed at the mine site. The process water tank with a capacity of 879 m<sup>3</sup> has been specified which will provide a residence time of around 2.4 hours. An effluent tank with a live volume of 15 m<sup>3</sup> has been specified, which will receive the effluent from the primary and secondary DMS circuit and the effluent will be pumped back to the plant mainly for use in DMS deslime screen and media degrit screen.

The electrical power will be provided by diesel engine generators throughout the project life. A total of eleven generators will be installed onsite and provide the power required at the mine site including all the process facilities.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 243 <br>

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| **15** | **INFRASTRUCTURE** |

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15.1 **General Site Plan** 

The general site plan (Figure 15-1) shows the planned locations of the main Project facilities, including the following:

● Gatehouses and areas for administrative

● Power generators

● Concentrating plant

● Tails handling

● Mine support area

● Access roads

● Open pits, and

● Stockpiles.

Access to the Project Site is from road LMG-678. The main access will be through the security gate near the processing plant. The site will be fenced off to prevent access by unauthorized persons. The processing plant is located northeast of the waste pile (PDER-1).

The Figure 15-2 represents the General Arrangement of the Processing Plant Area ("PPA"), followed by Figure 15-3, which represents the General Arrangement of the transshipment area. Both areas will be detailed in Sections 15.2.2 and 15.2.3, respectively.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 244 <br>

**Figure 15-1 Overall Site Plan**

![](pg201-300_038.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 245 <br>

**Figure 15-2 General Arrangement – Processing Plant Area**

![](pg201-300_039.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 246 <br>

**Figure 15-3 General Arrangement – Transshipment Area**

![](pg201-300_040.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 247 <br>

15.2 **Site Access** 

15.2.1 Regional
 Site Access

The Neves Project is in the municipality of Araçuaí/MG, approximately 598 km from the city of Belo Horizonte (capital of the state of Minas Gerais). An alternative route can be taken from the municipality of Vitória da Conquista/BA, approximately 300 km away, to reach the city. Salinas/MG (114 km away) and Montes Claros/MG (380 km away) are other cities with regular flights that can be used to reach Araçuaí. The city has an airport that needs improvement. No commercial flights are currently operating, although the airport can be used by executive aircraft.

15.2.2 Processing
 Plant Site Access

The access to the Project site from the municipality of Araçuaí/MG is via 36.7 km of public unpaved roads (LMG-678 and one unnamed local access), after driving around 7 km from the city to the crossroads of LMG-676 and LMG-678 (Figure 15-4).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 248 <br>

**Figure 15-4 Site Access**

![](pg201-300_041.jpg)

Source: Google Maps with Promon complement

15.2.3 Transhipment
 Area Access

The PPA does not have an access road for B-Train Trucks traffic (typical on Figure 15-5). The strategy of the project is to consider a Transshipment Area (TSP - Figure 15-3) outside the PPA, located 2.4 km from the intersection between the LMG-676 and LMG-678 roads (Figure 15-6). This TSP area will receive the spodumene concentrates from the plant via single mining trucks and will be loaded onto B-Train trucks. The B-train trucks will deliver the concentrate to Ilhéus Port, BA, as discussed in Section 15.12.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 249 <br>

**Figure 15-5 Typical B-Train Truck**

![](pg201-300_042.jpg)

**Figure 15-6 TSP Access**

![](pg201-300_043.jpg)

Source: Google Maps

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 250 <br>

15.3 **Power Supply** 

15.3.1 Electrical
 Power Source – Areas 171 and 172

Atlas is currently analyzing the feasibility of building a 25 km, 138 kV transmission line dedicated to the site with CEMIG, the local electricity transmission company. The current plan for the site power supply is to use diesel generators throughout the life of the project. Sections 01 and 02 illustrated in Figure 15-7 represent the area for installation of the possible/future High Voltage (HV) Substation and the installation of diesel generators, respectively. The genset line diagram is shown in Figure 15-8.

**Figure 15-7 Areas for HV substation and Diesel Generators Installation**

![](pg201-300_044.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 251 <br>

**Figure 15-8 Diesel Generator Substation**

![](pg201-300_045.jpg)

15.3.1.1 Electrical
 Loads

The total connected load for the plant is calculated at approximately 4.657 MW, with a calculated operating demand of approximately 3.2 MW (3,189 kW). The total generator power demand load is 2.5 MW (2,551 kW). The anticipated load breakdown is summarized in Table 15-1.

**Table 15-1 Electrical Load List**

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| &nbsp;&nbsp;<br> **Sub-Station** | &nbsp;&nbsp;**Area Description** | &nbsp;&nbsp;**Transformer Tag No.** | &nbsp;&nbsp;**Transformer size (kVA)** | &nbsp;&nbsp;**Power Demand (kVA)** | &nbsp;&nbsp;**Power Demand (kW)** |
| &nbsp;&nbsp;172-SUB-001 | &nbsp;&nbsp;Process | &nbsp;&nbsp;400-TFR-002 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1068.1 | &nbsp;&nbsp;914.8 |
| &nbsp;&nbsp;172-SUB-002 | &nbsp;&nbsp;DMS | &nbsp;&nbsp;400-TFR-001 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1297.3 | &nbsp;&nbsp;1112.9 |
| &nbsp;&nbsp;172-SUB-003 | &nbsp;&nbsp;Utilities | &nbsp;&nbsp;172-PWT-003 | &nbsp;&nbsp;500 | &nbsp;&nbsp;337.7 | &nbsp;&nbsp;290.1 |
| &nbsp;&nbsp;Ancillary facilities | &nbsp;&nbsp;Administration, Canteen | &nbsp;&nbsp;172-PWT-004 | &nbsp;&nbsp;100 | &nbsp;&nbsp;84.2 | &nbsp;&nbsp;71.6 |
| &nbsp;&nbsp;Ancillary facilities | &nbsp;&nbsp;Locker | &nbsp;&nbsp;172-PWT-005 | &nbsp;&nbsp;50 | &nbsp;&nbsp;84.2 | &nbsp;&nbsp;71.6 |
| &nbsp;&nbsp;Ancillary facilities | &nbsp;&nbsp;Warehouse | &nbsp;&nbsp;172-PWT-006 | &nbsp;&nbsp;50 | &nbsp;&nbsp;42.1 | &nbsp;&nbsp;35.8 |
| &nbsp;&nbsp;172-SUB-005 | &nbsp;&nbsp;Crushing | &nbsp;&nbsp;172-PWT-008 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;829.2 | &nbsp;&nbsp;692.5 |

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| &nbsp;&nbsp;Total Power Demand (kVA) = | &nbsp;&nbsp;3743 |
| &nbsp;&nbsp;Total Power Demand (kW) = | &nbsp;&nbsp;3189 |
| &nbsp;&nbsp;Simultaneity Factor = | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Total Generator Power Demand Load (kW) = | &nbsp;&nbsp;2551 |

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For the PPA, the Diesel Generators facilities will be contracted in a "loan for use" model, where supply, installation, operation and maintenance will be provided by the chosen company. It is initially considered a set of 4 x 1100 kVA + 1 x 550 kVA generators. A backup genset will be on standby with a rating of 1100 kVA. The genset can supply 3080 kW on a continuous operation and is expected to be sufficient to feed power to the entire site. The gensets can be expanded by renting new machines if necessary. The scope of the "loan for use" for the supply of a 13.8 kV distribution board, will be linked to the diesel generators facility and to the other E-rooms. The diesel fuel will be supplied by Atlas through local diesel suppliers.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 252 <br>

At the mining operations facilities, power requirements will have to be provided with dedicated generators, supplied and operated by the contractor for the mining operations.

At the TSP, the power supply will be fed by an existing 13.8 kV local network that crosses the TSP area close to the perimeter fence.

15.3.2 Electrical
 Distribution

The primary distribution voltage will be radial, at 13.8 kV, three phases, 60 Hz, from the Diesel Generators facilities. The distribution will use non-insulated cables and poles in administrative areas. Insulated cables will be installed in trenches in the processing plant area. The conventional three-phase powerlines and power pole networks will be supplied as turnkey, including pole-mounted transformers.

15.3.3 Main
 Substation (future)

The future main substation (High Voltage) will include an electrical room and the associated high-voltage equipment. The substation will have a 7.5/9.375 MVA ONAN/ONAF transformer from 138 to 13.8 kV. The main substation will be provided as a Hybrid solution (GIS + AIS) mounted on a SKID.

15.3.4 Secondary
 Substations

Site electrical power supply was selected and designed around the major load centers summarized in Table 15-2.

**Table 15-2 E-rooms**

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|:---|:---|:---|:---|
| **Tag Number** | **Type** | **Characteristics** | **Power Distribution**<br> **from Main SE** |
| 172-SUB-001<br> (Process Area) | E-room | Feed: 13.8kV - 25kA<br> Process loads: 440V - 42kA<br> Lighting: 220/127V - 10kA | Conventional aerial network - 230m<br> +<br> Underground distribution – 80m |
| 172-SUB-002<br> (DMSs Area) | E-room | Feed: 13.8kV - 25kA<br> Process loads: 440V - 42kA<br> Lighting: 220/127V - 10kA | Conventional aerial network - 140m<br> +<br> Underground distribution – 100m |
| 172-SUB-003<br> (Utilities Area) | E-room | Feed: 13.8kV - 25kA<br> Process loads: 440V - 50kA<br> Lighting: 220/127V - 10kA | Conventional aerial network - 190m |
| 172-SUB-005 | E-room | Feed: 13.8kV - 25kA<br> Process loads: 440V - 42kA<br> Lighting: 220/127V - 10kA | Conventional aerial network - 200m<br> +<br> Underground distribution – 60m |

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The substations will feed the following areas:

● 172-SUB-001: crushed ore storage and reclaim, feed preparation, tailings, grit stockpile conveyors, compressed air, pumps of process water, filtrated water and firefighting system.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 253 <br>

● 172-SUB-002: Primary DMS, Secondary DMS, interstage screening, primary float, secondary float and final product conveyors of stockpiles.

● 172-SUB-003: raw water pumps, potable water pumps, and sewage treatment system.

● 172-SUB-005: crushing.

The power for the administrative/main office, canteen, locker, outpatient clinic, and warehouse will be connected to the substation.

Looking at the transshipment area, there is an aerial network passing through one side of the terrain, and a derivation point will be required from the local electricity company.

15.4 **Water Systems** 

The Neves Project plant will demand water at the following flows: 22.3 m³/h of raw water (makeup) to the processing plant, 352.9 m³/h of process water (recirculated), and 432.7 m³/h of recycled effluent water (also recirculated). Others 12.8 m³/h will be used on mining facilities and dust suppression of roads.

15.4.1 Raw
 Water Supply System

The main source of raw water for the PPA will consist of eight (8) boreholes currently licensed by Atlas, as indicated on Table 15-4 and Figure 15-14. The 8 wells can deliver a total of 50 m<sup>3</sup>/hour, which is enough to continuously supply the processing requirement of 23 m<sup>3</sup>/hour.

Each borehole will be connected to 30 m³ reservoirs (water gathering tanks), which can be interconnected and equipped with a pump to convey water from the water wells. There will be a total of 16 (3.2 m W X 2.34 m H) reservoirs. From the reservoirs, water shall be loaded into the water trucks and delivered to the PPA. Once at the PPA, two (2) raw water ponds are planned, one with a capacity of 8,000 m³ (630-DAM-001), and the other with a capacity of 1,000 m³ (630-DAM-002) with a total water storage capacity of 9, 000 m<sup>3</sup> (approximately 9 M liters). From 630-DAM-001 there is a water diversion for treatment/potabilization and also pumping to 630-DAM-002. The 630-DAM-002 is located close to the crushed ore storage. The water from the pond will be pumped to the process water tank, having a capacity of 800 m<sup>3</sup> to the PPA.

In addition to the two (2) ponds mentioned above, additional two (2) ponds are available for rainwater storage and for silt settlement that are carried by the drainage system (630-DAM-003 and 630-DAM-004). This water can also be pumped to water trucks for dust suppression on the mine roads.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 254 <br>

The following figures show the design for water intake from boreholes (Figure 15-9 and Figure 15-10), and the position of ponds along the PPA (Figure 15-11).

**Figure 15-9 Borehole Water Intake – Typical Plan View**

![](pg201-300_046.jpg)

**Figure 15-10 Borehole Water Intake – Typical Side View**

![](pg201-300_047.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 255 <br>

**Figure 15-11 Processing Plant Area Ponds**

![](pg201-300_048.jpg)

15.4.2 Overall
 Site Water Balance

The objective of the Site Wide Water Balance (SWWB) as shown in Figure 15-12 is to provide an integrated approach to managing the Project water resources and determine if the mine has excess water (that must be discharged to the environment) or a water deficit. This is done by balancing the water sources, water storage, and water losses site-wide to create a comprehensive picture of Project water use and supply. The model must consider climate, runoff conditions, and any other factors that affect the availability of water. The end result is a comprehensive picture of water flows around the site and mining operations. The final objective is to resolve the water supply and/or the water discharge conditions so that the operation can operate adequately and so that environmental regulations can be met.

The water balance also supplies a plan on how and when the additional return water sumps or ponds are required.

The water collected at PDER-1 return dam could be used as water storage facility for the plant operations and others utilities, and a pool is accumulated during the rainy season to ensure dry season operations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 256 <br>

15.4.2.1 Water
 Balance Model Parameters

The primary information the client gleaned from the SWWB included:

● Scheduling sump and dam raises;

● Determining excess water discharged to environment;

● Determining freshwater makeup water requirements;

● Determining the site-wide flow of water and pumping requirements; and

● Determining the number and location of discharge points back to the natural drainages for

● environmental permit compliance.

15.4.2.2 Analysis
 of Makeup Water Resources

Plant demand is preferentially met through water from Dam 2 and, as a secondary source, from the PDER-1 Ponds ("Ponds"). Additional water wells are required in some months to compensate for potential shortages in the Ponds.

Under typical precipitation conditions, the water balance is designed for the majority of the plant's makeup water to be sourced from the Ponds between December and March. During the driest months, plant demand is met through a combination of water from the Ponds and water wells.

However, under certain conditions, it may be necessary to adjust the ratio between pond water and well water to the plant. The water balance is structured to prioritize water draw from the Ponds during the wetter months. During the remaining months, from April to November, plant demand is met through a combination of pond water and water from the artesian wells.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 257 <br>

**Figure 15-12 Site Wide Water Balance**

![](pg201-300_049.jpg)

15.4.3 Potable
 Water Supply

The potable water quality requirements for the potable water treatment plant match the local drinking water guidelines. The potable water will be obtained treating the raw water collected from boreholes and unloaded in pond 630-DAM-001. Since this water has salt content, there is an additional stage of potabilization that uses reverse osmosis after flocculation, decantation and filtration of water. The last stage is the application of chlorine. This treatment is designed to 10m/h and will feed all safety showers and administrative/operational buildings (water for human use).

15.4.4 Fire
 Suppression System

The fire suppression system planned for the process plant will be supplied with a fire water tank (7.32 m X 6.1 m X 4.88 m) with at least a dedicated capacity of 200 m<sup>3</sup>. It consists of electric water pump that will be supported by the jockey fire water pump to maintain pressure in the fire water main. In the event of a power outage, a diesel fire water pump will start to ensure continued fire water availability. The facilities will have fire suppression system in accordance with the structure's function. Fire water will be distributed throughout the plant via dedicated buried pipework to supply hydrants and hose reels strategically located throughout the PPA. All buildings will have hose cabinets and handheld fire extinguishers. Electrical and control rooms will be equipped with dry-chemical fire extinguishers.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 258 <br>

15.4.5 Sewage
 Collection and Treatment

The office and domestic waste collected at the (PPA) will be treated in the local sewage treatment station, designed to achieve an effluent in compliance with regulations (CONAMA 357 and 430). It has a treatment capacity of 25 m³ per day and will be a storage for the treated effluent in two interconnected water tanks of 15 m³ each. The treated water can be collected by a specific water truck and shall be used to irrigate the vegetation on slopes of terraces, seedling nursery, or even for dust suppression along the roads between pits and PPA.

The gatehouse for ROM trucks, dispatch trucks, and the transshipment area that can't be serviced from the centralized treatment unit, will be installed with a dedicated sewage system made by septic tanks and sumps.

15.4.6 Hydrogeological
 Model

WSP developed a conceptual and numerical hydrogeological model aimed at assessing groundwater drawdown in the Anitta 2, 2.5, and 3, open pits. The study incorporated drilling data, topography, geology, and hydrogeological parameters, and simulations were performed under various scenarios.

The consolidated estimate of the required dewatering flow rate for the Anitta 2, 2.5, and 3 pits at the end of the drawdown operation — considering the continuous operation of dewatering wells and the progression of mining activities—is 75.0 m³/h (Table 15-3). The total includes a steady contribution of 50.1 m³/h from pumping wells, in addition to direct drainage from the pits: 6.9 m³/h from Anitta 2, 12.7 m³/h from Anitta 3, and 5.3 m³/h from Anitta 2.5.

**Table 15-3 Calculated Flow Rates from Pits and Wells for Year 5**

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| | |
|:---|:---|
|  **Borehole** | **Flow Rate [m³/h]** |
| Atlas 10 | 0.0 |
| Evandro 13 | 10.0 |
| Evandro 14 | 7.4 |
| Atlas 14 | 6.5 |
| Atlas 16 | 7.8 |
| Atlas 13 | 6.5 |
| Atlas 09 | 7.2 |
| Atlas 04 | 4.6 |
| **Total Boreholes** | **50.1** |
| Anitta 2 | 6.9 |
| Anitta 3 | 12.7 |
| Anitta 2.5 | 5.3 |
| **Total Pits** | **24.9** |
| **Total Boreholes + Pits** | **75.0** |

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The flow rate was obtained through steady-state numerical simulations, using hydrogeological parameters calibrated from field tests, and reflects the projected final conditions after five years of mine operation (Figure 15-35).

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 259 <br>

**Figure 15-13 Advancement of the Drawdown Cone in the Pit, in Cross-Section**

![](pg201-300_050.jpg)

Table 15-4 and Figure 15-14 present the location data, as well as the installed pump elevation and flow rate data.

**Table 15-4 Location, Pump Elevation, and Flow Rate Data of the Wells**

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|:---|:---|:---|:---|:---|:---|:---|
| <br> **Borehole** | **X [m]** | **Y [m]** | **Pump Elevation [m]** | **Filter Elevation [m]** | **Bottom Elevation [m]** | **Flow [m³/h]** |
| Atlas 10 | 189812.0 | 8115272.3 | 428.1 | 428.8 | 348.8 | 9.3 |
| Evandro 13 | 186881.3 | 8112580.0 | 354.7 | 312.8 | 254.8 | 10.0 |
| Evandro 14 | 186771.4 | 8112518.2 | 353.4 | 357.3 | 345.3 | 7.4 |
| Atlas 14 | 190107.1 | 8114603.9 | 392.0 | 394.2 | 337.2 | 6.5 |
| Atlas 16 | 190081.7 | 8114580.1 | 371.6 | 389.4 | 349.4 | 7.8 |
| Atlas 13 | 189899.9 | 8115314.3 | 370.9 | 386.5 | 335.5 | 6.5 |
| Atlas 09 | 190173.3 | 8114587.1 | 374.3 | 389.7 | 337.7 | 7.2 |
| Atlas 04 | 189905.0 | 8114626.8 | 323.1 | 339.8 | 323.8 | 4.6 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 260 <br>

**Figure 15-14 Location of the Dewatering Wells**

![](pg201-300_051.jpg)

It is important to highlight that the total flow refers exclusively to the contribution of groundwater, excluding flows associated with surface water drainage. Surface water management will be implemented through a peripheral drainage system and pumping of precipitation water falling on the pit footprints, with an estimated unaccounted volume of 75.0 m³/h.

The surface water component will represent an increase in water availability, particularly during periods of intense rainfall. Therefore, the mine's water management will be based on two integrated approaches:

● Continuous groundwater extraction, stabilized in steady-state with a flow rate of 75.0 m³/h;

● Management and intermittent collection of surface water, depending on the evolution of the excavated areas and meteorological events.

This integrated infrastructure will ensure a reliable water supply for both the beneficiation plant and mine operations, guaranteeing consistent delivery, operational efficiency, and environmental control throughout the entire project life cycle.

For the design of the dewatering system under critical conditions, a 24-hour design rainfall with a return period (RP) of 10 years was adopted. To define this rainfall, daily precipitation data from the Araçuaí weather station (INMET code 83442) covering the period from 1961 to 2024 were used and processed to obtain the maximum annual precipitations. This work was carried out by WSP.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 261 <br>

The estimate of the maximum flow rate required for dewatering the pits of the Anitta Project (Table 15-5) was performed considering the combined contribution of groundwater, obtained through hydro-dynamic simulations, and the surface volume generated by precipitation. It was assumed that the rainfall falls exclusive on the footprint area of the pits, disregarding external contributions due to the presence of a peripheral drainage system.

Based on these assumptions, a period of 14 days (336 hours) was considered for the complete drawdown of the accumulated water level after the rainfall event, without the occurrence of additional significant rainfall during this interval. The required pumping flow rate was therefore determined by dividing the total accumulated volume between infiltration water and rainfall over this period.

The highest flow values were observed in the deeper and more extensive phases of the pits, particularly for the Anitta 3 pit (final phase, year 5), with a flow rate of 86.7 m³/h, and for the Anitta 2 pit (final phase, year 5), with a flow rate of 65.7 m³/h. For the Anitta 2.5 pit, the estimated flow rate is 36.5 m³/h. These values represent the design flow rates for the pumping system and will be periodically adjusted according to the progress of mining operations and actual field data.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 262 <br>

**Table 15-5 Total Water Inflow and Dewatering Flow Rate Associated with the 14-Day Period**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Pit** | **Mining Phase** | **Start Year** | **Constant Groundwater Inflow** <br> **(m³/h)** | **Total 14 Days Ground water Inflow** <br> **(m³)** | **Total volume of water associated with the rainfall event**<br> **(m³)** | **Total Water Inflow**<br> **(m³)** | **Required Discharge Flow Rate over 14 Days**<br> **(m³/h)** |
| Anitta 2 | Phase 1 | Year 0 | 0 | 0 | 8545 | 8545 | 25.4 |
| Anitta 2 | Phase 2 | Year 3 | 7.5 | 2520 | 12035 | 14555 | 43.3 |
| Anitta 2 | Phase 3 | Year 4 | 7.8 | 2620.8 | 14387 | 17007.8 | 50.6 |
| Anitta 2 | Phase 4 | Year 5 | 11.1 | 3729.6 | 18332 | 22061.6 | 65.7 |
| Anitta 3 | Phase 1 | Year 0 | 0 | 0 | 5839 | 5839 | 17.4 |
| Anitta 3 | Phase 2 | Year 1 | 5.4 | 1814.4 | 11467 | 12981.4 | 38.5 |
| Anitta 3 | Phase 3 | Year 3 | 5.4 | 1814.4 | 18019 | 19833.4 | 58.9 |
| Anitta 3 | Phase 4 | Year 5 | 16 | 5376 | 23739 | 29115 | 86.7 |
| Anitta 2.5 | - | - | 6.1 | 2049.6 | 10231 | 12280.6 | 36.5 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 263 <br>

15.5 **Mine Waste, Low-Grade Ore and Tailings Storage Facilities** 

15.5.1 Internal
 Drainage

The PDER-1 and PDE-2 internal drainage system was designed with the purpose of collecting contributions from the water influx resulting from recharge on the structure, preventing saturation and subsequent mass destabilization.

The internal drainage system of PDER-1 consists of 06 (six) trapezoidal internal drains, with 2 main drains (PDER-1-DP01, and PDER-1-DP02) and 4 (four) secondary drains (PDER-1-DS01, PDER-1-DS02, PDER-1-DS03, and PDER-1-DS04). PDE-2 has 3 (three) trapezoidal drains, with 1 (one) main drain (PDE02-DP01), and 2 (two) secondary drains (PDE02-DS01 and PDE02-DS02), in addition to both structures having a protective toe drain made of rockfill.

The Figure 15-15 presents the general layout of the internal drainage system for PDER-1 and PDE-2.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 264 <br>

**Figure 15-15 General Layout of the Internal Drainage System for PDER-1 and PDE-2**

![](pg201-300_052.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 265 <br>

To determine the average monthly precipitation value for the contributing basin of the internal drainage system of PDER-1 and PDE-2, the historical rainfall data from the Fazenda Facão station (code 1742020), located in the municipality of Araçuaí/MG, was used. Due to the climatic patterns of the study area, with average precipitation rates lower than annual evapotranspiration, according to data from INMET, the maximum monthly precipitation obtained from the analyzed historical series was considered for the calculation of the design flow rates to be used in the dimensioning of the internal drainage system of PDER-1 and PDE-2.

The calculation of the recharge value should consider evapotranspiration, which represents the portion of the precipitated value, over the course of a year, that will return to the atmosphere in the form of vapor before reaching the basin outlet or infiltrating into the soil.

In the evapotranspiration study, the station with INMET code 83442, located in Araçuaí / MG, was analyzed. From the available data for this station, the average annual evapotranspiration was determined.

15.5.1.1 Internal
 Drain

The construction of the internal drains consists of three layers of transitions and draining core. Typical sections were adopted, as shown in Figure 15-16.

**Figure 15-16 Typical Section – Internal Drain of PDER-1 and PDE-2**

![](pg201-300_053.jpg)

The cross-section of the main and secondary drains of PDER-1 and PDE-2 should consist of a 0.30 m layer of sand, a 0.30 m transition layer of Gravel 1, 0.30 m of Gravel 3, and a draining core made of rockfill.

15.5.1.2 Toe
 Drain

At the outlets of the internal drainage system, a rockfill protection structure must be implemented, whose function is to protect the drain from the transport of materials by the water flow. The toe drain, located in the outer zone of the downstream slope of the pile, should be made of rockfill with D<sub>50</sub> = 200 mm. The Figure 15-17 shows the detail of the junction between the internal drain and the rockfill face of the PDER-1 and PDE-2 piles.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 266 <br>

**Figure 15-17 Internal Drain Outlet Sections**

![](pg201-300_054.jpg)

15.5.2 Geotechnical
 Studies

For the future piles, three types of instrumentation have been defined. Figure 15-18 and Figure 15-19 show the instruments planned for PDER-1 and PDE-2, respectively, totaling 18 (eighteen) double-chamber piezometers, 3 (three) inclinometers, and 9 (nine) surface markers.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 267 <br>

**Figure 15-18 Location of Instruments Provided for PDER-1**

![](pg201-300_055.jpg)

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**Figure 15-19 Location of Instruments Provided for PDE-2**

![](pg201-300_056.jpg)

For both structures, the installation of double-chamber piezometers is planned, with one chamber placed in the first expected material (colluvium) and the second in the material immediately underlying the first (shale saprolite). To ensure accurate placement of the chambers. The prior identification of the terrain profile before instrument installation should be determined by conducting geological-geotechnical surveys at the original location of each piezometer, in a technical specification to be detailed later. The objective is also to reach the bedrock for both the definition of the geological-geotechnical profile and future anchorage of the inclinometers when needed. Once the installation depth of the piezometers is defined. They should be installed, isolating each section of interest.

As the pile develops, the "raising" of the originally installed instrument covering on natural terrain should occur. In regions where the piling of waste rock is expected, every 1.5 m. The space around the instrument's metal tube should be filled with gravel, which will serve as a foundation for the next rise until the final instrument elevation is reached, according to the geometric design of each pile. In embankment sections made of waste soil or tailings, this material should be locally placed to achieve the desired compaction of the waste.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 269 <br>

For the installation of inclinometers. The geological-geotechnical recovery drilling performed for the piezometers should extend to the bedrock section, which will also be detailed in a subsequent technical specification. Advanced up to 5.0 meters into the rock to eliminate the possibility of encountering a rock block. Once this elevation is known. The lower end of the guide tubes should be anchored into this rock to ensure a fixed reference point for the instrument. As expected for the piezometer, the inclinometer guide tube series should be raised along with the development of the pile, following a similar approach.

The surface markers, in turn, should be fixed at the final berms of each completed stage of the pile operation. As with the other instruments, the installation details of the instruments and the prior surveys will be detailed in a document to be prepared for the Detailed Phase of the project.

15.5.3 Geotechnical
 Stability Analysis

Stability analyses were conducted using the software Slide2, version 2020, from Rocscience. To evaluate the structures in relation to the limit equilibrium, three distinct methods were adopted: Spencer and GLE/Morgenstern-Price. The analysis was carried out considering non-circular failure surfaces, as the waste material presents heterogeneous characteristics, which does not justify assuming circular failure surfaces.

Table 15-6 presents the minimum safety factors according to the Brazilian technical standard NBR13.029 for the Preparation and Presentation of Tailings Disposal Design in Piles, 2024.

**Table 15-6 Minimum Safety Factors for Tailings Piles (NBR 13.029:2024)**

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|:---|:---|:---|
| **Analysis Type** | **Slope** | **Slope** |
| Overall slope failure<sup>a</sup> | Operacional | Final |
| Overall slope failure<sup>a</sup> | 1.5 | 1.5 |
| Bench slope <sup>b</sup> Failure | 1.3 | 1.5 |

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Given the heterogeneity and characteristics of the waste piles, the minimum suggested Safety Factor, based on Limit Equilibrium Methods (LEM), should be considered as one of the assessments, not the sole determinant of the overall structure's safety. It should be accompanied by inspections, risk analysis and categorizations, appropriate engineering judgment, and other complementary evaluations.

 

<sup>b</sup> For a bench slope with predominance of rock, the minimum safety factor for the final geometry can be 1.3. A predominantly rocky slope is one in which mass resistance is primarily governed by the interaction between the blocks.

Thus, the analyses were evaluated under the following conditions indicated in Table 15-7.

**Table 15-7 Adopted Admissible Safety Factors**

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|:---|:---|:---|:---|
| **Acceptable Safety Factor** | **Acceptable Safety Factor** | **Acceptable Safety Factor** | **Acceptable Safety Factor** |
| Water Table | Type of Request | Type of Failure | Acceptable SF |
| Water Table | Type of Request | Type of Failure | Acceptable SF |
| Normal | Drained\* | Overall | 1.5 |
| Normal | Drained\* | Overall | 1.5 |
| Normal | Drained\* | Benchs | 1.5 |
| Normal | Drained\* | Benchs | 1.5 |
| Normal | Drained + earthquake (pseudo-static)\* | Overall | 1.1 |
| Normal | Drained + earthquake (pseudo-static)\* | Overall | 1.1 |

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Note: For non-circular ruptures.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 270 <br>

To define the groundwater table level, in the absence of instrumentation in the area, the 24-hour W.L. reading from the 9 boreholes drilled in the pile areas was used. For the regions of the streambeds, field observations and readings of the boreholes themselves were used, where the absence of perched water in the drains was verified.

The stability analyses were conducted considering effective stress resistance, using the Mohr-Coulomb criterion (effective cohesion, c', and effective friction angle, φ') and Hoek-Brown (UCS, GSI, mi, and D).

The stability analyses considered three distinct scenarios:

● Scenario 1:
 drained conditions for the materials.

● Scenario 2: pseudo-static
 drained conditions.

Additionally, for the PDER-1 structure, identified as the most critical scenario, the materials were analyzed considering two distinct approaches:

● Approach
 1: Core made of "sterile/soil" material; and

● Approach
 2: Core made of "coarse waste" material.

Table 15-8 represents the safety factors presented during the analysis of each section.

**Table 15-8 SF Results - Stability Analysis**

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| **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** |
| **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** | **PDER-1 – Core in waste/soil** |
| **1-1'** | **1-1'** | **1-1'** | **1-1'** | **1-1'** | **1-1'** | **1-1'** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | Spencer | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | 1.5 | 1.5 | Yes |
| Drained + earthquack (pseudo-static) | Overall | 1.1 | Non-Circular | 1.4 | 1.4 | Yes |
| **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | Spencer | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | 1.5 | 1.5 | Yes |
| Drained + earthquack (pseudo-static) | Overall | 1.1 | Non-Circular | 1.4 | 1.4 | Yes |

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|:---|:---|:---|:---|:---|:---|
| **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** | **Anitta Project (Atlas Lithium)** |
| **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** | **2-2' (From right to left)** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | 1.5 | Yes |
| Drained + earthquack (pseudo-static) | Overall | 1.1 | Non-Circular | 1.3 | Yes |
| **3-3'** | **3-3'** | **3-3'** | **3-3'** | **3-3'** | **3-3'** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | - | - |
| Drenada + sismo (pseudoestatica) | Overall | 1.1 | Non-Circular | 1.3 | Yes |
| **PDE-2 - Core in waste/soil** | **PDE-2 - Core in waste/soil** | **PDE-2 - Core in waste/soil** | **PDE-2 - Core in waste/soil** | **PDE-2 - Core in waste/soil** | **PDE-2 - Core in waste/soil** |
| **4-4'** | **4-4'** | **4-4'** | **4-4'** | **4-4'** | **4-4'** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | 1.5 | Yes |
| Drained + earthquack (pseudo-static) | Overall | 1.1 | Non-Circular | 1.4 | Yes |
| **5-5'** | **5-5'** | **5-5'** | **5-5'** | **5-5'** | **5-5'** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | **Obtained SF** | **Stable** |
| **Type of Request** | **Type of Failure** | **Acceptable SF** | **Failure Surface** | GLE | **Stable** |
| Drained | Overall | 1.5 | Non-Circular | 1.5 | Yes |
| Drained | Benchs | 1.5 | Non-Circular | 1.5 | Yes |
| Drained + earthquack (pseudo-static) | Overall | 1.1 | Non-Circular | 1.7 | Yes |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 272 <br>

15.5.4 Hydrological
 and Hydraulic Studies

The calculation of the design flow rates for the Surface Drainage of PDER-1 and PDE-2 was carried out considering a return period of 100 years for all structures in general, and 500 years for the peripheral channels. Structures of a temporary nature were designed with a return period (TR) of 50 years for peripheral channels and 20 years for the other elements.

The results of the hydrological and hydraulic studies carried out to develop the Basic Design of the Waste Rock Deposition Piles – PDER-1 and PDE-2 are presented on next sections.

15.5.4.1 Surface
 Drainage Layout

The design of the surface drainage system for the Waste Rock Deposition Piles (PDER-1 and PDE-2) was carried out based on the layout shown in Figure 15-20 and Figure 15-21, where the nomenclature used for each of the structures can be consulted.

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**Figure 15-20 Surface Drainage Diagram of PDER-1**

![](pg201-300_057.jpg)

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**Figure 15-21 Surface Drainage Diagram of PDE-2**

![](pg201-300_058.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 275 <br>

15.5.5 Pile
 Geometric Design

For the design of the future PDER-1 and PDE-2, a "wedding cake" type geometry is planned, with PDER-1 being implemented in three phases and PDE-2 in two. For phase I of PDER-1 will be developed in the area shown in Figure 15-22. To ensure a satisfactory Factor of Safety (FS) considering the new test results, benches with a height of 20.0 meters, berm widths of 10.0 meters, and slope face angles of 37.6° (1V:1.3H) were designed for this stage, resulting in an expected waste disposal volume of 13.9 million cubic meters.

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**Figure 15-22 General Layout of Phase I of PDER-1**

![](pg201-300_059.jpg)

For Phase II (Figure 15-23), DF+ maintained the same configurations for bench heights, berm widths, and slope face angles as in Phase I, expanding towards the southern boundaries of the area. In this scenario, the stacking of Phase II over Phase I (Figure 15-24) will result in an additional volume of 9.8 million cubic meters, leading to a total waste disposal volume (Phase I + Phase II) of 23.7 million cubic meters.

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**Figure 15-23 General Layout of Phase II of PDER-1**

![](pg201-300_060.jpg)

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**Figure 15-24 Schematic Section of Phase II of PDER-1, Indicating the Geometry of Phase I to be Stacked**

![](pg201-300_061.jpg)

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Requiring capacity for disposal is greater than the total presented in the two previous phases, DF+ developed a complementary arrangement for the pile, referred to as Phase III, considering optimization of the region according to the topography, as shown in Figure 15-25. In this configuration, Phase III maintained bench geometry like Phases I and II, achieving an additional stacking volume of 28.9 million cubic meters. In this final configuration, the total final volume reached 52.6 million cubic meters, with PDER-1 reaching a final height slightly exceeding 200 meters at its highest section.

**Figure 15-25 General Layout of Phase III of PDER-1**

![](pg201-300_062.jpg)

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**Figure 15-26 Schematic Section of Phase III of PDER-1**

![](pg201-300_063.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 281 <br>

For PDE-2, the geometric design of Phases I and II was developed by DF+ throughout 2025. For Phase I (Figure 15-27 and Figure 15-28), benches were designed with a height of 20 meters, berm widths of 10 meters, and slope face angles of 34° (1V:1.5H), not exceeding four benches at the highest section (approximately 80 meters total). For this phase, the pile will have a capacity to accommodate 4.4 million cubic meters of waste.

**Figure 15-27 General Layout of Phase I of PDE-2**

![](pg201-300_064.jpg)

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**Figure 15-28 Schematic Section of Phase I of PDE-2**

![](pg201-300_065.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 283 <br>

For Phase II of PDE-2, as in the case of PDER-1, an expansion of the pile's area limit was requested to meet the expected production volume of waste. In its final configuration (Figure 15-29 and Figure 15-30), the geometry of the benches was maintained, and with the expanded limits, a volume of 7.2 million cubic meters was achieved. of which 2.8 million cubic meters refer to restacking.

**Figure 15-29 General Layout of Phase II of PDE-2**

![](pg201-300_066.jpg)

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**Figure 15-30 Schematic Section of Phase II of PDE-2**

![](pg201-300_067.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 285 <br>

Finally, since the faces of each of the structures will be composed of rockfill, no revegetation will be implemented on the slopes. However, a lining will be installed on the berms to allow the transit of equipment and vehicles during the operation and monitoring of the structures.

15.5.6 Volumes of Waste and Tailings Produced

Based on the estimated production of waste rock and tailings, for the first five years of operation, the volumes of these materials have been quantified as shown in Table 15-9. Future sequencing and material handling beyond this period will be detailed as part of the upcoming PDE-03, ensuring continuity and alignment with project development.

**Table 15-9 Expected Generation of Tailings and Waste Rock in the Anitta Project**

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| **Category** | **Volume (m³)** | **Volume (m³)** | **Volume (m³)** |
| **Category** | **Weathered Waste** | **Fresh Waste** | **Tailings** |
| **Pre-stripping** | 899066 | 108824 | 0 |
| **Year 1** | 3901797 | 5510596 | 574566 |
| **Year 2** | 3539981 | 9643563 | 574566 |
| **Year 3** | 2798002 | 13233031 | 574566 |
| **Year 4** | 0 | 10500506 | 574566 |
| **Year 5** | 0 | 1388113 | 574566 |
| **TOTAL** | 11138845 | 40384633 | 2872832 |

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15.5.7 Disposal of Waste Rock and Tailings

To ensure the stability of the structures (PDER-1 and PDE-2), the disposal of materials must be carried out in a zoned manner. Thus, in PDER-1, the weathered waste rock and the tailings must be placed in the central portion of the structure, while the fresh waste rock should be placed in the external portion. In PDE-2, the weathered waste rock must be disposed of in the central portion, and the fresh waste rock in the external portion.

Based on this premise, the disposal capacity for waste rock and tailings in the piles was determined, as shown in Table 15-10 and Table 15-11.

**Table 15-10 Waste Rock and Tailings Disposal Capacity in PDER-1**

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| **Volume (m³)** | **Volume (m³)** | **Volume (m³)** |
| **Weathered Waste / Tailings** | **Fresh Waste** | **Total** |
| 12912960 | 36141512 | 49054472 |

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**Table 15-11 Waste Rock Disposal Capacity in PDE-2**

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| **Volume (m³)** | **Volume (m³)** | **Volume (m³)** |
| **Weathered Waste / Tailings** | **Fresh Waste** | **Total** |
| **578862** | **5436711** | **6015573** |

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The volume of materials to be deposited in the PDER-1 and PDE-2 piles was quantified, as presented in Table 15-12.

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**Table 15-12 Deposition of Waste and Waste in Piles**

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| | **Volume (m³)** | **Volume (m³)** | **Volume (m³)** |
| | **Weathered waste** | **Tailing** | **Fresh Waste** |
| **Total material generated** | 11138845 | 2872832 | 40384633 |
| **PDER-1 capacity** | 12912960 | 12912960 | 36141512 |
| **PDE-2 capacity** | 578862 | - | 5436711 |
| **Additional need** | 0 | 519856 | (1193591) |

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Based on this assessment, it was determined that PDER-1 and PDE-2 will be capable of accommodating the entire volume of fresh waste produced up to year 5. Furthermore, it was identified that from the fifth year onward, there will be an excess volume of approximately 519.856 m³ of tailings. This relatively small volume can be allocated to the Pile 3, whose design is currently under development.

15.6 IT
 and Communication Infrastructure

The proposed IT infrastructure ensures efficient support for mining operations, promoting safety, regulatory compliance, and operational efficiency, and considers the following items, illustrated in Figure 15-31.

**Figure 15-31 Illustrative Diagram of IT Infrastructure**

![](pg301-350_001.jpg)

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15.6.1 WAN (Wide Area Network)

The project's WAN architecture includes redundant internet connections via fiber optic (we will extend an existing fiber optic cable from a local ISP that is present in the Nossa Senhora das Neves Community) and radio communication (we already have a Radio Internet Circuit in a support area that is closed to Anitta 2. The current circuit is 100 Mbps (can be increased at any time) and is used by the Atlas Team and visitors).

Fiber will serve as the main communication link, while a radio link will provide contingency through automatic failover. Load balancing will be configured to maintain performance and system stability during critical operations.

15.6.2 LAN (Local Area Network) and WLAN (Wireless
 Local Area Network)

The local network infrastructure is based on a hierarchical star topology, with core and edge switches interconnected at 1 Gbps in administrative areas and in operational zones. The WLAN system is based on **Wi-Fi 6 (802.11ax)**, offering high-speed wireless coverage in offices and production units. Key components include:

● Structured cabling with Cat6 and fiber optics.

● Wireless controller with centralized management.

● VLAN segmentation to improve security and performance.

● Organized racks with temperature control and uninterruptible power supplies (UPS).

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**Figure 15-32 Illustrative Design of IT and TA Backbone**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 289 <br>

15.6.3 Data
 and Voice Communication Systems

Communication systems follow a unified model based on Microsoft Teams for VoIP calls, corporate chat, and video conferencing. In operational areas, a push-to-talk (PTT) radio system will be implemented to ensure agile and secure communication among field teams.

Key components include:

● Unified communications via Microsoft Teams on desktop and mobile devices.

● Integration with corporate directory and calendar for presence awareness and scheduling.

● PTT radios with dedicated channels for operational and safety teams.

● Communication redundancy through radio systems in case of network issues.

These solutions ensure seamless and reliable communication between administrative and operational areas, covering all work shifts and operational scenarios.

15.6.4 Security
 Systems

Site security is supported by a CCTVs system composed of high-resolution IP cameras, including night-vision and PTZ models, installed at strategic plant locations (total of cameras that will be installed: 31). Feeds are monitored in real time from a centralized security room and archived for up to 90 days on redundant NAS devices, with cloud backup for extended retention.

An access control system will also be implemented, using RFID badges and biometric readers to:

● Control the entry and exit of personnel and vehicles.

● Restrict access to sensitive areas.

15.6.5 Information
 Security

Information security is based on a multi-layered defense strategy, including:

● Firewall, endpoint protection, and Microsoft Defender.

● Access control policies with multi-factor authentication (MFA).

● Frequent audits of permissions and data protection measures.

● Incident response plans and protections against ransomware and phishing.

● Data backup and recovery to mitigate risks of loss of essential information.

● Cybersecurity monitoring to protect against external attacks and internal threats.

15.6.6 Regulatory
 Compliance and Auditing

The IT environment is aligned with international standards and applicable legislation, including:

● ISO 27001, GDPR, LGPD for the protection of sensitive data.

● Business continuity plans to ensure uninterrupted operations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 290 <br>

15.7 Processing
 Area

15.7.1 ROM
 PAD/ Crushing Area/ Crushed Ore Storage Reclaim – Area 310

The ROM PAD and Crushing Area covers a 12,000m² footprint that receives the run of mine (ROM) material from the pit via haul trucks. The haul trucks will deliver to one of 5 different stockpiles or ROM Fingers (320-SPL-001@005) based on grade and contamination content, which is then blended by ratios to achieve the desired plant feed composition. This material is then fed to the Crushing Circuit by a front-end loader.

The crushing plant consists of a 1.2 MTPA plant with 3 stages of crushing and 2 screening stages. The Primary Crushing is open circuit using a jaw crusher, and the Secondary and Tertiary Crushing in closed circuit with cone crushers. The closing screen size in the comminution circuit is 9.5 mm. The crushing circuit product material is directed to the "Crushed Ore Storage and Reclaim" stockpile (320-SPL-015), an additional area of approximately 7,500 m², from where a loader starts the process by feeding the Feed Preparation area.

Figure 15-33 illustrates ROM PAD, crushing area, and crushed ore storage reclaim of Area 310. Figure 15-34 displays the crushing flow chart and Figure 15-35 illustrates the crushing layout.

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**Figure 15-33 ROM PAD/ Crushing Area/ Crushed Ore Storage Reclaim – Area 310**

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**Figure 15-34 Crushing Flowchart**

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**Figure 15-35 Conceptual Crushing Layout Plan**

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15.7.2 Feed
 Preparation – Area 410

The Feed Preparation Area is the preliminary wet processing section of the wet process plant. The crushed ore material is reclaimed by front end loader and deposited in the FEL Feed Bin. The material is extracted from the feed bin via a belt feeder and conveyor, repulped with water in a feed box, and transferred to a vibrating screen with 0.85 mm x 18.5 mm aperture screen panels. The purpose of this classification step is to remove the fine -0.85mm crushed ore which is too fine to be processed in the DMS Plant. This material is directed to the tailings system. The screen oversize material is comprised of a -9.5+0.85mm particle size distribution which is transferred to a conveyor and then delivered to the Primary DMS Plant for further processing.

Figure 15-36 represents Area 410 and Figure 15-37 illustrates a crushing flowchart.

**Figure 15-36 Feed Preparation – Area 410**

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**Figure 15-37 Feed Preparation Flowchart**

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15.7.3 Primary
 DMS – Area 420

The first unit operation within Area 420 is a subsequent fine particle removal on the Deslime Screen, which removes any residual fine ore (-0.6mm material) prior to the Primary DMS.

Dense media separation (DMS) is a mineral processing method that facilitates the separation of particles based on their density (also known as specific gravity) differences. This is achieved by creating a fluid or slurry with a specific gravity (SG) that lies between the 2 particles that need to be separated. For example, if a mineral of interest such as spodumene has an SG of 2.95, and the gangue material has an SG of 2.70, if a fluid with a SG of 2.80 existed, one particle would float, and the other would naturally sink in that liquid. This is the principle of DMS.

A fine powdered material called ferrosilicon (FeSi) is mixed with water to create a slurry, and water is added and removed under careful control to modify the slurry SG and control the SG separation point (also known as the cut point).

The FeSi slurry at the desired SG is mixed with the ore in a specialized DMS mixing box and is fed to a DMS cyclone which separates the ore from the gangue material, with the heavy spodumene/pegmatites discharging from the cyclone spigot and the lighter gangue material discharging from the cyclone overflow. This separation is typically performed in 2 stages, (hence Primary and Secondary DMS) which results in a more efficient separation with superior recovery. The slurry that is discharged from the hydro cyclones is delivered to drain and rinse screens which recover the FeSi for re-use by draining and washing the ore with water.

In general, one stage of DMS consists of a DMS Mixing Box (which facilitates a constant head pressure on the DMS Cyclone Feed Pump suction), DMS cyclone, vibrating drain and rinse screens, pumps and densifier for regulating density and separating the floats and sinks materials, in addition to a magnetic separator and demagnetizing coil for recovering the FeSi. The DMS consists of 2 circuits, a Correct Medium circuit, and a Dilute Medium Circuit, which operate together to recover FeSi and control the density of the FeSi slurry by removing and adding water as required. This is achieved using densitometers, pipe densifiers and magnetic separators.

Figure 15-38 and Figure 15-39 represents the 3D model of Neves Project for the Primary DMS.

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**Figure 15-38 Primary DMS – Area 420 - View 1**

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**Figure 15-39 Primary DMS – Area 420 - View 2**

![](pg301-350_010.jpg)

15.7.4 Primary Floats Stockpile – Area 510

As mentioned in the previous section, the process of concentrating spodumene via dense medium separation is based on the separation between float and sink materials via density. In this case, the spodumene is the denser material (being the mineral of interest). As a reject of primary DMS, the less dense material (floats) is directed to a waste stockpile, called the Primary Floats Stockpile, as shown in Figure 15-40.

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**Figure 15-40 Primary Floats Stockpile – Area 510**

![](pg301-350_011.jpg)

15.7.5 Interstage Screening – Are 430

The Interstage Screening Area has the function of receiving the sinks material from the Primary DMS and classifying it on a vibrating screen, equipped with 0.5 mm x 8 x 8.8 mm HFSWF aperture panels, directing the oversize to the secondary DMS and the undersize to the tailings system.

Figure 15-41 represents the interstage screening of Area 430 and Figure 15-42 illustrates the crushing flowchart.

**Figure 15-41 Interstage Screening – Area 430**

![](pg301-350_012.jpg)

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**Figure 15-42 Interstage Screening Flowchart**

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15.7.6 Secondary DMS – Area 440

The interstage screen assisted with removal of residual fine particles and some dewatering prior to the Secondary DMS which assists with SG control in the next stage of DMS processing. The sinks material from the Primary DMS provides the feed material for the Secondary DMS Area. For spodumene processing, the secondary DMS stage will operate at a higher FeSi SG than the primary DMS stage. The floats material is rejected again, while the sinks material from the Secondary DMS is the final product of the process (concentrated spodumene).

As with the primary DMS, the secondary DMS consists of a DMS Mixing Box, a DMS cyclone, vibrating drain and rinse screens, pumps and a densifier to regulate density and to separate floats and sinks materials, in addition to a magnetic separator to recover the FeSi utilized in this second separation stage.

Figure 15-43 and Figure 15-44 represents the 3D model of Neves Project for the Secondary DMS.

**Figure 15-43 Secondary DMS – Area 430 - View 1**

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**Figure 15-44 Secondary DMS – Area 430 – View 2**

15.7.7 Secondary Floats Stockpile – Are
 520

Analogous to the purpose of the Primary Floats Stockpile, the Secondary Floats Stockpile receives the floats/rejects material from the Secondary DMS stage.

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**Figure 15-45 Secondary Floats Stockpile – Area 520**

![](pg301-350_016.jpg)

15.7.8 Final Product Stockpile – Area 530

The sinks material from the Secondary DMS is the final product of the process (concentrated spodumene in the range of 5.0-6.0%w/w), which is transferred by conveyors to the Final Product Stockpile.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 303 <br>

**Figure 15-46 Final Product Stockpile – Area 530**

15.7.9 Tails Handling – Area 450

The tailings area is comprised of a thickener, pumps, flocculant skids, filter feed tanks with agitators, and a vacuum horizontal belt filter. All effluent separated in the process is directed to the thickener, a unit operation in which filtered water is recovered for reuse in the process, and the tailings slurry is dewatered to around 50%w/w solids prior to being filtered for dry stack tailings. The thickener U/F slurry is directed to two buffer tanks prior to feeding the vacuum filter belt.

In the vacuum belt filter, a final solid-liquid separation occurs whereby the slurry moisture is reduced to around 15%. The recovered water/filtrate is recirculated to the thickener, and the cake containing minimal moisture is directed to the conveyor that feeds the grit stockpile. This material represents the plant fine tailings which is recombined with the coarse rejects for a dry stack tailings deposition process.

Figure 15-47 illustrates tails handling of Area 450 and Figure 15-48 illustrates the tails handling flowchart.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 304 <br>

**Figure 15-47 Tails Handling – Area 450**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 305 <br>

**Figure 15-48 Tails Handling Flowchart**

![](pg301-350_019.jpg)

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15.7.10 Grit Stockpile – Area 540

As mentioned in the previous section, the filter cake generated by the horizontal belt filter, discharges onto a conveyor that feeds the Grit Stockpile. Figure 15-49 illustrates the grit stockpile in Area 540.

**Figure 15-49 Grit Stockpile - Area 540**

15.7.11 Water Tanks – Areas 620 and 630

The water tank area is comprised of 3 key water tanks: the process water tank, the firewater tank, and the effluent water tank. Water is recovered from remote bores and supplies the raw water ponds. Water is pumped from pond 630-DAM-002 to these three tanks to replenish the mine's water, passing through a sand filter before feeding the effluent water tank, which consists, in fact, of a buffer for the closed circulation of the water used in the DMSs (FeSi entrained water). The capacity of the effluent water tank is around 15 m³. The Process Water Tank receives the filtered water from the thickener and distributes it throughout the plant. Its capacity is 879 m³.

Finally, the Firewater Tank has a capacity of 218m³ and is connected to a firefighting skid, which consists of electric and diesel pumps that pressurize the plant's buried firewater ring main.

The Figure 15-50 represents the areas 620 and 630 of the project.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 307 <br>

**Figure 15-50 Water Tanks – Areas 620 and 630**

![](pg301-350_021.jpg)

15.7.12 Compressed air – Area 610

The plant's compressed air system consists of compressors, filters, dryers and accumulator vessels, separated into two systems: one dedicated to the DMS instruments (primary and secondary), and the other for air service for all units. These compressors are located near the tailings and water tanks area.

15.7.13 Emergency Ponds – Area 630

Emergency ponds (630-DAM-005) are ponds to be used as an emergency in the event of vacuum belt filter shutdowns. Their geometry and construction methods allow the sedimentation of fines, filtering the water in a porous containment wall with a textile blanket. The water that infiltrates this wall is collected in a channel and directed to the plant drainage system. Since this filtration process has a flow rate lower than the potential inflow of the slurry into the ponds, pumps are provided to pump the contents back to the thickener.

The highlighted part of Figure 15-51 corresponds to the emergency ponds.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 308 <br>

**Figure 15-51 Emergency Ponds**

![](pg301-350_022.jpg)

15.7.14 Mine Support Area / Truck Shop / Truck
 Wash

The operation of the mine will be outsourced, so the Project's engineering team does not foresee the construction of a support structure for the mine by Atlas. In the mine operation outsourcing contract, it will be stipulated that the contractor will build its own required support structure, in addition to using the existing area to be made available by Atlas. This will allow the contracted company to adapt the installations according to the size of the equipment in its fleet. Atlas will supply water and electricity to the contracted company's premises at the mine site.

15.8 Support
 Buildings – Processing Plant

15.8.1 Plant Administration – Building

The following premises were considered when designing the administrative building:

● Male/female ratio adopted: 50/50% for administrative staff

● Maximum number of people using the administrative building: 40 people

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The administrative building will receive modular construction considering thermoacoustic panels and includes the following internal areas:

**Table 15-13 Administrative Office Building**

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|:---|:---|
| **Administrative Office Environment** | **m²** |
| Reception (6 Seats) | 15 |
| Administrative Staff (10 Stations) | 45 |
| Operational Staff (20 Stations) | 90 |
| Management Room 01 | 8 |
| Management Room 02 | 8 |
| Management Room 03 | 8 |
| Management Room 04 | 8 |
| Management Room 05 | 8 |
| Meeting Room 8 People | 15 |
| Meeting Room 16 People | 30 |
| Technical Archive | 5 |
| Cafeteria | 10 |
| Women's Toilet | 12 |
| Men's Toilet | 12 |
| Toilet for People with Disabilities | 4 |
| Cleaning Material Deposit | 4 |
| Electrical Room | 15 |
| It Room | 15 |
| **Estimated Total** | **312** |

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**Figure 15-52 Administrative Building – Perspective View**

![](pg301-350_023.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 310 <br>

**Figure 15-53 Administrative Building – Inside View**

![](pg301-350_024.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 311 <br>

**Figure 15-54 Administrative Building – Plan View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 312 <br>

15.8.2 Canteen – Area 712

The program was dimensioned and developed considering that there will be no food production on site, that is, it will come ready, packaged properly and will only be distributed on site. A maximum staff of 60 people was considered per shift. The program includes the following internal areas:

**Table 15-14 Canteen**

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|:---|:---|
| **Canteen Environment** | **m²** |
| Access/Hygiene Hall | 15 |
| Women's Toilet | 12 |
| Men's Toilet | 12 |
| Toilet for People with Disabilities | 4 |
| Hall of Entrance | 120 |
| Kitchen | 25 |
| Women's Locker Room (for Cafeteria's Employee) | 10 |
| Men's Locker Room (for Cafeteria's Employee) | 10 |
| Locker Room for People with Disabilities | 10 |
| Receiving Dock | 10 |
| Storage | 8 |
| Washing and Storage | 8 |
| Cleaning Material Deposit | 4 |
| Garbage | 5 |
| Circulation | 15 |
| **Estimated Total** | **268** |

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**Figure 15-55 Canteen – Perspective View**

![](pg301-350_026.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 313 <br>

**Figure 15-56 Canteen – Inside View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 314 <br>

**Figure 15-57 Canteen – Plan View**

![](pg301-350_028.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 315 <br>

15.8.3 Outpatient Clinic – Area 713

The Medical Outpatient Clinic program includes the following internal areas:

**Table 15-15 Outpatient Clinic**

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|:---|:---|
| **Outpatient Clinic Environment** | **m²** |
| Reception | 10 |
| 2 Bed Ward | 20 |
| Medical Room | 8 |
| Toilet For People with Disabilities | 4 |
| Locker Roomfor Clinic Staff | 12 |
| Purge Room | 4 |
| Waste Area | 4 |
| Circulation | 10 |
| Parking Lot for Ambulance | 45 |
| **Estimated Total** | **117** |

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**Figure 15-58 Outpatient Clinic – Perspective View**

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**Figure 15-59 Outpatient Clinic – Inside View**

![](pg301-350_030.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 317 <br>

**Figure 15-60 Outpatient Clinic – Plan View**

![](pg301-350_031.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 318 <br>

15.8.4 Main Gatehouse – Area 714

The Main gatehouse is intended for the delimitation and access control of industrial unit. The building provides an external covered access control area for 2 turnstiles, to personnel entrance. The gatehouse will control the access and exit of vehicles on the site in 2 lanes, one for entry and one for exit for light vehicles and trucks, all controlled by gates. A training room is also planned in the building.

Table 15-16 lists the main gatehouse program including the following internal areas:

**Table 15-16 Main Gatehouse**

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|:---|:---|
| **Main Gatehouse Environment** | **m²** |
| Doorman - 2 Seater | 10 |
| Cafeteria | 4 |
| Waiting Room - 5 Seats | 12 |
| Fem Toilet (Also Serves People with Disabilities) | 4 |
| Male Toilet (Also Serves People with Disabilities) | 4 |
| Cleaning Material Deposit | 3 |
| Covered Access | 20 |
| Training Room (8 Seats) | 15 |
| **Estimated Total** | **70** |

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**Figure 15-61 Main Gatehouse – Perspective View**

![](pg301-350_032.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 319 <br>

**Figure 15-62 Main Gatehouse – Inside View**

![](pg301-350_033.jpg)

**Figure 15-63 Main Gatehouse – Plan View**

![](pg301-350_034.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 320 <br>

15.8.5 ROM PAD Gatehouse – Area 714

Due to the arrival of access to the concentration plant, there is a need for a dedicated entrance for trucks loaded with ore from the pits. Table 15-17 lists the ROM PAD Gatehouse areas:

**Table 15-17 ROM PAD Gatehouse**

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| **ROM PAD Gatehouse Environment** | **m²** |
| Doorman Room | 10 |
| Sanitary | 3 |
| **Estimated Total** | **13** |

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**Figure 15-64 ROM PAD Gatehouse – Perspective View**

**Figure 15-65 ROM PAD Gatehouse – Inside View**

![](pg301-350_036.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 321 <br>

**Figure 15-66 ROM PAD Gatehouse – Plan View**

15.8.6 Dispatch Gatehouse – Area 714

Due to the arrival of access to the concentration plant, there is a need for a dedicated dispatch gatehouse for trucks loaded with concentrated spodumene or material to be deposited on the Waste and Tailing Dump. Table 15-18 lists the Dispatch Gatehouse areas.Figure 15-67, Figure 15-68, and Figure 15-69 illustrate the Gatehouse:

**Table 15-18 Dispatch Gatehouse**

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| **Dispatch Gatehouse Environment** | **m²** |
| Doorman Room | 10 |
| Sanitary | 3 |
| **Estimated Total** | **13** |

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**Figure 15-67 Dispatch Gatehouse – Perspective View**

![](pg301-350_038.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 322 <br>

**Figure 15-68 Dispatch Gatehouse – Inside View**

![](pg301-350_039.jpg)

**Figure 15-69 Dispatch Gatehouse – Plan View**

![](pg301-350_040.jpg)

15.8.7 Locker Room – Area 715

The following premises were considered when designing the locker room:

● Total workforce of the industrial plant
 – 150 people

● Male/female ratio adopted: 70/30% for
 operational staff and 50/50% for administrative staff

● Maximum number of people using the locker
 room: 60 people per shift

The Locker Room will receive modular construction considering thermoacoustic panels and will serve all operational staff, in addition to the staff of the Workshop and Warehouse. The Locker Room program includes the following internal areas:

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**Table 15-19 Locker Room**

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| **Locker Room Environment** | **m²** |
| Women's Locker Room (18 People + 45 Lockers) | 75 |
| Men's Locker Room (42 People + 105 Lockers) | 165 |
| People With Disabilities Locker Room | 12 |
| Garbage Deposit | 5 |
| Cleaning Material Deposit | 4 |
| **Estimated Total** | **261** |

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**Figure 15-70 Locker Room – Perspective View**

![](pg301-350_041.jpg)

**Figure 15-71 Locker Room – Inside View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 324 <br>

**Figure 15-72 Locker Room – Plan View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 325 <br>

15.8.8 Waste Deposit – Area 717

The building is dedicated to the disposal and separation of industrial waste. It has five bays for class II waste, separated into glass, metal, paper/cardboard, plastic and rejects. There is also one compartment for class I hazardous waste, restricted by masonry and ventilated by a steel grate, and has a 10 cm containment dike at the door threshold. The ceiling height is around 3.00 m. The right and left sides, as well as the back, are sealed with masonry up to the roof. Front part in half wall and steel door, at a height of 1.30 m, except for the compartment intended for the storage of hazardous waste which will be completely isolated.

The building's use program includes:

**Table 15-20 Waste Deposit**

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|:---|:---|
| **Waste Deposit Environment** | **m²** |
| Recyclable Paper | 320 |
| Recyclable Plastic | 320 |
| Recyclable Glass | 320 |
| Recyclable Metal | 426 |
| Waste – Non-Recyclable | 426 |
| Hazardous Waste | 410 |
| **Estimated Total** | **2222** |

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**Figure 15-73 Waste Deposit – Perspective View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 326 <br>

15.8.9 Control Room Support Building – Area
 722

Given that the control room will be provided as an E-House, to be positioned above the substation serving the DMSs, and this electro center does not have bathrooms or support/meeting spaces, a support building was designed close to the control room, and its use program is according to the following table:

**Table 15-21 Control Room Support Building**

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| **Control Room Environment** | **m²** |
| Administrative Support | 9 |
| Cafeteria | 4 |
| Sanitary Fem. | 3 |
| Sanitary Men. | 3 |
| **Estimated Total** | **19** |

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**Figure 15-74 Control Room Support Building – Perspective View**

![](pg301-350_045.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 327 <br>

**Figure 15-75 Control Room Support Building – Inside View**

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**Figure 15-76 Control Room Support Building – Plan View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 328 <br>

15.8.10 Workshop – Area 723

The use of containers, for the delimitation of the building and configuration of the support program, and vinyl canvas coverage on a metal structure, which must be fixed on the containers, will be considered as a construction system. The ceiling height will be approximately 5.20m, guaranteed by the stacking of 2 containers. On the west façade, vinyl canvas closure with mesh windows will be foreseen, for natural ventilation, as well as exhaust fans on the roof.

The containers will be 40ft and these will be emptied during the electromechanical assembly process and will already be on site for the process of adaptation and use of the structure.

Therefore, the supply and installation of materials and all sealing elements - floor, wall, roof, internal coatings, partitions and ceilings, as well as sanitary ware and metal, accessories, frames, hydraulic and electrical installations, and exhaust fans - must be included.

The entire program must be allocated on the ground floor, so that the containers stacked above remain closed and serve only to ensure the necessary ceiling height. The building's use program includes:

**Table 15-22 Workshop**

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| **Workshop Environment** | **m²** |
| Workshop | 446.50 |
| Tool Shop | 25.15 |
| Deposit | 25.15 |
| Administrative Office | 25.15 |
| Women's Toilet | 9.35 |
| Men's Toilet | 15.20 |
| Cafeteria | 25.15 |
| Equipment Storage Room | 25.15 |
| Flammable Liquids Storage Room | 25.15 |
| **Estimated Total** | **621.95** |

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**Figure 15-77 Workshop – Perspective View**

![](pg301-350_048.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 329 <br>

15.8.11 Warehouse – Area 724

The construction will consist of pillars and metal beams, with lateral closure and vinyl canvas covering. Includes materials and installation of all internal and external sealing elements such as floor, wall, roofing, coatings, partitions, ceilings, sanitary ware and metals, accessories and frames.

It is designed with a leveled concrete floor with smooth finish in the internal areas and surface hardener. An overload of 2.0 t/m<sup>3</sup> or a Munck type vehicle with a maximum axle load of 17 tonnes was adopted to the floor designed.

A large yard is planned for storing external items (the entire area is fenced), as well as the positioning of containers, for an additional storage area. Two of these containers will have intervention, one of which will be dedicated to the storage of chemical products where ventilation shutters should be installed, and another should be a refrigerated container. The containers will be 40 ft and these will be emptied during the electromechanical assembly process and will already be on site for the process of adaptation and use of the structure.

The building's use program includes:

**Table 15-23 Warehouse**

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| **Warehouse Environment** | **m²** |
| Warehouse | 372.1 |
| Office | 54.4 |
| Sanitary | 9.2 |
| Cafeteria | 10.1 |
| Deposit | 4.7 |
| **Estimated Total** | **450.5** |

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**Figure 15-78 Warehouse – Perspective View**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 330 <br>

15.9 Support
 Buildings – Mining Facilities

15.9.1 Mine Operation Support Area

For the implementation of the mine's operation support area, a sector located in the vicinity of the Anitta 02 and Anitta 03 pits was designated, in a strategically defined position to ensure easy access, logistical efficiency and direct integration with the mining fronts. This area will house the essential support structures for mining activities, such as workshops, warehouses, truck yards, administrative areas and other operational support facilities.

The implementation, operation and maintenance of these structures will be the responsibility of the company contracted to carry out the mining activities, according to the guidelines established in the project. This definition ensures that facilities are developed in compliance with current technical, environmental and safety requirements, while seeking to optimize operational displacements and reduce the response time of field routines, contributing to the overall efficiency of the mine operation.

As part of the contracting process, a specific technical requisition was prepared, which included the need to build the support area. The proposals received by the proposing companies contemplated these structures, presenting solutions with a similar construction standard.

The proposed layout, presented ahead, reflects the consolidated model of the planned structures, with the spatial organization developed based on criteria of operational functionality, safety and optimization of internal flows. The layout of the facilities was planned in order to facilitate access to the equipment, ensure the fluidity of operations and ensure efficient integration with the other areas of the project.

15.9.2 Essential infrastructure to be implemented

● Maintenance workshop

● Equipment and furniture for offices and maintenance workshops

● Sanitary facilities and living areas (cafeteria and rest)

● Warehouses and temporary storage areas

● Parking for light and heavy vehicles

● Security and fencing measures

● Lubricant storage and distribution facilities

● Infrastructure for washing equipment

● Tire shop - Area for handling, assembly and storage of tires

● Infrastructure for water supply, lighting, electricity and distribution

● Sewage and wastewater treatment systems

● Power generation for all mine facilities

● IT and Communication infrastructure

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 331 <br>

**Figure 15-79 General Layout of the Suggested Mine Operation Support Area**

![](pg301-350_050.jpg)

As mentioned, this support structure for the Mine operation will be the responsibility of the company to be hired to carry out the mine operation activities, therefore. A specific technical requisition was prepared for the Mine Operation activities and including the need to build the mine support area, Atlas received the proposals from the proponents where these structures were included and then the model of the structures planned according to the proposals is presented, all proposals presented the same standard.

**Figure 15-80 Typical Mining Facilities to be Implemented – View 1**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 332 <br>

**Figure 15-81 Typical Mining Facilities to be Implemented – View 2**

**Figure 15-82 Typical Mining Facilities to be Implemented – View 3**

![](pg301-350_053.jpg)

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**Figure 15-83 Typical Mining Facilities to be Implemented – View 4**

![](pg301-350_054.jpg)

15.9.3 Fueling Station and Storage

As indicated on Figure 15-1, the fuel station will be located in the mining facilities support area. The fueling system and storage is being planned to be contracted to a specialized company. The Contractor will supply and operate all the required infrastructure including equipment maintenance. The Contractor responsibility will include the following:

● Incoming Fuel Receiving

● In-pit equipment fueling service

● Fuel Quality and Storage monitoring and control. The storage meets TSSA approved double-walled

● Fueling station apparatus maintenance

The fuel station will be equipped with the following:

● One 60 m³ tank (60,000 liters)

● One 30 m³ tank (30,000 liters)

● One high flow feed pump (250L/min)

● One regular feed pump (90L/min)

● Automation to storage and consumption control.

Figure 15-84 shows a typical fueling system and storage tank arrangement.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 334 <br>

**Figure 15-84 Typical Fueling System and Storage Tank Arrangement**

![](pg351-400_001.jpg)

The total diesel estimated consumption for the open pit equipment amounts to 667,000 liters per month. The tanks shall be loaded by fuel delivery trucks with a maximum capacity of 11,400 liters and will require 59 load deliveries per month.

Each of the gensets will be equipped with a total of 25,000 liters (15,000 liters storage tank + 2,000 liters for each group of gensets). The calculated genset diesel consumption is projected at 540,000 liters per month (6.5 M liters/year).

Atlas will make sure that the tanks are regularly filled not to disrupt equipment operations.

**15.9.4** **Explosives Magazine** 

The predominant rock types of Neves Project are pegmatite and schist, representing, respectively, the ore and the waste to be mined. Due to their physical and mechanical characteristics, these lithologies require specific fragmentation techniques to enable mining operations to be carried out efficiently and safely.

Among the available methods, blasting with explosives stands out as the most technically and economically viable solution, ensuring the degree of fragmentation required to meet the project's operational needs.

Therefore, the implementation of an adequate and regulated structure for the safe storage of explosives to be used in mining operations becomes essential. This section presents the explosives magazines design, addressing the technical, regulatory, and operational aspects necessary for its implementation and operation, in accordance with legal requirements and best practices in the mining sector.

For the development of this project, the following technical standards and legal guidelines were followed:

● Portaria
 nº 147/2019 – COLOG establishes the technical and legal requirements for the control,
 storage, and handling of products regulated by the Army, including explosives

● Portaria
 nº 3.233/2012 – DPF (Polícia Federal): regulates the inspection system
 for explosives and related products in Brazil

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 335 <br>

● Norma
 Regulamentadora NR-19 Defines safety and health conditions for the storage and use of explosives
 in the workplace

● ABNT
 NBR 10004 e NBR 10007

Compliance with these instruments aims to ensure operational safety, adherence to current legislation, and to minimize the risks to workers and the environment.

The Explosives Magazine will be a dedicated facility for the storage of explosives (such as emulsions, boosters, detonating cords, etc.), as well as accessories or initiators, ammunition, tools, and other materials for civilian use.

The facility will consist of buildings and operational areas strategically separated by standard safety distances, in accordance with the criteria established by current Brazilian Army regulations regarding the Control and Inspection of Regulated Products, as detailed below.

The Site Explosives Magazine Facility will be located near the Waste Rock Dump 2 (PDE-2) area, as shown in Figure 15-85.

**Figure 15- 85 Site Explosives Magazine Facility**

![](pg351-400_002.jpg)

Courtesy of Enaex Brasil

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 336 <br>

In general terms, it will occupy a total area of 11,622.5 m², subdivided into specific buildings and operational units.

● Emulsion
 Receiving Area and Storage Tank

● Magazine
 for Storage of Blasting Accessories

● Magazine
 for Storage of Explosives

● Auxiliary
 Buildings and Support Area

The functionality of the buildings and operational units are described in the following sections:

15.9.4.1 Emulsion
 Receiving Area and Storage Tank

This area will be designated for the safe reception of explosive emulsion, equipped with a storage tank specially designed to ensure the integrity and safety of the material. The tank will include secondary containment systems and temperature monitoring, as well as safety valves to minimize leakage risks and maintain a controlled environment.

The area will also feature physical barriers and safety signage to ensure proper isolation during loading and unloading operations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 337 <br>

**Figure 15-86 Emulsion Receiving Area**

![](pg351-400_003.jpg)

15.9.4.2 Magazine
 for Storage of Rock Blasting Accessories

The magazine will be designated for the storage of accessories used in rock blasting operations. It is a structure with clearly defined internal sections for different types of accessories, such as detonators, detonating cords, connecting wires, and other essential items.

This facility has been designed to prevent the risk of undesirable interactions between materials, featuring separate compartments, forced ventilation, and a dedicated containment area to enhance safety. The facility will also have a humidity control system, ensuring that stored materials are kept in ideal storage conditions.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 338 <br>

15.9.4.3 Magazine
 for Storage of Explosives

The magazine dedicated to the storage of explosives, such as emulsions and granular explosives, has been designed with reinforced concrete walls and a durable roof structure to ensure material containment in the event of any incident.

The facility will feature natural overhead ventilation to dissipate gases and prevent hazardous accumulations, in addition to high-security access control systems to restrict entry exclusively to authorized personnel.

This magazine also strictly complies with the minimum distance regulations from inhabited areas, ensuring safety for both the facility and its surroundings.

The Figure 15-87 is an example of a magazine to storage explosives.

**Figure 15-87 Typical Storage Explosive Magazine**

![](pg351-400_004.jpg)

15.9.4.4 Auxiliary
 Buildings and Support Area

In addition to the main facilities, the complex will include an equipped support area for personnel, comprising a control station and a security guardhouse. The control station will be responsible for managing access, logging the entry and exit of materials, and monitoring surveillance cameras. The guardhouse will provide full visibility of the area, allowing the security team to maintain constant visual control over the entire complex.

The Figure 15-88 presents the layout of the structures described, clearly showing that all buildings are strategically distributed with standardized spacing, in compliance with safety regulations and reference guidelines applicable to facilities of this nature.

This configuration was planned to minimize the risk of accidents and to facilitate the handling of explosives and accessories, maintaining safe distances between structures as well as from other operational areas. Additionally, the layout supports well-defined and easily accessible evacuation routes, ensuring both worker safety and operational efficiency in the event of an emergency.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 339 <br>

**Figure 15-88 Layout of the Explosives Magazine Structures with Regulated Distances**

![](pg351-400_005.jpg)

(\*) Emulsion Pumping Station

15.9.4.5 Safety
 and Controls

In terms of safety, the following systems and devices have been designed in accordance with the applicable standards and regulations, with emphasis on NR 19 (which outlines requirements for the safe construction and operation of explosives magazines) and the Army Ordinances that regulate the control and storage of explosives in Brazil.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 340 <br>

Below are some of the personnel access control measures planned for restricted areas and systems.

15.9.4.6 Physical
 Barriers

The external area surrounding the explosives magazine will be secured with barbed wire fencing, fixed to reinforced concrete posts. Each storage unit will have its own dedicated internal protective fencing, composed of barbed wire attached to treated eucalyptus posts, with a height of 1.70 meters and a width of 2.00 meters.

A guardhouse and observation post will be included in the layout, with the guardhouse positioned at the main entrance gate. Daytime access control will be managed by a gatekeeper, responsible for monitoring the entry and exit of personnel and vehicles. This process will involve the identification of visitors and third-party contractors, as well as vehicle inspections upon departure from the facility. The gatekeeper will be equipped with a computer for logging personnel movement, a mobile phone, and a two-way radio, enabling direct communication with the section leaders within the explosive magazine area.

15.9.4.7 Electronic
 Barriers

In compliance with Ordinance No. 56/COLOG of June 5, 2017, infrared camera systems will be installed at entry gates, access points, storage areas, and workshops. These systems are designed to trigger an audible alarm with a siren when any movement is detected within the monitored perimeter.

External surveillance cameras will be maintained throughout the entire facility, including the main gate, internal access routes, and all storage and manufacturing buildings. Recording will occur 24/7 without interruption. The cameras will be equipped with infrared (IR) technology, allowing for high-quality night vision recording. Monitoring and playback will be performed via a standalone digital video recorder (DVR), which will store the recorded footage and allow for real-time access through IP (Internet Protocol), either via a local network or remotely.

The cameras installed in key areas (storage units, access points, and workshops) will operate on independent systems, ensuring that a failure in one unit will not compromise the functionality of the others, maintaining standard operational reliability Additionally, each DVR unit will be monitored by a dedicated camera, providing an additional layer of protection for the entire recording system.

In addition to video surveillance, a 24-hour alarm system with motion sensors will be implemented to detect unauthorized movement within critical areas. All monitoring footage will be stored for a period exceeding 30 days.

Access to the storage areas and/or explosives magazines will be coordinated via radio communication devices (e.g., Talk About-type radios), which will be available to security guards and authorized personnel, including sector supervisors.

15.9.4.8 Access
 Control and Monitoring

● CCTV:
 Camera surveillance system

● Gatehouse
 and Identification: Access control

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 341 <br>

15.9.4.9 Security
 Systems

● Access
 Control: Gatehouse with identification and entry authorization;

● CCTV:
 24-hour surveillance camera system;

● Alarms:
 Intrusion alarms and remote monitoring;

● Fire
 Protection System: Dedicated fire extinguishers and nearby hydrants.

15.9.4.10 Contingency
 Plan

● Procedures
 in case of fire, explosion, or leakage.

15.9.4.11 Fire
 Prevention and Protection

● Extinguishers
 and Hydrants: Strategically located;

● Evacuation
 System: Signage and evacuation routes.

15.9.4.12 Maintenance
 Plan

● Monthly
 Inspections: Review of physical structures, electrical systems, and safety features;

● Security
 Systems Maintenance: Biannual inspection of cameras, alarms, and lighting;

● Firefighting
 Equipment Testing: Quarterly maintenance of fire extinguishers and hydrants.

**15.10** **Support Buildings – Transshipment Area** 

15.10.1 Transshipment
 Area Gatehouse – Area 821

The transshipment area gatehouse has the following use program:

**Table 15-24 Transshipment Gatehouse**

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|:---|:---|
| **Transshipment Gatehouse Environment** | **m²** |
| Doorman Room | 10 |
| Sanitary | 3 |
| **Estimated Total** | **13** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 342 <br>

**Figure 15-89 Transshipment Area Gatehouse – Perspective View**

![](pg351-400_006.jpg)

**Figure 15-90 Transshipment Area Gatehouse – Inside View**

![](pg351-400_007.jpg)

**Figure 15-91 Transshipment Area Gatehouse – Plan View**

![](pg351-400_008.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 343 <br>

15.10.2 Laboratory
 – Area 822

The laboratory is located in the transshipment area, close to the city of Araçuaí will be constructed with a canvas cover, and will contain the following:

**Table 15-25 Laboratory**

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|:---|:---|
| **Laboratory Environment** | **m²** |
| Laboratory | 278.62 |
| Hot Area | 40.43 |
| Screening | 9.34 |
| Physical Preparation | 48.39 |
| Hls/Weight | 14.15 |
| Muffle Furnace | 10.83 |
| Digestion | 14.20 |
| Ftir/Aas | 14.12 |
| Deionized Water | 9.80 |
| Administrative | 14.12 |
| Cafeteria | 8.83 |
| Women's Toilet | 3.09 |
| Men's Toilet | 2.97 |
| Deposit | 16.31 |
| Wash Tank | 11.48 |
| Women's Truck Driver Support Toilet | 3.13 |
| Men's Truck Driver Support Toilet | 3.13 |
| Compressor Room | 9.91 |
| Power Room | 3.98 |
| Acetylene Storage | 2.50 |
| Nitrous Oxide Storage | 2.50 |
| **Estimated Total** | **521.83** |

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**Figure 15-92 Laboratory – Perspective View**

![](pg351-400_009.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 344 <br>

**Figure 15-93 Laboratory – Inside View**

![](pg351-400_010.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 345 <br>

**Figure 15-94 Laboratory – Plan View**

![](pg351-400_011.jpg)

15.10.3 Truck
 Scale Support Room – Area 817

The truck scale support room has the following:

**Table 15-26 Truck Scale Support Room**

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| **Truck Scale Support Room Environment** | **m²** |
| Weighing Room | 10 |
| Sanitary | 3 |
| **Estimated Total** | **13** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 346 <br>

**Figure 15-95 Truck Scale Support Room – Perspective View**

![](pg351-400_006.jpg)

**Figure 15-96 Truck Scale Support Room – Inside View**

![](pg351-400_007.jpg)

**Figure 15-97 Truck Scale Support Room – Plan View**

![](pg351-400_012.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 347 <br>

15.10.4 Driver's
 Waiting Room – Area 817

The driver's waiting room has the following use program:

**Table 15-27 Driver's Waiting Room**

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|:---|:---|
| **Driver's Waiting Room Environment** | **m²** |
| Waiting Room | 13 |
| **Estimated Total** | **13** |

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**Figure 15-98 Driver's Waiting Room – Perspective View**

![](pg351-400_006.jpg)

**Figure 15-99 Driver's Waiting Room – Plan View**

![](pg351-400_013.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 348 <br>

**15.11** **Site Geotechnical** 

Geotechnical investigations were carried out to provide information for earthmoving services and for building foundation design, consisting of six mixed drill holes. The drilling program showed a soil with high support capacity, allowing direct foundations to be built.

**15.12** **Concentrate Shipping** 

The spodumene concentrate handling to the port and final processing abroad will involve the following:

● Loading and hauling of concentrate from the transhipment facility to the port

● Bulk loading of concentrate at the port and shipping to the final port of destination

The preferred port used in the financial analysis is the hauling of the concentrate to the Port of IIhéus.

The proposed Access Route to the Port of IIhéus from the Transhipment at LMG 678 would be:

● The first preferred route is on BR-367 to the junction with BR-116 (74 km), BR-116 to the junction with BA-634/BR-415 (181 km), and 296 km BA-634 and BR-415 to the Port of IIheus. Total distance of 551 km.

● Truck route first traverse LMG-678 to BR-242/BR-367 (8.8 km) in Aeroporto, Aracuai followed by BR-367 to Av.Olindo de Miranda in Almenara (186 km) then LMG-634 and R. Hipolito Sousa to BA-638 (67.3 km). The haul route continues via BA-638, BA-130, and BR-415 to R. Rotary in IIheus (254 km). Route continues to R. Rotary-R. Tobias Barreto in Cidade Nova (650 m). Total route distance is 516 km.

● For the next option, the total haul route distance from the Transshipment area to the port is 556 km. The first leg is LMG-678 to BR-342/BR-367 in Aeroporto, Aracuai (8.8 km). Next leg follows BR-367 and BR-116 to Veredinha (253 km). Finally, the last leg is BA-639, BA-634, and BR-415 to R. Tobias Baretto in Cidade Nova, IIheus (294 km).

For the (Port of Ilhéus), refurbishment of new operations cycle was implemented end of December 2022. The port can provide flexibility for growth of diverse set of waterfront businesses-cargo, mining, fuel, commercial etc. Figure 15-100 shows the mining cargo berth for concentrate shipment abroad for further processing. Major maintenance dredging was completed, increasing operational capacity via restoration of the operational draft back to 10 meters, increasing the cargo capacity of the ships that visit the port by around 50%. In addition, the whole network of river drainage systems was replaced. The underwater inspection required to construct a new pier was also completed. The port's jetty was also renovated, guaranteeing shelter conditions, and reinforcing the safety of operations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 349 <br>

**Figure 15-100 Port of Ilhéus**

![](pg351-400_014.jpg)

Courtesy of datamarnew.com

The proposed Access Route to Port of Vitória (State of Espirito Santo, Brazil):

● Araçuaí to Teófilo Otoni (via MG-367 + BR-116), approximately 190 km. Teófilo Otoni to Governador Valadares (via BR-116 + BR-259), approximately 130 km. Governador Valadares to Colatina (via BR-259), approximately 210 km. And Colatina to the Port of Vitória (via BR-259 + BR-101), approximately 185 km. Total distance 715 km.

The port of Vitória is presented in Figure 15-101 and Figure 15-102.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 350 <br>

**Figure 15-101 Vitória – Brazil, Harbor, Business, City, Cargo Container, Bulk Shipment**

![](pg351-400_015.jpg)

**Figure 15-102 Port of Vitória**

![](pg351-400_016.jpg)

www.datamarnews.com/noticias/under-new-name-vports-port-of-vitoria

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 351 <br>

**15.13** **Gravel/Sand Sources** 

15.13.1 Gravel
 Support

Gravel Support - Pedreira Salinas (Salinas-MG), with environmental certification: 163 km by 342, LMG 676.

15.13.2 Sand
 Support

Sand Support - Araújo (Araçuaí-MG), with environmental certification: 52 km by BR LMG 678 (approximate).

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| **16** | **MARKET STUDIES** |

---

Lithium market information presented in this section is gathered from a variety of sources, including industry studies and public commodity forecasts. The information presented here is current as of the fourth quarter of 2024. All pricing in this section is in US dollars.

**16.1** **Recent Historical Pricing** 

Lithium demand displayed significant growth in 2021 and 2022 due to strong consumer demand for electric vehicles, increased product offerings and government policies to encourage electrification. This demand drove lithium prices to all time highs in the spot market. Battery Grade Lithium Carbonate reached prices into the $70,000 to $78,000 per tonne range and Lithium Hydroxide prices exceeded $80,000 per tonne in the 4<sup>th</sup> quarter of 2022. Spodumene 6% concentrate (SC6 Li<sub>2</sub>O) pricing followed the same pricing curve starting at $932 per tonne and peaking at $4,594 per tonne in 2022.

Chinese electric vehicle production in 2023 and 2024 resulted in excess inventory of vehicles and batteries suppressing demand while cathode producers were increasing supply due to the supply growth spurred by previously high prices. The difference between supply and demand resulted in a drop of Lithium Carbonate prices to around $10,500 per tonne by the 2<sup>nd</sup> quarter of 2024. Mine supply dropped as the marginal producers slowed or shutdown production while the market rebalances between supply and demand. Such supply and demand shocks demonstrate that current pricing within China is not sustainable to maintain either existing production or support production growth needed to meet forecast market growth.

**16.2** **Lithium Demand 2025 and Beyond** 

The lithium market is forecast to grow beyond 2025 due to:

● Growth
 of electric vehicles in the consumer and commercial transportation markets;

● Growth
 of large battery storage systems, especially considering increased power requirements from
 AI driven data centres.

Demand growth in portable electronics is forecast to be limited due to maturity of this segment but that growth still represents 2% of the total battery market, following the same growth curve as the other battery systems.

Figure 16-1 presents the battery demand by application projected to 2040.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 353 <br>

**Figure 16-1 Forecast Power Battery Capacity Growth**

![](pg351-400_017.jpg)

Both Passenger and Commercial EVs are expected to increase penetration of vehicle markets over the next 15 years to 2040. In the larger volume market of passenger vehicles, EV penetration is expected to grow from 12.6% in 2024 to 27.0% in 2030 and 65.3% by 2040. Battery demand from passenger vehicles is further bolstered by Plug-in hybrid (PHEV) sales, with expected market share expansion from 7% in 2024 to 12.7% by 2030. Across both Passenger and Commercial segments, and accounting for both BEVs and PHEVs, sales are expected to continue to rise at 10+% CAGR to 2040 with a combined market share increasing from 20% in 2024 to 44% by 2030. By 2040, Benchmark forecasts that 75% of all road vehicle sales will be electric vehicles, either battery only or plug in hybrid.

In recent years, Energy Storage System (ESS) have leapfrogged portables to become the second largest market for lithium-ion batteries, spurred on by renewable energy infrastructure build out, bolstered by policy support, and low cell prices. ESS demand will continue to experience growth across the major markets and will come mostly from grid applications (2024-2040 CAGR of 8%) and behind-the-meter (2024-2040 CAGR of 10%). Combined, by 2040 demand for lithium-ion batteries from the ESS segment will be 4x the demand in 2024.

**16.3** **Lithium-Ion Battery Cathode Active Material** 

After EV adoption rates and EV type (which defines the battery pack size), battery chemistry (i.e., the chemistry of the cathode active material [CAM] used in the cell), is the second key driver for lithium demand. While lithium intensity is not materially different for the two dominant cathode chemistries - namely nickel-cobalt-manganese (NCM) and lithium-iron-phosphate (LFP) - the input chemical is: high-nickel NCM variants require the use of lithium hydroxide, while lithium carbonate is favoured for LFP production and mid-nickel NCM (particularly NCM 523).

Selection of CAM chemistry is the result of a trade-off between cost, energy density (which defines the driving range) and safety. LFP delivers the lowest cost but also the lower energy density limiting its application. By contrast, NCM and nickel-cobalt-aluminium (NCA) cathodes provide a higher energy density (and range), but a higher cost meaning that these CAM variants tend to dominate for premium EV ranges.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 354 <br>

The middle range mass-market EV segment is where the trade-off between cost and range is more complex. In this segment, mid-nickel chemistries are dominant, for example, LG Energy Solution announced in 2024 that it intends to mass produce high voltage mid-nickel batteries by 2025, that chemistry faces competition from upcoming manganese-rich chemistries. The emerging LMFP (LFP with manganese) promises a larger range for a modest cost increase; while the nickel-manganese-rich NMx is premised on lowering the cost of nickel-rich batteries for a modest reduction in range.

The split between the main cathode types is expected to stay largely consistent for the forecast period - with NCM and LFP at around 40% and 50%, respectively.

The key uncertainties for the chemistry split forecast are the emergence of new chemistries, in particular the aforementioned manganese rich cathodes – NMx (categorized under LMNO in this report) substituting NCM and LMFP substituted for LFP. These new chemistries are expected to remain comparatively niche segments of demand. Their impact on lithium demand will also be minimal, however as all chemistries have relatively similar lithium intensities.

**16.4** **Lithium Chemical Demand** 

The resulting demand outlook for refined lithium is presented in Figure 16-2 below. Battery applications are the only significant growth driver over the forecast period at 18% CAGR to 2030 and then at 7% CAGR from 2031-2040. Legacy non-battery applications (mostly glass & ceramics, lubricants and metallurgy) are forecast to grow at low pace. From an estimated 1.1 million tonnes LCE in 2024, global demand for refined lithium is expected to reach 2.7 million tonnes LCE by 2030 and 5.1 million tonnes LCE by 2040.

**Figure 16-2 Global Demand for Refined Lithium to 2040**

![](pg351-400_018.jpg)

As discussed, refined lithium for battery applications is consumed in two chemical forms depending on the target chemistry of the cell. LFP, mid-nickel and emerging manganese based chemistries prefer lithium carbonate (low nickel NCM can also consume carbonate) while high nickel NCM and NCA require lithium hydroxide. Lithium carbonate demand contribution is estimated at 65% in 2024 primarily driven by China's LFP battery fleet (the largest in the world). It is expected to diminish over time, albeit only slightly, to 62% in the early 2030s as hydroxide demand from higher energy density nickel-rich batteries grows in the ex-China regions.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 355 <br>

It should be noted that while battery grade (BG, >99.5% LC) is usually what is being referred to, there are various grades of LC. Technical grade (TG, 99.2% LC) is usually referred to, but a number of different specs have been seen in the market (e.g. battery-ready grade). It should be emphasized that lithium chemicals are not a commodity; the only grade that really matters is the one that the customer demands and for which the supplier must qualify. Some LFP battery manufacturers, particularly in China, utilize TG lithium carbonate instead of BG material. Unlike NCM, the chemical structure of LFP can be largely maintained with technical grade carbonate, enabling cost savings in the production of batteries targeting ESS, E-Mobility, tier-2, and tier 3 EVs. It should also be noted that more often than not, users in China will reprocess lithium carbonate into a higher-grade LC or into LHM to suit their needs. This flexibility is another factor contributing to the apparent convergence of TG and BG pricing. This dynamic may present quite differently outside of China however, where there is little in the way of chemistry-conversion (e.g. Rio Tinto's plan in France) and upgrading, and strict qualification and specification requirements.

On a regional basis, China's share of global lithium chemical demand is forecast to have peaked in 2024 at 52% and is anticipated to gradually decline towards 33% by 2040. China is the dominant producer of the lithium ion battery industry and associated supply chains. Other regions are now playing catch-up and are entering faster phases of growth. This particularly applies to Europe and North America, both of which forecast 12% CAGR growth in lithium chemical demand through to 2040, compared to 7% in China.

**16.5** **Lithium Raw Material Supply** 

Lithium can be present in economically significant quantities in igneous & sedimentary rocks (often generalised as "hard-rock"), lithium brines and unlithified clay deposits.

Lithium exists in most regions, and the resource base is not the limiting factor on higher rates of supply. Table 16-1 demonstrates that in all regions there are tens, if not hundreds, of years' worth of recorded reserves at the maximum rate of production currently proposed by existing and prospective lithium producers. However, most of these "reserves" according to TSX or ASX definitions are merely resources, exacerbating the limiting factor that is the time to fully develop certifiable reserves, and to finance, permit and build mines, scale up production and meet customer specific battery grade specifications.

**Table 16-1 Recorded Resources and Supply Potential**

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|:---|:---|:---|:---|:---|
| **Region** | **Total Reserves**<br> **Mt LCE** | **2024 Production**<br> **t LCE** | **2040 Unweighted Supply t LCE** | **Years of Supply Potential at Maximum Company Plans** |
| Africa | 25.89 | 100700 | 486759 | 53 |
| China | 35.49 | 264461 | 891620 | 40 |
| Europe | 40.96 | 2000 | 274000 | 149 |
| North America | 109.2 | 35200 | 1101625 | 99 |
| Oceania | 47.65 | 465000 | 801000 | 59 |
| South America | 208.43 | 380900 | 1519800 | 137 |

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The global primary supply of lithium more than doubled between 2020 and 2023, from 370 kt LCE to 895 kt LCE. Amidst depressed prices in 2024, 11 new mines and five expansion projects began operation and global lithium supply reached almost 1.2 Mt LCE. Global growth is set to continue, propelled by new assets (USA, Australia, Africa, Brazil and Argentina) and expansions (Chile), however the low-price environment has resulted in the marginal producers shutting down or reducing output and modifying production plans, and underinvestment in developing the additional capacity required to meet the projected consumption.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 356 <br>

**16.6** **Lithium Price Forecast** 

Lithium prices have pulled back from recent highs in the market, as discussed above.

An analysis of quarterly market studies from various sources shows a high degree of variability from one forecast to the next. Forecasts for the 4th quarter 2024 have the long-term SC6 LiO<sub>2</sub> price at $1,650 per tonne, while the next quarterly forecast showed the long-term price dropping to $1,200 per tonne. Earlier forecasts showed prices peaking at $3,450 per tonne, and dropping to a long-term price of $1,850 per tonne, but those forecasts have been recently downgraded.

The lithium market is still in it's infancy as a valued commodity, unlike precious and base metals where long term averages are applied for value estimates. As the lithium market matures, there will be more data that may be used to assess 1-year, 2-year, and 3-year averages in financial models. Due to the disparity between forecasts and realized pricing over the last few years, a more prudent approach is to compare the 5-year trailing average price and project that concurrently with the forecasted long-term prices.

Quarterly market studies also assess the impact of influencing factors from shorter term geopolitical conditions, which have an effect on the statistical analyses used for the longer-term prices.

Long term market demand projections still indicate growth in the market, and supply will be dictated by the realized market prices.

The $1,700/tonne price assumption for SC5.5% spodumene concentrate is further validated through analysis of the underlying Benchmark Mineral Intelligence Q3 2024 lithium price forecasts. The Benchmark medium-term pricing scenario for SC6 concentrate over the 2027-2032 period indicates an average price of $1,733/tonne, with annual forecasts ranging from $1,300/tonne to $2,500/tonne during peak market conditions. When adjusted for lithium oxide content differential between 6% and 5.5% concentrate grades (adjustment factor of 1.091), the applied $1,700/tonne SC5.5% price corresponds to an equivalent SC6 price of approximately $1,855/tonne. This pricing assumption demonstrates conservative positioning relative to projected peak market conditions while maintaining alignment with medium-term supply-demand fundamentals as outlined in the Benchmark forecast methodology. The pricing approach accounts for both product specification differences and market cycle positioning, consistent with the supply-demand based forecasting methodology employed by Benchmark Mineral Intelligence as the recognized industry authority for lithium market analysis.

Table 16-2 presents SC6 historical and weighted average forecast prices collected from various studies and market reports. These weighted averages are calculated based on base, conservative and high price cases.

Based on the above, the recommendation is to use a price of $1,700 for the life of mine price for SC6 Li<sub>2</sub>O, as illustrated in Figure 16-3<sub>.</sub>

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 357 <br>

**Figure 16-3 Lithium Concentrate SC6 Pricing**

![](pg351-400_019.jpg)

**Table 16-2 Historical and Long-Term Forecast Pricing**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Price Forecast** | **SC6 Li<sub>2</sub>O Concentrate** | **SC6 Li<sub>2</sub>O Concentrate** | **SC6 Li<sub>2</sub>O Concentrate** | **Historical and Forecast Weighted Averages** |
| **Year** | **Base** | **Conservative** | **High** | **Historical and Forecast Weighted Averages** |
| 2021 | 708 | 708 | 708 | 708 |
| 2022 | 2003 | 2003 | 2003 | 2003 |
| 2023 | 2524 | 2524 | 2524 | 2524 |
| 2024 | 2202 | 2199 | 2207 | 2203 |
| 2025 | 1954 | 1933 | 1974 | 1954 |
| 2026 | 1804 | 1765 | 1840 | 1803 |
| 2027 | 1741 | 1679 | 1799 | 1740 |
| 2028 | 1825 | 1720 | 1924 | 1823 |
| 2029 | 1842 | 1708 | 1967 | 1839 |
| 2030 | 1834 | 1672 | 1978 | 1828 |
| 2031 | 1810 | 1623 | 1968 | 1801 |
| 2032 | 1771 | 1569 | 1938 | 1759 |
| 2033 | 1730 | 1517 | 1903 | 1717 |
| 2034 | 1695 | 1495 | 1856 | 1682 |
| 2035 | 1664 | 1477 | 1815 | 1652 |
| 2036 | 1637 | 1461 | 1779 | 1625 |
| 2037 | 1612 | 1446 | 1747 | 1602 |
| 2038 | 1591 | 1433 | 1718 | 1581 |
| 2039 | 1571 | 1422 | 1692 | 1562 |
| 2040 | 1554 | 1411 | 1669 | 1544 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 358 <br>

**16.7** **Contracts** 

Atlas Lithium has secured long-term offtake agreements with established lithium industry participants, providing significant commercial validation for the Neves Project and its development plans. These agreements, with Mitsui & Co., Ltd., Sheng Wei Zhi Yuan International Limited, a subsidiary of Shenzhen Chengxin Lithium Group Co., Ltd. (the "Chengxin"), and Sichuan Yahua Industrial Group Co., Ltd. (the "Yahua"), included both equity investments and product offtake commitments. The terms, conditions, and commercial structure of these agreements are consistent with industry norms for lithium offtake arrangements and provide a solid foundation for the Neves Project's development and operations.

**Mitsui & Co., Ltd. Offtake Agreement**

As disclosed in a Form 8-K filed on March 28, 2024: "Atlas Lithium Corporation (the 'Company') is pleased to announce that it has signed definitive investment and offtake agreements with Mitsui & Co., Ltd. ('Mitsui') which the Company considers as strong validation of its project and team. Mitsui is purchasing US$30,000,000 in common shares of Atlas Lithium at a 10% premium to the 5-day VWAP (the 'Strategic Investment') and at the same time entering into an Offtake Agreement (the 'Offtake') for the future purchase of 15,000 tonnes of lithium concentrate from Phase 1 and 60,000 tonnes per year for five years from Phase 2 of Atlas Lithium's soon to be producing Neves Project in Brazil's Lithium Valley."

**Chengxin and Yahua Offtake Agreements**

As disclosed in a Form 8-K filed on December 1, 2023: "On November 29, 2023, the Company (hereinafter the 'Seller') entered into Offtake and Sales Agreements (the 'Offtake Agreements') with each of Sichuan Yahua Industrial Group Co., Ltd. and Sheng Wei Zhi Yuan International Limited, a subsidiary of Shenzhen Chengxin Lithium Group Co., Ltd. (each individually, a 'Buyer'), pursuant to which the Seller agreed, for a period of five (5) years, to sell to each Buyer 60,000 dry metric tonnes of lithium concentrate (the 'Product') per year, subject to Seller's authority to increase or decrease such quantity by up to ten percent (10%) each year. The price for the Product is determined according to a formula as set forth in the Offtake Agreements."

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 359 <br>

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| **17** | **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** |

---

The first phase of pit 1 and the plant area information was provided by NeoAgroambiental based on the Environmental Control Report ("ECR"), dated September 2023. The second phase of pit 2 and the expansion of pit 1 information was based on the Estudo de Impacto Ambiental or "EIS" (EIA and Environmental Control Report or ECR dated November 2024) provided by WSP Consultoria e Projetos do Brasil Ltda. The two phases are in relation to the Anitta Project development, located in the municipality of Araçuaí, north of the state of Minas Gerais.

The company is exploring for pegmatite mineral deposits, spodumene and petalite are the two main lithium bearing minerals found on the property. Lithium was discovered through mineral research and diamond drilling on mining right No. 833.356/2007, owned by Atlas Lítio Brasil with the National Mining Agency.

Mineral exploration work began in April 2022, the diamond drilling returned positive results regarding the mining right mentioned above, the first phase of Directly Affected Area (ADA) of the Anitta Project was defined with 116.52 hectares (ha) comprising the following activities and structures:

● Anitta
 Pit (Pit 1) in an area of approximately 6.4 ha;

● Mineral
 Treatment Unit (MTU) with an installed capacity of 1,500,000 t/year in an area of 16,99 ha;

● ROM
 (Run of Mine) Pile;

● Waste
 Dump and Tailing 1 (PDER 1) in an area of 54 ha;

● Reseller
 stations, filling stations or points, retail system installations, floating fuel stations
 and aviation fuel reseller stations with a storage capacity of 15 m³;

● Support
 Structures (Temporary Waste Storage Center; Maintenance Workshops; Effluent Treatment Stations;
 Water Storage and Filtration System; Explosives Storeroom; Office; Canteen, Bathrooms, Warehouse,
 Parking Lots; Machinery and Vehicle Washing Area);

Once the technical surveys and environmental studies required for licensing was complete on the Anitta Project, Atlas Lítio Brasil continued to explore and perform diamond drilling work. The aim was to discover new mineralized pegmatite bodies, to obtain a better understanding of the size and volume of the Anitta deposit, and to provide a better understanding of the area of Pit 1. The work highlighted the need to license an expansion on the Anitta Project in the area ANM Process 833.356/2007 sufficient for Pit 2 area.

The Anitta Project Expansion includes a new area included in the ANM Mining Right No. 833.356/2007, owned by Atlas Lítio Brasil. The Directly Affected Area (ADA) of the Anitta Project Expansion was defined as 64.48 hectares and will consist of the following structures/facilities:

● Pit
 2 in an area of 19.51 ha;

● Pit
 2 Sedimentation Basin in 2.56 ha;

● Pit
 1 Expansion in 4.29 ha;

● Waste
 Pile 2 (PDE-2) in 17.61 ha;

● Explosives
 Storage in 2.40 ha;

● UTM
 Sump and Support Area, in 7.01 ha;

● Accesses
 (Access from Pit 1 and 2 to UTM and PDER 1; Access from Pit 2 to PDE-2; and Access to the
 Explosives Store), totaling 11.09 ha.

**17.1** **Environmental Studies** 

The Environmental Regulation process for this project was carried out by the active relevant Brazilian environmental legislation. In Minas Gerais State, environmental licensing is exercised by the competencies established in State Decree No. 47,042 of September 6, 2016, by the State Secretariat for the Environment and Sustainable Development (SEMAD, Brazilian acronym), through its administrative units. The Regional Environmental Superintendencies (Suprams, Brazilian acronym) is distributed across nine regions of the State and the Priority Projects Superintendency (Suppri). The Environmental Control Report (ECR) and the Environmental Impact Study (EIS) for the Anitta Project in Araçuaí, was prepared in accordance with the guidelines established in current Brazilian environmental legislation, particularly CONAMA Resolution 01/1986.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 360 <br>

Normative Deliberation (ND) Copam No. 217 of December 6, 2017, coming into force on March 6, 2018, has upgraded and rationalized the environmental licensing processes, maintaining the technical quality. According to this Minas Gerais state legislation there are three environmental licenses modalities, as well as described in the art.

● Three-phase
 Environmental Licensing – TEL: Licensing in which the Preliminary License – LP,
 the Installation License – LI, and the Operating License – LO of the undertaking
 is granted in successive stages;

● Concomitant
 Environmental Licensing – CEL: Licensing in which the same stages provided for in the
 LAT will be analyzed, although with the concomitant issuance of two, or more licenses;

● Simplified
 Environmental Licensing – SEL: Licensing carried out in a single step, by registering
 information related to the activity or undertaking with the competent environmental agency,
 or by presenting the Simplified Environmental Report – SER, containing the description
 of the activity or undertaking and the respective environmental control measures.

The main environmental studies of the Environmental Control Report (ECR) and Environmental Control Plan (ECP), in addition to several other complementary studies, were completed for the Anitta Project as a requirement under the Concomitant Environmental Licensing - CEL1 process (PL+IL+OL). The documentation presents the environmental characterization not only of the project area but also its area of influence, as well as taking care to describe the activities and environmental aspects of the project, carry out an environmental impact survey and its assessment, proposing some preservation measures.

Conducting reconnaissance, exploration, and mining operations in Brazil requires several environmental authorizations to ensure compliance with environmental regulations. The main environmental authorizations and licenses are the following:

● Environmental
 Impact Assessment ("EIA") and Environmental Impact Report ("RIMA")
 – required for major mining projects that may have significant environmental impacts.
 The EIA is a detailed study that assesses the potential environmental impacts of the project.
 The RIMA is a summary of the findings to be presented to public consultation.

● Preliminary
 Environmental Report – for smaller projects with lower environmental impacts, such
 authorization may be required instead of a full EIA/RIMA. The Preliminary Environmental Report
 provides a more concise assessment of potential environmental impacts.

● License
 for the Exploration Activity – this license is required for the initial reconnaissance
 and exploration phase. It grants permission for sampling and basic surveys.

● License
 for the Mining Activity – This license is necessary for the mining phase and allows
 for the extraction of minerals.

● Installation
 License ("LI") – the LI is required before any physical installation or
 construction related to mining activities.

● Operation
 License ("LO") – the LO is necessary to authorize the full operation of
 the mining project after it complies with all environmental requirements.

● Waste
 Management Plan – mining operations are required to have a plan for managing and disposing
 of waste generated during the mining process.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 361 <br>

● Water
 Use Permit – if water is used in the mining operation, a water use permit must be obtained
 from the relevant water resources authority.

● Forest
 Clearance Authorization – if the mining project involves clearing forests or vegetation,
 this authorization is needed, and it should comply with the relevant environmental laws and
 regulations.

The licensing process in Minas Gerais was developed in accordance with the criteria that must be addressed based on the size of a planned mine, and its likelihood of generating environmental impact. Atlas has applied for an environmental license for approval of a mineral treatment unit, open-pit mining activities in respect of metallic minerals (except iron ore), and waste pile at 2 distinct moments, with the following parameters presented in Table 17-1 and Table 17-2:

**Table 17-1 September 2023 Submitted Environmental License for Approval**

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|:---|:---|:---|
| **Description** | **Parameter** | **Value** |
| Mineral Treatment Unit - UTM, with wet treatment | installed capacity | 1.500.000t/year |
| Open pit mining - Metallic minerals, except iron ore | gross production | 1.500.000t/year |
| Reject/waste pile of ornamental and casing rocks, pegmatites, gemstones and non-metallic minerals | useful area | 40 ha |
| Floating fuel stations | storage capacity | 15 m³ |

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**Table 17-2 September 2024 Submitted Environmental License for Approval**

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| | | |
|:---|:---|:---|
| **Description** | **Parameter** | **Value** |
| Open pit mining - Metallic minerals, except iron ore | gross produciton | 1.500.000t/year |
| Reject/waste pile of ornamental and casing rocks, pegmatites, gemstones and non-metallic minerals | useful area | 17,61 ha |
| Road for transporting ore/waste outside the limits of mining projects | extension | 3,64 km |

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Both licensing processes deal with the licensing in LAC1 (LP+LI+LO) modality of the Anitta Project Expansion according to DN No. 217/2017.

17.1.1 Anitta
 Project – Delimitation and Permissions

To prepare for the ECR (Environmental Control Report) submitted for approval September 2023, studies were carried out in several areas as outlined inTable 17-3.

**Table 17-3 Completed Baseline Studies**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Land use | &nbsp;&nbsp;The land is currently used for subsistence farming including animals (cattle, pigs, and chickens) and crops (corn, beans, and cassava). |
| &nbsp;&nbsp;Flora | &nbsp;&nbsp;Seasonal Deciduous Forest (FED) in Initial Stage and Pasture Areas of Consolidated Use - Atlantic Forest Biome |
| &nbsp;&nbsp;Archaeology and cultural heritage | &nbsp;&nbsp;No archaeological sites, indigenous lands or quilombo communities were identified in the project´s area of influence |
| &nbsp;&nbsp;Special areas | &nbsp;&nbsp;No special areas were identified. The project site is not located within a conservation unit. |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 362 <br>

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|:---|:---|
| &nbsp;&nbsp;Fauna | &nbsp;&nbsp;The studies conducted included avifauna (birds), herpetofauna (reptiles and amphibians), terrestrial macrofauna (large and medium-sized mammals). A low number of endemic and specialist species were recorded in the field, demonstrating that the remaining natural areas have little capacity to support species that cannot withstand human-induced changes to their habitats. |
| &nbsp;&nbsp;Climate | &nbsp;&nbsp;The climate is continental-dry and hot, and has two clearly defined and distinct seasons, one dry, coinciding with winter in the southern hemisphere, and the other rainy, coinciding with summer. |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;The Project is located in the Jequitinhonha River basin, spatially occupying the sub-basins of the Araçuaí River |
| &nbsp;&nbsp;Soils | &nbsp;&nbsp;It is based on podzolic and latosol soils, with a predominance of the first type |
| &nbsp;&nbsp;Caves | &nbsp;&nbsp;No caves were identified |

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17.1.2 Environmental
 Intervention Authorization – AIA

The purpose of this authorization is to allow environmental intervention in an area of approximately 116.64 ha to remove native vegetation (intervention in the permanent preservation area and cutting of isolated native trees). Current legislation (Federal Law 11.428/2006) allows intervention in the form of clearing vegetation that is in an intermediate stage of regeneration and removal of protected species, provided that they are duly included in an inventory list and the proposed reforestation plan is legally executed. The environmental intervention authorization (AIA) is listed in Table 17-4.

**Table 17-4 AIA List**

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|:---|:---|:---|
| &nbsp;&nbsp;**Situation** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Legislation** |
| &nbsp;&nbsp;Environmental | &nbsp;&nbsp;Ventures of significant environmental impact. | &nbsp;&nbsp;SNUC Law Nº 9.985/2000, dated 18 July 2000; DN COPAM N° 217 dated 06 December 2017. |
| &nbsp;&nbsp; <br> Suppression of<br> Vegetation | &nbsp;&nbsp;Mining ventures that depend on the removal of vegetation in the<br> advanced and medium stages of regeneration. | &nbsp;&nbsp;CONAMA N° 392, dated 25 July 2007, Law Nº 11.428,<br> dated 22 December 2006<br> IEF Ordinance Nº 30,<br> dated 03 February 2015. |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;Mining venture that depends on the removal of native<br> vegetation. | &nbsp;&nbsp;Law N° 20.922, dated 16 October 2013 IEF Ordinance Nº 27, dated 07 April 2017;<br> Law N° 47.479<br> dated 11 November 2019. |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 363 <br>

17.1.3 Water
 Use Authorization

The water supply for the project is provided from wells in accordance with the permits and authorizations obtained.

17.1.4 Final
 Considerations about the Permit

These areas and activities were subject to environmental licensing in the form of Concurrent Environmental Licensing - LAC1, comprising the simultaneous obtaining of the Preliminary License (LP), Installation License (LI) and Operating License (LO) from the Regional Management Directorate (DRG) of the State Environmental Foundation of the State of Minas Gerais (FEAM-MG) through Administrative Process SLA No. 2102/2023 / SEI Process No. 1370.01.0037951/2023-04 / Opinion No. 56/FEAM/GST/2024, being concluded with the granting of the Environmental License upon unanimous approval of the Chamber of Mining Activities (CMI) of the State Council for Environmental Policy (Copam) of Minas Gerais at the 117<sup>th</sup> Ordinary Meeting held on October 25, 2024, published in the Official Gazette of the State of Minas Gerais on October 26, 2024, valid for 10 (ten) years.

The environmental authorizations and operating licenses presented in Table 17-5 refer to the project area in which Atlas Lítio Brasil already has all the licenses and permissions to carry out the necessary interventions and installations of the pit, the pile and the mineral treatment unit, as well as to start the mining and processing of pegmatites.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 364 <br>

**Table 17-5 Environmental, Authorizations and Operations Licenses**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Anitta Project** | &nbsp;&nbsp;**Anitta Project** | &nbsp;&nbsp;**Anitta Project** | &nbsp;&nbsp;**Anitta Project** | &nbsp;&nbsp;**Anitta Project** |
| &nbsp;&nbsp;**Annex** | &nbsp;&nbsp;**Environmental License** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Validity** |
| &nbsp;&nbsp;Annex 1 | &nbsp;&nbsp;Concomitant Environmental License (CEL1) | &nbsp;&nbsp;2102/2023 | &nbsp;&nbsp;Preliminary License (LP) + Installation License (LI) + Operating License (LO)<br> 1) Mineral Treatment Unit (MTU) - 1,500,000 t/year<br> 2) Open Pit Mining - 1,500,000 t/year<br> 3) Waste Pile - 54 ha | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 2 | &nbsp;&nbsp;Authorization for Environmental Intervention (AIA) | &nbsp;&nbsp;100334930 | &nbsp;&nbsp;Authorization for Environmental Intervention - 116.64 ha<br> 1) Removal of Native Vegetation<br> 2) Intervention in Permanent Preservation Area (APP)<br> 3) Cutting of Isolated Native Trees | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 3 | &nbsp;&nbsp;Grant Certificate - Well ALT 01 | &nbsp;&nbsp;1105063/2024 | &nbsp;&nbsp;Groundwater Collection by Tubular Well – flow rate 7.2 m³/h | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 4 | &nbsp;&nbsp;Grant Certificate - Well ATL 02 | &nbsp;&nbsp;1105064/2024 | &nbsp;&nbsp;Groundwater Collection by Tubular Well - flow rate 10 m³/h | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 5 | &nbsp;&nbsp;Grant Certificate - Well ATL 03 | &nbsp;&nbsp;1105065/2024 | &nbsp;&nbsp;Groundwater collection by tubular well - flow rate 7.4 m³/h | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 6 | &nbsp;&nbsp;Certificate of Grant – Deviation | &nbsp;&nbsp;1105062/2024 | &nbsp;&nbsp;Partial diversion of the São José Stream - 466.5 m | &nbsp;&nbsp;10/25/2034 |
| &nbsp;&nbsp;Annex 7 | &nbsp;&nbsp;Certificate of Grant - Hydrogeological Survey | &nbsp;&nbsp;1105067/2024 | &nbsp;&nbsp;Groundwater Collection for Hydrogeological Research Purposes <br> 1) Authorization for Drilling and Collection of Groundwater - 05 Wells: Atlas P9 - flow rate 7.2 m³/h; Atlas P10 - 9.4 m³/h; Atlas P13 - 6.5 m³/h; Atlas P14 - 6.5 m³/h; Atlas P16 - 7.8 m³/h; <br> 2) Hydrogeological Research | &nbsp;&nbsp;10/25/2027 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 365 <br>

17.1.5 Expansion
 of the Anitta Project – Delimitation and Progress

After the technical surveys and environmental studies required to file the licensing request for the Anitta Project were completed, Atlas Lítio Brasil continued to develop mineral research and diamond drilling work. The aim was to discover new mineralized pegmatite bodies, as well as to obtain a better understanding of the dimensions and volume of the Anitta Project deposit. The technical data aids to consolidate the understanding of Pit 1 and to define if the new deposit in the area ANM Process 833.356/2007 is sufficient for Pit 2 implying the need to license an expansion of the Anitta Project.

To prepare for the Environmental Impact Study (EIS), studies were carried out in several areas according to the summary of the baseline. A list of the environmental impact studies completed is provided in Table 17-6:

**Table 17-6 List of Environmental Impact Studies Completed**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Land use | &nbsp;&nbsp;The land is currently used for subsistence farming including animals (cattle, pigs, and chickens) and crops (corn, beans, and cassava). |
| &nbsp;&nbsp;Flora | &nbsp;&nbsp;Seasonal Deciduous Forest (FED) in Initial Stage and Pasture Areas of Consolidated Use - Atlantic Forest Biome – studies realize in two seasons (wet and dry). |
| &nbsp;&nbsp;Archaeology and cultural heritage | &nbsp;&nbsp;No archaeological sites, indigenous lands or quilombo communities were identified in the project´s area of influence. |
| &nbsp;&nbsp;Special areas | &nbsp;&nbsp;No special areas were identified. The project site is not located within a conservation unit. |
| &nbsp;&nbsp;Fauna | &nbsp;&nbsp;The studies conducted included avifauna (birds), herpetofauna (reptiles and amphibians), terrestrial macrofauna (large and medium-sized mammals) and flying mammal fauna. A low number of endemic and specialist species were recorded in the field, demonstrating that the remaining natural areas have little capacity to support species that cannot withstand human-induced changes to their habitats. studies realize in two seasons (wet and dry). |
| &nbsp;&nbsp;Climate | &nbsp;&nbsp;The climate is continental-dry and hot, and has two clearly defined and distinct seasons, one dry, coinciding with winter in the southern hemisphere, and the other rainy, coinciding with summer. |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;The Project is in the Jequitinhonha River basin, spatially occupying the sub-basins of the Araçuaí River. |
| &nbsp;&nbsp;Soils | &nbsp;&nbsp;It is based on podzolic and latosol soils, with a predominance of the first type. |
| &nbsp;&nbsp;Caves | &nbsp;&nbsp;No caves were identified. |

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The pictures presented in Figure 17-1 show examples of the avifauna, herpetofauna, terrestrial and flying mammalian fauna respectively, that were recorded on the Anitta project property.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 366 <br>

**Figure 17-1 Collage of Avifauna, Herpetofauna, Terrestrial and Flying Mammalian Fauna**

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|:---|:---|
| Avifauna | Avifauna |
| ![](pg351-400_029.jpg) | ![](pg351-400_030.jpg) |
| Herpetofauna | Herpetofauna |
| ![](pg351-400_031.jpg) | ![](pg351-400_032.jpg) |
| Terrestrial mammalian | Terrestrial mammalian |
| ![](pg351-400_033.jpg) | ![](pg351-400_034.jpg) |

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| Flying mammalian | Flying mammalian |
| ![](pg351-400_035.jpg) | ![](pg351-400_036.jpg) |

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The purpose of this authorization is to allow environmental intervention in an area of approximately 64.48 ha of removal of native vegetation and intervention in permanent preservation area. Current legislation (Federal Law 11.428/2006) allows intervention in the form of clearing vegetation that is in an intermediate stage of regeneration and removal of protected species, provided that they are duly included in an inventory list and the proposed reforestation plan is legally executed. The Environmental Intervention Authorization listed in Table 17-7 will be applicable to the project.

17.1.6 Water
 Use Authorization

The water supply was previously authorized and is sufficient for the project and expansion.

17.1.7 Final
 Considerations about the Permit

These areas and activities for the Expansion of Anitta Project are subject to environmental licensing under the Concomitant Environmental Licensing modality - LAC1, comprising the simultaneous obtaining of the Preliminary License (LP), Installation License (LI) and Operating License (LO) from the Regional Management Directorate (DRG) of the State Environmental Foundation of the State of Minas Gerais (FEAM-MG) through Administrative Process SLA PA No. 4709/2024 / formalized on 12/21/2024 through publication in the Official Gazette of the State of Minas Gerais and SEI process no. 2090.01.0001026/2025-05.

Table 17-7 provides the environmental, authorizations and operations process related to the area of the expansion project.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 368 <br>

**Table 17-7 Environmental, Authorizations and Operations Process List**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Expansion Anitta Project** | **Expansion Anitta Project** | **Expansion Anitta Project** |
| **Annex** | **Environmental License** | **No.** | **Description** | **Status** |
| Annex 8 | Concomitant Environmental License (LAC1) | 4709/2024 | <br> Preliminary License (LP) + Installation License (LI) + Operating License (LO)<br> 1) Waste Pile - 17,61 ha<br> 2) Road for transporting ore/waste outside the limits of mining projects – 3,64 km<br> 3) Open Pit Mining - 1,500,000 t/year | Process in Analysis in the Environmental Agency |
| Annex 9 | Authorization for Environmental Intervention (AIA) | 2090.01.0031471/2024-68 | Authorization for Environmental Intervention - 64,48 ha<br> 1) Removal of Native Vegetation<br> 2) Intervention in Permanent Preservation Area (APP) | Process in Analysis in the Environmental Agency |
| Annex 10 | Grant 1 - Exempt Use Crossing (Córrego São José) | 12.05.0000865.2024 | Authorization to cross a stream | Granted |
| Annex 11 | Grant 2 - Exempt Use Crossing (Córrego São José) | 12.05.0000866.2024 | Authorization to cross a stream | Granted |
| Annex 12 | Grant 3 - Exempt Use Crossing (Córrego São José) | 12.05.0000919.2024 | Authorization to cross a stream | Granted |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 369 <br>

**17.2** **Requirements, Plans for Waste, Tailings Disposal, Site Monitoring, Water Management** 

The provisions for storage of tailings and other waste products and for the closure of mines are set forth in the Brazilian Mining Code, National Environmental Policy, Federal Constitution, mine closure legislation, specific regulations for tailings storage, ANM regulations and other applicable norms. Please see below some of the key provisions that need to be made:

● Environmental
 Impact Assessments – the environmental impact assessments include plans for waste management,
 tailings storage, and mine closure.

● Waste
 Management Plans – waste management plans detailing types of waste, including tailings,
 overburden, and other by-products, how they will by managed, stored and disposed.

● Tailings
 Storage Facilities – tailings storage facilities to store the waste materials produced
 during the ore processing.

● Mine
 Closure Plan – mine closure plans that provide the steps and activities to be taken
 to safely and responsibly close the mine once its operation is no longer economically viable
 or sustainable.

Section 17.2.1 to Section 17.2.4 provides a list of the Environmental Programs required for the environmental licensing of the Anitta Project, which are detailed in the Anitta Project PCA (target Pit 1) and in the Expansion PCA (target Pit 2) (more information about these programs are presented at Section 17.5):

17.2.1 Physical
 Environment Programs

● Program
 for Environmental Management of Work;

● Program
 for Monitoring the Quality of Surface Water;

● Water
 Monitoring Program;

● Program
 for Controlling Erosive Processes and Implementing and Maintaining Storm Drainage Systems;

● Program
 for Monitoring Atmospheric Effluents;

● Program
 for Controlling and Monitoring Noise Levels;

● Program
 for Controlling and Monitoring Vibrations and Acoustic Pressure Resulting from Detonations;

● Solid
 Waste Management Program;

● Liquid
 and Oily Effluent Control and Monitoring Program;

● Hydrogeological
 Monitoring Program.

17.2.2 Biotic
 Environment Programs

● Germplasm
 Rescue Program;

● Vegetation
 Suppression Control Program;

● Local
 Wildlife Rescue and Repelling Program;

● Trampled
 Animal Monitoring Program;

● Fauna
 Monitoring Program;

● Legal
 Reserve Permanent Preservation Areas Maintenance and Conservation Program.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 370 <br>

17.2.3 Socioeconomic
 Environment Programs

● Social
 Communication Plan;

● Environmental
 Education Program;

● Monitoring
 Program for Socioeconomic Indicators;

● Program
 for Valuing and Strengthening the Local Economy;

● Program
 for Prioritizing and Professional Training of Local Labor and Suppliers.

17.2.4 Specific
 Plans/Programs

● Risk
 Management and Emergency Response Program;

● Degraded
 Areas Recovery Plan (PRAD);

● Mine
 Closure Plan.

**17.3** **Contextualization of the Anitta Project and Expansion** 

Figure 17-2 outlines in tan the area of the Anitta Project that has been licensed and in red the area that is currently being licensed.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 371 <br>

**Figure 17-2 Map of Anitta Project Licensing Status**

![](pg351-400_027.jpg)

Figure 17-3 outlines the Master Plan of the Anitta Project including all its facilities, structures, mining, and the installation and operation of the Mineral Treatment Unit.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 372 <br>

**Figure 17-3 Anitta Project Master Plan**

![](pg351-400_028.jpg)

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 373 <br>

**17.4** **Community Engagement** 

During the development of the EIA studies for the Expansion of the Anitta Project, prepared by WSP, the Area of Direct Influence for the Socioeconomic Environment identified the locations surrounding the Area Directly Affected by the project, namely:

● Nossa
 Senhora das Neves;

● São
 José das Neves; and

● Ribeirão
 Calhauzinho das Neves

The locations most directly subject to the impacts of vehicle traffic along the access route to the project, given the concentration of residences close to the road, are:

● Aguada
 Nova; and

● Ribeirão
 Calhauzinho das Neves (already considered in the previous criterion).

It is worth noting that the Baixa Quente community, although not classified as an AID, will be the target of labor prioritization actions and monitoring of socioeconomic indicators – the latter with the aim of verifying the potential impact of the arrival of the project on changes in living conditions in the area, considering the network of socioeconomic relations with neighboring communities.

It is important to clarify that access for maintaining economic and social ties between Aguada Nova and Baixa Quente is completely different from the route that will be used by the project, that is, the route and traffic between the communities are not affected in any way by the Expansion of the Anitta Project.

The areas surrounding the project are sparsely populated, with little vehicular traffic. The villages are mainly concentrated along BR 367 and in the municipal district of Araçuaí, which has approximately 40,000 inhabitants. The main economic activities of the region are subsistence agriculture and small livestock farming.

Atlas maintains an open dialogue channel and close relationship with the communities surrounding the project and in the Municipality of Araçuaí as a whole, having held regular consultation meetings with the communities directly affected by the project.

The development of mining activities by Atlas in the Jequitinhonha Valley is viewed positively by the communities of Nossa Senhora das Neves, São José das Neves, Calhauzinho and Aguada Nova as well as by the Municipal Government, being recognized as an important economic driver in the region and an opportunity for employment and professional development.

In support of relationships with the local community, Atlas signed a Memorandum of Understanding with the Municipality of Araçuaí with the objective of establishing a partnership for improvements in infrastructure, health, education, access to water, among others.

In this sense, actions are being developed in partnership with the Municipality of Araçuaí and other companies, with emphasis on improving existing access roads, especially when compared to the conditions of the roads prior to the company's activities, as well as various actions to support the communities, based on knowledge of local needs.

In general terms, the following actions are planned for the communities of Calhauzinho, São José das Neves, Nossa Senhora das Neves and Aguada Nova, among others, within the scope of the Anitta Project as a whole. These actions are related to the implementation of small water storage dams, improvements and graveling of roads, donation of machinery and equipment, construction of infrastructure, in addition to support, donations and sponsorships, as listed in Table 17-8 below:

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 374 <br>

**Table 17-8 Community Support Program for Implementation**

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|:---|:---|:---|
| **Action** | **Information** | **Information** |
| Little Water storage dams | ● | 14 units built and renovated for local residents |
| Improvements and graveling of roads | ● | Calhauzinho Road; |
| Improvements and graveling of roads | ● | Access to the Municipal School and the Community of São José das Neves; |
| Improvements and graveling of roads | ● | Hill of the Cardoso Community; |
| Improvements and graveling of roads | ● | Access to and Hill of the community of Nossa Senhora das Neves. |
| Support with donation of machinery and equipment | ● | Improvement of the entire access to Chapada do Lagoão together with the City Hall of Araçuaí; |
| Support with donation of machinery and equipment | ● | Paving of the community of Nossa Senhora das Neves together with the City Hall of Araçuaí; |
| Support with donation of machinery and equipment | ● | Earthworks for a mobile phone tower in the community of Nossa Senhora das Neves; |
| Support with donation of machinery and equipment | ● | Water trucks supply the communities and wet the roads. |
| Infrastructure | ● | Complete construction of the teachers' accommodation at the State School of the Calhauzinho Community; |
| Infrastructure | ● | Complete construction of the sidewalk, accessibility ramp, playground and improvement of the canteen at the Municipal School of the Community of São José das Neves; |
| Infrastructure | ● | Complete construction of the support house, kitchen and patio of the Church of the São José das Neves Community; |
| Infrastructure | ● | Renovation and painting of the church of the Nossa Senhora das Neves Community in partnership with the outsourced company Eco Sonda gem; |
| Infrastructure | ● | Renovation and painting of the church of the São José das Neves Community. |
| Infrastructure | ● | Support / Donations / Sponsorships • Sponsor and supporter of the Feast of Our Lady of the Snows in the Nossa Senhora das Neves Community in 2023 and 2024, being the main local festival; |
| Support / Donations / Sponsorships | ● | Sponsor and supporter of the Patron Saint of Our Lady of the Snows in the Nossa Senhora das Neves Community in 2023 and 2024, being the main local festival; |
| Support / Donations / Sponsorships | ● | Donation of trash cans and native tree seedlings to the Calhauzinho Community State School; |
| Support / Donations / Sponsorships | ● | Support during environmental week with an educational environmental lecture by collaborator Marco Aurélio followed by an ecological visit with students from the Calhauzinho Community State School in the Chapada do Lagoão APA; |
| Support / Donations / Sponsorships | ● | Donation, negotiation and regularization of an artesian well together with the City of Araçuaí and COPANOR to fully supply the Nossa Senhora das Neves Community; |
| Support / Donations / Sponsorships | ● | Support for costs to conduct a pumping test and technical study of an artesian well to supply the Calhauzinho community State School; |
| Support / Donations / Sponsorships | ● | Sponsorship of the São Sebastião Festival in the Nossa Senhora das Neves Community; |
| Support / Donations / Sponsorships | ● | Donation and support for the Children's Day party in the Nossa Senhora das Neves and Aguada Nova communities; |
| Support / Donations / Sponsorships | ● | Donation of food for the New Year's Eve dinner of the Evangelical Church of the Calhauzinho Community; |
| Support / Donations / Sponsorships | ● | Donation of food for the graduation of students from the Baixa Quente Community School; |
| Support / Donations / Sponsorships | ● | Donation of food for the Christmas party of students from the Calhauzinho and São José Community State Schools. |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 375 <br>

During the licensing process, Atlas held 14 (fourteen) meetings in 2023, 2024 and 2025 with representatives of communities within the Area of Direct Influence of the project. These meetings provided opportunities for Atlas to understand the community's expectations for the Project. A summary of these meetings is:

● Meetings
 in 2023:

○ June 15 – Calhauzinho Community

● June 15 – Nossa Senhora das Neves Community

○ June 15 – São José das Neves Community

○ June 15 – Feedback São José das Neves Community

○ June 15 – Feedback Calhauzinho Community

● June 15 – Feedback Nossa Senhora das Neves Community

● Meetings
 in 2024:

○ June 15 - Calhauzinho Community

○ June 15 – São José das Neves Community

● June 15 – Nossa Senhora das Neves Community

○ June 15 – Feedback Calhauzinho Community

○ June 15 – Feedback São José das Neves Community

● June 15 – Feedback Nossa Senhora das Neves Community

● Meetings
 in 2025:

○ April 12 – Aguada Nova Community

○ April 13 – Feedback Aguada Nova Community

Furthermore, important to mention that Girau Quilombola community and the Malhada Preta sector, although not part of the Area of Direct Influence, were considered in the ECR and were consulted by anthropologists in previous meetings, held on October 28 and 29, 2023, in addition to a feedback meeting on December 16, 2023, which had the spontaneous participation of residents who were informed of the Anitta Project and the objectives of the meeting within the scope of preparing the Socioenvironmental Diagnosis (MF Projetos Socio Ambientais, 2023). In addition, a Physical and Biotic Environment Impact Assessment study (WSP, 2024) was also presented, and it was found that the community in question does not suffer any impact in relation to the project due to the physical barrier existing between the project and where they are located.

**17.5** **Mine Closure** 

The rehabilitation and closure plan consist of three main stages:

&nbsp;&nbsp;&nbsp;&nbsp;1. Decommissioning
 planning

&nbsp;&nbsp;&nbsp;&nbsp;2. Execution
 of decommissioning

&nbsp;&nbsp;&nbsp;&nbsp;3. Implementation
 of the socio-environmental and geotechnical follow-up and monitoring actions of the post-closing.
 Waste piles will be graded as needed, capped with a vegetation suppression layer and revegetated
 with herbaceous-shrub species. A final protective cover can be placed over the pile to facilitate
 revegetation and minimize erosion, at which point the sedimentation pond may be decommissioned.
 A cap layer of soil will be placed and seeded on the open pit berm areas. A fence will be
 built around the open pits, and all mine haul roads will be blocked off.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 376 <br>

Table 17-9 summarizes the measures that have been planned to minimize environmental impact.

**Table 17-9 Planned Measures to Minimize Environmental Impact**

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| | |
|:---|:---|
| **Mitigation Measures** | **Description** |
| **General** | **General** |
| Construction Management Program | Establish and implement efficient technical and managerial tools that allow the full and safe development of the project's construction activities and the monitoring of the actions described in the Environmental Programs. Assisting the contracted companies and their employees, during the progress and demobilization of the works, to ensure the prevention and minimization of the expected impacts and the adoption of corrective measures, when necessary. |
| Degraded Areas Recovery Plan | Promote the recovery of areas affected by the implementation and operation of the Anitta Project Expansion project, with a view to recovering the environments, minimizing the action of erosive agents, even on a small scale, considering the specific interventions associated with the control measures of these activities. |
| Risk Management and Emergency Response Plan | Present the necessary actions to prevent and mitigate dangerous events identified in the APP as being of marginal and critical severity. |
| Mine Closure Plan | Plan the closure of mining exploration activities, promote the recovery of degraded areas, promote physical, chemical and biological stability and provide balance to the anthropic environment of the project's area and its surroundings. |
| **Physical Environment** | **Physical Environment** |
| Surface Water Quality Monitoring Program | Monitor the evolution of water quality in watercourses in the Area of Influence of the Anitta Project Expansion and verify the efficiency of the control systems implemented. |
| Water Monitoring Program | Monitor the flow rates of the main watercourses in the Area of Direct Influence, as well as points downstream and upstream of the structures that will be implemented. Ensure compliance with environmental law regarding the maintenance of residual flow in the water bodies This monitoring program will be able to confirm the operational efficiency of the control agents. |
| Program for Controlling Erosion Processes and Implementing and Maintenance of Storm Drainage Systems | Present a set of actions aimed at monitoring and tracking erosional processes and silting of drainage. Propose control and corrective measures as needed. |
| Atmospheric Effluent Monitoring Program | Promote monitoring of the environmental quality of the atmosphere in the areas of influence of the project. Control and monitor atmospheric emissions while considering emissions of particulate matter and combustion gases, in accordance with legal standards. |
| Noise Level Control and Monitoring Program | Ensure noise emission levels resulting from the project's activities cause the least possible impact on its surroundings and on the employees involved in the implementation and operation of the project. In addition, the program aims to guide procedures for monitoring and controlling noise. |
| Program for Controlling and Monitoring Vibrations and Acoustic Pressure Resulting from Detonations | Ensure that vibration and acoustic pressure levels, resulting from detonations to dismantle rock for the Anitta Project Expansion, do not exceed regulatory limits. Ensure the comfort of the surrounding communities is not affected by the activities, meeting vibration and acoustic pressure references in relation to human reaction and constructions. |

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| Solid Waste Management Program | Ensure environmentally correct management of solid waste from the project's activities, including its implementation, operation and closure stages, in accordance with the law. |
| Liquid and Oil Effluent Control and Monitoring Program | Control the environmental aspect of effluent generation, through specific operational procedures during the implementation, operation and closure stages of the Anitta Project Expansion and monitor the sources responsible for effluent generation as a way of verifying the efficiency of the control systems and operational procedures adopted. |
| Hydrogeological Monitoring Program | Monitor the water level, the quality of groundwater, and register springs and water points. In quantitative terms, the purposes are to evaluate the hydrodynamics of the aquifer being evaluated and the interrelationship between the water table level and the dynamics of the aquifer(s) with surface water resources. Specifically in qualitative terms, the purpose is to characterize and monitor the evolution and seasonality of water quality in the area of influence. |
| **Biotic Environment** | **Biotic Environment** |
| Germplasm Rescue Program | Mitigate the impacts resulting from the implementation of the Anitta Project Expansion on local floral biodiversity. The program seeks to minimize the loss of individuals and genetic resources of populations of native plant species (with emphasis on endangered, immune to cutting and endemic species) present in the Directly Affected Area. |
| Vegetation Suppression Control Program | Establish guidelines for vegetation removal activities in the area where the Anitta Project Expansion is being implemented. Minimize the impacts generated on the ecosystem and promote better use of woody material resulting from the removal of vegetation cover. |
| Local Fauna Scaring and Rescue Program | Minimize the adverse impacts resulting from the implementation of the Anitta Project Expansion and, more specifically, from vegetation suppression activities that cause harm to the wildlife populations present in the project area. |
| Roadkill Monitoring Program | Systematically monitor potentially run-over fauna, as well as propose and implement mitigation and control measures to reduce run-overs in all internal and external accesses to Anitta Project Expansion. |
| Wildlife Monitoring Program | Monitor the populations of animal species, especially those that are endangered, endemic, indicators of environmental quality and of medical importance. |
| Program for Maintenance and Conservation of Permanent Preservation Areas – Legal Reserves | Monitor the Permanent Preservation Areas and Legal Reserves within the boundaries of Atlas' property, to guarantee the conservation status of these areas. |
| **Socioeconomical Environment** | **Socioeconomical Environment** |
| Social Communication Program | Announce the measures adopted by the company to minimize and/or mitigate environmental impacts attributed to and related to the production process, enhance its socio-environmental actions, the Environmental Education Program and its activities, in addition to maintaining the flow of general information about the enterprise with the public in a clear, direct and agile manner. |
| Environmental Education Program | Share responsibilities and motivate social groups impacted by the project to carry out a set of teaching-learning actions and processes that provide conditions for these actors to avoid. Control or mitigate socio-environmental impacts, as well as strengthen local potential, thus complying with COPAM Normative Resolutions No. 214 and No. 238. |

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| Socioeconomic Indicators Monitoring Program | Monitor the indicators related to the local public service infrastructure and productive structure in the AID of the Anitta Project Expansion, specifically in the locations of Nossa Senhora das Neves, São José das Neves, Ribeirão Calhauzinho das Neves and Baixa Quente, all belonging to the city of Araçuaí/MG. If necessary, develop support processes to reduce the negative impacts of the project. |
| Local Labor and Suppliers Training and Prioritization Program | Ensure training and objective conditions in order for the workers from the municipalities of Araçuaí and from the communities of Nossa Senhora das Neves, Ribeirão Calhauzinho and São José das Neves can engage in employment opportunities with Atlas Lítio Brasil or contractors during the implementation and operation stages of the project. |
| Program for Enhancement and Strengthening of the Local Economy | Develop actions that promote the continuity of rural practices in communities and enhance their growth opportunities, improving their quality of life, as well as training public authorities with the structuring of a culture of innovation, modernization and valorization of local production. |

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**17.6** **Commitments to Local Procurement or Hiring** 

Procurement by a mining operation is the single largest potential economic impact in a host country, more than payments in taxes, wages and community investment combined.

Mining companies themselves also have an economic interest in purchasing more goods and services closer to their sites of activity, in the form of improved relations with stakeholders and lower supply chain costs in the long run. In addition, bilateral and multilateral aid providers and development organizations have an important role to play to support economic development planning utilizing the procurement spending of mining companies.

Mining companies can't do everything themselves. Whether they are just beginning to explore an area or have been in production for years, mining companies rely on the products and services of many other businesses.

Furthermore, mining companies often hire people full-time to provide the services that could be sub-contracted out to local businesses.

Global Standard sets the minimum requirements to ensure that programs are in place to identify and provide employment and business opportunities that can deliver sustainable mutual benefits to local stakeholders. The stakeholder benefits are intended to align with the targeted outcomes of the Community Investment Strategy.

Atlas Lítio Brasil Ltda. in its Environmental Control Plan (PCA, Brazilian acronym) establishes the Program for Training and Prioritization of Local Labor and Suppliers. This program included in the PCA of the environmental licensing establishes an Atlas' formal commitment to the environmental agency regarding its actions to favor, directly involve, and hire local/regional workforce.

This program aims to optimize the absorption of local manpower, offering professional training and the people productive inclusion in the job market, providing workforce training. This strategy has been increasingly used by companies that aim to get good performance results, professional quality, and increased productivity.

The project will be of great importance for the regional development of "Jequitinhonha Valley", Minas Gerais State, Brazil, as it will provide an objective change in the occupational structure and in service provision for the population. "Jequitinhonha Valley" is a region marked by social vulnerability and low income, so this impact presents itself as a significant social and economic contribution to its very relevant and positive development.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 379 <br>

As part of the installation and operation of the Anitta Project, a significant number of job vacancies will be generated in the municipality of Araçuaí, Minas Geris State (MG), and in this region of Brazil.

During the in loco work development for the socio-environmental diagnosis, it was found that there was a great need to enhance the positive effects of the project implementation and operation on the municipality, to promote expansion and favor access conditions to the local labor vacancies.

Therefore, the entrepreneur will institutionalize and establish criteria for the selection of human resources needed for the enterprise implementation and operation, as well as its support structures.

Considering the unavailability of skilled workers in the municipality, training is planned for the future hiring of employees during the project implementation and operation phases, as well as throughout its development. This action is related to the policy adopted by the company to mainly prioritize local manpower and suppliers.

The Program for Training and Prioritization of Local Labor and Suppliers aims to establish objective conditions so the workers from the municipalities of Araçuaí, especially from the AID communities, can effectively take advantage of the employment opportunities that will be generated.

The specific objectives are:

○ Systematize and maintain as a policy the prioritization of labor from the locations covered by the Program for Training and Prioritization of Local Labor and Suppliers;

○ Enhance the positive social and economic effects of the project in Araçuaí;

○ Minimize the attraction of labor contingents from other municipalities, contributing to reducing pressure on infrastructure and public services;

○ Develop and implement project(s), possibly in partnership with other companies and/or public authorities, that values and strengthens the local economy.

As a methodology, basic surveys will initially be carried out to support training opportunities. During the project implementation phase, the program will focus on prioritizing local labor. Companies responsible for implementing the project will be instructed to hire workers residing in Araçuaí, preferably.

During the project's operational phase, local workers will continue to be prioritized. However, this will be combined with the workforce qualification process. The courses offered are based on the knowledge and skills needed to fill the jobs during the operational phase.

In addition to training local labor and suppliers, this program also includes the development of a project that establishes actions to enhance and strengthen the local economy, focusing on the region's natural and cultural vocations. The actions to be carried out include:

○ Systematization and dissemination of the policy of prioritizing local labor and service providers

○ Selection of partner entities for the preparation and implementation of qualification courses

○ Communication, mobilization and selection of candidates for Professional Training

○ Development of Qualification Courses

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This program will constitute an internal policy of the company since its initial insertion in the municipality of Araçuaí. By developing these actions and activities, the Company will be facilitating, enabling, and prioritizing the local hiring of workers, service providers, and hiring in local market.

As this situation is currently known, meeting this need in the region is already underway, that is, hiring workers and outsourcing services with local companies and suppliers. This program aims to strengthen and consolidate the actions that are already developed by the entrepreneur. For example, the "Women's Trainee" is a program in which four young mining technician students are already working in the company to better train themselves and gain experience to be hired after graduating.

In the same sense, the SUB-PROGRAM is also planned: Project for the Valorization and Strengthening of the Local Economy with the main objective of developing actions that promote the continuity of rural practices in communities, enhancing their growth opportunities, improving their quality of life, as well as training public authorities with the structuring of a culture of innovation, modernization and valorization of local production.

The project goal is to generate employment and income, contributing to the development of local communities, mainly around the project and specially in Araçuaí. It stands out among the communities "Neves, Calhauzinho, and São José das Neves", which are currently prioritized in the initial and survey activities in hiring workers and providing services from outsourced survey companies as well as direct workers from Atlas.

Therefore, the target public for this program is made up of people interested in working at Atlas Lítio Brasil for improving their technical knowledge through courses offered and projects to enhance and strengthen the economy, with a focus on the AID communities, plus the Baixa Quente community.

For the Sub-Program for the Enhancement and Strengthening of the Local Economy, the target audience is producers, artisans, traders and other actors involved in local production and economic chains, with a focus on the AID communities.

Among the activities of this program, it is emphasizing the importance of those responsible for defining the best communication strategies so that workers are aware of this fact and, thus, can register as applicants for the job vacancies offered. Whenever needed, it is proposed to disseminate the activities of general interest with verbal communication, local radio, posters, and other effective forms in highly visible places in the communities to target the audience.

Obtaining inputs from local and regional suppliers is of fundamental importance to boost the economy. The benefits are countless, and everyone wins, especially, the population. This is an important practice that will be adopted by the company especially because Araçuaí, despite being a smaller city, is the closest urban center to the project area. Local market is also extremely important in generating indirect jobs for the population. These opportunities may arise in different segments. When choosing local suppliers, there is always the consequence of strengthening the economy and opening up more expansion possibilities. Increasing demand in local market leads to positive impacts, resulting in generating new jobs in this place.

In terms of logistics and storage, being able to purchase products from nearby suppliers becomes a very positive factor for the enterprise, mainly due to reducing transport and storage costs.

The installation of a new mineral industry unit and the strengthening of local market will directly reflect on the collection of municipal, state, and federal taxes (CFEM, Brazilian acronym); this impact has a positive effect on the population, and these values directly result in infrastructure improvements, safety, and better living conditions in general.

It should be noted that the prioritization, hiring, and training the workers will be the responsibility of the entrepreneur, who may designate a specialized company to carry out the procedures required for its effective application.

The execution of actions to hire local manpower will begin with the identification of its need in the project implementation and operation phases and will be extended, depending on the possible need to replace manpower during the enterprise development.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 381 <br>

**17.7** **Planning and Design** 

Local Procurement and Employment Plans or equivalent will be developed and integrated with cross functional business strategies to optimize procurement and employment opportunities for key stakeholder groups by promoting:

● Local employability and skills development

● Diversity of workforce

● Small business development for locals, indigenous, women and/or minority business owners

● Sustainable business opportunities

Local Procurement and Employment Plans will define and prioritize procurement and employment objectives as well as identify key performance indicators to measure program successes and opportunities for improvement.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 382 <br>

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| **18** | **CAPITAL AND OPERATING COSTS** |

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**18.1** **Basis of Estimates** 

The capital expenditures (CAPEX) and operating expenditures (OPEX) of the Project were estimated at a feasibility study level and should provide further guidance for the project implementation phase. The estimate parameters are as follows:

● Target accuracy initial capital costs: +15% / -10%

● Target accuracy sustaining capital costs: +15% / -10%

● Target accuracy operating costs: +15% / -15%

● Estimate period: Q2 2025

● Estimate currency: United States Dollars (USD)

The estimate was developed for the 2025 FS based on the SGS/Atlas standard commodity coding structure for mineral projects. A work breakdown structure (WBS) was developed for the Project to organize the estimate in a logical structure based on function and location. Table 18-1 presents CAPEX CBS – Cost Breakdown Structure.

**Table 18-1 CAPEX CBS – Cost Breakdown Structure**

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|:---|
| **CBS - Cost Breakdown Structure** |
| Bins & Conveyors |
| Buildings |
| DMS |
| Effluent |
| MV Subs & Automation |
| Piping |
| Screens - Prep & sizing |
| Spares |
| Steelwork & Platework |
| Tanks |
| Taxes |
| Water Supply |
| Weighbridge |
| Civils |
| Commissioning |
| Crushing Area |
| Contract Mining |
| Earth works |
| Engineering |
| Generators |
| Installation |
| Owners team OPS |
| Project Development |
| Shipping |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 383 <br>

The operating cost estimate was broken down as follows:

● Mining (drill and blast, load and haul, geology, maintenance, dewatering, other).

● Crushing (crushing, screening).

● DMS process Cost Plant - Processing (storage and reclaim, DMS, concentrate handling, laboratory, tailings handling, ore feed, maintenance, cost to transport from the Plant to TSP, other).

● Power Supply (genset rental, diesel supply, others).

● Freight – Road Cost and Port Cost (cost to transport from transhipment to Port and storage in Port).

● G&A Services (office, security, health and safety, environment, warehouse, other).

OPEX are inclusive of labour, consumables, power, and maintenance materials, as well as general and administration (G&A) costs.

18.1.1 General

The mining capital and operating cost estimates were developed by Atlas and Promon to include all costs related to the mine operating contract, including mine mobile equipment, (primary, secondary, support, auxiliary, and ancillary equipment) and pre-production mine development.

Mining infrastructure, including haul roads, mine facilities, explosives storage, and processing plant CAPEX, was developed by Promon.

The capital cost estimates for the process plant were developed by Promon with input from Atlas, Prominas, DF+ and SGS (including processing plant design, bulk quantities and equipment lists).

The operating cost estimates for the process plant were developed by Atlas with input from Promon, Prominas, DF+ and SGS (including processing plant design, bulk quantities and equipment lists).

The tailings and overall site water management capital and operating cost estimates were developed by Atlas with input from DF+ and WSP.

Costs pertaining to the power generation with generator sets, the internal site power line and associated facilities were provided by Atlas and Promon and are based on contract pricing received from an RFQ process.

The road between the Project site and the city of Araçuaí is adequate for the Project's transportation needs, except at the entrance to the Project site. Some modifications were carried out in previous years in partnership with the City Hall, and their costs were allocated to the sunk cost. Near the Project area, further works will be carried out and managed by Atlas.

The initial CAPEX estimate includes all Project direct and indirect costs to be expended during the implementation phase of the Project. The initial CAPEX estimate covers the period from the Pre-approval date by Atlas of this report, when detailed engineering would commence, to the successful completion of the Plant commissioning phase. Any costs beyond the Plant commissioning phase are captured with the sustaining CAPEX, or OPEX. Various studies phases, testwork, and preliminary engineering, as well as permitting activities, processing equipment by CDM, are excluded from the estimate as these are considered sunk costs as of the effective date of this report.

SGS has reviewed the cost estimates developed by Atlas and considers them reasonable.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 384 <br>

18.1.2 Mining

The CAPEX estimate reflects the project scope below

● Construction of Explosives Magazine;

● Fuel Station Infrastructure (equipment such as tanks, pumps, and others will be provided under a loan agreement).

● Waste Pile Infrastructure.

● Pre-Stripping Operations (Mobilization, Temporary facilities, Site maintenance, Loading of weathered waste from the mine to the pile, Transport of waste, Spreading of waste in deposits).

Mining development will be arranged by a mining contractor, responsible to all mining services. The CAPEX estimate is based on firm prices received from mining contractors

The Pre-stripping budget encompasses all direct and indirect costs associated with initial overburden removal activities. Direct operating costs include expenditures for equipment operation, such as fuel, electricity, maintenance components, operator labor, and consumables (e.g., tires). Indirect costs comprise labor related to mine supervision, management, and technical support from mine company. All these components are fully integrated into the overall pre-stripping cost structure.

18.1.3 Processing
 Plant and Infrastructure

The physical conceptual design is prepared in accordance with the WBS where all the tasks and areas were developed in enough detail to establish a class 2 estimate based on the American Association of Cost Engineers (AACE). A general contingency of 7% was generated using Promon expertise.

The process plant costs were established by obtaining prices for more than 80% of the process and ancillary equipment from multiple suppliers. Detailed material take-offs (MTOs) were prepared for all bulk materials, i.e., concrete, primary and secondary steel, architectural items, cable trays, electrical cables, instruments, and piping (steel and HDPE). Prices were obtained for most of the bulk material packages.

Quotes were obtained for all prefabricated buildings, including the Ore Stockpile Dome and the Warehouse. The cost of the main electrical generator substation and generators were based on prices obtained from the selected supplier.

The material takes offs for earthworks, including the waste and tailings dump, are based on physical material take-offs from detailed design prepared by Promon. Unit costs are based on quotations received.

Quotations were received for the sewage treatment plant and other ancillary buildings, and temporary / construction infrastructure. The remaining equipment and material costs were based on budgetary bid processes, quotes, the consultant's historical data, and in-house databases, or benchmarked from previous projects. The power supply costs are based bidding contract for generator cost estimates.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 385 <br>

**18.2** **Capital Cost Estimates** 

The capital cost estimate summary is presented in Table 18-2 and Table 18-3, show all necessity capital to building and manager construction phase

**Table 18-2 Capital Breakdown Structure CapEx (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Buildings | 3.52 |
| MV Subs & Automation | 2.78 |
| Spares | 0.05 |
| Water Supply | 0.85 |
| Weighbridge | 0.06 |
| Civils | 6.25 |
| Commissioning | 1.09 |
| Crushing Area | 6.89 |
| Contract Mining | 6.90 |
| Earth works | 9.45 |
| Engineering | 0.80 |
| Generators | 1.34 |
| Installation | 12.15 |
| Shipping | 1.65 |
| Contingency | 3.77 |
| **Total** | **57.56** |

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**Table 18-3 Corporate Cost Breakdown Structure (USD Million)**

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|:---|:---|
| **CBS - Corporate Costs Breakdown** | **Estimate to Complete** |
| Taxes | 0.90 |
| Owners team OPS | 11.86 |
| Insurance | 0.34 |
| Contingency | 1.08 |
| **Total** | **14.17** |

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The following assumptions apply to the capital cost estimate:

● All equipment and materials will be new.

● The labour rate build-up is based on the statutory laws governing benefits to workers.

● Fuel Cost: R$5,70/L

● Foreign exchange rate: BRL 6/USD.

● Construction phase: Two shifts per day for earthworks, civil work and assembly activities will be conducted on 1 shift per day.

● All labor-related costs, including wages, benefits, and associated charges, are in full compliance with current Brazilian labor legislation.

● Transfer of tailings to the PDER-1 (Waste Dump) will be via 40t haul trucks.

● No provision for rework or repair of equipment and material delivered to site.

● No rework to field-erected and installed equipment and material.

● No provision for potential increase in salaries necessary to attract skilled trades workers.

● Costs for pre-start-up operations and maintenance training are applied in this estimate

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 386 <br>

Exclusions (CAPEX)

● Escalation (or de-escalation) is excluded from the CAPEX.

● Costs relating to certain agreements with third parties.

● Cost relating to financing and interest.

● Work stoppages resulting from community relations dispute.

● Any and all scope changes.

● All G&A costs from the construction phase.

18.2.1 Buildings

A capital expenditures summary for buildings is presented in Table 18-4. The main infrastructures and civil works are included, as listed below:

Site Buildings:

● Administrative / Main office

● Canteen

● Gatehouses

● Locker Room

● Control Room

● Waste deposit

● Radioactive Items Bunker

● Control Room

● Canteen

● Maintenance/Workshops

● Warehouse Stores

TSP:

● Laboratory

● Truck Weigh Station

● Gatehouse

● Waiting building for truck drivers

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 387 <br>

**Table 18-4 Building CapEx Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Administrative & Operational Buildings | 1.93 |
| Laboratory | 1.59 |
| **Total** | **3.52** |

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18.2.2 MV
 Substation & Automation

A summary of the capital expenditures for medium voltage substation, power distribution, electrical material, instrumentation, and telecom system and equipment are presented in Table 18-5.

**Table 18-5 Electrical and Communications Capital Expenditures (USD Million)**

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| | |
|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Telecom System + Equipment | 0.53 |
| Instrumentation | 0.17 |
| MV Substation & Automation | 2.08 |
| **Total** | **2.78** |

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18.2.3 Spares

The CAPEX estimate for spares are for utilities from the water supply and sewage system, all other spare parts to the process plant are in sunk costs, CDM supply.

**Table 18-6 Spares (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Spares | 0.05 |
| **Total** | **0.05** |

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18.2.4 Water
 Supply

The water supply CAPEX consists of the Capital Expenditure for the acquisition of pumps for water distribution, water treatment plant, sewage treatment plant, filters for raw water, equipment tanks for water boreholes (pumps and accessories), bulk material for piping, valves and fire system material (fire fighter equipment was in CDM scope in sunk cost).

**Table 18-7 Water Supply (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Pumps | 0.03 |
| Water Treatment Plant | 0.29 |
| Sewage Treatment Plant | 0.10 |
| Fire System Material | 0.13 |
| Water Boreholes (equipment) | 0.05 |
| Piping Materials | 0.24 |
| **Total** | **0.85** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 388 <br>

18.2.5 Weighbridge

The capital expenditure for the weighbridge includes the acquisition of a truck scale to weigh trucks prior to dispatching the concentrate to the port.

**Table 18-8 Weighbridge (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Weighbridge | 0.06 |
| **Total** | **0.06** |

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18.2.6 Civil
 Works

The capital cost estimate for civil works includes all necessary activities to enable the proper installation and functioning of process plant infrastructure. The scope comprises:

● Mobilization and demobilization of workforce, equipment, and construction materials;

● Construction and maintenance of site infrastructure and temporary facilities during the execution phase;

● Execution of reinforced concrete foundations and equipment support bases;

● Construction of reinforced concrete superstructures, including columns, beams, and structural walls;

● Installation of reinforced concrete floors for operational and equipment areas;

● Implementation of the electrical grounding mesh system, ensuring compliance with applicable safety standards;

● Final demobilization activities upon completion of the civil construction phase.

● This scope is based on detailed engineering quantities and unit costs derived from contractor proposals and historical benchmarks.

**Table 18-9 Civil Works Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Civil Works - CIV-02 | 6.25 |
| **Total** | **6.25** |

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18.2.7 Commissioning

The capital cost estimates for commissioning encompass expenses associated with the engagement of specialized commissioning firms, responsible for supporting the preparation, testing, and validation of systems and equipment. Additionally, this estimate includes the procurement of essential consumables and materials required for the initial start-up phase of the plant, such as ferrosilicon. These costs are presented in Table 18-10.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 389 <br>

**Table 18-10 Commissioning Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| FeSi-Supply | 0.32 |
| Commissioning Support<br> (services + material) | 0.75 |
| Minor Suppliers | 0.02 |
| **Total** | **1.09** |

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18.2.8 Crushing
 Area

The capital cost estimate for the crushing area comprises the supply and installation of all major and auxiliary equipment necessary for the full operation of the system. This includes the acquisition and mechanical assembly of three crushers (one jaw crusher and two cone crushers) along with the complete set of conveyor belts required for material handling within the circuit. Additionally, the estimate covers the procurement and installation of screening equipment, various auxiliary machines, and all associated electrical and mechanical materials, structural steel components necessary for equipment support, platforms, walkways, and access structures. Furthermore, the scope includes all related civil works, such as foundations, equipment bases to ensure the complete implementation and operational readiness of the crushing facility are presented in Table 18-11.

**Table 18-11 Crushing Area (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Equipment + Material | 3.44 |
| Assembly – Electromechanical + Automation | 2.07 |
| Civil works | 1.38 |
| **Total** | **6.89** |

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18.2.9 Contract
 Mining (Pre-Operational Phase)

The capital cost estimate for the pre-operational mining phase are presented Table 18-12:

● Construction of the explosives magazine;

● Development of fuel station infrastructure (with equipment such as tanks, pumps, and others to be supplied under a loan agreement);

● Implementation of the waste pile infrastructure;

● Execution of pre-stripping operations, including mobilization, installation of temporary facilities, site maintenance, excavation and loading of weathered waste material, transportation to the designated waste dump, and spreading of material in the disposal areas.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 390 <br>

Mining development will be conducted by a third-party contractor, who will be fully responsible for the execution of all mining services. The CAPEX estimate is based on firm quotations and commercial proposals received from qualified service providers.

**Table 18-12 Contract Mining- Pre-Operational Phase (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **USD Million** |
| Explosives Magazine | 0.61 |
| Fuel Station Infrastructure | 0.17 |
| Waste Piles | 3.46 |
| Pre-Stripping | 2.66 |
| **Total** | **6.90** |

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18.2.10 Earthworks

The capital cost estimates for the earthworks of the process and TSP, are presented below, and the cost is provided in Table 18-13.

● Mobilization and subsequent demobilization of labor, equipment, and materials;

● This package includes all costs associated with personnel lodging and catering, as well as the provision of electrical power throughout the construction phase;

● Setup and ongoing maintenance of the construction site infrastructure;

● Execution of earthworks for the industrial area, comprising land clearing, cut and fill operations, grading, and installation of surface drainage systems;

● Application of primary surfacing for internal access roads within both the industrial and transshipment areas;

● Installation of underground electrical duct banks across the industrial and transshipment zones;

● Earthworks related to the formation and shaping of ponds;

● Implementation of comprehensive drainage systems within the industrial and transshipment areas;

● Supply and installation of HDPE (High-Density Polyethylene) water pipelines in both industrial and transshipment zones;

● Construction and installation of concrete inspection boxes throughout the industrial and transshipment areas.

**Table 18-13 Earthworks (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Earthworks | 9.45 |
| **Total** | **9.45** |

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18.2.11 Engineering

The detailed engineering scope is substantially complete, with only a limited number of activities pending final verification and cross-checking for consistency. The costs presented below refer exclusively to these remaining activities. Expenditures related to the overall detailed engineering phase are considered sunk costs and, therefore, are not included in the current capital expenditure estimate. The cost is presented Table 18-14.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 391 <br>

**Table 18-14 Engineering Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Engineering | 0.80 |
| **Total** | **0.80** |

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18.2.12 Generators

The estimated capital cost for the power supply to Atlas's temporary facilities and for equipment commissioning includes the rental of diesel generators and the provision of diesel fuel to ensure energy availability. It is important to note that the power supply required by contractors and assemblers is their own responsibility, in accordance with the commercial proposals used for budget development. Costs are presented in Table 18-15.

**Table 18-15 Generators Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Rental Generators (Construction and Commissioning Phase) | 0.44 |
| Fuel (Diesel) | 0.90 |
| **Total** | **1.34** |

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18.2.13 Installation

The estimated capital cost for assembly comprises both direct and indirect costs, including labor (direct and indirect), temporary facilities with associated maintenance, bulk materials, equipment, vehicles, tools, and applicable taxes. The provision of energy through generators, as well as the supply of water for both consumption and operational use, falls under the responsibility of the contractors, in accordance with the terms established in their respective agreements.

Main Structure and services are described below.

● Water Treatment Stations – Assembly of equipment, piping, valves, and instrumentation for raw, process, and potable water treatment units.

● Fire Water System / Fire Fighting System – Installation of fire pumps, hydrants, deluge systems, and emergency piping in compliance with fire safety regulations.

● Automation and Control System – Integration of PLCs, control panels, field instruments, and SCADA systems throughout the plant.

● MV Substation / Generators – Assembly of medium-voltage substations and diesel generators, including switchgear and power distribution.

● Raw/Gland Water System – Assembly of pumps, tanks, and piping

● Sewage Collection & Treatment – Installation of sewage handling infrastructure including piping networks, tanks, and treatment systems.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 392 <br>

● Maintenance Facilities / Workshops – Assembly of mechanical and electrical maintenance facilities with utilities and equipment.

● Utility Power Supply – Installation of power distribution infrastructure and transformers for utility supply to the Tailings Storage.

● Instruments – Installation and commissioning of field instrumentation and associated cabling.

● Potable Water System – Assembly of water treatment units, tanks, and distribution lines for drinking water supply.

● Feed Preparation Area – Installation of feeders, screens, and conveyors for ore preparation.

● Interstage Screening – Assembly of vibrating screens and supporting structures for intermediate material classification.

● Primary DMS (Dense Media Separation) – Installation of DMS cyclones, vessels, mixing tanks, and associated pumps and piping.

● Compressed Air System – Assembly of compressors, dryers, and air distribution network.

● Pipe Rack / Pipe Way – Assembly of pipe racks and installation of interconnecting pipelines across all plant areas.

● Thickening Area – Installation of thickeners, underflow pumps, and associated slurry piping and instrumentation.

● Filtration Area – Assembly of filters, vacuum or pressure units, filtrate recovery, and cake discharge systems.

● Secondary DMS – Installation of additional DMS units for fine particle separation, including support equipment.

● Primary Floats Stockpile – Construction of infrastructure and mechanical systems for material handling and stockpiling of primary floats.

● Final Product Stockpile – Installation of conveying and stacking equipment for final product storage.

● Process Water System – Assembly of tanks, pumps, and recirculation lines for process water recovery and distribution.

● Service Air System – Installation of utility air supply network for general plant services.

**Table 18-16 Installation Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Installation (Assembly – Electromechanical + Automation) | 12.15 |
| **Total** | **12.15** |

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18.2.14 Shipping

The capital cost estimate includes the logistics and freight expenses associated with transporting the process plant equipment from its current storage location to the project site, as well as the transportation costs for other remaining components. Additionally, storage costs incurred up to the time of shipment are included in this estimate. It is important to note that the international freight costs related to the shipment of the process plant from South Africa to Brazil have already been incurred and are therefore classified as sunk costs, not included in the current estimate.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 393 <br>

**Table 18-17 Shipping Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Shipping & Freight | 1.65 |
| **Total** | **1.65** |

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18.2.15 Contingency

A contingency provision has been incorporated into the capital cost estimate to mitigate potential cost impacts resulting from uncertainties, scope variations, and unforeseen conditions that may arise during project execution. This allowance reflects the current level of engineering definition and the associated risk profile, and has been established at 7.0% of the total capital cost indicated in the CAPEX estimate. Direct contingency is presented in Table 18-18. The contingency applied to corporate-related costs will be presented in a subsequent section.

**Table 18-18 Contingency Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** |
| Contingency Capex | 3.77 |
| **Total** | **3.77** |

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**18.3** **Corporate Cost Breakdown** 

To ensure greater clarity in the cost structure, the following values refer to project-specific indirect costs, which will hereafter be classified as Corporate Costs. These costs are exclusive to the execution of this project and do not include the company's general and administrative (G&A) overheads.

18.3.1 Taxes

The capital cost allocated to duties and taxes encompasses all expenses related to the importation of the process plant, including customs clearance procedures, import duties, and other taxes and fees applicable to the internalization of equipment and materials, is presented Table 18-19.

**Table 18-19 Taxes Capital Expenditures (USD Million)**

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|:---|:---|
| **CBS - Corporate Costs Breakdown** | **Estimate to Complete** |
| Taxes | 0.90 |
| **Total** | **0.90** |

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18.3.2 Owners
 Team & Management Services

The capital cost estimate includes a comprehensive set of corporate and project support services required during the construction phase. This encompasses the management and operational teams, supervision of assembly activities, human resources support, training programs, and technical assistance to construction. It also includes the engagement of specialized consultants in areas such as geotechnics, concrete, and materials. Supporting infrastructure such as electronic document management systems (EDM), technical archives, and communication tools are included. Additional provisions cover the rental of temporary offices, software licenses, travel and accommodation expenses, service and utility vehicles (including ambulance – first aid and rescue), topographic surveying, water and sewage treatment station operations, road maintenance, and the general service center to support on-site logistics and site security. These costs are summarized in Table 18-20.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 394 <br>

**Table 18-20 Owners Team & Management Services Capital Expenditures (USD Million)**

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| | |
|:---|:---|
| **CBS - Corporate Costs Breakdown** | **Estimate to Complete** |
| Owners Team & Management Services | 8.16 |
| **Total** | **8.16** |

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18.3.3 Land
 Acquisition

The capital cost estimate to complete acquisition of land required for the implementation of project-related areas is USD 1.14 million. These costs are summarized in Table 18-21.

**Table 18-21 Land Acquisition (USD Million)**

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|:---|:---|
| **CBS - Corporate Costs Breakdown** | **Estimate to Complete** |
| Land Acquisition | 1.14 |
| **Total** | **1.14** |

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18.3.4 Environment
 & Social - Permits and Programs

The estimated capital cost includes all expenses associated with the acquisition of environmental licenses and the payment of regulatory fees required to secure the necessary permits for project execution. This scope also comprises the implementation of compensatory measures mandated by environmental agencies, as well as the execution of all environmental programs and commitments applicable to the construction phase, total corporate cost estimated to this scope is USD 2.2 million.

18.3.5 Temporary
 Facilities

The capital cost estimate includes provisions for the maintenance and operation of Atlas's temporary facilities throughout the construction and project management phases. This scope covers minor but necessary expenditures related to the upkeep of provisional infrastructure, utilities, and basic services essential to support day-to-day activities during project execution, total corporate cost estimated to this scope is USD 0.36 million.

18.3.6 Insurance

The total capital cost allocated for the acquisition of construction-phase insurance is estimated at 0.35% of the total project value, including equipment costs. This provision accounts for the coverage of potential risks associated with construction activities, in accordance with standard industry practices, the total corporate cost estimated to this scope is USD 0.34 million.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 395 <br>

18.3.7 Contingency

A contingency provision has been incorporated into the corporate cost estimate to mitigate potential cost impacts resulting from uncertainties, scope variations, and unforeseen conditions that may arise during project execution. This allowance reflects the current level of engineering definition and the associated risk profile and has been established at 8.2% of the total capital cost indicated in the Corporate Cost Estimate, the total corporate cost estimated to this scope is USD 1.08 million.

**18.4** **CAPEX and Corporate Cost** 

The following section presents a consolidated overview of the capital expenditures (CAPEX) and project-specific corporate costs, along with their respective proportional representation in relation to the total estimated project investment. This breakdown provides details regarding the distribution of financial resources across key project components.

**Table 18-22 Capital Expenditures Breakdown**

---

| | | |
|:---|:---|:---|
| **CBS - CapEx Breakdown** | **Estimate to Complete** | **% Breakdown** |
| Buildings | 3.52 | 6% |
| MV Subs & Automation | 2.78 | 5% |
| Spares | 0.05 | 0% |
| Water supply | 0.85 | 1% |
| Weighbridge | 0.06 | 0% |
| Civils | 6.25 | 11% |
| Commissioning | 1.09 | 2% |
| Crushing Area | 6.89 | 12% |
| Contract Mining | 6.90 | 12% |
| Earth works | 9.45 | 16% |
| Engineering | 0.80 | 1% |
| Generators | 1.34 | 2% |
| Installation | 12.15 | 21% |
| Shipping | 1.65 | 3% |
| Contingency | 3.77 | 7% |
| **Total** | **57.56** | **100%** |

---

The data above is represented graphically below.

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 396 <br>

**Figure 18-1 Capital Expenditure Breakdown**

![](pg401-450_001.jpg)

For the corporate costs, the following is a summary and the percentage representation of each item in relation to the total corporate cost structure.

**Table 18-23 Corporate Costs Breakdown**

---

| | | |
|:---|:---|:---|
| **CBS - Corporate Costs Breakdown** | **Estimate to Complete** | **% Breakdown** |
| Taxes | 0.90 | 6% |
| Owners Team Management Services | 8.16 | 58% |
| Land Acquisition | 1.14 | 8% |
| Environment & Social | 2.20 | 15% |
| Temporary Facilities | 0.36 | 3% |
| Insurance | 0.34 | 2% |
| Contingency | 1.08 | 8% |
| **Total** | **14.17** | **100%** |

---

The data above is represented graphically below.

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| |
|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 397 <br>

**Figure 18-2 Corporate Costs Breakdown**

![](pg401-450_002.jpg)

**18.5** **Sunk Cost** 

All expenditures incurred up to the date of this report have been classified as sunk costs and are already financed. The sunk costs are applied against taxation in the financial model. The incurred values are sourced from Atlas's SAP database, which records all disbursements along with the applicable exchange rates at the time of payment.

Table 18-24 provides a detailed summary of the realized costs, based on contractual obligations that are either concluded or currently in progress.

**Table 18-24 Cost Breakdown Structure**

---

| | |
|:---|:---|
| **CBS - Cost Breakdown Structure** | **SUNK COST** |
| Bins & Conveyors | 2.99 |
| Buildings | 0.45 |
| DMS | 5.86 |
| Effluent | 2.93 |
| MV Subs & Automation | 2.20 |
| Piping | 0.76 |
| Screens - Prep & sizing | 1.64 |
| Spares | 1.35 |
| Steelwork & Platework | 1.56 |
| Tanks | 0.64 |
| Water Supply | 0.03 |
| Civils | 0.00 |
| Commissioning | 0.01 |
| Earth works | 0.21 |
| Engineering | 2.86 |
| Project Development | 3.66 |
| Shipping | 2.91 |
| **Total** | **30.04** |

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 398 <br>

The CDM contract represents the most significant portion of the sunk costs, and comprises the scope for the process plant as described below:

Conveyors including:

● Belt specification of Class 400/3 ply, 5 mm top, 2 mm bottom, M Class

● Primary scraper with T3 blades

● Secondary scraper with T3 blades

● Plough scraper with PU blades

● Skirting

● Impact systems and material flow have been tested and modelled with flow analysis software.

● Standardized (where possible) pulleys, drives, cleaning, skirting, impact, idlers, etc.

● Single-side walkway 750 mm wide

● Gravity take-ups

● Three screw take-ups

● Non-belt-scale belts

● Belt-scale belts

● Head chutes allowing for fitment of cross stream samplers at four locations.

● Guards

● Heads, tails, discharge/feed chutes, trestles and gantry/stringer sections.

Belt Feeders including:

● Two 900 mm wide

● One 600 mm wide (Cleaner Feed)

● Belt specification of Class 630/3 ply, 6 mm top, 2 mm bottom, M Class

● Primary scraper with T3 blades

● Secondary scraper with T3 blades

● Plough scraper with PU blades

● Skirting

● Impact systems

● Standardized pulleys, drives, cleaning, skirting, impact, idlers, etc.

● Single-side walkway 750 mm wide

● Screw take-ups.

● Guards

● Heads, tails, discharge/feed chutes, trestles and gantry/stringer sections.

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 399 <br>

DMS Module:

● Primary DMS Module

● Secondary DMS module

Effluent handling module and ancillaries:

● Thickener c/w torque control, lifting, fully bolted construction

● Civil layout

● Flocculant system

● Underflow pumps

● Standalone electrical supply and control (only cable in, not multiple cables from distant MCC)

● Surge storage and agitation

● Filtration sub-module

● Feed pumps

● Water injection

● Spillage pumps

● Filtrate sump

● Grit/fines discharge platework

● Walkways, structures and access points

● Suction piping

● Valves

● Needle tank for process water

● Process water pumps

● Firewater skid c/w diesel pump, container, electric pump, jockey pump, all piping in container, all electrics in container, i/o for comms with Scada

● Compressor modules (running and s/by) c/w refrigerant dryers, auto condensation drains, receiver, filters.

● Additional flocculant plant for belt filter feed flocculant (as per flocculant plant for thickener)

Tramp magnet and tanks:

● Auto-Cleaning Tramp Magnet and Drive

● Modular Tank 800 m<sup>3</sup>

● Modular Tank 150 m<sup>3</sup>

● Modular Tank 200 m<sup>3</sup>

● Needle Tank (configured to thickener and process water tank)

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 400 <br>

Screening buildings, chutes, sumps, and samplers:

● Chutes with VRN and ceramic liners

● Interstage and Feed-Prep complete structures

● Underflow sumps with lining

● Cross stream head samplers

● Thickener underflow vezin sampler

Buffer tanks, agitators, and screen cleaning:

● Bolted together modular tanks

● Tank top steelwork

● Walkway and handrailing

● Baffle plates

● Rubber lining

● Nozzles

● Agitators suitable for these tanks

Feed Prep:

● Feed Prep Screen

● Sink Sizing Screen (Secondary Desliming)

● Underpan to suit

Pumps, piping and valves:

● Supply of pumps, bases, drives and guards, motors

● Pre-Fabricated Spool Pieces (Ceramic Lined, Rubber Lined and HDPE)

● Steel Piping

● HDPE Piping

● Pipe Supports

● Fasteners and U-Bolts

● Hoses

● Valves

● Fittings

● Couplings

● Spray Nozzles

● Gauges

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 401 <br>

Electrical, control and instrumentation:

● DMS Modules smart switchgear, PLCs and i/o

● Smart switchgear and MCCs for remainder of process plant

● PLCs for remainder of process plant

● Control room c/w a/c room, IT Cabinet, Desks, Chairs, PC, UPS, flooring

● Belt scales

● PA nuclear

● Plant instruments - Flow meters, pressure indication, transmitters, level control

● Conveyor instruments - blocked chute, alignment, rip detect, pull wire, start warning, limits, stop/starts

● Cable Racking Plant (outside of DMS modules)

● Cable Glands

● Instrument Cable (outside of DMS modules)

Steelwork and platework:

● Support Steel (filter and thickener feed)

● Feed Bins

● Transfer Towers

● MCC Structure

Spare Parts:

● Belt filter - 2-year operational spares, commissioning spares, critical spares

● Thickener - 2-year operational spares, commissioning spares, critical spares

● Flocculant Plants - 2-year operational spares, commissioning spares, critical spares

● Belt scale spares

● Spare cyclones - high chrome (Primary and Secondary)

● Thickener control panel upgrade

● Belt filter guards along bottom sides of belt filter

● Rubber lining of thickener cone

**18.6** **Sustaining Capital** 

Sustaining projects are primarily aimed at ensuring the continuity, safety, and efficiency of existing operations, by maintaining the integrity and productive capacity of the company's assets over time. Unlike growth projects, which focus on expanding installed capacity, sustaining initiatives are essential to preserve operational performance, comply with regulatory requirements, and mitigate risks related to obsolescence, natural wear, or critical failures.

To fulfill the purpose of sustaining projects, ensuring continuity, safety, and efficiency of existing operations, while maintaining the integrity and productive capacity of the company's assets over time—a value equivalent to 3% of all equipment and direct cost services was adopted. In other words, 3% of the sunk cost value was added as a separate line item under the CAPEX estimate.

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 402 <br>

However, due to certain specific items that were individually assessed, some costs were considered outside the standard 3% rate. These items were included in the respective years in which they will be required and are referred to as "special sustaining" items, such as:

**Table 18-25 Sustaining Capital**

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| | |
|:---|:---|
| **Sustaining Capital Year 1** | **7.79** |
| PDER-1 Tailing Phase 2 | 1.26 |
| PDE-2 Tailing Phase 2 | 3.05 |
| Access Mine x Plant | 3.49 |
| **Sustaining Capital Year 2** | **2.58** |
| PDER-1 Tailing Phase 3 | 2.58 |

---

These special sustaining items were evaluated separately, both technically and financially, and incorporated into the CAPEX estimate according to their expected timing and criticality.

**18.7** **Operating Cost Estimate** 

The operating cost estimate (OPEX) includes mining, crushing, DMS plant process cost, G&A, product freight and port costs, which will be in Ilhéus Port, in the state of Bahia. Operating costs are summarized in Table 18-26. The table also presents the costs grouped per tonne of spodumene concentrate with a base grade of 5.5% Li₂O (SC 5.5).

**Table 18-26 Operating Costs Summary**

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Total Cost**<br> **(USD million)** | **Unit Cost**<br> **(USD/t of SC5.5)** | **Unit Cost** <br> **(USD/t Ore)** |
| Mining | 274 | 288.0 | 37.8 |
| Crushing | 14 | 14.6 | 1.9 |
| DMS Plant Cost | 88 | 92.4 | 12.1 |
| G&A | 49 | 51.6 | 6.8 |
| Freight & Port Cost | 40 | 41.9 | 5.5 |
| **Total** | **464.6** | **488.5** | **64.1** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Numbers
 may not add due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 costs above are presented net of tax credits.

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 403 <br>

Table 18-27 shows a summary of the annual production and Table 18-28 shows a detailed LOM operating cost including mining, crushing, DMS plant cost, G&A and freight & port cost.

**Table 18-27 Annual Production**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project Year** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **Total Production** |
| Waste mined (kt) | - | 1227 | 12823 | 19497 | 22728 | 24630 | 21704 | 15684 | 2945 | 120011 |
| Ore mined (kt) | - | 126 | 1108 | 813 | 1362 | 1127 | 1232 | 1145 | 339 | 7127 |
| Ore processed (kt) | - | - | 879 | 1131 | 1131 | 1177 | 1151 | 1152 | 633 | 7253 |
| SC5.5 produced (kt) | - | - | 120 | 151 | 151 | 151 | 150 | 151 | 78 | 951 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Numbers
 may not add due to rounding.

**Table 18-28 Total Operating Costs Summary (USD million)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Total** | **1** | **2** | **3** | **4** | **5** | **6** | **7** |
| Mining | 273.9 | 29.3 | 42.7 | 50.5 | 54.3 | 49.9 | 39.2 | 8.0 |
| Crushing | 13.9 | 2.1 | 2.2 | 2.2 | 2.2 | 2.1 | 2.1 | 1.1 |
| DMS Plant Cost | 87.8 | 13.5 | 13.8 | 13.6 | 13.5 | 13.3 | 13.0 | 7.1 |
| G&A | 49.0 | 7.2 | 7.3 | 7.3 | 7.3 | 7.3 | 7.2 | 5.4 |
| Freight & Port Cost | 39.9 | 5.0 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 3.2 |
| Total OPEX | 464.6 | 57.1 | 72.3 | 80.0 | 83.5 | 78.9 | 67.8 | 24.9 |
| Total Cost/t Ore Processed | 64.1 | 51.6 | 89.0 | 58.7 | 74.1 | 64.1 | 59.2 | 73.3 |
| Total Cost/t Spodumene Concentrate (dry) | 488.5 | 477.1 | 480.3 | 530.1 | 553.7 | 525.5 | 449.9 | 318.9 |

---

Notes:

The following items are not included in the costs shown in Table 18-28:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Royalties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. CFEM
 (Government Mining Royalty)

18.7.1 Mining
 Operating Costs Summary

The mine operating cost was calculated based on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;1. Waste
 and ore sequencing developed by the company Prominas, aiming to meet the processing plant
 capacity of approximately 1.2 MTPY and achieve an annual production of 150,000 tonnes of
 spodumene concentrate.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mine
 sequencing based on ore grades, maintaining the assumption of 150,000 tonnes of spodumene
 concentrate produced per year.

&nbsp;&nbsp;&nbsp;&nbsp;3. Market
 quotations from leading companies with proven expertise in open-pit mining execution and
 operations.

The mine operating cost includes the following: services drilling, blasting, loading and hauling of waste and ore, waste spreading, ore stockpile rehandling, secondary breakage using hydraulic excavators, equipment rental for infrastructure improvements, access road maintenance, water trucks for road dust suppression, personnel, consulting services, and other indirect costs.

Also included are the necessary consumables for performing the above activities: diesel fuel, explosives, blasting accessories, and dust control polymers for road treatment.

The average mining cost during operations is estimated at USD 2.15/t mined.

Load and hauling waste are the major mining cost activity representing 44% of total costs, followed by Diesel (19%), and drilling/blasting waste (12%).

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 404 <br>

The mining OPEX is estimated to be USD 37.8/t processed or USD 288.0/t of spodumene concentrate produced.

Table 18-29 shows, in a consolidated manner, the mine operating costs, the cost per tonne of ore fed, the cost per tonne of spodumene concentrate, the percentage share of each item in the total mine cost, and the percentage share in the cost of spodumene concentrate.

**Table 18-29 Total Mining Operating Cost (USD Million)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining costs** | **Total** | **US$/t of ore** | **% of mining costs** | **US$/t of SC5.5** | **% of SC5.5 costs** |
| Total Mining costs | **273.9** | **37.8** | **100%** | **288.0** | **59%** |
| Overburden drilling and blasting services | 33.9 | 4.7 | 12% | 35.6 | 7% |
| Overburden load and hauling services | 121.7 | 16.8 | 44% | 128.0 | 26% |
| Pegmatite drilling and blasting services | 3.3 | 0.5 | 1% | 3.5 | 1% |
| Pegmatite load and hauling services | 17.4 | 2.4 | 6% | 18.3 | 4% |
| Payroll | 10.5 | 1.4 | 4% | 11.0 | 2% |
| Diesel | 52.3 | 7.2 | 19% | 55.0 | 11% |
| Grade control services | 1.2 | 0.2 | 0% | 1.3 | 0% |
| Infrastructure Equipment services | 20.9 | 2.9 | 8% | 22.0 | 4% |
| Fixed costs | 12.8 | 1.8 | 5% | 13.4 | 3% |

---

18.7.2 Crushing
 Processing Cost Summary

The crushing cost includes the plant feed service using loaders, the cost of consumable spare parts as quoted by the supplier, maintenance costs calculated using an annual factor of 5% over the investment value, power costs related to diesel consumption by the generators for plant operation, and other minor costs.

To estimate diesel consumption, the installed power was calculated based on the equipment list, and a consumption rate of 262 liters of diesel per MWh was applied, as indicated by the supplier.

The crushing processing OPEX includes operating and maintenance labour, and indirect charges associated with the crushing plant. Based on these cost assumptions, inclusions and exclusions, the OPEX is estimated to be USD 1.9/t processed or USD 14.64/t of spodumene concentrate produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.3 DMS
 Plant Operating Cost Summary

The DMS plant cost is composed of the following items:

● Reagents – costs related to the use of ferrosilicon for DMS plant operation and polymers used in the thickening and filtration processes.

● Maintenance costs – calculated using an annual factor of 5% of the installed equipment capital costs.

● Payroll - Salaries, charges, and benefits for the operations, maintenance, and process teams.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 405 <br>

● Diesel - Diesel consumption related to power generators as well as to the rented equipment used for plant feeding, and for the handling of concentrate and plant tailings.

● Rental of power generators - Generator rental services, which include operation and maintenance.

● Rental Equipment – includes wheel loaders, trucks, and water trucks for internal waste movement, DMS plant feeding, and loading of concentrate trucks.

● Fixed costs – include personnel expenses and other minor costs.

● Concentrate transportation – service for transporting the concentrate from the DMS plant to the transshipment area.

● Transshipment cost (included under 'Other' line) – includes truck loading for shipment to the Port of Ilhéus, as well as maintenance and other operational services.

● Laboratory (included under 'Other' line) – includes the costs of services contracted from SGS Laboratories for chemical and particle size analyses required for full operation.

Note: the laboratory will be installed in the transshipment area and operated by SGS under Atlas coordination.

All costs were estimated based on quotations obtained from suppliers in the market, such as:

● Ferrosilicon – DMS Powders

● Polymers – SNF

● Equipment rental – Conec and RED

● Concentrate transportation (Mine trucks) – G7 Transportadora

● Laboratory services – SGS Outsourcing

● The power cost refers to the rental service of gensets and the diesel consumption required for their operation. The gensets rental cost was based on the rental agreement signed between Atlas Lithium and the company Tecnogera. This agreement includes not only the rental of the generator sets but also all costs related to 24/7 operation and maintenance.

● The estimated diesel consumption of 262 liters per MWh was also provided by the supplier and used here for cost calculation. The power demand was calculated by Promon Engenharia based on the installed equipment power, load factor, and utilization factor of the DMS plant. Based on these cost assumptions, inclusions and exclusions, the OPEX to Power is estimated to be USD 5.4/t processed or USD 41.3/t of spodumene concentrate produced.

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|:---|
| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 406 <br>

The Plant DMS Cost is estimated to be USD 12.1/t processed or USD 92.4/t of spodumene concentrate produced. Table 18-30 presents the respective costs and their percentage contribution to the total production cost of spodumene concentrate.

**Table 18-30 Total DMS Plant Operating Cost (USD Million)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DMS Plant** | **Total** | **US$/t of ore** | **% of DMS costs** | **US$/t of SC5.5** | **% of SC5.5 costs** |
| Total DMS plant costs | **87.9** | **12.1** | **100%** | **92.4** | **19%** |
| Reagents | 4.3 | 0.6 | 5% | 4.5 | 1% |
| Maintenance | 6.0 | 0.8 | 7% | 6.3 | 1% |
| Payroll | 13.4 | 1.9 | 15% | 14.1 | 3% |
| Diesel | 33.7 | 4.6 | 38% | 35.5 | 7% |
| Rental of power generators | 5.5 | 0.8 | 6% | 5.8 | 1% |
| Rental equipment | 15.1 | 2.1 | 17% | 15.8 | 3% |
| Transportation to TSP | 5.0 | 0.7 | 6% | 5.3 | 1% |
| Other | 4.9 | 0.7 | 6% | 5.2 | 1% |

---

18.7.4 G&A
 Cost Summary

G&A services include general management, accounting and finance, IT, Legal, environmental and social management, human resources, supply chain, camp, surface support, health and safety, engineering & project management, security and facilities operating cost.

The G&A OPEX is estimated to be USD 6.8/t processed or USD 51.6/t of spodumene concentrate produced.

18.7.5 Freight
 and Port Operating Cost Summary

The concentrate transportation cost was estimated based on the use of the Port of Ilhéus, located in the southwest of the state of Bahia, approximately 555 km from the transshipment area located in the city of Araçuaí, Minas Gerais.

The transportation will be carried out using tipper trucks with load capacities ranging from 40 to 60 tonnes.

The Port of Ilhéus, located in southern Bahia, has an operational capacity to handle up to 1 million tonnes of cargo per year. In 2023, the port recorded its highest throughput since 2008, with a total of 556,597 tonnes.

The port is capable of handling vessels of up to 60,000 deadweight tonnes, serving medium-sized ships.

The unit costs for road freight operations, storage, and port-related expenses were quoted with logistics and transportation companies as well as agents operating at the Port of Ilhéus. Table 18-31 below presents the assumed unit costs.

**Table 18-31 Unitary Cost to Freight and Port Expenses (USD)**

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| | | |
|:---|:---|:---|
| **Logistics** | **Total** | **% of SC5.5 costs** |
| Total logistics costs | **39.9** | **41.9** |
| Road freight from site to Port of Ilhéus | 30.6 | 32.2 |
| Port Operations | 8.2 | 8.6 |
| Port charges | 1.1 | 1.2 |

---

The total costs in the table above are unit prices based on a metric tonne, that is, including an estimated moisture content of 5%.

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| ![](page_001.jpg) |
| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 407 <br>

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| | |
|:---|:---|
| **19** | **ECONOMIC ANALYSIS** |

---

The evaluation of the Project economics considers all relevant costs and revenues associated with the development and execution of the Project. These are used to derive a set of industry standard measures of economic performance. The Project Net Present Value (NPV) is re-calculated for range of values at a discount rate of 7% for some of the key inputs so that the sensitivity of the NPV (considered a key indicator) can be assessed.

Taxation and royalties in Brazil are levied on a federal, state and local level across most activities and commodities. Several taxation incentives are in place to encourage project development. To ensure that the taxation and royalty basis of the economic analysis was applied appropriately Atlas' Tax Department reviewed the economic model and applied taxes and tax incentives where appropriate. The outcomes of this review have been incorporated into the results reported herein and a summary of that treatment is presented in Appendix A.

All dollar values in this section are in United States dollars (US$ or USD) or unless otherwise stated.

**19.1** **Project Economic Headline Results** 

Table 19-1 and Table 19-2 show the Project headline economic results before and after taxation for a flat Spodumene 5.5% Li (SC5.5) price of:

● US$1,700/t

**Table 19-1 Project Economic Model Headline Results Before Taxation**

---

| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Results** |
| Net cash flow | US$M | 906155 |
| NPV | US$M | 629040 |
| IRR | % | 162% |

---

**Table 19-2 Project Economic Model Headline Results After Taxation**

---

| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Results** |
| Net cash flow | US$M | 779639 |
| NPV | US$M | 539225 |
| IRR | % | 145% |

---

**19.2** **General Criteria** 

Atlas prepared a cash flow and financial analysis model (the model) based on inputs derived from mining and processing schedules reflecting capital and operating cost estimates including applicable royalties for the Project. The mining schedule used for the model (which drove processing and revenue) was developed on a monthly basis for the mine life. The construction schedule was broken down in a monthly basis. All inputs are consolidated annually in this report.

The model was based on the following:

● 100% equity ownership by Atlas

● Costing from April 2025

● 18-month pre-production period for preparation for plant construction and for plant construction

● All costs reported in US$ and where costs were estimated in Brazilian Reais the exchange rate used was 6.00 Reais (BRL) to the US$.

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| **SGS Geological Services** |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 408 <br>

The objective of preparing the cash flow model was to:

● Assess the economic viability of the Project and assess project sensitivity to changes in input parameters.

● Collate all the inputs for the following disciplines into a single model:

○ Mining

○ Processing

○ Metallurgical

○ Metal pricing

○ Pre-production capital costs

○ Production sustaining capital

○ Operating costs

● Environmental costs

● Royalties (CFEM)

○ Taxation.

● Be sufficiently flexible to enable options (capital and operating configurations) to be evaluated.

● Provide sufficient information to management so that they are supported in any decision-making process.

● Provide the basis for future studies and a decision whether to proceed.

The model was interrogated to determine the following values after taxation:

● Headline values:

○ Net cash flow

○ NPV at 7% discount rate (NPV)

○ IRR

○ Breakeven (NPV) SC5.5 price

○ C1 cost per tonne of SC5.5

○ Production year payback.

● KPIs:

○ Mining costs/t SC5.5

○ Processing costs/t SC5.5

○ Total costs/t SC5.5

○ AISC costs/t SC5.5

○ Production payback years.

○ Capital intensity

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 409 <br>

**19.3** **Economic Model Inputs** 

Table 19-3 shows the inputs used in the model under the base case scenario.

**Table 19-3 Model Inputs**

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| | | |
|:---|:---|:---|
| **Item** | **Value** | **Source** |
| Pre-production period | 18 | Atlas Engineering team |
| Life of Project production | 6.8 | Prominas schedule |
| LOM ore mined and processed | 7253 | Prominas schedule |
| LOM waste mined | 121238 | Prominas schedule |
| LOM average strip ratio | 16.8 | Prominas schedule |
| LOM average Li<sub>2</sub>O grade | 1.17 | Prominas schedule |
| LOM metallurgical recovery | 61.7 | CDM Plant design |
| LOM average product – Li<sub>2</sub>O grade | 5.5 | CDM Plant design |
| Plant throughput (average) | 1.1 | CDM Plant design |
| LOM SC5.5 price | 1700 | Assumption |

---

**19.4** **Economic Model Results** 

The model results are shown in Table 19-4 below.

**Table 19-4 Project Economic Performance (Post Taxation)**

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Value** |
| Net cash flow | US$M | 779639 |
| NPV | US$M | 539225 |
| IRR | % | 145% |
| Breakeven (NPV) SC5.5 price | US$/t | 735 |
| Mining costs | US$/t ore | 38 |
| Mining costs | US$/t SC5.5 | 288 |
| C1 Cost<sup>1</sup> | US$/t SC5.5 | 489 |
| All in Sustaining cost<sup>2</sup> | US$/t SC5.5 | 594 |
| Production year payback | Years | 0.92 |
| LOM Li recovered | Kt | 52 |
| Average SC5.5 production at 1.2 Mt/a ore | kt/a | 146 |
| Total revenue | US$M | 1541 |
| Total production costs | US$M | 465 |
| Operating cash flow | US$M | 871 |
| Capital intensity – Initial capex/t lithium | $US/t SC5.5 | 96 |

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<sup>1</sup> C1 costs include cash expenses incurred during mining, processing, administration and delivery of the SC5.5 in the port in Brazil.

<sup>2</sup> All-in Sustaining Costs include C1 costs plus royalties and sustaining CAPEX.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 410 <br>

**19.5** **Production and Cashflow Summary** 

The annual project physicals are shown in Table 19-5. They are based on the mining schedule developed by Prominas (Section 13- Mining), and the process plant performance predicted by CDM (Sections 10 and 14 - Process Plant).

**Table 19-5 Production Physicals per Year**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project Year** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **Total** |
| Waste mined (kt) | - | 1227 | 12823 | 19497 | 22728 | 24630 | 21704 | 15684 | 2945 | 121238 |
| Ore mined (kt) | - | 126 | 1108 | 813 | 1362 | 1127 | 1232 | 1145 | 339 | 7253 |
| Li<sub>2</sub>O grade % of ore mined (average) | 0.00% | 0.94% | 1.25% | 1.17% | 1.19% | 1.13% | 1.17% | 1.17% | 1.04% | 1.17% |
| Ore processed (kt) | - | - | 879 | 1131 | 1131 | 1177 | 1151 | 1152 | 633 | 7253 |
| Li<sub>2</sub>O grade % of ore processed (average) | 0.00% | 0.00% | 1.21% | 1.19% | 1.19% | 1.14% | 1.16% | 1.17% | 1.10% | 1.17% |
| SC5.5 produced (kt) | - | - | 120 | 151 | 151 | 151 | 150 | 151 | 78 | 951 |

---

The annual after-tax cash flow generated in the model based on the physicals are shown in Table 19-6.

**Table 19-6 Project Financials Per Year – After Taxation**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project period** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **Total** |
| Revenue (US$M) | - | - | 194 | 244 | 244 | 244 | 243 | 244 | 126 | 1541 |
| Operating costs (US$M) | - | - | 47 | 80 | 72 | 83 | 77 | 70 | 35 | 465 |
| Capital expenditure (US$M) | 1 | 65 | 9 | 5 | 2 | 2 | 2 | 2 | 1 | 91 |
| Net cash flow (US$M) | (1) | (70) | 92 | 137 | 128 | 127 | 129 | 137 | 100 | 779 |
| C1 cost<br> (US$/t SC5.5) | - | - | 396 | 534 | 475 | 551 | 513 | 464 | 447 | 489 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 411 <br>

**19.6** **Cash Flow Statement** 

Table 19-7 below presents the annualized cash flow statement for the based on the model prepared:

**Table 19-7 Annualized Cash Flow Statement (in US$'000)**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** |
| **Cash Flow** | **Total** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **>7** |
| **Net revenues** |  |  |  |  |  |  |  |  |  |  |  |
| Gross revenues | 1540602 | - | - | 193964 | 244007 | 244340 | 244413 | 243386 | 244218 | 126274 | - |
| Royalties | (46218) | - | - | (5819) | (7320) | (7330) | (7332) | (7302) | (7327) | (3788) | - |
| CFEM | (30812) | - | - | (3879) | (4880) | (4887) | (4888) | (4868) | (4884) | (2525) | - |
| **Net revenues** | **1463572** | **-** | **-** | **184266** | **231806** | **232123** | **232192** | **231217** | **232007** | **119960** | **-** |
| Freight / Port | (39884) | - | - | (5039) | (6337) | (6338) | (6333) | (6298) | (6301) | (3238) | - |
| Cost of goods sold (Cash) | (375670) | - | - | (35165) | (66811) | (58077) | (69459) | (63487) | (56466) | (26205) | - |
| **Gross Margin** | **1048019** | **-** | **-** | **144063** | **158658** | **167709** | **156401** | **161431** | **169241** | **90517** | **-** |
| Other operating costs | (1522) | - | (318) | - | - | - | - | - | - | (1204) | - |
| G&A | (49030) | - | - | (7245) | (7302) | (7292) | (7282) | (7271) | (7245) | (5393) | - |
| **EBITDA** | **997467** | **-** | **(318)** | **136818** | **151356** | **160417** | **149119** | **154160** | **161995** | **83919** | **-** |
| Income tax | (126516) | - | - | (12546) | (18198) | (21169) | (19346) | (19978) | (23456) | (11823) | - |
| **∆ need of working capital** | - | **(34)** | **(4127)** | **(22716)** | **8374** | **(8778)** | **(728)** | **(2791)** | **453** | **29776** | **571** |
| Accounts payable | - | - | 345 | 4823 | 1400 | 99 | 388 | (196) | (674) | (6186) | - |
| Li inventories | - | - | - | (9676) | 8111 | (8246) | (469) | (1893) | 2195 | 9978 | - |
| Accounts receivable | - | - | - | (20251) | (250) | 139 | 211 | (250) | 69 | 20333 | - |
| Payroll | - | - | - | 287 | (0) | 0 | 0 | 0 | 0 | (287) | - |
| Taxes | - | (34) | (4472) | 2101 | (887) | (770) | (857) | (453) | (1137) | 5937 | 571 |
| **Operating cash flow** | **870951** | **(34)** | **(4444)** | **101555** | **141533** | **130469** | **129045** | **131391** | **138993** | **101872** | **571** |
| Sustaining CAPEX | (24111) | - | - | (8556) | (4995) | (2457) | (2262) | (2262) | (2262) | (1319) | - |
| Construction CAPEX | (53030) | (393) | (52035) | (602) | - | - | - | - | - | - | - |
| Capitalized corporate costs | (14170) | (947) | (13097) | (127) | - | - | - | - | - | - | - |
| **Cash flow from investing activities** | **(91312)** | **(1340)** | **(65132)** | **(9285)** | **(4995)** | **(2457)** | **(2262)** | **(2262)** | **(2262)** | **(1319)** | **-** |
| *Post tax* |  |  |  |  |  |  |  |  |  |  |  |
| Monthly cash in / (out) flow | 779639 | (1373) | (69576) | 92271 | 136538 | 128012 | 126784 | 129129 | 136731 | 100552 | 571 |
| Cumulative cash in / (out) flow |  | (1373) | (70949) | 21322 | 157859 | 285872 | 412655 | 541785 | 678516 | 779068 | 779639 |
| *Pre tax* |  |  |  |  |  |  |  |  |  |  |  |
| Monthly cash in / (out) flow | 906155 | (1373) | (69576) | 104817 | 154736 | 149182 | 146130 | 149107 | 160187 | 112375 | 571 |
| Cumulative cash in / (out) flow |  | (1373) | (70949) | 33867 | 188603 | 337785 | 483915 | 633022 | 793208 | 905584 | 906155 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 412 <br>

Figure 19-1 below summarizes the annual net cash flow used/generated by the Project and the cumulative cash exposure/generation:

**Figure 19-1 Post-Taxes Annualized Cash Flow Generation (in US$'000)**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 413 <br>

Figure 19-2 below details the monthly and cumulative cash burn / generation of years -1 and 1 (months -12 to 12), representing the transition from construction into production phase. Given the low cost per tonne produced and the quick ramp up of the plant, the Project becomes a positive cash flow generator in the fourth month of operations. Maximum cash exposure achieves US$78 million.

**Figure 19-2 Cash Flow Generation Transitioning from Construction into Operations (in US$'000)**

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 414 <br>

**19.7** **Sensitivity Analysis** 

The model was used to prepare a sensitivity analysis for the NPV for the Project after taxation. The sensitivity analysis was completed on the following variables:

● Price of SC5.5

● Metallurgical recovery

● BRL Exchange rate

● Discount rate

● Total CAPEX

● Mining costs

The sensitivity analysis determines how the NPV is affected by changes to one variable while holding the other variables constant. The results of the sensitivity analysis are presented in Table 19-8.

**Table 19-8 Sensitivity Table for NPV (in US$'000), After Taxation**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **-30%** | **-20%** | **-10%** | **0%** | **10%** | **20%** | **30%** |
| Price of SC5.5 | 260095 | 353192 | 446225 | 539225 | 632211 | 725185 | 818155 |
| Metallurgical recovery | 280538 | 366809 | 453030 | 539225 | 625408 | 711581 | 797749 |
| BRL Exchange rate | 392126 | 453468 | 501125 | 539225 | 570387 | 596348 | 618310 |
| Discount rate | 601568 | 579961 | 559192 | 539225 | 520028 | 501566 | 483811 |
| Total CAPEX | 563440 | 555368 | 547297 | 539225 | 531154 | 523082 | 515010 |
| Mining costs | 589793 | 572937 | 556081 | 539225 | 522369 | 505512 | 488656 |

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The sensitivity chart is presented in Figure 19-3 and covers a range of variable changes from -30% to +30%.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 415 <br>

**Figure 19-3 Sensitivity to NPV (in US$'000) for Changes in Various Key Inputs**

Figure 19-3 shows that the Project's NPV is most sensitive to SC5.5 price and metallurgical recovery. This is expected as these two factors directly affect revenue. The SC5.5 price for the Project is US$1,700/t. The metallurgical recovery in the plant is well supported by metallurgical test work and detailed plant design (Sections 10 and 14).

The next most sensitive factor is the BRL exchange rate. The US$/BRL rate of 6.0 used for the operating and capital cost build up is higher than the prevailing market rate of 5.55 as at the date of this study. Figure 19-3 shows that the Project's NPV is relatively insensitive to the other factors considered.

**19.8** **Breakeven Analysis** 

An after taxation breakeven analysis was undertaken for both NPV and net cash flow. This analysis is conducted on the sensitivity analysis data and provides the SC5.5 price which will bring either the NPV or net cash flow to $0. The results of this analysis are presented in Table 19-9.

**Table 19-9 Breakeven Analysis After Taxation**

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Breakeven price** |
| Net cash flow | US$/t SC5.5 | 705 |
| NPV | US$/t SC5.5 | 735 |

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 416 <br>

**19.9** **Conclusion** 

The economic analysis demonstrates that the Project presents a compelling economic case for the development and execution of the project using a SC5.5 price of US$1,700/t over its 6.8-year life. In view of the predicted strengthening of the commodity price, the case presented is regarded as robust with significant upside.

The Project requires investment of approximately US$80 million, including construction related costs, corporate costs, sustaining CAPEX, general and administrative expenses and working capital, to enable it to reach to its positive cash flow generation phase, with a payback period lower than 1 year, generating an NPV of US$539 million with an IRR of 145% per annum.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 417 <br>

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|:---|:---|
| **20** | **ADJACENT PROPERTIES** |

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The region is home to other notable lithium mines and projects, including the Companhia Brasileira de Lítio's (CBL) Cachoeira mine, which has been producing lithium since 1993; Lithium Ionic's properties (Itinga Lithium Project and Salinas Lithium Project); and Sigma Lithium's Grota do Cirilo project (Phase 1 production having commenced from Xuxa deposit in 2023. Production is expected to be approximately tripled by 2024 via a Phase 2 & 3 expansion through the development of the nearby Barreiro and NDC deposits). The Latin Resources Colina Project had completed the PEA Technical Studies on November 2023. The Neves property is approximately 104 kilometers straight distance from the Colina Project.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 418 <br>

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| **21** | **OTHER RELEVANT DATA AND INFORMATION** |

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No other information or explanation is necessary to take this TRS understandable and not misleading.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 419 <br>

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| **22** | **INTERPRETATION AND CONCLUSIONS** |

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This TRS was prepared at the request of Atlas Lithium Corporation, a company existing under the laws of USA, trading under the symbol "ATLX" on the National Association of Securities dealers (NASDAQ) Exchange with its U.S. corporate office at 1200 N Federal Hwy, Suite 200, Boca Raton, FL 33432.

This document presents the results of the feasibility study evaluation of the Neves Project ("Neves") and focuses primarily on the Neves deposit, together with an initial exploration summary of the Gaia project ("Gaia").

This TRS is a feasibility study completed for Atlas's Neves Project and is the second TRS for the Project filed with the United States Securities and Exchange Commission (SEC).

Atlas Lithium initiated geological reconnaissance and literature reviews of the Neves area in 2021 including detailed geological mapping on pegmatites with historical mine workings located within the exploration areas. As a result, 91 new pegmatite bodies were identified at Neves and a drilling campaign was commenced in 2021 and is currently ongoing. To date, a total of 536 exploration holes (RC and DD holes) for 100,403 m of drilling were completed.

The Gaia project was initiated in 2025 with exploration mapping, sampling and soli geochemistry, with over 70 pegmatite bodies being identified. A short drilling campaign on the most prospective pegmatites was completed, with six holes being drilled for 501 meters of core.

The Neves Project has a combined open pit constrained Mineral Resource at Anitta 1, Anitta 2, Anitta 2.5, Anitta 3, Anitta 3N and Anitta 4 containing a Measured resource of 8.46 Mt at 1.20% Li<sub>2</sub>O, and an Inferred Mineral Resource of 0.15 Mt at 0.81% Li<sub>2</sub>O.

Metallurgical test work conducted on samples collected from Anitta 1 pit by SGS Lakefield produced a spodumene concentrate that could be sold to a Chemical Plant for conversion into lithium carbonate and hydroxide. Current laboratory test work conducted at SGS Lakefield in Canada indicated that the DMS process is a suitable technology to recover the spodumene from the deposit. Based on the DMS test and SGS proprietary model, the expected lithium recovery in the future commercial plant will be around 61.7% with a concentrate grade around 5.5% of Li<sub>2</sub>O. Additional HLS testing conducted on variability samples collected from Anitta 2, Anitta 2.5, Anitta 3 and Anitta 4 by SGS Geosol in Belo Horizonte indicated similar or better lithium recovery consistent with producing a 5.5% Li*<sub>2</sub>*O concentrate.

Based on the test work, two stages of DMS in a rougher and cleaner configuration have been utilized in the process design, with the secondary DMS treating the primary DMS concentrate. As DMS is not effective in the treatment of fine material, the minus 0.85 mm material will be dewatered and then report to the tailings in the current process design.

Besides HLS and DMS pilot tests, SGS Lakefield also conducted additional beneficiation studies, including flotation tests on the combined material from DMS middlings and minus 0.85 mm material, DMS middlings re-crush and DMS tests, and magnetic separation experiments on the final DMS concentrate. These tests indicated additional opportunities for potential future operations, which are described in Section 1.5 and Section 23.3.

The capital cost estimates are detailed and suitable at a feasibility study level. Capital components are identified and costed with back up multiple quotations from vendors and contractors.

The operating cost estimates are consistent with the mine plan, and are suitably costed for feasibility study.

The project shows robust economics with an after tax NPV of $542M USD and an IRR of 145%.

The lithium price assumptions are conservative, based on price forecasts and trailing average calculations.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 420 <br>

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| **23** | **RECOMMENDATIONS** |

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**23.1** **Geology** 

The Neves Lithium Project contains within-pit Measured, Indicated and Inferred Mineral Resources that are associated with well-defined mineralized trends and models. The deposit is open along strike and at depth.

Given the prospective nature of the Neves Deposit, it is the QP's opinion that the Project merits further exploration and that a proposed plan for further work by Atlas is justified. A proposed work program by Atlas will help advance the Project and will provide key inputs required to evaluate the economic viability of the Project.

The QP is recommending Atlas conduct further exploration, subject to funding and any other matters which may cause the proposed exploration program to be altered in the normal course of its business activities or alterations which may affect the program as a result of exploration activities themselves.

23.1.1 Neves
 Project

The Neves Lithium Project contains within-pit Measured and Inferred Mineral Resources that are associated with well-defined mineralized trends and models. The deposit is open along strike and at depth.

Given the prospective nature of the Neves Deposit, it is the QP's opinion that the Project merits further exploration. It is recommended that Atlas continue with their surface mapping and sampling and soil sampling and extensional drilling programs.

23.1.2 Gaia
 Project

It is recommended that Atlas continue with their surface mapping, sampling and soil sampling over the Gaia project and develop a diamond drill program to bring the project to a mineral resource status.

23.1.3 Geological
 Model Maintenance and Quality Control

As outlined in section 13 and the planned organizational structure of the project, it is recommended to maintain a qualified team composed of geologists and mining technicians, responsible for:

● Systematic
 updating of the block model.

● Quality
 control of mining operations (QA/QC).

● Improving
 mineral predictability to support short-term mine planning.

**23.2** **Mineral Processing** 

Based on the metallurgical tests conducted and the site visit, some risks and opportunities are identified and corresponding recommendations are summarized below.

● During
 the site visit, relatively large spodumene crystals in numerous ore samples were pointed
 out by Atlas lithium personnel to the SGS QPs. Based on the information provided by Atlas
 Lithium geologists, most of the spodumene in this deposit consists of relatively large crystals.
 This situation usually corresponds to an elevated DMS recovery of spodumene. A larger crush
 size for DMS feed with DMS middling re-crushing can be further explored in a future test
 program or future operation to optimize the lithium recovery.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 421 <br>

● SGS
 Lakefield conducted flotation tests on the combined material of minus 0.85 mm material and
 DMS middlings and indicated that at least 50% of the lithium in the material can be recovered
 to the final concentrate having a potential product grade of 5.5% lithium oxide. Though flotation
 is not included in the current process design, it is a future opportunity for consideration.

● Micaceous
 material was observed at the mine site during SGS QPs visit, this type of material will be
 difficult to remove by the DMS process. If this material contaminates the final spodumene
 concentrate, a reflux classifier or magnetic separator can be considered to remove these
 impurities and further improve the concentrate grade.

● There
 was a significant portion of lithium present in the minus 0.85 mm material as revealed by
 the metallurgical tests. To further optimize the lithium recovery, the dense media separation
 size range could possibly be further lowered to 0.5 mm or so to optimize the overall lithium
 recovery.

● If
 there is a market for a lower grade petalite concentrate, recovering the petalite mineral
 through DMS can be further explored.

● As
 concentrate dispatch costs are an important contributor to the operating costs, it is recommended
 to investigate concentrate dispatch cost reduction by drying of the final concentrate prior
 to transportation.

**23.3** **Mining Methods and Mineral Reserves** 

SGS offers the following recommendations regards mining:

● Conduct
 a dilution study to determine the optimal block size and confirm the value of diluted content
 in the model. Analyze operational strategies to support minimizing dilution to the ROM.

● Modeling
 of surface and groundwater flows that will report to the open pits is recommended for future
 studies. These flows should be predicted throughout the proposed life of the pit. A pit dewatering
 system should be developed and incorporated into the overall water management plan.

● As
 currently planned, develop a slope monitoring program and a ground control management plan
 for the operations phase.

● Refine
 the open pit designs and mining schedule to maximize profitability.

23.3.1 Mine
 Planning Scenario Validation

The proposed operational sequencing scenario represents the best technical alternative identified, based on the analyses and simulations carried out using the current block model.

It is recommended that any revisions to the mine plan be made only in the event of significant changes in the following:

● Geological
 block model.

● Geotechnical
 parameters that directly impact slope stability or pit geometry.

23.3.2 Operational
 Monitoring of Mining Activities

Maintain a team of mining technicians and supervisors dedicated to daily operational monitoring, focused on:

● Guiding
 selective loading to minimize ore dilution and waste contamination.

● Ensuring
 compliance with mine plan boundaries.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 422 <br>

23.3.3 Rock
 Blasting Activity, Fragmentation, Explosives and Storage

Execute blasting operations according to the technical parameters defined in the project to ensure:

● Adequate
 ore fragmentation to facilitate selectivity and handling.

● Preservation
 of slope stability.

It is recommended to develop additional studies to optimize fragmentation as the mining operation advances.

The next steps for the project include advancing the detailed engineering design, ensuring full alignment with the assumptions and guidelines established in the basic design. Additionally, it is necessary to proceed with the application for the Explosives Use Registration (CR) from the Brazilian Army, a mandatory requirement for drilling and blasting operations. The development of a comprehensive Safety Plan for explosives-related activities is also required, covering operational procedures, risk mitigation, and emergency protocols, to be submitted as part of the explosives storage authorization process. Furthermore, the Blast Design (Blast Plan) must be periodically updated according to mine progress, with adjustments to blasting parameters to optimize rock fragmentation for both ore and waste, considering operational performance and local geological conditions.

23.3.4 Topography
 and Slope Shaping

Ensure continuous monitoring of mining execution by the surveying team, as foreseen within the OPEX activities, to:

● Ensure
 accurate execution of slopes, ramps, and berms as per the design.

● Ensure
 proper positioning of accesses and adherence to the mine plan.

23.3.5 Access
 Infrastructure and Operational Cycles

According to the fleet sizing plan, it is recommended to:

● Maintain
 access roads to ensure operational regularity and safety.

● Implement
 effective dust control to ensure visibility, operational safety, and compliance with planned
 cycle times.

23.3.6 Geotechnical
 Investigation and Instrumentation Monitoring

The SGS QP offers the following recommendations related to geotechnical investigations for the following:

Implement and maintain continuous monitoring using control instruments, as defined in the instrumentation plan. Action plans must be developed and executed in response to deviations identified through instrumentation readings.

● It
 is recommended to establish and maintain a standardized geological, structural, and geotechnical
 mapping protocol to be consistently applied throughout all phases of the mine life cycle.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 423 <br>

For improvements in geotechnical geological information, it is suggested:

● Complete
 geotechnical description of all boreholes;

● New
 geotechnical tests of rocks such as UCS test, triaxial test, indirect tensile test and direct
 shear test parallel perpendicular and at 65º to the foliation;

● Structural
 geological and geotechnical mapping of the pit opening;

● Pressure
 water loss tests (Packer test) and installation of piezometers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3.7 Visual
 Monitoring and Regulatory Compliance

● Maintain routine visual inspections of critical geotechnical structures.

● Ensure full compliance with technical standards and operational procedures related to construction and structural stability of the project.

**23.4** **Infrastructure** 

The infrastructure engineering designs have been developed to a detailed level, incorporating the technical specifications and data provided by equipment manufacturers during their respective design phases. It is recommended to carry out a comprehensive review focused on the coordination and integration of the suppliers' final designs with the final designs for civil works and electromechanical installations, in order to ensure full compatibility, avoid interferences, and mitigate potential construction and assembly risks.

**23.5** **Mine Waste Storage Facilities** 

The SGS QP recommends the following additional validation to refine the detailed design of the WRTSF, OPSF and WMPs, in addition to the geotechnical investigations:

● Consider
 staged consolidation and slope stability analysis, given the presence of undrained foundation
 conditions.

● Develop
 an instrumentation and monitoring program for construction and operation of the WRTSF with
 established threshold alert levels and an appropriate response framework.

**23.6** **Waste Dumps (PDER-1 and PDE-2 Waste Project)** 

It is recommended that the following additional work be included in the detailed engineering phase:

● Detailing
 of the access roads and water drainage areas during all the construction phases of the project.

● Design
 of dumping phases aimed at reducing initial installation costs and maintenance costs over
 the useful life of the mine.

**23.7** **Water Management** 

The SGS QP recommends the following studies related to water management to support future detailed design:

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 424 <br>

**23.8** **Hydrogeology** 

● It
 is recommended to maintain the continuous update of hydrogeological numerical models according
 to the progress of mining activities.

● Carry
 out routine monitoring of groundwater levels, following the hydrogeological report guidelines,
 as the systematic collection and analysis of piezometric data to monitor/understand water
 table dynamics related to dewatering, slope stability, and environmental controls throughout
 the mine's operational life.

**23.9** **Environmental Studies and Permitting** 

The QP offers the following recommendation related to the environment:

● It
 is recommended to ensure full compliance with all environmental conditions and compensation
 measures established in the project's environmental license, in accordance with applicable
 legal and regulatory requirements.

● Additionally,
 the implementation of all actions defined in the Environmental Control Plan (PCA) to ensure
 proper execution/mitigation, monitoring, and corrective measures.

● Maintain
 transparent, continuous, and constructive communication with stakeholders—including
 regulatory agencies, local communities, and other interested parties.

● Atlas
 will facilitate with the Environmental Agency the granting of the Concomitant Environment
 License (LAC 1) and Authorization for Environmental Intervention (AIA) of Anitta 3 and PDE-2,
 still in the process of analysis by the Agency.

**23.10** **Power Supply** 

Power is the second largest process operating cost, and further use of renewables is recommended, as well as trying to obtain power from sources cheaper than diesel fuel (natural gas pipeline, high voltage overland power lines, etc.) if availability becomes suitable for the project timeline.

**23.11** **Commissioning** 

In accordance with the operational schedule and as illustrated in the operational histogram, Atlas is responsible for ensuring the timely mobilization of the Operational Readiness and Mine Development Management teams. Furthermore, as detailed in the current Owner's Team budget, Atlas shall proactively conduct all required training programs for its personnel to ensure readiness and alignment with project milestones.

**23.12** **Economic Analysis** 

● Based
 on the current economics, this project should progress to the detailed engineering and development
 / Life of Mine budgeting phase.

● Detailed
 monthly bench plans should be developed with the selected mining contractor to ensure compliance
 to plan

**23.13** **Overall** 

Develop Detail Engineering for Bulk Earthworks and Construction Support facilities (i.e. roads and facilities platforms, and service hub, raw water supply, etc.) to allow for an immediate construction start after investment decision, while detail engineering for the rest of the plant and facilities can be performed during the first year of construction.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 425 <br>

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| **24** | **REFERENCES** |

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ABNT. 2004. Associação Brasileira de Normas Técnicas. ABNT. NBR 10.004: Solid Waste – Classification. Rio de Janeiro, November 2004.

ABNT. 2017. Associação Brasileira de Normas Técnicas. ABNT. NBR 13.028: Mining – Preparation and presentation of design of tailings, sediments and/or water dams - Requirements. Rio de Janeiro, November 2017.

ABNT. 2017. Associação Brasileira de Normas Técnicas. ABNT. NBR 13.029: Mining – Elaboration and presentation of a mining waste disposal design. Rio de Janeiro, July 2017.

Alkmim, F. F., Kuchenbecker, M., Reis, H. L., & Pedrosa-Soares, A. C. 2017. The Araçuaí Belt. São Francisco craton, eastern Brazil: Tectonic genealogy of a miniature continent, 255-276.

Geophysical Survey with the Very Low Frequency (VLF) Method for the Feasibility Groundwater Capture, Atlas Lítio Brasil Ltda. Prepare by Lito Logica, Dandra Santos Rodrigues dated December 2023

Relatorio Diagnostico Estrada Rural Municipal Trecho Araçuaí,-Baxia Quente, Dated August 20. 2023

Technical Report Summary on Neves Lithium Project, Brazil S-K 1300 Report for Brazil Minerals Inc with Effective Date: August 10, 2022.

Karous, M. R. and Hjelt, S. E. 1983. Linear Filtering of VLF Dip Angle Measurements. Geophysical Prospecting, Vol.31, pp.782-794.

NBR 12212 - Poço tubular - Construção de poço tubular para captação de água subterrânea.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 426 <br>

**Plans and Diagrams:**

2608-XGN3-100(01)-REV3 - AREA 420- DP1 - PROCESS FLOW DIAGRAM

2608-XGN3-200(01)-REV2 - AREA 440- DP2 - PROCESS FLOW DIAGRAM

ATL001-CAL-PR-001 RevC – PROCESS MASS BALANCE

ATL-B-DU-170-PRO-E-0001-REV0 – SINGLE LINE DIAGRAM

CG217-F141-320-001-REVC - AREA 320 - MOBILE CRUSHING- PROCESS FLOW DIAGRAM

CG217-F141-410-001-REVD - AREA 410 - FEED PREPARATION - PROCESS FLOW DIAGRAM

CG217-F141-420-001-REVD - AREA 420 - PRIMARY DMS - PROCESS FLOW DIAGRAM

CG217-F141-430-001-REVD - AREA 430 - INTERSTAGE - PROCESS FLOW DIAGRAM

CG217-F141-440-001-REVC - AREA 440A - CLEANER PPA - PROCESS FLOW DIAGRAM

CG217-F141-450-001-REVD - AREA 450 - DEWATERING AND GRIT - PROCESS FLOW DIAGRAM

CG217-F141-510-001-REVC - AREA 510 - TAILS - PROCESS FLOW DIAGRAM

CG217-F141-530-001-REVD - AREA 530 - PRODUCT - PROCESS FLOW DIAGRAM

CG217-F141-600-001-REVC - AREA 600 - WATER - PROCESS FLOW DIAGRAM

CG217-F141-610-001-REVA - AREA 610 - COMPRESSED AIR - PROCESS FLOW DIAGRAM

NEV-B-DS-215-DFM-F-0001_A - PDER 1 - FASE II - PLANTA, SECAO TIPICA E DETALHE

NEV-B-DS-215-DFM-F-0002_A - PDE 2 - FASE I - PLANTA, SECAO TIPICA E DETALHE

NEV-B-DS-215-DFM-F-0003_A - PDER 1 - FASE III - PLANTA, SECAO TIPICA E DETALHE

NEV-B-DS-215-DFM-F-0004_A - PDE 2 - FASE II - PLANTA, SECAO TIPICA E DETALHE

NEV-B-DS-215-DFM-F-0013_A - DRENAGEM INTERNA - ARRANJO GERAL - PLANTA

NEV-B-DS-215-DFM-F-0014_A - DRENAGEM INTERNA - PDER-01 - PLANTA, PERFIL E DETALHES TIPICOS - FL.01/02

NEV-B-DS-215-DFM-F-0015_A - DRENAGEM INTERNA - PDER-1 - PLANTA, PERFIL E DETALHES TIPICOS - FL.02/02

NEV-B-DS-215-DFM-F-0016_A - DRENAGEM INTERNA - PDE2 - PLANTA, PERFIL E DETALHES TIPICOS

NEV-B-DS-215-DFM-F-0017_B - DIAGRAMACAO DA DRENAGEM - PLANTA - PDER-1 - FASES I E II

NEV-B-DS-215-DFM-F-0018_B - DIAGRAMACAO DA DRENAGEM - PLANTA - PDER-1 - FASE III

NEV-B-DS-215-DFM-F-0023_A - INSTRUMENTACAO - PLANTA - PDER-1

NEV-B-DS-215-DFM-F-0024_A - INSTRUMENTACAO - SECOES INSTRUMENTADAS - PDER-1 - FL. 01/02

NEV-B-DS-215-DFM-F-0025_A - INSTRUMENTACAO - SECOES INSTRUMENTADAS E DETALHES - PDER-1 - FL. 02/02

NEV-B-DS-215-DFM-F-0026_A - INSTRUMENTACAO - PLANTA - PDE-2

NEV-B-DS-215-DFM-F-0029_B - DIAGRAMACAO DA DRENAGEM - PLANTA - PDE-2 - FASE I

NEV-B-DS-215-DFM-F-0030_B - DIAGRAMACAO DA DRENAGEM - PLANTA - PDE-2 - FASE II

NEV-B-DS-215-DFM-F-0031_A - INSTRUMENTACAO - SECOES INSTRUMENTADAS E DETALHES - PDE-2

NEV-B-MD-215-DFM-F-0002_A - BASIC DESIGN – WASTE PILE – PDER-1 AND PDE-2 – SUMMARY REPORT

NEV-B-RL-215-DFM-F-0002_A - PDER-1 E PDE-2 - CONSOLIDAÇÃO DE DADOS - RELATÓRIO TÉCNICO

NEV-B-RL-215-DFM-F-0003_A - ANÁLISE DE ESTABILIDADE - RELATORIO TECNICO

NEV-B-RL-215-DFM-F-0006_A - TRATAMENTO DE FUNDACAO E DRENAGEM INTERNA - RELATORIO TECNICO

NEV-B-RL-215-DFM-F-0007_A - ESTUDOS HIDROLOGICOS E HIDRAULICOS - PDER-1 - RELATORIO TECNICO

NEV-B-RL-215-DFM-F-0008_A - ESTUDOS HIDROLOGICOS E HIDRAULICOS - PDE-2 - RELATORIO TECNICO

NEV-B-RL-600-WSP-Z-0001_J – Modelo Hidrogeológico Conceitual e Numérico da Região das Cavas II e III – Projeto Anitta

ORB-B-DS-100-PRO-P-0001_B – General Arrangement of Processing Plant Area

ORB-B-DS-800-PRO-P-0001_C – General Arrangement of Transshipment Area

ORB-B-DS-717-PRO-A-0012_A – Waste Deposit – Plan, side and isometric views

ORB-B-DS-721-PRO-A-0015_A – Laboratory – Plan, side and isometric views

ORB-B-DS-723-PRO-A-0017_C – Workshop – Plan, side and isometric views

ORB-B-DS-724-PRO-A-0018_C – Warehouse – Plan, side and isometric views

ORB-D-MD-700-PRO-A-0007_0 – Architecture Descriptive Memorial – Modular Buildings

ORB-D-MD-700-PRO-A-0006_0 – Architecture Descriptive Memorial – Vinyl Canvas Buildings

ORB-D-MD-700-PRO-A-0007_0 – Architecture Descriptive Memorial – Masonry buildings

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 427 <br>

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| **25** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** |

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In cases where the study QP have relied on contributions from third parties, the conclusions and recommendations are exclusively those of the particular QP. The QPs have reviewed the information provided by third parties for which the results and opinions outlined in this TRS are dependent and have used all means necessary in their professional judgement to verify it and have no reasons to doubt its reliability and have determined it to be adequate for the purposes of this TRS. The QPs do not disclaim any responsibility for the information, conclusions, and estimates contained in this TRS.

The QP have relied on the registrant for property ownership and mineral tenure in Section 3. The QP deem it reasonable to rely on the registrant for this information.

The QP have relied on the registrant's information obtained through Benchmark Mineral Intelligence for assistance with the lithium price forecast. The QP deem it reasonable to rely on the registrant for this information since Atlas Lithium economic evaluation are supported by third party evaluation as well as lithium market expertise.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 428 <br>

**APPENDIX A**

**Taxation Report**

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| 1 | TAXATION |

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The Brazilian Constitution lists the competences for taxable events in the different government levels: Federal, State and Municipal.

The administrative-political autonomy, which is an essential characteristic of our Federative System, confers to each level of government the possibility of creating new taxes, fees (due to its police power or to the use of public services), improving charges (due to public works), as well as granting incentives, which remains being the main Brazilian strategy to attract investments.

The tax analysis for the Neves Project ("the Project") was developed by Atlas Lithium's financial department taking into consideration the existing current tax laws and the tax changes incorporated by the Brazilian Complementary Law 214/2025 ("Law 214/2025"), which will be in force from January 1, 2026. Tax analysis was applied to capital costs, operating costs, sales of Lithium concentrate and profits.

The work was developed from the basic taxes applicable to various activities of the Project and the tax benefits provided for by the legislation of each tax at Federal, State or municipal level.

The relevant taxes included in the analysis are the following:

**Federal level** 

II: Imposto de Importação

IPI: Imposto sobre Produtos Industrializados

IRPJ: Imposto de Renda da Pessoa Jurídica

CSLL: Contribuição Social sobre o Lucro Líquido

COFINS: Contribuição para o Financiamento da Seguridade Social

PIS: Programa de Integração Social

CFEM: Compensação Financeira pela Exploração de Recursos Minerais

AFRMM: Adicional ao Frete para Renovação da Marinha Mercante

CIDE: Contribuições de Intervenção no Domínio Econômico

IBS: Imposto sobre bens e serviços (established by law 214/2025)

CBS: Contribuição sobre bens e serviços (established by law 214/2025)

**State level** 

ICMS: Imposto sobre Operações Relativas à Circulação de Mercadorias e sobre Prestação de Serviços de Transporte Interestadual e Intermunicipal e de Comunicação

DIFAL: Additional ICMS to be paid in case tax rates from states involved are different.

TFRM: Taxa de Controle, Acompanhamento e Fiscalização das Atividades de Pesquisa, Lavra, Exploração e Aproveitamento de Recursos Minerários

**Municipal level**

ISSQN: Imposto sobre Serviços de Qualquer Natureza

1.1 Taxes
 on Lithium Concentrate Sales

The analysis below takes into consideration the fact that the totality of the Project's production is expected to be exported.

1.1.1 Federal
 level taxes: PIS, COFINS and IPI

PIS - According to the art.5 of Law nº 10,637 of December 30th, 2002, PIS is charged on gross revenues from sales, except for exports which are exempted to pay PIS.

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COFINS - According to the art.6 of law nº 10,833 of December 29<sup>th</sup>, 2003, COFINS is charged on gross revenues from sales, except for exports which are exempted to pay COFINS.

IPI - According to the Federal Constitution of October 05th, 1988, article 153, § 3, item III, IPI is charged on gross revenues from sales of manufactured items, except for exports which are exempted to pay IPI.

1.1.2 State
 of Minas Gerais tax: ICMS

Following the ICMS regulation approved by the Decree 43,080 from Minas Gerais state, the ICMS is charged on general sales of goods and intermunicipal and interstate transportation. Export sales of products are exempt from the incidence of ICMS as stated in the Federal Constitution of October 05th, 1988, article 155, § 2, X, a) and corroborated by article 153, III, of the Minas Gerais state ICMS regulation.

1.1.3 Royalties

CFEM - Government Royalty

Royalty paid to the Federal Government – Compensação Financeira pela Exploração de Recursos Minerais (CFEM). The Federal Constitution of Brazil has established that the States, Municipalities, the Federal District and certain agencies of the federal administration are entitled to receive royalties for the exploitation of mineral resources by holders of mining concessions (including extraction permits).

It is owed by legal entities in the mining business that exploit or extract mineral resources and payable upon sale of the mining product from the mine or other mining deposit or beneficiation of the mining product or its consumption by the mining entity.

CFEM is applied on the exploited Lithium ore. In accordance with law 13,540/2017, CFEM is due on the first exit of the mined product, which can occur on the sale of the product or on the transformation of it. In the Project situation, first exit is represented by the sale of the Lithium Concentrate.

CFEM is calculated as a percentage of gross revenues, depending on the material mined. For Lithium, it represents 2% of gross revenues.

Landowners Rights

The ownership of mineral resources, including those in the subsoil, belong to the Union, as stated in the Federal Constitution of 1988 in articles 20, IX and 176, § ,1 and it is up to the Union to grant or authorize the exploration and the exploitation even if on private property. Such grant or authorization shall be established by means of a research authorization permit.

The Constitution is clear in demonstrating that the landowner is not always the owner of the right of research and exploitation, quite contrary, the owner may be obliged to authorize the use of the land for others to exploit it, thus there is a limitation on the right of ownership.

As a compensation, the constitutional provision guarantees the landowner a share of the results generated by the exploration and exploitation of respective subsoil:

"Art. 176 – (...), § 2) The landowner is guaranteed to participate in the results of the mining, in the form and value stated by the law".

Compensation to the owner during the research and exploration period is also ensured by the Mining Code, as well as the damage and damage caused by the explorer.

The current Mining Code determines that the participation of the landowner in the results of the mining will be 50% (fifty percent) of the amount due to the States, Federal District, Municipalities and the Union, as CFEM- Financial Compensation for the Exploitation of Mineral Resources.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 431 <br>

In the case of the Project, the mineral substance to be mined is Lithium, therefore the landowner will have the right to receive an amount equivalent to 1.0% of gross revenues, that is 50% of the rate of 2.0% that Atlas Lithium will pay monthly as CFEM to the Government, according to the mining results.

Depending on the negotiation with the landowner, the compensation can be included in the amounts paid for the acquisition of the area and no future royalties will be due in this case.

1.1.4 TFRM
 – State Tax on Mineral Resources

The state Law No. 19,976/2011 (Minas Gerais state) was establish to create a tax for the purposes of Control, Monitoring and Supervision of Research, Mining, Exploration and Exploitation activities of Mining Resources – (TFRM).

The taxable event of TFRM is the regular exercise of the police power conferred to the State in which mineral resources are located over the activities of research, mining, exploration and exploitation.

The value of TFRM will be equivalent to one Fiscal Standard Units of the State of Minas Gerais - UFEMG, in force on the date of payment, per ton of ore extracted.

In accordance with the article 7, III of Law 19,976/2011, mining activities developed on the SUDENE (Northeast Development Superintendence) area are exempted of TFRM. The Project is located in an area covered by SUDENE and therefore is exempted to pay TFRM.

1.2 TAXES
 ON CAPEX:

The tax analysis was elaborated based on CAPEX developed by Promon for the Feasibility Study ("FS"), based on firm and budgetary quotes received from potential providers and estimates based on Promon and Atlas database. The tax classification was a detailed work, based on the General Rules of the Common External Tariff (TEC) of Mercosur and also on the Industrialized Products Tax Table (TIPI), defined in the legislation. Based on the fiscal classification, tax incidence at federal, state and municipal levels was applied, as well as the tax benefits provided for by legislation, taking into account the activity and location of the project.

As a general rule, taxes are incurred on all CAPEX items, such as: services, materials, domestic and imported machinery and equipment.

Due to the characteristics of each tribute, incidences and tax benefits, the CAPEX items were divided according to their origins, imported or domestic.

1.2.1 Tax
 incurrence on imported items

From the Common External Tariff (TEC) of Mercosur and the Industrialized Products Tax Table (TIPI) the tax incurrence on imported items is as follows:

a) Imposto
 de Importação (II): Federal level, tax rates from 0% to 14.0%;

b) Imposto
 de Produtos Industrializados (IPI): Federal level, tax rates from 0% to 20.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Contribuição
 da Seguridade Social Importação (COFINS-i): Federal level, tax rates from 7.60%
 (services) to 10.65%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Programa
 de Integração Social Importação (PIS-i): Federal level, tax rates
 from 1.65% (services) to 2.10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Contribuição
 de Intervenção no Domínio Econômico (CIDE): Federal level, tax
 rates of 10.0%

f) Imposto
 de Renda Retido na Fonte (IRRF): Federal level, tax rates of 15.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Imposto
 sobre as Operações Relativas à Circulação de Mercadorias
 e sobre as Prestações de Serviços de transporte interestadual, intermunicipal
 e de comunicação (ICMS): State level, tax rates from up to 18.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Imposto
 sobre Serviços de Qualquer Natureza (ISSQN): Municipal level rate from 3.0% to 5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Adicional
 de Frete e Renovação da Marinha Mercante (AFRMM): Federal level tax levied
 on international freight at a rate of 8.0%.

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1.2.2 Tax
 Incurrence on domestic items

Domestic items are also classified according to the Common External Tariff (TEC) of Mercosur and the Industrialized Products Tax Table (TIPI). The relevant taxes incurred on domestic items are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Imposto
 de Produtos Industrializados (IPI): Federal level, tax rates from 0% to 20.0%;

b) Contribuição
 da Seguridade Social (COFINS): Federal level, tax rates from 3.0% to 7.60%;

c) Programa
 de Integração Social (PIS): Federal level, tax rates from 0.65% to 1.65%;

d) Imposto
 sobre as Operações Relativas à Circulação de Mercadorias
 e sobre as Prestações de Serviços de transporte interestadual, intermunicipal
 e de comunicação (ICMS): State level, tax rates up to to 18.0% (reduced to
 0% following state tax benefits disclosed in section 3.0);

e) Diferencial
 de alíquotas de ICMS (DIFAL): State level, tax rates up to 18.0%

f) Imposto
 sobre Serviços de Qualquer Natureza (ISSQN): Municipal level, tax rates from 3.0%
 to 5%.

1.2.3 Taxes
 on domestic freight:

Taxes levied on road freight are the following:

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| a) | PIS – As a general rule, the rate is 1.65% (adopted). The calculation basis is the value of the freight contract; |
| b) | COFINS – As a general rule, the rate is 7.60% (adopted). The calculation basis is the value of the freight contract; |
| c) | ICMS – rates are variable according to the region of origin: |
|  | i. 7.0% for the freight originated in the South or Southeast regions; |
|  | ii. 12.0% for the freight originated in the North, Northeast or Central-West; |
|  | iii. 18% fro the freight in the same state; |
| d) | ICMS DIFAL– The rates are the following: |
|  | i. 11.0% for the freight originated in the South or Southeast regions; |
|  | ii. 6.0% for the freight originated in the North, Northeast or Central-West. |

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1.3 TAXES
 ON OPEX:

The tax analysis on OPEX was elaborated on the estimates prepared by Atlas for the FS. The tax classification was based on the General Rules of the Common External Tariff (TEC) of Mercosur and also on the Industrialized Products Tax Table (TIPI), defined in the legislation.

1.3.1 Tax
 incurrence on imported items

From the Common External Tariff (TEC) of Mercosur and the Industrialized Products Tax Table (TIPI) the tax incurrence on imported items are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Imposto
 de Importação (II): Federal level, tax rate 0%;

b) Imposto
 de Produtos Industrializados (IPI): Federal level, tax rates at 0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Contribuição
 da Seguridade Social Importação (COFINS-i): Federal level, tax rates from 7.60%
 (services) to 10.65%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Programa
 de Integração Social Importação (PIS-i): Federal level, tax rates
 from 1.65% (services) to 2.10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Imposto
 sobre as Operações Relativas à Circulação de Mercadorias
 e sobre as Prestações de Serviços de transporte interestadual, intermunicipal
 e de comunicação (ICMS): State level, tax rate of 18.0% (reduced to 0% following
 state tax benefits disclosed in section 3.0).

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1.3.2 Tax
 Incurrence on domestic items

Domestic items are also classified according to the Common External Tariff (TEC) of Mercosur and the Industrialized Products Tax Table (TIPI). The relevant taxes incurred on domestic items are the following:

a) Imposto
 de Produtos Industrializados (IPI): Federal level; rates from 0% to 15.0%;

b) Contribuição
 da Seguridade Social (COFINS): Federal level; rates of 3.00% and 7.60%;

c) Programa
 de Integração Social (PIS): Federal level; rate of 0.65% and 1.65%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Imposto
 sobre as Operações relativas à Circulação de Mercadorias
 e sobre as Prestações de Serviços de transporte interestadual, intermunicipal
 e de comunicação (ICMS): State level; rates up to 18.0% (reduced to 0% following
 state tax benefits disclosed in section 3.0);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Imposto
 sobre Serviços de Qualquer Natureza (ISSQN): Municipal level; rate from 3.0% to 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Imposto
 sobre bens e serviços (IBS): Federal level and valid after the tax change instituted
 by law 214/2025. Rate at 18.7% (See section 4 for Tax Reform details)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Contribuição
 sobre bens e serviços (CBS): Federal level and valid after the tax change instituted
 by law 214/2025. Rate at 9.3% (See section 4 for Tax Reform details)

1.4 TAXES
 ON PROFITS:

1.4.1 Corporate
 income tax (IRPJ):

The regulations of the Imposto de Renda (IRPJ) in force are consolidated under Decree nº 3,000 of March 26<sup>th</sup>, 1999. These regulations apply to all taxpayers. Only the federal government may charge income tax, however, part of the income tax collected is transferred to states and municipalities.

Brazilian corporate income tax is charged on the net taxable income at a basic rate of 15.0%, plus a surtax of 10.0% on the annual income exceeding R$240k. Totaling a 25.0% load.

1.4.2 Social
 contribution on net profits (CSLL):

The Contribuição Social sobre Lucro Líquido (CSLL) was introduced to fund social and welfare programs and is paid in addition to the corporate income tax for tax purposes. Social contribution tax basis is similar to the tax basis for the corporate income tax, although some specific adjustments may be applicable to one tax and not to the other. The applicable rate is 9% on net income. There are no tax benefits.

2 FEDERAL LEVEL TAX BENEFITS:

RECAP, EX-TARIFÁRIO, DRAWBACK AND SUDENE: The benefits considered on items, including machinery, equipment and instrumentation, are the following:

2.1 RECAP:

The RECAP suspends the payment of the PIS/COFINS applicable on items classified in the TEC and TIPI as Capital Goods, i.e. new, domestic and imported machinery and equipment to be purchased as initial investment (CAPEX) by Exporting companies. To enjoy the benefit, Atlas needed to obtain an authorization from the Secretaria da Receita Federal-SRF (Federal Revenue).

The legal basis for the RECAP is in effect and provided for in articles 12 to 16 of Law No. 11,196 of November 21, 2005 and the list of items marked "BK" are included in Federal Decree No. 6,581 of September 26, 2008.

Atlas was able to apply RECAP in the acquisition of the majority of the equipment acquired domestically and abroad.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 434 <br>

2.2 EX-TARIFÁRIO

Reduction of Import Tax (II) from 14.0% to 0% to equipment without any similar manufactured in Brazil. Those equipment are classified as Ex-Tariffs in the CAPEX database. The Project requested the benefit to the Foreign Trade Secretariat which is a branch of the Ministry of Industry, Foreign Trade and Services (MDIC) with respect to the acquisition of the DMS plant.

The EX-TARIFÁRIO has resulted in an estimated savings of US$3 million in total CAPEX.

2.3 DRAWBACK

The Drawback regime in Brazil is a special customs mechanism designed to enhance the competitiveness of Brazilian exports by reducing or eliminating taxes on inputs used in the production of goods destined for international markets. Established by Decree-Law No. 37/1966, this regime offers significant cost savings for exporters by allowing tax exemptions or suspensions on imported or domestically acquired raw materials, intermediate goods, and packaging materials that are incorporated into exported products.

Through the drawback benefit, Atlas is able to import or acquire domestically, without immediate tax payment, goods that will be used in the manufacturing of products intended for export. Taxes such as Import Duty (II), Industrialized Product Tax (IPI), Social Integration Program (PIS), Contribution for the Financing of Social Security (COFINS), the Additional Freight for the Renewal of the Merchant Marine (AFRMM) and ICMS (this specific tax is only suspended in import processes) are suspended. Once the final product is exported within the stipulated timeframe, the suspension becomes a definitive exemption.

Atlas applied the drawback benefit in the acquisition of FeSi to be used in the lithium processing plant.

2.4 SUDENE
 AGENCY:

2.4.1 IRPJ
 Reduction due to Project Implementation:

SUDENE - INCOME TAX (Law 13,799 from January 3rd, 2019) – The Company is subject to corporate income tax in Brazil at a rate of 25% and to social contribution tax at a rate of 9%. The Company is entitled to a special Brazilian tax incentive granted by SUDENE which provides a 75% reduction of the corporate income tax (IRPJ) payable for eligible projects.

Atlas is required to apply for the incentive to be analyzed and approved by SUDENE. Once approved, Atlas will be entitled to the SUDENE tax incentive for a 10 years period commencing in the year of receipt of the Appraisal Certificate from SUDENE.

Legal basis: Federal supplementary Law nº 124, of January 3rd, 2007. Overall burden can be reduced from a combined rate of 34% to 15.25%.

This understanding is based on meeting the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 project consists of the implementation of a new mining-industrial complex consisting of extraction
 and processing activities to produce Lithium Concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) According
 to the Federal Decree nº 4,212/2002 (art. 2), the Project is in a priority sector for
 purposes of INCOME TAX benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 main economic activity of the Project is listed in the referred Decree, in its section "V"
 features: "of the extractive industry of metallic minerals, represented by productive
 complexes for the use of mineral resources of the region";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The
 implementation of a new production unit in SUDENE area constitutes fundamental requirement
 for the granting of the benefit of IRPJ reduction as article 5, subparagraph "IV"
 of the Ordinance nº 283/2013.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 435 <br>

2.4.2 Incentivized
 Accelerated Depreciation:

The benefits from SUDENE also include the possibility of accounting for an accelerated depreciation of the assets, in order to reduce the calculation basis of income taxes payable. This accelerated depreciation of assets may represent significant tax savings, especially for high intensity capital projects like the Project.

Legal basis: art. 31 of Law nº 11,196 of November 21<sup>st</sup>, 2005; Decree nº 5,988, of October 19<sup>th</sup>, 2006; Decree Nº 4,212, of April 26<sup>th</sup>, 2002; and Decree nº 4,213, of April 26<sup>th</sup>, 2002.

2.4.3 PIS
 and COFINS credits anticipation:

Utilization of PIS and COFINS in 12 months from the acquisition (when the asset is ready to be operated) of the assets in which the credits have been originated rather than following the depreciation period, legal basis: art. 31 of Law nº 11,196 of November 21<sup>st</sup>, 2005; item III of §1 of art. 3 of Law nº 10,637 of December 30<sup>th</sup>, 2002; item III of §1 of art. 3 of Law nº 10,833 of December 29<sup>th</sup>, 2003; paragraph 4 of art.15 of Law nº 10,865 of April 30<sup>th</sup>, 2004; Decree nº 5,988, of December 19<sup>th</sup>, 2006; Decree nº 5,789, of May 25<sup>th</sup>, 2006; Decree nº 4,212, of April 26<sup>th</sup>, 2002; and Decree nº 4,213, of April 26<sup>th</sup>, 2002.

3 STATE BENEFITS

3.1 ICMS
 EXEMPTION

The Secretariat of State for Finance (SEFAZ) is responsible for the analysis and granting of ICMS benefits to companies planning to invest in the State of Minas Gerais.

The State of Minas Gerais, after analysing Atlas' investments plan, put together a special ruling through which it granted Atlas an ICMS exemption on specific transactions. We have considered that the Project meets the conditions proposed by Minas Gerais State incentive requirements and applied the following benefit for the ICMS on Atlas CAPEX determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exemption
 of the ICMS on imports of machinery and equipment for the fixed assets, for which there is
 no similar item produced in Minas Gerais.

The ICMS state benefit has resulted in an estimated savings of US$3.6 million in total CAPEX.

4 TAX REFORM IN BRAZIL: COMPLEMENTARY LAW 214/2025

Aiming to simplify the tax regime in Brazil, in 2025 the Brazilian Congress and the Government approved the complementary Law n. 214, which states the fundaments of the tax change supposed to be valid from January 01, 2026.

The essential change brought by the tax reform is the replacement of 5 existing taxes (PIS, COFINS, IPI, ICMS and ISS) for 2 new taxes: IBS and CBS. Another important topic is that IBS and CBS will follow a non-cumulative regime, where the entirety of taxes paid on purchases of materials and services will be available to offset future tax payments and the excess of credits, if applicable, will be reimbursed by the government.

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S-K 1300 Technical Report – FS Neves Lithium Project – Minas Gerais, Brazil Page 436 <br>

The transition from the old regime to the new tax regime will take 7 years to be completed, as described below:

2026 – Testing phase with marginal rates for IBS and CBS. No impact on amounts payable, but taxpayers need to start complying with IBS/CBS tax returns.

2027 – CBS starts being fully charged in all materials and services and PIS, COFINS and IPI are discontinued. Expected rate to CBS is 9.3%, however it still depends on tax authorities' final regulation.

2028 – Testing phase of state and municipal pieces of IBS. No material impacts on amounts payable.

2029 – ICMS and ISS rates charged at 90% of their respective rates and IBS charged at 10% of its expected rate (18.7%, subject to final regulation from tax authorities).

2030 – ICMS and ISS rates charged at 80% of their respective rates and IBS charged at 20% of its expected rate (18.7%, subject to final regulation from tax authorities).

2031 – ICMS and ISS rates charged at 70% of their respective rates and IBS charged at 30% of its expected rate (18.7%, subject to final regulation from tax authorities).

2032 – ICMS and ISS rates charged at 60% of their respective rates and IBS charged at 40% of its expected rate (18.7%, subject to final regulation from tax authorities).

2033 – IBS and CBS fully adopted and ICMS and ISS fully discontinued.

The Project's cash flow model considers the transition of the tax rates throughout the tax reform transition period.

5 LEGISLATION REFERENCE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Federal
 Law 10.637 of December 30, 2002 (PIS-Non cumulative)

b) Federal
 Law 10.833 of December 29, 2003 (COFINS-Non cumulative)

c) Federal
 Law 11.196 of November 21, 2005 (RECAP)

d) Federal
 Law 13,540/2017 (CFEM)

e) Federal
 Law 13,799/2019 (SUDENE projects)

f) Federal
 Law 124/2007 (creation SUDENE)

g) Federal
 Decree 6.581 of September 26, 2008 (list of "BK" items).

h) Federal
 Decree-Law No. 37/1966 (Drawback)

i) Federal
 Decree-Law No. 227 of February 28, 1967, Law No. 6,567 of September 24, 1978, Law No. 7,805
 of July 18, 1989, and part of Law No. 13,575 of December 26, 2017 and the Federal Constitution
 of 1988 (BRAZILIAN MINING CODE).

j) Federal
 Complementary Law 214/2025 (Tax reform)

k) Minas
 Gerais state decree 43,080 – ICMS regulation

l) Minas
 Gerais state Law No. 19,976/2011 (TFRM)

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